Chartered Financial Analyst
CFA®
The CFA Program develops the knowledge and judgement needed to analyse investments and manage portfolios. Its curriculum connects ethical practice, financial statement analysis, valuation, and investment decision-making across asset classes.
The three levels build on one another: Level I establishes the foundations, Level II applies those tools to analysis and valuation, and Level III brings them together in portfolio management and specialised pathways. Preparation means learning to apply a concept, not simply recognise its definition.
Exam windows change each year — always confirm dates with the exam body.
Exam at a glance
CFA Level I
| Format | 180 multiple-choice questions, three options each |
|---|---|
| Sessions | Two sessions of 2 hours 15 minutes |
| Delivery | Computer-based at test centres |
| Exam windows | February, May, August, November |
Topic weights
- Ethical and Professional Standards15–20%
- Quantitative Methods6–9%
- Economics6–9%
- Financial Statement Analysis11–14%
- Corporate Issuers6–9%
- Equity Investments11–14%
- Fixed Income11–14%
- Derivatives5–8%
- Alternative Investments7–10%
- Portfolio Management8–12%
CFA Level II
| Format | 22 item sets (vignettes), 88 questions, four questions per vignette |
|---|---|
| Sessions | Two sessions of 2 hours 12 minutes |
| Delivery | Computer-based at test centres |
| Exam windows | May, August, November |
Topic weights
- Ethical and Professional Standards10–15%
- Quantitative Methods5–10%
- Economics5–10%
- Financial Statement Analysis10–15%
- Corporate Issuers5–10%
- Equity Investments10–15%
- Fixed Income10–15%
- Derivatives5–10%
- Alternative Investments5–10%
- Portfolio Management10–15%
CFA Level III
| Format | Item sets and constructed-response (essay) questions |
|---|---|
| Sessions | Two sessions of 2 hours 12 minutes |
| Delivery | Computer-based at test centres |
| Exam windows | February, August |
Topic weights
- Ethical and Professional Standards10–15%
- Asset Allocation15–20%
- Portfolio Construction15–20%
- Performance Measurement5–10%
- Derivatives and Risk Management10–15%
- Specialised Pathway (Portfolio Management, Private Markets, or Private Wealth)30–35%
Written by exam experts
Every question is written and audited by people with years of experience writing and teaching for these exams.
Distractors that behave like the real exam
Wrong options are built the way the actual exam builds them, so you learn to spot the traps, not just the answers.
Answers that explain
Clear, well-written solutions that show why the right option is right and why each wrong option is wrong.
Choose your level
CFA Level I
$200
12 months of access
- 4,000+ multiple-choice questions
- Full written solution for every question
- 7 exam-standard full-length mocks
- Support for better explanations
- Custom quizzes by topic and difficulty
- Performance tracking
CFA Level II
$230
12 months of access
- 500+ vignettes (item sets)
- Full written solution for every vignette
- 7 exam-standard full-length mocks
- Support for better explanations
- Custom quizzes by topic and difficulty
- Performance tracking
CFA Level III
$260
12 months of access
- 500+ vignettes and essay-style questions
- Essay review: model answers and marking guidance
- 7 exam-standard full-length mocks
- Support for better explanations
- Custom quizzes by topic and difficulty
- Performance tracking