CFA 2025: August Level 2 Result (Oct 9), Registration, Dates, Syllabus, Eligibility

The CFA Institute has made major changes in the CFA program pricing. The one-time enrollment will be scrapped for the year 2026 exams. Changes have also been made in the CFA registration fee. 

The other changes which have been introduced include the Practical Skills Module (PSM) which is mandatory to view the CFA result and the three specialized pathways which have been included in the Level 3 curriculum. 

The content from the testable portion of the exam has been reduced so that candidates can concentrate on the content that is highly relevant in the rapidly changing global economy and financial markets. This allows to establish the base knowledge that is needed to begin studying for the exam. It also keeps study time to 300 hours at each level while maintaining the rigor of the Program. The curriculum was updated from February 2024 exam onwards.

To become a CFA charterholder, students need to pass the three levels of the CFA exam. It takes about three to four years to complete the exam cycles for the CFA programme while completing 300 hours of study routine. 

To become a member of the CFA community and use the CFA charterholder designation, students also need to have 400 hours of relevant work experience, completed in a minimum of 36 months. 

The Level II curriculum for the CFA exam has not changed much. It has gone through the same review to improve the instructional design, all current topics have been maintained. The Level III candidates will have the opportunity to choose to be tested on a specialization. The core of the curriculum will remain the same, but candidates will have the opportunity to focus a percentage of their Level III effort on one of three specialised paths: portfolio management, private markets, or private wealth management.

The CFA Level I exam comprises a total of 180 multiple-choice questions to be answered in two sessions of 135 minutes each. There are 90 MCQ questions for each session. The first session includes topics such as professional standards, financial reporting, and quantitative methods, while the second session includes questions about corporate finance, fixed income, derivatives, alternative investments, and portfolio management. This exam is given twice a year, once in June and once in December.

Yes, three scholarships can be availed by the students for thw CFA programme. These are:

• Access Scholarship: This scholarship is for the students who may not be able to afford the CFA programme fee
• Student Scholarship: This scholarship is for the students who are currently attending an affiliated university
• Professor Scholarship: This scholarship is for the full-time college or university professors, administrators or department heads. 

Students who have already registered for an exam and are awaiting results will not be eligible to avail any of the above mentioned scholarships. 

Following tips can help the candidates avoid errors during the CFA exam:
1. Paying attention to the instructions provided for each question.Read the question carefully before attempting it. 
2. Time management is important for the CFA exam. Students should allocate time wisely for each section and avoid spending time unnecessarily on a particular question. Progress to others if confused.
3. Solving mock tests and previous years' question papers will help the students understand the exam pattern and difficulty levels. Students will also be able to decipher their strengths and weaknesses through practice. 
4. Avoiding questions which the candidate is unsure of. They should stop blind guessing and leave it unmarked to avoid negative marking.
5. When calculations are required, clearly show steps and workings. This not only helps students organize their thoughts but also enables partial credit to be awarded if they make an error in the final answer.
6. Take the time to review answers marked before moving on to the next question or section. Check for any calculation errors, or missed requirements.

For the Level 1 exam candidates, the CFA Institute will only release a pass or fail result. There will be no detailed result breakdown in any specific section or cores. They will only receive a performance band, if they pass the exam.

On the other hand, CFA level 2 and 3 candidates will receive a pass or fail result along with the detailed breakdown of the CFA result and scorecard. Along with the performance band, they can check how they did in the sections and core areas.

Each level of the CFA exam has its own criteria and passing score. CFA institute sets a MPS which changes with each cycle for the newly registered candidates. Some years test takers will receive an overall CFA score of 65% and fail, and in some years they may receieve a score of 62% and pass. The scoring plays a role in deciding the overall pass score in CFA exam. In general, an overall score of 70% and above will help you pass the CFA exam.

The waiting time for CFA exam results is as follows:

1. Level I Exam: Results for the Level I CFA exam are released in about 60 days after the exam date. This means one can expect to receive their Level I results approximately in two months after taking the CFA exam.

2. Level II and III Exams: Results for the Level II and III CFA exams take a bit longer to be released. They are available approximately in 90 days after the exam date. So, for Levels II and III, one can expect to receive their results about three months after taking the CFA exam.

Pursuing the Chartered Financial Analyst (CFA) designation is a significant step in the field of finance and investment. To pursue the CFA programme, candidates must hold a valid bachelor's degree (or equivalent) from an accredited institution. Alternatively, they can qualify through a combination of education and work experience.

Candidates then need to enroll in the CFA programme by filling the CFA registration form. The CFA programme consists of three levels: Level I, Level II, and Level III. Each level has a separate exam. Prepare for each level by studying the CFA Institute's curriculum. 

Aspirants need to pass all the three exam levels in sequential order to become a  CAF charterholder. The CFA exam levels are known for their rigor. The minimum passing score for each level is determined by the CFA Institute and can vary from year to year.

