The CFA exam is one of the most prestigious certifications globally, highly regarded in the fields of finance and investment management. Shiksha provides a comprehensive overview of the CFA Exam 2025, detailing the exam costs, curriculum, syllabus, difficulty level, and more, offering valuable insights for aspiring candidates.
The Chartered Financial Analyst (CFA) certification, offered by the CFA Institute, is a globally recognized credential highly sought after by finance and investment professionals. The program awards the prestigious CFA charter, helping professionals advance their careers. It covers a wide array of financial topics, including investment management, financial analysis, stocks, bonds, and derivatives, making it a comprehensive qualification for those in the field.
The CFA exam is a globally administered test conducted by Prometric and the British Council. For 2025, the Level 1 CFA exam is scheduled from February 17 to February 23, while the Level 3 exam will take place from February 13 to February 16. Shiksha provides a detailed overview of the CFA exam, including its costs, curriculum, syllabus, and difficulty level, offering essential insights for aspirants.
What is the CFA Exam?
The Chartered Financial Analyst (CFA) Exam is a globally recognized certification program offered by the CFA Institute. It is designed for finance and investment professionals to validate their expertise in areas such as investment management, financial analysis, portfolio management, and ethical standards. The exam is divided into three levels (Level I, II, and III), each progressively testing candidates’ knowledge and application of financial concepts. Successful completion of all three levels earns candidates the prestigious CFA charter, enhancing career prospects in finance and investment roles worldwide.
CFA Eligibility Criteria
Candidates need to fulfill the following eligibility criteria to appear for the CFA exam:
- The candidate should hold a bachelor’s degree in any stream or an equivalent qualification.
- Candidates in the final year of their bachelor’s degree can also apply for the CFA exam provisionally.
- They must have at least four years of professional work experience or a combination of work experience and education totaling at least four years.
- They must hold a valid international travel passport.
CFA Level 1
The CFA level 1 exam is conducted in the computer-based test mode. The exam has 180 questions in the MCQ format. The CFA exam is split into two sessions as follows:
1.First session (2 hours, 15 minutes): 90 multiple-choice questions
2.Second session (2 hours, 15 minutes): 90 multiple-choice questions
CFA Level 1 Curriculum
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The CFA level 1 curriculum has a total of 10 topics. These topics are grouped under two sections. Check out the table below to know the sectional weightage of the topics of CFA Level 1:
| Section | Topic | Weightage |
|---|---|---|
| 1 | Ethical and Professional Standards | 15% to 20% |
| Quantitative Methods | 6% to 9% | |
| Economics | 6% to 9% | |
| Financial Statement Analysis | 11% to 14% | |
| Corporate Issuers | 6% to 9% | |
| 2 | Portfolio management | 8%-12% |
| Equity Investments | 11% to 14% | |
| Fixed Income | 11% to 14% | |
| Derivatives | 5% to 8% | |
| Alternative Investments | 7% to 10% |
CFA Level 2
The CFA level 2 consists of vignettes and accompanying multiple-choice questions. The duration of the CFA exam level 2 is four hours and 24 minutes. This is also split into two sessions:
- First session: (2 hours, 12 minutes): 11 item sets and 44 MCQs
- Second session: (2 hours, 12 minutes): 11 item sets and 44 MCQs
Hence, there is a total of 22 item sets and 88 MCQs. Out of the 22 vignettes or item sets, 20 are scored and two questions are not scored. The MCQs can be answered only after referring to the information in the vignettes. Hence, the items in Level 2 are not free-standing.
CFA Level 2 Curriculum
The CFA level 2 curriculum also has a total of 10 topics. These topics are grouped under two sections. Check out the table below to know the sectional weightage of the topics of CFA Level 2:
| Section | Topic | Weightage |
|---|---|---|
| 1 | Ethical and Professional Standards | 10% to 15% |
| Quantitative Methods | 5% to 10% | |
| Economics | 5% to 10% | |
| Financial Statement Analysis | 10% to 15% | |
| Corporate Issuers | 5% to 10% | |
| 2 | Portfolio management | 10% to 15% |
| Equity Investments | 10% to 15% | |
| Fixed Income | 5% to 10% | |
| Derivatives | 5% to 10% | |
| Alternative Investments | 10% to 15% |
CFA Level 3
The CFA level 3 exam consists of item sets and essays based on the item sets. The Level 3 CFA exam has vignettes, essay type questions (constructed responses) as well as multiple-choice questions. In this level too, students need to answer the questions based on the information provided in the vignettes.
