All About CFA – Everything You Need to Know in One Place
Everything you need to know about becoming a CFA charterholder – from eligibility to career opportunities
Your CFA journey starts now.
What is CFA?
Chartered Financial Analyst®
The Chartered Financial Analyst (CFA) is a globally recognized professional credential offered by the CFA Institute. It’s considered the gold standard in Core Finance
What Makes CFA Unique
CFA Levels Overview and Syllabus Breakdown
| Topic | Weight Range |
|---|---|
| Ethical and Professional Standards — Code of Ethics, Standards of Professional Conduct | 15–20% |
| Quantitative Methods — Time value of money, probability, hypothesis testing | 6–9% |
| Economics — Micro and macroeconomics, currency exchange rates | 6–9% |
| Financial Statement Analysis — Understanding financial reports, ratio analysis | 11–14% |
| Corporate Issuers — Corporate governance, capital structure, business models | 8–12% |
| Equity Investments — Market organization, equity valuation, industry analysis | 11–14% |
| Fixed Income — Bond markets, valuation, risk management | 11–14% |
| Derivatives — Forwards, futures, options, swaps | 5–8% |
| Alternative Investments — Real estate, commodities, hedge funds, private equity | 7–10% |
| Portfolio Management — Portfolio concepts, risk management basics | 5–8% |
| Study Requirement: | 300+ hours recommended |
Key Features
| Topic | Weight Range |
|---|---|
| Ethical and Professional Standards — Code of Ethics, Standards of Professional Conduct | 10–15% |
| Quantitative Methods — Advanced regression, time series analysis | 5–10% |
| Economics — Economic growth, monetary policy impact | 5–10% |
| Financial Statement Analysis — Advanced analysis, quality assessment | 10–15% |
| Corporate Issuers — Corporate finance, capital budgeting | 5–10% |
| Equity Investments — Industry and company analysis, equity valuation models | 10–15% |
| Fixed Income — Advanced bond valuation, credit analysis | 10–15% |
| Derivatives — Pricing and valuation of derivatives | 5–10% |
| Alternative Investments — Valuation and analysis of alternatives | 5–10% |
| Portfolio Management — Return and risk measures, portfolio construction | 10–15% |
| Study Requirement: | 300+ hours recommended |
Key Characteristics
| Curriculum Section / Topic | Weight Range |
|---|---|
| Core Curriculum (Common to all candidates) | 65–70% |
| 1. Ethical & Professional Standards | 10–15% |
| 2. Asset Allocation & Portfolio Construction | - |
| 3. Performance Measurement | - |
| 4. Derivatives and Risk Management | - |
| 5. Trading, Rebalancing, Monitoring | - |
| Specialized Pathways (Choose One) | 30–35% |
| 1. Portfolio Management: Institutional investing, multi-asset strategies, mandate design | - |
| 2. Private Wealth: Tax-aware investing, estate planning, behavioural finance | - |
| 3. Private Markets: PE, VC, private credit, real assets, illiquid valuation | - |
| Pathway-Specific Content: | Deep dive into chosen specialization |
| Study Requirement: | 300+ hours recommended |
Unique Features
Weightage Distribution (Latest Pattern 2025)
CFA Level 1 Topic Weights
| Topic | Weight Range |
|---|---|
| Ethical and Professional Standards | 15–20% |
| Quantitative Methods | 6–9% |
| Economics | 6–9% |
| Financial Statement Analysis | 11–14% |
| Corporate Issuers | 8–12% |
| Equity Investments | 11–14% |
| Fixed Income | 11–14% |
| Derivatives | 5–8% |
| Alternative Investments | 7–10% |
| Portfolio Management | 5–8% |
CFA Level 2 Topic Weights
| Topic | Weight Range |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Financial Statement Analysis | 10–15% |
| Corporate Issuers | 5–10% |
| Equity Investments | 10–15% |
| Fixed Income | 10–15% |
| Derivatives | 5–10% |
| Alternative Investments | 5–10% |
| Portfolio Management | 10–15% |
Note: 2025 curriculum remains stable with only minor Ethics updates across all levels.
