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
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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.
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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.
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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.
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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.
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.
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.
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.
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.
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.
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.
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.
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
Portfolio management
Research
Consulting
Risk analysis and risk management
*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
Private wealth management
Commercial banking
Investment 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.
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.
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.
Preview the Learning Ecosystem
Take a closer look at the Lea