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CFA® Program

    CFA Program overview

    The CFA Program is your pathway to becoming a globally recognized Chartered Financial Analyst® (CFA®). Equipping you with real-world skills in investment analysis, a Chartered Financial Analyst certification helps you thrive in the competitive investment industry.

    Strive for the gold standard of investment credentials

    To be able to join more than 200,000 certified financial analysts globally recognized for their commitment to ethics and professionalism, you need to complete the three exams that make up the CFA Program. They test the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning.

    Every step of the way, we’ll support you as you grow your knowledge. Once you achieve the status of Chartered Financial Analyst, your strong foundation in advanced investment analysis and real-world portfolio management skills will qualify you to work in senior and executive positions in investment management, risk management, asset management, and more.

    Why become a CFA Charterholder?

    Mark of distinction

    Show employers you have the knowledge and commitment to thrive in today’s complex and continually evolving investment industry.

    Career opportunities

    Open up new pathways into a wide range of investment decision-making careers, including asset and wealth management, commercial banking, and consulting.

    Global gateway

    Leverage the global recognition of the CFA Charter to pursue investment management roles anywhere in the world.

    Stay ahead

    Equip yourself with the skills to thrive in the evolving finance industry with a Chartered Financial Analyst certification.

    Insights from experts

    Learn key real-world skills in investment analysis from the leaders in investment education.

    Enhanced professional profile

    Earn an easily shareable digital badge to display your achievement in your online networks.

    How to become a CFA Charterholder

    1. Pass the CFA Program exams

      The CFA Program is made up of three exams. You need to pass all three levels, alongside modules that build your practical skills, to become a Chartered Financial Analyst.

    2. Complete qualifying work experience

      Your work experience must either be directly involved with the investment decision-making process or producing a work product that informs or adds value to that process. You can carry out your work experience before, during, or after you participate in the CFA Program.

    3. Apply for membership

      You need to be a regular member of the CFA Institute to achieve the Chartered Financial Analyst designation. As part of your application, you’ll be asked to submit 2-3 professional references to comment on your work experience and professional character. Learn more about applying for membership.

    4. Become a member of CFA Institute

      Once your application is approved and you have joined CFA Institute, you will have earned your CFA charter.

    Who is the CFA Program for?

    • University students looking to launch a career in finance, corporate banking or investment management.
    • Existing industry professionals wanting to establish or enhance their credentials.
    • Professionals from other industries who want to change the focus of their careers.
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    man holding phone with finance data on screen

    Study tools to support your learning

    The Learning Ecosystem is our comprehensive digital learning platform, available to all registered candidates of the CFA Program. Adaptive and mobile-friendly, it lets you learn at your own pace when and where it’s convenient for you.

    Through the Learning Ecosystem, you’ll access the official program curriculum as well as study tools like practice questions, mock exams, flashcards, and more.

    Valued by employers

    Who do CFA Charterholders work for?

    CFA Charterholders are employed by some of the world’s biggest financial institutions. These include JPMorgan Chase, Morgan Stanley Wealth Management, Royal Bank of Canada, BofA Securities, UBS Group, HSBC Holdings, Wells Fargo and Company, PricewaterhouseCoopers, BlackRock, and TD Bank Financial Group.

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    Setting the standard

    Employers recognize and respect the strong foundation in advanced investment analysis and portfolio management skills that the CFA Program gives you. So much so that some even make it a requirement.

    Testimonials from CFA Charterholders

    You can hire people with an MBA, but you don't necessarily know that one MBA is the same as another MBA. Whereas if you hire investment professionals with a CFA, you absolutely have confidence at the level of qualification.
    Jenny Johnson CEO/President Franklin Templeton
    The CFA® designation gives confidence to both sides of the table, to myself and my technical skills, and to the client that they're dealing with a competent professional.
    Mustafa O. Pasha, CFA CIO Lakson Investments
    The CFA (Program) journey has given me an opportunity to stand out among the crowd as not everyone opts for it. The CFA® credentials have allowed me to grow in my current company. I'm now making more informed decisions about client portfolios.
    Misbah Pervaiz, CFA Atlas Asset Management
    The CFA® charter has greatly helped me to perform my duties as a Risk Manager in terms of developing financial risk management techniques and of assessing the risks inherent within the bank and within different instruments that we are using in general.
    Mariam Agha, CFA Manager, Financial Risk Microfinance Bank

    Career paths and benefits

    What does a CFA® Charterholder do? By enrolling in the CFA Program and earning the Chartered Financial Analyst® certification, you open doors to a variety of careers in the global investment industry – from asset and wealth management, investment banking, and commercial banking to consulting. And as a CFA Charterholder, you stand out for your commitment to set a higher standard of excellence. It's this dedication that employers value and look out for. 

    Compensation levels

    Did you know? The average base salaries of CFA Institute members and CFA Charterholders increased at a greater rate (year over year) than the rate of increase for the general market, according to the findings of the CFA Institute Compensation Study, 2024.

