Entrance Exams

CFA (Chartered Financial Analyst) Exam

A widely recognized professional credential for those looking to start a career in finance, especially investment management, is the Chartered Financial Analyst (CFA) Exam. One of the most demanding and well-respected certifications in the finance sector, it is provided by the international association of investment professionals, CFA Institute.CFA (Chartered Financial Analyst) Exam

The CFA certificate is highly coveted and can lead to a variety of financial career paths, such as investment banking, risk analysis, equities research, portfolio management, and more. Here are a few crucial CFA Exam components:

Here are things you should know about CFA (Chartered Financial Analyst) Exam


Three Levels:

The CFA Exam consists of three levels, each building on the knowledge and skills of the previous level. To earn the CFA charter, candidates must pass all three levels, in sequence.

  • Level I: Focuses on the fundamentals of investment tools, asset valuation, ethics, and professional standards. It consists of multiple-choice questions.
  • Level II: Emphasizes the application of tools and concepts covered in Level I to asset valuation. It involves item set questions (also known as vignettes).
  • Level III: Concentrates on portfolio management and wealth planning. The Level III exam includes constructed response (essay) questions and item set questions.


A wide range of topics are covered in the CFA Program curriculum, such as corporate finance, equity investments, fixed income, derivatives, alternative investments, quantitative methods, economics, financial reporting and analysis, ethics and professional standards, portfolio management, and wealth planning.

Ethical Standards:

The CFA program places a strong emphasis on ethics. Candidates for the CFA program are expected to follow the Standards of Professional Conduct and Code of Ethics throughout their careers.

Exam Format:

The CFA examinations take place twice a year, usually in December and June. tests for Level I are available in both months, however tests for Levels II and III are only available in June. Multiple-choice questions make up the Level I test, whereas item set and constructed response questions are used in the Levels II and III exams.

Pass Rates:

Level I usually has the highest pass rate, while Level III often has the lowest. The CFA exams are notorious for having poor success rates. This illustrates the content’s depth and rigor.

Work Experience:

To obtain the CFA charter, candidates must pass the tests and have at least four years of relevant work experience in the financial business.

Benefits for Charterholders:

Upon obtaining the CFA charter, one becomes a charterholder. Around the world, this title is well-respected and acknowledged. Enhanced career prospects, elevated income potential, and a robust professional network are frequently experienced by charterholders.

Continuing Education:

In order to keep their charters, CFA charterholders must comply with continuous requirements for professional development and continuing education.

Exam Date

CFA Exam Calendar

  • The CFA Level I Exam is offered in Feb, May, Aug, and Nov every year.
  • The CFA Levels II Exam is offered 3 times in May, Aug & Nov every year.
  • The CFA Levels III Exam is offered 2 times in Feb & Nov every year.
Exams\DatesFeb 2023May 2023Aug 2023Nov 2023
Registration Window Opens10 May 20229 Aug 202214 Nov 2022N/A
Scheduling Window Opens10 May 20229 Aug 202214 Nov 2022N/A
Early Registration Deadline9 Aug 20229 Nov 20221 Feb 2023N/A
Pay by Invoice Deadline17 Dec 202225 March 2023N/A
Registration Closes8 Nov 202231 Jan 20239 May 2023N/A
Scheduling Deadline16 Nov 202215 Feb 202324 May 2023N/A
Rescheduling Deadline13 Jan 2023 (Level I) 

20 Jan 2023 (Level III)

14 Apr 2023 (Level I) 

21 Apr 2023 (Level II)

21 July 2023 (Level I) 

28 July 2023

(Level II & Level III)

CFA Level I Exam Window14 – 20 Feb 202316 – 22 May 202322 – 28 Aug 2023N/A
CFA Level II Exam WindowN/A23 – 27 May 202329 Aug – 2 Sep 2023N/A
CFA Level III Exam Window21 – 23 Feb 2023N/A29 Aug – 2 Sep 2023N/A
Fee TypeAmount
Enrolment FeeUSD 350*
Early Registration FeeUSD 900
Standard Registration FeeUSD 1,200

Strategies for Preparation

Focus on the most-tested Tools.

To pass the CFA tests, you don’t have to be an expert on every subject. The most recent topic weights for every level, along with their Learning Outcome Statements (LOS), are freely accessible on the CFA website. The Level I exam has the fewest questions on topics like “Technical Analysis,” “Derivatives,” and “Portfolio Management and Wealth Planning,” so you might be better off spending your time studying for a topic like “Ethical and Professional Standards,” which comes up more frequently.

Avoid wasting time

The CFA Institute suggests studying for roughly 285 hours. However, you can maximize every hour and drastically reduce the amount of time you squander studying, depending on your background, time management abilities, and prep course. For instance, you ought to be able to ignore outside distractions and finish studying for the Level I CFA test in 120 hours if you use The Princeton Review.

Six months before to the exam, create a study plan.

no matter how long you want to study for—300 hours, 150 hours, or more—it is imperative that you schedule that time and make a commitment to sticking to it. By dividing up the required work over a six-month period, you not only establish a reliable study timetable that allows you to fully assimilate the information, but you also offer yourself some leeway to reschedule your sessions if you find yourself falling behind.

Take a preparatory class.

Can you put your phone down and ignore outside distractions for extended periods of time? The amount of studying needed for the CFA exams can be overwhelming, even for Zen masters. As a result, there may be understudied content, missed deadlines, wasted time, and missing details. A quality exam prep course ensures that you won’t have to tackle the material alone, keeps you current on topics that are crucial for the test, and improves your time management skills. Find out more about the benefits of The Princeton Review’s carefully designed self-paced program.

Give concepts more attention than math.

Exams for CFAs, especially the Level I test, are become more and more intellectual. Because of this, The Princeton Review concentrates on the formulas that are most important for the test and offers a formula sheet that shows practical applications and explains how to extract any additional information you might need. In the end, you should also determine which formulas you might wish to skip if they’re taking too much of your time.


Time management is essential for the lengthy (6 hours for each level) CFA tests. Learning material by heart is one thing, but you’ll also need to apply it in order to improve your recall speed and make sure you comprehend the questions. Start with the CFA Institute’s books, which contain a ton of practice problems and mock tests. Next, identify your areas of weakness and devote most of your review time to those. Then, at least two months before to the exam, begin taking the practice tests. Even more practice questions can be found in preparatory courses. For instance, two complete mock Level I exams and over 1,500 excellent practice problems are available in our self-paced curriculum.

If you feel overwhelmed, study with breaks.

While you should never quit up, allow yourself to occasionally take a break. At times, the brain need a brief reset while processing a large quantity of information, such as the CFA exam materials, which are extremely daunting. Incorporate 30- or 1-hour breaks into your study sessions if you’re feeling overwhelmed. Recall that the CFA’s individual topics are usually not very tough; rather, the sheer volume of them presents a challenge for many. It is crucial to begin six months prior to the exam because of this. In the end, you should do well if you have taken the appropriate preparatory course, have a solid understanding of basic mathematics, and have an analytical mind.

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In conclusion, for those interested in a career in finance, especially investment management, the Chartered Financial Analyst (CFA) Exam is a highly regarded and internationally recognized professional qualification. A rigorous Code of Ethics and Standards of Professional Conduct must be followed by candidates in order to obtain the CFA designation, which is awarded after completing three tiers of tests. Obtaining the CFA charter can lead to a variety of job options in the finance sector, and in order to keep their certifications, charterholders must continue their professional growth. Even though the CFA Exam is difficult, the knowledge and abilities gained throughout the program can lead to a distinguished and lucrative profession in finance.

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