CFA
CFA Institute
Chartered Financial Analyst
The global gold standard in investment management. Three exam levels covering ethics, financial analysis, portfolio management, and wealth planning. Recognised in 165+ countries.
10+
Topic Areas
per level
~40%
Global Passrate
average across levels
900+
Study Hours
total for all 3 levels
∞
XP Points
earn as you learn
Three Levels
Each level builds on the previous. Pass in sequence to earn the CFA charter.
Level I
Foundation & Breadth
10 Topic Areas · ~250 hours study
- Ethics & Standards
- Quantitative Methods
- Economics
- Financial Statement Analysis
- Corporate Finance
- Equity
- Fixed Income
- Derivatives
- Alternatives
- Portfolio Management
Start studying
Level II
Application & Valuation
4 Focus Areas · ~300 hours study
- Equity Valuation
- Fixed Income
- Derivatives
- Financial Reporting
Start studying
Level III
Portfolio Management
3 Topic Areas · ~300 hours study
- Portfolio Construction & IPS
- Fixed Income & Equity Strategies
- GIPS & Ethics Cases
Start studying
CFA Exam Tips
Ethics is the most tested topic and can make or break your pass. At every level, make sure you read the Standards cover-to-cover and practice with cases. The CFA Institute recommends 300+ study hours per level.