    CFA Charterholders can be found in a variety of roles across the world. For insight into how the CFA Program impacts career progression in India, download the Impact Assessment of CFA Program in India report

    190k+ Charterholders - the biggest network of investment professionals in the world
    $267k Average total compensation across all job functions
    90% Of hiring managers prefer CFA Charterholders for executive positions

    How the CFA charter compares to other credentials

    Esteemed and valued across the globe, the Chartered Financial Analyst certification is known for demonstrating superior competency in advanced portfolio management, financial expertise, and technical skills, underpinned by ethical conduct and the highest standards of practice.

    Here’s how it compares to other respected credentials in the investment management industry. 

    Aspect

    CFA Program

    MBA

    CPA

    CFP

    Focus

    Finance and investment

    General business

    Accounting

    Financial planning

    Duration

    3-4 years

    1-2 years full-time

    Exam and experience requirements vary

    1-2 years

    Cost

    $2,550 - $4,800 (exam fees)

    $50,000 - $200,000 + tuition

    $1,500 - $3,000 (exam fees)

    $3,000 - $6,000 (exam fees)

    Shareable credentials for global recognition

    When you earn the CFA charter, you are acknowledged worldwide for your expertise, integrity, and dedication to the highest ethical standards.

    Your digital badge shows your commitment to professionalism and continuous learning as you help build a strong and vibrant community of finance professionals.

    CFA Program Level II badge

    Investment industry career paths

    Within the financial system, there are many people-facing roles that provide services to facilitate successful saving and investing for both  individuals and companies. Explore below to get familiar with finance  industry and investment management jobs.

    Typical jobs for CFA Charterholders

    *The full range of jobs includes Relationship Manager, Data Scientist, Credit Analyst, Chief Investment Officer, Trader, Accountant, Auditor, Financial Planner, and Sales professional. 

    Typical investment management sectors among CFA Charterholders

    Asset management

    Commercial banking

    Insurance

    Level III specialized pathways

    For the 2025 Level III exams, we have introduced specialized pathways:

    Private wealth
    Private markets
    Portfolio management

    The paths share a core curriculum, supplemented by specialized content. You can select a path that directly relates to your interests and career aspirations.

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    Curriculum

    Meet today’s challenges in investment management head on. The CFA Program gives you the solid foundation of knowledge that investment firms expect. Alongside critical advanced investment analysis and portfolio management skills, you’ll be able to thrive in our dynamic industry.

    Building your knowledge over time

    The CFA Program is a series of three exams: Levels I, II, and III. Each level of the curriculum builds on the prior level and becomes increasingly complex. Here are the differences between each exam so you can prepare for success at every stage.

    Level I: Learn and describe

    Multiple choice questions will test your knowledge of key terms, concepts, and formulas that are the foundation of the investment industry.

    Level II: Analyze and evaluate

    Exam vignettes with multiple choice questions will test how you analyze situations and provide solutions using the knowledge you have accumulated.

    Level III: Integrate and apply

    A mix of item set questions and constructed response questions will reveal how you integrate concepts and apply knowledge to real-world scenario.

    Curriculum topics

    We update our curriculum regularly to reflect modern financial practices, guided by our ongoing practice analysis that ensures it stays aligned with the latest industry trends. This means you’ll learn precisely what’s needed to thrive in today’s investment industry and confidently apply your CFA Program knowledge to real-world scenarios.

        Topic

        Exam weight

        Ethical and Professional Standards

        15-20%

        Quantitative Methods

        6-9%

        Economics

        6-9%

        Financial Statement Analysis

        11-14%

        Corporate Issuers

        6-9%

        Equity Investments

        11-14%

        Fixed Income

        11-14%

        Derivatives

        5–8%

        Alternative Investments

        7-10%

        Portfolio Management

        8-12%

        Topic

        Exam weight

        Ethical and Professional Standards

        10–15%

        Quantitative Methods

        5-10%

        Economics

        5-10%

        Financial Statement Analysis

        10-15%

        Corporate Issuers

        5-10%

        Equity Investments

        10-15%

        Fixed Income

        10-15%

        Derivatives

        5-10%

        Alternative Investments

        5-10%

        Portfolio Management and Wealth Planning

        10-15%

        Topic

        Exam weight

        Asset Allocation

        15–20%

        Portfolio Construction

        15–20%

        Performance Measurement

        5–10%

        Derivatives and Risk Management

        10–15%

        Ethical and Professional Standards

        10–15%

        Pathways (Portfolio Management or Private Markets or Private Wealth)

        30–35%

          This topic defines and explores alternative investments, including hedge funds, private equity, real estate, commodities, and infrastructure. You’ll learn about the characteristics they have in common and the use of alternative investments for diversification and higher returns. 

          Exam topic area weight across levels:

          Level I

          Level II

          Level III

          7-10%

          5–10%

          5–10%

          In this topic, you’ll be introduced to corporate governance as well as investing and financing decisions. Gain an overview of corporate governance along with a framework for understanding and analyzing corporate governance and stakeholder management. This topic also highlights the growing impact of environmental and social considerations in investing. We cover how companies make use of leverage and manage their working capital to meet short-term operational needs. 

