P R O F E S S I O N A L     C E R T I F I C A T E S 

   Chartered Financial Analyst (CFA)

  The CFA Program
If you’re serious about a career in finance, the CFA® (Chartered Financial Analyst®) program can help you achieve your place among the elite in the profession.
The CFA® program, administered by CFA Institute, is a graduate level study and examination program intended to expand your working knowledge and skills relating to investment decision-making. Successful completion of the program and its requirements will earn you the CFA designation, one of the profession’s most valued symbols of distinction and excellence.
Program Levels
The CFA program is divided into three “levels,” each of which concludes with an examination. The Institute offers the Level I exam twice a year in June and December. The exams for Levels II and III are offered once annually in June. Candidates who fail to pass one of the exams cannot advance to the next level, though they may repeat the examination.
Program Curriculum
The CFA Program curriculum is based on the CFA Institute’s Candidate Body of Knowledge™, which emphasizes current investment theory and practices—the practical knowledge and skills essential to high-level performance in investment-related functions.
Curriculum Topics
As a postgraduate program, the course work and examinations go beyond a fundamental, introductory level and are designed for those who are prepared for master’s-level work. Topics include:
Asset valuation
Equity, debt, derivatives, and alternative investments
Portfolio management
Economics
Financial statement analysis
Corporate finance and the fundamentals of financial management
Ethical and professional standards
Quantitative methods for investment analysis
Please click on any of the CFA Program Sections above to learn more about the CFA designation, the CFA exams, or important upcoming dates.





The CFA Examinations
The CFA Program consists of three levels. Each of the levels culminates in a six-hour examination administered in two three-hour parts. These live, proctored exams are offered at hundreds of locations throughout the world. The Level I Exam is offered twice yearly on the first Saturday of June and December. The Levels II and III Exams are offered once annually on the first Saturday of June.
Topic emphasis for each exam varies by level, and the depth of your mastery of the curriculum will also be tested differently at each level. For further details, please select from the navigation bar above the specific exam level for which you are preparing.


The Level I Examination
The 2007 Level I Exam focuses on the tools and inputs relating to investment valuation and portfolio management. It also introduces basic concepts regarding securities laws, regulations, and ethical and professional conduct. The emphasis here is on knowledge and comprehension.
The six-hour Level I Exam consists entirely of multiple-choice questions and is divided equally into morning and afternoon sessions. The morning session covers 120 questions, followed by a lunch break. The remaining 120 questions are administered in the afternoon. Because some questions take longer to answer, and others require less time, the average time allotment per question is 1½ minutes. The afternoon session covers the same topics as the morning session in exactly the same order. Each session is a self-contained unit: you cannot circle back and answer morning session questions in the afternoon.


Exam Topics
Not all topic areas are given equal weight at each level of the CFA Exams. Although variations in weighting occur from year to year, and the categorization of multifaceted problems is open to some interpretation, an approximate breakdown of the relative importance of the different topic areas for the Level I Exam is as follows:
Ethical and Professional Standards, 10-20 percent
Investment Tools 45-55 percent
Quantitative Analysis, 7-17 percent
Economics, 5-15 percent
Financial Statement Analysis, 15-25 percent
Corporate Finance, 3-13 percent
Asset Valuation, 45-55 percent
Equity Investments, 5-15 percent
Fixed Income Investments, 5-15 percent
Derivatives, 0-10 percent
Alternative Investments, 0-10 percent
Portfolio Management, 0-10 percent
Clearly, the Level I Exam emphasizes investment tools (50 percent of the exam) and the fundamentals of asset valuation (30 percent). Generally, the largest single topic on the Level I Exam is Financial Statement Analysis, which includes Corporate Finance in the exam topic breakdown.
While the CFA Exam writers attempt to cover important subjects thoroughly, they also try to make the tests different from year to year to prevent candidates from "gaming" the exam. Learning Outcome Statements (LOS) that have been emphasized in past may not be in the current year. CFA Institute Study Guides cover a sufficient number of readings and sub-topics to ensure that many will be covered on the exam, but others will not. There is no way to determine in advance which sub-topics will be covered, and which ones will be ignored in any given year. Candidates are advised, therefore, to prepare thoroughly for all subjects assigned in the study program.
Although the overall passing score is not predetermined, we recommend that you aim for an overall score of 70 percent or better. Remember, the goal is not a perfect score, but a passing score.
When you take the exam, we recommend that you complete it in two or three passes. On your first pass through the exam, answer only those questions that you find easy and can answer quickly. You can miss quite a few questions and still pass, so don't become frustrated or anxious if you find yourself skipping what seems like a lot of questions at first.
After completing your first pass, you will feel more relaxed and find that you can answer more of the questions that you had previously skipped. No penalty is imposed for wrong answers, so leave no answer blank. Don’t underestimate the psychological impact of time pressure. Condition yourself to stay calm and focused throughout your exam, regardless of how you perceive your performance at the time



