The total duration of level 3 CFA exam is 4 hours and 24 minutes split into two equal sessions.
Session 1: (2 hours 12 minutes): 6 item sets and 5 essay sets or item sets and 6 essay sets
Session 2: (2 hours 12 minutes): 6 item sets and 5 essay sets or item sets and 6 essay sets
CFA Level 3 Curriculum
The CFA level 3 curriculum also has a total of 7 topics. Check out the table below to know the sectional weightage of the topics of CFA Level 3:
| Topic | Weightage | Number of questions |
|---|---|---|
| Ethical and Professional Standards | 10% to 15% | 17-24 |
| Economics | 5% to 10% | 8-13 |
| Portfolio management | 35% to 40% | 36-45 |
| Equity Investments | 10% to 15% | 17-24 |
| Fixed Income | 15% to 20% | 24-30 |
| Derivatives | 5% to 10% | 8-13 |
| Alternative Investments | 5% to 10% | 8-13 |
CFA Level 3 Structure Changes for 2025
For the CFA 2025 level 3 exam, the CFA institute has made a few changes. It has introduced two new specialized pathways, i.e. Private Wealth and Private Markets. Hence, the students will be offered three pathways in the level 3 exams including Portfolio Management. Each section will have a core curriculum, with specialized content for its respective pathway. Candidates can choose the sections that align best with their interests and goals.
CFA Exam Difficulty Level
If one has a finance or accounting background with few years of experience, passing the CFA exam is not that difficult. CFA is not an accounting or finance programme but the curriculum covers this area as a foundation for investment analysis. If one has a non-accounting and non-finance background, the challenge will be bigger as one will require to first understand reading and analysing financial statements and basic knowledge of accounting standards. The vast curriculum is quite a challenge for many students as that requires early preparation of about 300 to 400 hours per level. Commitment and hard work will ensure that the CFA programme is completed as returns and recognition after passing all three levels of the CFA program are quite good. It is worth investing three years of life into a globally acclaimed investment programme.
According to the CFA Institute, the following is what a CFA candidate can expect:
An average of four years to complete the programme, six months of preparation for each exam and 300 hours minimum of study time=10 to hours per week (although candidates report studying 322 hours on average) making a sincere and internalized commitment to completing the programme is a prerequisite for success.
The average pass rate of the Level 1 CFA exam for the past 11 exams has been 42%. And that for Level 2 and 3 has been 43% and 42% respectively for the past 10 exams. This means, approximately 11% of the candidates pass all the three levels of the CFA exam.
What Does Taking the CFA Exam Cost?
There are multiple fee payments in the CFA exam. Check out the table below to know the CFA fee:
| Specifications | Fee in USD | Fee in INR |
|---|---|---|
| Early registration fee | USD 940 | 77,193.83 |
| Standard registration fee | USD 1,250 | 1,02,651.38 |
| One-time enrollment fee | USD 350 | 28,574 |
| Rescheduling fee | USD 250 | 20,410 |
Note: The one-time enrollment fee is for Level I registration. This fee cannot be applied to the subsequent exams (Level II and III). All fee is to be paid in USD.
CFA Preparation
Students preparing for the CFA exam should consider enrolling in a CFA prep course to stay on track and monitor their progress effectively. A CFA prep course will help provide structure and ensure consistent progress throughout the preparation period. CFA exams are lengthy (6 hours for each level), so time management is very important. Studying and reading the CFA syllabus is one thing, but it is equally important to put that knowledge into practice to increase the chances of success. The CFA Institute provides candidates with a lot of CFA mock exams and practice questions in their CFA preparation books, so start there. Then, students should find the topics they are weakest in and focus on reviewing those. Afterward, they should move on to attempting CFA mock tests at least two months before the exam to familiarize themselves with the test format and improve performance.
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