          Exam topic area weight across levels:

          Level I

          Level II

          Level III

          6-9%

          5–10%

          0%

          In this part of the curriculum, you’ll build the conceptual framework for understanding the basic derivatives and derivative markets. You’ll then be introduced to essential features and valuation concepts for forward commitments such as forwards, futures, swaps, and contingent claims. Finally, you’ll look at arbitrage, a critical concept that links derivative pricing to the price of the underlying asset.

          Exam topic area weight across levels:

          Level I

          Level II

          Level III

          5-8%

          5-10%

          5–10%

          Learn about the analysis of fundamental concepts of supply and demand for individual consumers and firms. This topic also covers the various market structures that firms operate in as well as macroeconomic concepts and principles, including aggregate output and income measurement, aggregate demand and supply analysis, and analysis of economic growth factors. This section of the curriculum concludes with coverage of the business cycle and its effect on economic activity. 

          Exam topic area weight across levels:

          Level I

          Level II

          Level III

          6-9%

          5-10%

          5-10%

          Here, you’ll explore the characteristics of equity investments, security markets, and indexes and explain how to analyze industries, companies, and equity securities. You’ll also learn about the use of basic equity valuation models and global equities, which are important for meeting longer-term growth and diversification objectives.

          Exam topic area weight across levels:

          Level I

          Level II

          Level III

          11-14%

          10-15%

          10-15%

          The focus of this topic is ethics, related challenges to ethical behavior, and the role ethics and professionalism play in the investment industry. We’ll provide you with a framework to support ethical decision-making and examine CFA Institute Code of Ethics and Standards of Professional Conduct and Global Investment Performance Standards (GIPS®)

          Exam topic area weight across levels:

          Level I

          Level II

          Level III

          15-10%

          10-15%

          10-15%

          Receive a thorough explanation of financial reporting procedures and the standards that govern financial reporting disclosures, with an emphasis on basic financial statements and how alternative accounting methods affect those statements and the analysis of them. You’ll also examine primary financial statements and be provided with a general framework for conducting financial statement analysis.

          Exam topic area weight across levels:

          Level I

          Level II

          Level III

          11-14%

          10-15%

          0%

          In this topic, you’ll learn how to describe fixed income securities and their markets, yield measures, risk factors, and valuation measurements and drivers. We’ll also cover calculating yields, values of fixed income securities, the securitization of assets, the fundamentals of bond returns and risks, and basic principles of credit analysis.

          Exam topic area weight across levels:

          Level I

          Level II

          Level III

          11-14%

          10-15%

          15-20%

          In this topic, you’ll explore quantitative concepts and techniques used in financial analysis and investment decision-making. We present descriptive statistics for conveying important data attributes, such as central tendency, location, and dispersion, and introduce characteristics of return distributions. This part of the curriculum also considers probability theory and its application in quantifying risk for investment decision-making. 

          Exam topic area weight across levels:

          Level I

          Level II

          Level III

          6-9%

          5-10%

          0%

          In this topic, we explain the fundamentals of portfolio and risk management, including return and risk measurement and portfolio planning and construction. We examine the needs of individual and institutional investors along with the range of available investment solutions. The capital asset pricing model is used to identify optimal risk in portfolios.

          Exam topic area weight across levels:

          Level I

          Level II

          Level III

          8-12%

          10-15%

          35-40%

          Real-life Practical Skills Modules (PSM)

          The core of the CFA Program curriculum teaches you the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning. But the best way to develop your knowledge is to put it to the test.

          To ensure you thrive in your current or future role, the CFA Program has been expanded to include practical, relevant skills training. So you can apply what you are learning in the curriculum to real-world scenarios.

          A Practical Skills Module (PSM) uses a combination of videos, multiple-choice questions, guided practice, and case studies to develop your practical skills. In order to receive your exam result, you will be required to complete at least one PSM at each level. You may begin your PSM topic at any time after registration. Each PSM takes 10-20 hours to complete.

          Tools to support your learning

          Becoming a CFA Charterholder requires dedication. But as a CFA Institute candidate, you have our complete support every step of the way. We’ll provide you with access to a wealth of information and tools to help you pass all three levels and excel in your career.

          Learning Ecosystem

          The Learning Ecosystem (LES) is a digital learning tool to help you study more effectively by:

          • Personalizing your learning experience.
          • Making the curriculum more engaging.
          • Giving you convenient access to materials.

          Using the desktop or mobile app, access the curriculum for your selected exam plus 1,000+ practice questions, two official mock exams released approximately 60 days before each exam window, study plans that adapt to your strengths and weaknesses, curriculum-based games and flashcards, and more. The LES is also where you can access your Practical Skills Modules. 

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          Preview the Learning Ecosystem

          Take a closer look at the Lea