Exam Pattern
CFA Level 1 Exam
CFA Level 2 Exam
CFA Level 1 Exam
CFA Exam Eligibility
| Requirement Category | Details / Conditions |
|---|---|
| 1. Eligibility Options (Choose One) | |
| Option 1: Bachelor's Degree | Completed bachelor's degree or equivalent from an accredited institution. Any field of study accepted (finance, engineering, liberal arts, etc.). No specific GPA requirement. |
| Option 2: Final-Year Undergraduate Student |
Level I: Can register if graduation is within 23 months.
Level II: Degree must be completed by the exam date; candidate must be within 11 months of graduation. Level III: Degree must be completed before sitting for the exam. |
| Option 3: Professional Work Experience | 4,000 hours of professional work experience. Must be completed over at least 3 years (does NOT need to be consecutive). Does not need to be investment-related, but must involve professional, analytical, or higher-level judgment. |
| Option 4: Combination | Must total 4,000 hours of acceptable experience (combining work and higher education), completed over at least 3 years. Overlap between work and education is allowed. Approximation: higher education can be counted as $\approx 1,000$ hours/year. |
| 2. Additional Requirements | |
| General Rules | Valid international travel passport (mandatory). Must reside in a participating country. Agree to Code of Ethics and Standards of Professional Conduct. English proficiency is required. No age limit (upper or lower). |
| 3. Exam Attempt Limits | |
| Attempt Restrictions | Maximum 6 attempts per level over a candidate’s lifetime. Maximum 2 attempts per calendar year. Cannot take consecutive windows or windows within 6 months. |
Registration & Exam Fees
| Fee Category | Details / Cost (USD) |
|---|---|
| 1. 2025 Fees (Current Structure) | |
| Level I Fees |
Early Registration:$990 Standard Registration: $1,290 One-time Enrollment Fee: $350 (first-time candidates only) |
| Level II Fees |
Early Registration: $990 Standard Registration: $1,290 |
| Level III Fees |
Early Registration: $1,090 Standard Registration: $1,390 |
| Minimum Total Cost (L1, L2, L3) | $3,570 (with all early registrations) |
| 2. 2026 Fees (Starting February 2026) | |
| Major Changes |
Enrollment Fee Eliminated (no more $350 one-time fee) Registration fees increased across all levels. |
| Level I & II Fees |
Early Registration: $1,140 (increase of $150) Standard Registration: $1,490 (increase of $200) |
| Level III Fees |
Early Registration: $1,240 (increase of $150) Standard Registration: $1,590 (increase of $200) |
| Minimum Total Cost (L1, L2, L3) | $3,520 (with all early registrations) |
| 3. Additional Costs to Consider | |
| Other Potential Costs |
Curriculum Books (Hard Copy): $\approx \$250$ per level + shipping Third-Party Study Materials: $\$99 - \$1,399$ per level Rescheduling Fee: $\$250$ (if you change exam date) Calculator: $\approx \$30 - \$40$ (TI BA II Plus or HP 12C required) Travel & Accommodation: Varies by location Retake Fees: Same as registration fees |
| Note | All fees in USD. Local taxes may apply depending on country. |
Exam Windows
| CFA Level | Details |
|---|---|
| 2026 Exam Windows | |
| Level I |
Four windows per year:
• February: Feb 2–8, 2026 • May: May 12–18, 2026 • August: Aug 18–24, 2026 • November: Nov 2026 (dates TBA) |
| Level II |
Three windows per year:
• February: Feb 2026 • August: Aug 2026 • November: Nov 2026 |
| Level III |
Two windows per year:
• February: Feb 2026 • August: Aug 2026 |
| Registration Stage | Description |
|---|---|
| Registration Stages | |
| Early Registration | Opens 6–7 months before exam • Lower fees |
| Standard Registration | Opens after early window closes • Higher fees |
| Scheduling Window | Opens with registration and extends slightly beyond it |
| Important! | Register early to save $200–$300 per exam |
Who Can Pursue CFA?
