CFA Exam (The Full CFA Exam Guide) 2024

CFA Exam (The Full CFA Exam Guide) 2023

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Last Updated on April 4, 2024 by Qusai Ahmad

As I and my colleagues were talking about our unknown future someone mentioned how he likes this financial analyst he sees in movies and was wondering how to become one.

So we searched for it and found that there is a certificate for accountants that can make you achieve your dream job, and that is the CFA (Chartered Financial Analyst) by the CFA Institute.

And I did my research today to give you all you need about the CFA from A to Z.

let’s start:

What is The CFA Course?

CFA (Chartered Financial Analyst) is a designation given to those who have completed the CFA Program and completed acceptable work experience requirements. The CFA Program is a three-part exam that tests the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning. Says CFA Institute.

How many CFA exams are there?

The CFA (Chartered Financial Analyst) has three Exams which are Levels I, II, and III.

CFA Level 1

The Level I exam will cover the following topics:

  • Ethical and Professional Standards
  • Quantitative Methods
  • Economics
  • Financial Statement Analysis
  • Corporate Issuers
  • Equity Investments
  • Fixed Income
  • Derivatives
  • Alternative Investments
  • Portfolio Management and Wealth Planning

Candidates should expect the CFA level 1 exam to be complicated and they should take their prep seriously and put in enough time to pass the exam.

How many Questions does the CFA Level 1 have?

The exam has 180 multiple-choice questions that you need to answer in 4 hours and 30 minutes.

  • The first session (2 hours, 15 minutes): 90 multiple-choice questions, covering the topics of ethics & professional standards, quantitative methods, economics, and financial statement analysis
  • Second session (2 hours, 15 minutes): 90 multiple-choice questions, covering the topics of corporate issuers, equity, fixed income, derivatives, alternative investments, and portfolio management

CFA Level 1 Prep Material

Seeking a good CFA course prep material for level 1?

1- Wiley’s Level I CFA Program Study Guide 2022: Complete Set 1st Edition

Prepare efficiently and confidently for the Level 1 CFA Exam and your future professional responsibilities
Wiley’s Level I CFA Program Study Guide 2022: Complete Set delivers a comprehensive set of materials proven to help you understand, retain, and master the CFA Program Curriculum. You’ll get a highly effective study aid filled with exam tips, fundamental concepts, and in-depth work examples.
This complete set of study materials covers every area of the Level 1 CFA exam, including ethical and professional standards, investment tools, asset classes, and portfolio management and wealth planning. You’ll also get:

  • Color-coded study guides about every Learning Outcome Statement on the exam
  • Material prepared and created by CFA charter holders and instructors
  • Hundreds of figures, diagrams, and graphs help illustrate crucial concepts and ideas

Perfect for anyone studying for the Level I CFA exams, this complete set will prepare you not just for the exams themselves, but also for a lifetime of success working as a Chartered Financial Analyst.

Purchase Wiley’s Level I CFA Program Study Guide 2022 On Amazon.

2- 2023 CFA Program Curriculum Level I Box Set 1st Edition

Prepare for success on the 2023 CFA Level I exam with the latest official CFA® Program Curriculum.
The 2023 CFA Program Curriculum Level I Box Set contains all the material you need to succeed on the Level I CFA exam in 2023. This set includes the full official curriculum for Level I and is part of the larger CFA Candidate Body of Knowledge (CBOK).
Highly visual and intuitively organized, this box set allows you to:

  • Learn from financial thought leaders.
  • Access market-relevant instruction.
  • Gain critical knowledge and skills.

The set also includes practice questions to assist with your recall of key terms, concepts, and formulas. The volumes in Level I’s box set are:

  • Volume 1: Quantitative Methods
  • Volume 2: Economics and Financial Statement Analysis
  • Volume 3: Financial Statement Analysis and Corporate Issuers
  • Volume 4: Corporate Issuers, Equity, Investments, and Fixed Income
  • Volume 5: Fixed Income, Derivatives, Alternative Investments, and Portfolio Management
  • Volume 6: Portfolio Management and Ethical and Professional Standards

Perfect for anyone preparing for the 2023 Level I CFA exam, the 2023 CFA Program Curriculum Level I Box Set is a must-have resource for those seeking the foundational skills required to become a Chartered Financial Analyst®.

