Exam Development
A commitment to excellence in the development of the
CFA exam has been the hallmark of the CFA Program.
The Council of Examiners (COE) and CFA Exam Team, consisting of approximately 70 CFA charterholders
representing a functionally and geographically diverse mix of practitioners and academics, write the exams with the assistance of CFA Institute staff.
Each exam development cycle starts more than a year in
advance of the Level II and III exams and seven to
eight months in advance of the Level I exams. Each
cycle begins when COE leaders meet to set the guidelines
for the next exam and disseminate the guidelines
to CFA Exam Team members, who then begin drafting
questions. To
be included on the CFA exam, a question must relate
directly to one or more curriculum learning outcome statements (LOS).
The CFA Exam Team revises exam questions on a continuous basis during a development cycle. Each new version benefits
from review by the COE and CFA Exam Team
members as well as expert and generalist volunteer and staff
reviewers. Once the exam is in nearly final draft form, CFA Institute staff conducts review sessions with charterholders from around the world. Participants review the questions to ensure that the language is clear, simple, unambiguous, and free of cultural bias. Reviewers also identify any investment practices that may confuse candidates in their regions. During the cycle, hundreds of hours of review time
contribute to the improvement of exam questions.