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 Course of Study

The CFA Program course of study includes the Candidate Body of Knowledge (CBOK), the curriculum content, learning outcome statements (LOS), and the topic area weights. 

The course of study is organized into three levels and each level requires passing a six-hour exam. The program curriculum increases in complexity as you move through the three levels:

  • Level I: Focuses on a ba​sic knowledge of the ten topic areas and simple analysis using investment tools
  • Level II: Emphasizes the application of investment tools and concepts with a focus on the valuation of all types of assets
  • Level III: Focuses on synthesizing all of the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning

Candidates report dedicating in excess of 300 hours of study per level to prepare for each exam.



CFA Exams

 Administered by CFA Institute, the Chartered Financial Analyst® (CFA®) Program is a graduate-level, self-study curriculum and examination program for investment specialists.

Established in 1962, the CFA Program sets the global standard for investment knowledge, standards, and ethics. Earning the credential can serve as a passport to entry or advancement within the investment profession around the world. The designation tells clients, employers, and colleagues that the charterholder has mastered a rigorous curriculum covering a broad range of investment topics and that he or she is committed to the highest ethical standards in the profession.

Our society encourages its members to earn the CFA charter and supports candidates by sponsoring CFA exam study groups and other programs. Many of our members hold the esteemed CFA designation.

CFA® Program Exam Calendars


The CFA Program includes a series of three exams; Levels I, II, and III.

The exams are offered annually — at test centers around the world — in June. 

The Level I exam is also offered in December.

June 2019 Exam Calendar (Levels I, II, and III)

December 2019 Exam Calendar (Level I only)

  • Standard registration fee deadline

    14 August 2019

  • Final (late) registration fee deadline

    11 September 2019

  • Test center change request submission deadline

    3 December 2019, 12 Noon ET

  • Exam Day

    7 December 2019

  • Religious alternate exam date

    8 December 2019

June 2020 Exam Calendar (Levels I, II, and III)

  • Exam Day: Asia Pacific (Levels II & III); Americas and EMEA (all levels)

    6 June 2020

  • Exam Day: Asia Pacific (Level I only)

    7 June 2020



Wiley CFA Test Prep Scholarships Available through CFA Miami​​

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 Learn More About CFA Institute

Learn more from CFA Institute about the CFA designation and its significance.

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