Purchase the 2023 CFA Program Curriculum Level I Box Set On Amazon.

CFA Level 2

When sitting for Level II of the CFA exam, you will be tested on the following topics:

  • Ethical and Professional Standards
  • Quantitative Methods
  • Economics
  • Financial Statement Analysis
  • Corporate Issuers
  • Equity Investments
  • Fixed Income
  • Derivatives
  • Alternative Investments
  • Portfolio Management and Wealth Planning

How hard is the CFA level 2 exam?

If you are still asking this question, then you need to understand that none of the CFA exams are easy, that’s because the CFA charter is an exclusive designation, designed to truly demonstrate mastery.

How many Questions does the CFA Level 2 have?

The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.

The Level II exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.

CFA Level 2 Prep Material

Seeking a good CFA course prep material for level 2?

1- Wiley’s Level II CFA Program Study Guide 2022: Complete Set 1st Edition


Eliminate test anxiety and confidently prepare for the CFA Level II exams
Wiley’s Level II CFA Program Study Guide 2022: Complete Set is a proven and recognized resource designed to help Chartered Financial Analyst candidates understand, retain, and master the CFA Program curriculum. The set comes complete with color-coded study guides and coverage of every Learning Outcome Statement included in the 2022 exam.
This practical and hands-on reference includes:

  • Figures and diagrams to illustrate important concepts, especially in Economics, Portfolio Management, and Fixed Income subjects.
  • Additional commentary to make the material more easily accessible.
  • Exam tips, fundamental concepts, and in-depth examples highlight the subjects discussed within.

Prepared entirely by our staff of CFA charter holders and instructors, these books are a remarkably effective and popular study aid.

Purchase Wiley’s Level II CFA Program Study Guide 2022 On Amazon.

2- 2023 CFA Program Curriculum Level II Box Set 1st Edition

Prepare for success on the 2023 CFA Level II exam with the latest official CFA® Program Curriculum.
The 2023 CFA Program Curriculum Level II Box Set contains all the material you need to succeed on the Level II CFA exam in 2023. This set includes the full official curriculum for Level II and is part of the larger CFA Candidate Body of Knowledge (CBOK).
Organized to get you accustomed to the exam’s heavy reliance on vignettes, the Level II curriculum will help you master mini-case studies and accompanying analyses.
Highly visual and intuitively organized, this box set allows you to:

  • Learn from financial thought leaders.
  • Access market-relevant instruction.
  • Gain critical knowledge and skills.

The set also includes practice questions to assist with your recall of key terms, concepts, and formulas. The volumes in Level II’s box set are:

  • Volume 1: Quantitative Methods and Economics
  • Volume 2: Financial Statement Analysis
  • Volume 3: Corporate Issuers and Equity Valuation
  • Volume 4: Equity Valuation and Fixed Income
  • Volume 5: Derivatives, Alternative Investments, and Portfolio Management
  • Volume 6: Portfolio Management and Ethical and Professional Standards

Perfect for anyone preparing for the 2023 Level II CFA exam, the 2023 CFA Program Curriculum Level II Box Set is a must-have resource for those seeking the intermediate skills required to become a Chartered Financial Analyst®.

Purchase the 2023 CFA Program Curriculum Level II Box Set On Amazon.

CFA Level 3

Candidates preparing for the Level III exam are not tested on all the topics that were part of the Level I and Level II exams. Here’s what you will be tested on:

  • Ethical and Professional Standards
  • Economics
  • Equity Investments
  • Fixed Income
  • Derivatives
  • Alternative Investments
  • Portfolio Management and Wealth Planning

The topic that is most tested on the Level III CFA exam is Portfolio Management and Wealth Planning.

How many Questions does the CFA Level 3 have?

CFA Level 3 exam consists of vignettes (mini case studies or item sets) with multiple-choice questions and constructed response (essay) questions in total. These are split into:

  • The first session is 2 hours and 15 minutes of exam time with 8-11 constructed response questions.
  • Second session, 2 hours 15 minute exam time with 44 multiple-choice questions.

Candidates will have 4 hours and 24 minutes to finish the exam and should expect to demonstrate advanced portfolio management and wealth planning knowledge. A new question format called constructed response questions or essay questions will be introduced which will require candidates to justify or explain their answers.

CFA Level 3 Prep Material

Seeking a good CFA course prep material for level 3?