The Level II Examination
The 2007 Level II Exam emphasizes asset valuation while testing your ability to apply concepts at Level I relating to investment analysis, valuation, and ethical and professional conduct. The focus here is on analysis and application.
The Level II Exam consists of 120 questions formatted as item sets, which are essentially a case or vignette (between one and two pages long) followed by six multiple-choice questions relating to that vignette. The exam is administered in two three-hour sessions, one in the morning, followed by a lunch break, and then a second three-hour session in the afternoon. Each session consists of ten item sets for a total of 60 multiple-choice questions. The broad topic areas covered in the afternoon session will generally be the same ones covered in the morning, with one or two item set exceptions. At Level II, you will have approximately three minutes on average to answer each multiple-choice question, including reading the vignette. Each session is self-contained: questions answered in the morning session cannot be revisited in the afternoon session.
Exam Topics
Not all topics are given equal weight at each level of the CFA Exams. Although variations exist in weightings from year to year, and the categorization of multifaceted problems are open to some interpretation, an approximate breakdown of the relative importance of the different topic areas for the Level II Exam is as follows:
Ethical and Professional Standards, 5-15 percent
Investment Tools, 35-45 percent
Quantitative Analysis, 0-10 percent
Economics, 0-10 percent
Financial Statement Analysis, 15-25 percent
Corporate Finance, 5-15 percent
Asset Valuation, 35-45 percent
Equity Investments, 20-30 percent
Fixed Income Investments, 5-15 percent
Derivatives, 0-10 percent
Portfolio Management, 5-15 percent
Clearly, the Level II Exam emphasizes Financial Statement Analysis (which includes Corporate Finance) and Equity Valuation (50 percent of the exam). Generally, the Level II Exam focuses on Asset Valuation. While the CFA Exam writers attempt to cover important subjects thoroughly, the also try to make the tests different from year to year to prevent candidates from "gaming" the exam. Learning Outcome Statements (LOS) that have been emphasized in past may not be in the current year. CFA Institute Study Guides cover a sufficient number of readings and sub-topics to ensure that many will be covered on the exam, but others will not. There is no way to determine in advance which sub-topics will be covered, and which ones will be ignored in any given year. Candidates are advised, therefore, to prepare thoroughly for all subjects assigned in the study program.
The item set format you’ll encounter in the Level II Exam requires adjustments to the exam-taking techniques you may have found successful at Level I. Time management is even more critical at Level II. As you read each vignette, make notes in the margins and circle or underline critical pieces of information to make referring back to the vignette quicker and easier as you work each subsequent problem. On your first pass through the exam, answer as many of the individual multiple-choice questions as you can in each item set. If you must guess, try to eliminate any clearly wrong answer choices and choose from the remaining. Mark those questions in the exam booklet that have answers you are unsure about so you can return to them after you have attempted all other item sets at least once.
You can afford to miss quite a few questions and still pass, so don't get frustrated or anxious if you struggle with several questions in any individual item set. The key is to avoid a situation where “30 minutes remaining” is called, and you haven’t at least read all the vignettes. After completing your first pass, you will feel more relaxed and find that you can answer more of the questions that you had previously marked as unsure. Because no penalty is imposed for wrong answers, leave no answer blank.
Although the overall passing score is not predetermined, we recommend that you aim for an overall score of 70 percent or better. Remember, the goal is not a perfect score, but a passing score. Don’t underestimate the psychological impact of time pressure. Condition yourself to stay calm and focused throughout your exam regardless of how you perceive your performance at the time.


