| Candidate Type | Description |
|---|---|
| Ideal Candidates | |
| Finance Students | Build a strong foundation while in college. |
| Recent Graduates | Boost employability in a competitive job market. |
| Working Professionals |
Advance career in:
• Investment banking • Asset management • Portfolio management • Financial analysis • Risk management • Corporate finance • Consulting |
| Career Switchers |
Transition into finance from:
• Engineering • Technology • STEM fields • Business management • Other professional fields |
| Mid-Career Professionals |
Seeking:
• Career advancement • Salary increase • Leadership roles • Global recognition |
Not Suitable For
Backgrounds That Excel
Career & Job Roles
| Career Level | Roles & Salary Details |
|---|---|
| 1. Entry-Level Roles (After Level I) | |
| Entry-Level Roles |
• Junior Financial Analyst
• Investment Administrator • Fund Analyst • Research Assistant • Accountant / Assistant Accounting Manager • Junior Equity Research Analyst Typical Salary: $60,000–$90,000 |
| 2. Mid-Level Roles (After Earning the Charter) | |
| Mid-Level Roles |
• Portfolio Manager — $102,000–$187,000 (median ≈ $135,000)
• Research Analyst: — Buy-side: $77,000–$141,000 (avg ≈ $102,000) — Sell-side: $116,000–$217,000 (avg ≈ $155,000) • Investment Strategist — $90,000–$150,000 • Risk Manager / Consultant — $71,000–$124,000 (avg ≈ $93,000) • Financial Advisor — $80,000–$140,000 • Private Wealth Manager — $90,000–$160,000 |
| 3. Senior-Level Roles | |
| Senior Roles |
• Chief Investment Officer (CIO)
• Director of Research • Head of Portfolio Management • Chief Risk Officer • Managing Director, Asset Management • CEO / Partner in Investment Firms Typical Salary: $150,000–$300,000+ |
| Category | Details |
|---|---|
| 1. Average Compensation | |
| Compensation Overview |
• Global Average (CFA Institute 2024): $267,000 total compensation
• India: ₹18,00,000+ per year for charterholders • US (Major Hubs): $150,000–$300,000+ • Europe (London, Zurich): £80,000–£150,000+ • Asia-Pacific: Varies widely by market Salary Increase: • Charterholders earn ~57% more than Level I candidates • Average 15–20% salary increase after earning the charter • 90% of hiring managers prefer CFA charterholders for executive roles |
| 2. Industries Hiring CFA Charterholders | |
| Industries |
• Investment Management / Asset Management (largest employer)
• Investment Banking • Private Equity / Hedge Funds • Commercial Banking • Insurance Companies • Consulting Firms • Corporate Finance • Fintech Companies • Government / Regulatory Bodies • Academia / Research |
| 3. Career Progression & Statistics | |
| Progression Path |
Common Career Path:
Junior Analyst → Senior Analyst → Portfolio Manager → Senior PM → CIO Statistics: • 46% of portfolio managers started as analysts • 1 in 4 charterholders becomes a CIO • 6% reach CEO level • 10% work in consulting (up from 6% in 2014) |
Frequently Asked Questions
Level 1 up to 4 times per year (from 2025), but you must wait 6 months between attempts. Most candidates take 1-2 years per level.
- Level 1: ~26-45% (historically around 40%)
- Level 2: ~40-45%
- Level 3: ~45-52% Only about 20% who start the program become charterholders.
Yes, only two models are permitted:
- Texas Instruments BA II Plus (including Professional)
- HP 12C (including Platinum and Prestige)
No, there is no negative marking in any CFA level.
Yes, only two models are permitted:
- Texas Instruments BA II Plus (including Professional)
- HP 12C (including Platinum and Prestige)
 Results are emailed 5-8 weeks after the exam window closes. You receive Pass/Fail along with performance feedback showing your performance in each topic area.