1- Wiley’s Level III CFA Program Study Guide 2022: Complete Set 1st Edition

Confidently prepare for the Chartered Financial Analyst Level III 2022 exam
Wiley’s Level III CFA Program Study Guide 2022: Complete Set is a proven and recognized resource designed to help Chartered Financial Analyst candidates understand, retain, and master the CFA Program curriculum. The set comes complete with color-coded study guides and coverage of every Learning Outcome Statement included in the 2022 Level III exam.
This practical and hands-on reference includes:

  • Figures and diagrams illustrate important concepts, especially portfolio management, wealth planning, and asset classes.
  • Additional commentary to make the material more easily accessible.
  • Exam tips, fundamental concepts, and in-depth examples highlight the subjects discussed within.

Prepared entirely by our staff of CFA charter holders and instructors, these books are a remarkably effective and popular study aid for anyone preparing for the Level III CFA exam.

Purchase Wiley’s Level III CFA Program Study Guide 2022 On Amazon.

2- 2023 CFA Program Curriculum Level III Box Set 1st Edition

Prepare for success on the 2023 CFA Level III exam with the latest official CFA® Program Curriculum.
The 2023 CFA Program Curriculum Level III Box Set contains all the material you need to succeed on the Level III CFA exam in 2023. This set includes the full official curriculum for Level III and is part of the larger CFA Candidate Body of Knowledge (CBOK).
Designed to acclimate you to the exam’s heavy reliance on information synthesis and solution application regarding portfolio management and wealth planning, the Level III curriculum will help you master both calculation-based and word-based problems.
Highly visual and intuitively organized, this box set allows you to:

  • Learn from financial thought leaders.
  • Access market-relevant instruction.
  • Gain critical knowledge and skills.

The set also includes practice questions to assist with your recall of key terms, concepts, and formulas. The volumes in Level III’s box set are:

  • Volume 1: Behavioral Finance, Capital Market Expectations, and Asset Allocation
  • Volume 2: Derivatives, Currency Management, and Fixed Income
  • Volume 3: Fixed Income and Equity Portfolio Management
  • Volume 4: Alternative Investment, Portfolio Management, and Private Wealth Management
  • Volume 5: Institutional Investors, Other Topics in Portfolio Management, and Cases
  • Volume 6: Ethics and Professional Standards

Perfect for anyone preparing for the 2023 Level III CFA exam, the 2023 CFA Program Curriculum Level III Box Set is a must-have resource for those seeking the advanced skills required to become a Chartered Financial Analyst®.

Purchase the 2023 CFA Program Curriculum Level III Box Set On Amazon.

CFA Levels Pass Rate

CFA Level 1 Pass Rate

The latest CFA Level 1 pass rate is 37% for Level 1 (Aug 2022)

CFA Level 2 Pass Rate

The latest CFA Level 2 pass rate is 40% for Level 2 (Aug 2022)

CFA Level 3 Pass Rate

The latest CFA Level 3 pass rate is 49% for Level 3 (Aug 2022)

as you can see these pass rates show that the exam is not easy and candidates must put in enough time and hard work to pass the exams.

CFA Exam Cost and Fees

The CFA Exam cost and fees can be divided into:

  1. One-Time Enrollment Fee
  2. CFA Program Cost

One Time Enrollment Fee

There is a one-time enrollment fee of USD 350 when you register for CFA Program and the Level I exam. This fee will not be applied to subsequent exams.

CFA Program Cost

Registration costs vary depending on when you decide to register for the exam.

If you decide to register early then you can save up to 300$ on each exam.

The Early Registration Fee is 900$

The Standard Registration Fee is 1200$

Rescheduling Fee

If you wish to reschedule your exam appointment within your exam window, a USD 250 rescheduling fee will apply.

CFA Incoming Exam Dates

Incoming CFA Level 1 Exam

  1. 15 – 21 November 2022
  2. 14–20 February 2023
  3. 16–22 May 2023


Incoming CFA Level 2 Exam

  1. 22 – 26 November 2022
  2. 23–27 May 2023

Incoming CFA Level 3 Exam

  1. 21–23 February 2023

Conclusion

We mentioned what is the CFA Course, CFA Exams, the CFA Materials, the CFA Pass rate, CFA Cost and fees, and the incoming exam dates.

Did we miss anything leave a comment below ^^?

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