The Level II Examination
The 2007 Level II Exam emphasizes asset valuation while testing your ability to apply concepts at Level I relating to investment analysis, valuation, and ethical and professional conduct. The focus here is on analysis and application.
The Level II Exam consists of 120 questions formatted as item sets, which are essentially a case or vignette (between one and two pages long) followed by six multiple-choice questions relating to that vignette. The exam is administered in two three-hour sessions, one in the morning, followed by a lunch break, and then a second three-hour session in the afternoon. Each session consists of ten item sets for a total of 60 multiple-choice questions. The broad topic areas covered in the afternoon session will generally be the same ones covered in the morning, with one or two item set exceptions. At Level II, you will have approximately three minutes on average to answer each multiple-choice question, including reading the vignette. Each session is self-contained: questions answered in the morning session cannot be revisited in the afternoon session.
Exam Topics
Not all topics are given equal weight at each level of the CFA Exams. Although variations exist in weightings from year to year, and the categorization of multifaceted problems are open to some interpretation, an approximate breakdown of the relative importance of the different topic areas for the Level II Exam is as follows:
Ethical and Professional Standards, 5-15 percent
Investment Tools, 35-45 percent
Quantitative Analysis, 0-10 percent
Economics, 0-10 percent
Financial Statement Analysis, 15-25 percent
Corporate Finance, 5-15 percent
Asset Valuation, 35-45 percent
Equity Investments, 20-30 percent
Fixed Income Investments, 5-15 percent
Derivatives, 0-10 percent
Portfolio Management, 5-15 percent
Clearly, the Level II Exam emphasizes Financial Statement Analysis (which includes Corporate Finance) and Equity Valuation (50 percent of the exam). Generally, the Level II Exam focuses on Asset Valuation. While the CFA Exam writers attempt to cover important subjects thoroughly, the also try to make the tests different from year to year to prevent candidates from "gaming" the exam. Learning Outcome Statements (LOS) that have been emphasized in past may not be in the current year. CFA Institute Study Guides cover a sufficient number of readings and sub-topics to ensure that many will be covered on the exam, but others will not. There is no way to determine in advance which sub-topics will be covered, and which ones will be ignored in any given year. Candidates are advised, therefore, to prepare thoroughly for all subjects assigned in the study program.
The item set format you’ll encounter in the Level II Exam requires adjustments to the exam-taking techniques you may have found successful at Level I. Time management is even more critical at Level II. As you read each vignette, make notes in the margins and circle or underline critical pieces of information to make referring back to the vignette quicker and easier as you work each subsequent problem. On your first pass through the exam, answer as many of the individual multiple-choice questions as you can in each item set. If you must guess, try to eliminate any clearly wrong answer choices and choose from the remaining. Mark those questions in the exam booklet that have answers you are unsure about so you can return to them after you have attempted all other item sets at least once.
You can afford to miss quite a few questions and still pass, so don't get frustrated or anxious if you struggle with several questions in any individual item set. The key is to avoid a situation where “30 minutes remaining” is called, and you haven’t at least read all the vignettes. After completing your first pass, you will feel more relaxed and find that you can answer more of the questions that you had previously marked as unsure. Because no penalty is imposed for wrong answers, leave no answer blank.
Although the overall passing score is not predetermined, we recommend that you aim for an overall score of 70 percent or better. Remember, the goal is not a perfect score, but a passing score. Don’t underestimate the psychological impact of time pressure. Condition yourself to stay calm and focused throughout your exam regardless of how you perceive your performance at the time.










The Level III Examination
Level III is an in-depth review of the entire portfolio management process, and requires that you demonstrate a working knowledge of the process, including the application of concepts learned in the preceding exam levels. As with Levels I and II, you must have a firm grasp of how to apply the CFA Institute Code of Ethics and Standards of Professional Conduct in Organizations. The focus here is on synthesis and evaluation.
The 2007 Level III Exam consists of 12 to 15 constructed response (essay) questions in the morning session and 10 six-question item sets (60 questions in total) in the afternoon session. Each session is three hours long, separated by a lunch break. The essay portion of the exam will typically include at least two rather lengthy questions related managing portfolios for institutional and individual investors.
Exam Topics
The Level III Exam is weighted according to the following topic areas:
Ethical and Professional Standards, 5-15 percent
Investment Tools 0-10 percent
Quantitative Analysis, 0-10 percent
Economics, 0-10 percent
Asset Valuation, 40-50 percent
Equity Investments, 5-15 percent
Fixed Income Investments, 10-20 percent
Derivatives, 5-15 percent
Alternative Investments, 5-15 percent
Portfolio Management, 35-45 percent
As you can see, the Level III Exam emphasizes Portfolio Management and Synthesis. Some questions draw on concepts covered in multiple study sessions. More so than the other two levels, Level III requires you to apply reasonable judgment rather than simply drawing on facts and figures. Remember that the goal is not a perfect score, but a passing score. You can afford to miss quite a few questions and still pass, so don't get frustrated or anxious if you find yourself confronted with a difficult question


Course
Course
Ethical & Professional Standards
Ethical & Professional Standards
Quantitative Methods 1
Quantitative Methods 2
Quantitative Methods 3
Quantitative Methods 4
Microeconomic Analysis 1
Microeconomic Analysis 2
Macroeconomic Analysis 1
Macroeconomic Analysis 2
Global Economic Analysis
Financial Statement Analysis 1
Financial Statement Analysis 2
Financial Statement Analysis 3
Financial Statement Analysis 4
Financial Statement Analysis 5
Corporate Finance I
Corporate Finance II
Portfolio Management (Capital Market Theory)
Securities Markets
Equity Investments
Debt Investment 1 (Fixed - Income Investment 1)
Debt Investment 2 (Fixed - Income Investment 1)
Debt Investment 3 (Fixed - Income Investment 2)
Derivative Investments 1
Derivative Investments 2
Alternative Investments
Compreshensive Exam, .? please submit your homework?
Review Session Accounting
Review Session Quantitative & Economics
Review Session Asset Valuation