Students need to acquire at least four years of relevant work experience before they can be awarded the CFA charter. The work experience should be in areas like investment management, financial analysis, or portfolio management. 

The minimum duration to complete the CFA program depends on the candidate and their ability to progress through the CFA exam levels. They should meet the work experience required also.

CFA registration form can be submitted online. Students must have the following list of documents that will be required when filling the CFA registration form:

1. Valid International Travel Passport
2. Proof of education (copy of diploma, marksheet, any other relevant documents)
3. Work experience (letter of employment, salary slips, any other relevant documents)
4. Credit card/ debit card/ internet banking details

There is no fixed time limit on the validity of the CFA Registration. Candidates will get access to the digital curriculum once your registration is complete. It is refundable within 14 days of payment. Candidates who wish to appear for the CFA exam, can register on the official website of CFA institute by filling up the registration form. The candidates must note that there is no option of offline form filling hence, they must apply online.

The registration fee for the CFA programme exam is USD 940 for early registration and USD 1,250 for standard registration. The one-time enrollment fee is USD 350. The CFA registration fee can be paid online through Credit cards, such as American Express, Diner’s Club, Discover, JCB,   MasterCard, UnionPay, or Visa or offline through wire transfer, ACH, check money order, or postal order. Receipt of payment of the fees will be emailed to the candidates.

Now, the CFA candidates residing in India can also pay the CFA fee through EMIs. CFA Institute has partnered with education loan provider Eduvanz to offer EMI (Equated Monthly Installment) option for candidates who are interested in registering for the CFA programme (interest rate to be applied). This EMI payment option can only be availed by applicants residing in India, using the “Pay by Invoice” option during the checkout process, and submitting the invoice along with the EMI payment method. The “Pay by invoice” option is available up to 40 days before the close of registration. However, availability of EMI payment is subject to approval and documentation requirements of Eduvanz.

The eligibility criteria for the CFA exam is as follows:

• Candidates should hold a bachelor's degree from a recognised university or equivalent in any field of study
• For Level 1, students do not require work experience. For Level 2 and 3 and to receive the CFA Charter, students should have at least 4 years of relevant work experience in the investment decision-making process. 
• Membership in CFA Institute: Candidates must become a member of CFA Institute before registering for the Level I exam. Membership involves paying an annual fee and agreeing to abide by the CFA Institute's Code of Ethics and Standards of Professional Conduct.
• Students in the final year can also apply

Additionally, the CFA Program is internationally recognised and highly regarded in the finance industry.

CFA application form is available on the official website of CFA institute. Candidates can fill and pay the application fee by creating a login ID. The CFA exam schedule is announced on the official website for each level exam. Given below is a brief description on how to fill the CFA application form: 

• Visit the official website of the CFA institute
• Click on the application link
• Create a login account with your email ID.
• You will be asked to enter your name, email ID, and password, and enter a security question.
• After you’ve created an account, you can log in and fill up the form.
• Enrollment fee payment can be done online through Credit cards: American Express, Diner’s Club, Discover, JCB,   MasterCard, UnionPay, or Visa
• Or offline through wire transfer, ACH, check money order, or postal order. Receipt of payment of the fees will be emailed to the candidates.

No, candidates cannot change their pathway in the middle of the CFA registration process. If the candidate is taking the CFA Level 3 exam for the second time, then they have the option of changing their specialised pathway. The content for all the three pathways are available online for CFA preparation. 

Practical Skills Module in CFA exam was introduced by the CFA Institute as an additional layer in the CFA exam process. PSM or Practical Skills Module is a practical training to provide candidates with hand-on experience for the work environment and application of what they are learning in the curriculum.

Completing one PSM is mandatory for the students in order to view and download the CFA result. Candidates have to dedicate at least 15-20 hours to complete on PSM. A PSM uses a combination of videos, multiple-choice questions, guided practice, and case studies to develop practical skills of the students. 

PSM was introduced at the Level 1 and 2 February 2024 exams onwards and will be applicable from 2025 for the Level 3 exams. 

Cracking the CFA exam is not a cakewalk, and it is not easy to grab one of the most prestigious financial recognitions, the CFA Charter. Students need to have a really strong strategy to crack this exam. Be versed with the CFA syllabus. Knowing the syllabus for the entrance exam is the first step towards CFA exam preparation.

It is important to divide the study time so that the students can cover the complete CFA syllabus. Therefore, the students can analyse the area of their strength and then allocate the time required for each section.

Understand the exam pattern. Going through the previous year's question papers and sample papers will help the students figure out the exam pattern. Once they become familiar with the type of questions, they will take less time to solve questions.

Time management: The CFA exam is time-bound and is known for its challenging nature and it is a time-consuming one. Therefore, knowing the exam pattern adds to the skill of solving the exam faster.

The CFA institute has introduced the specialised pathways because:

• Career discovery
• Mastering a specific field 
• Choosing which field aligns best with interests and aspirations of the students
• Credentialing. Passing a challenging exam for the role will benefit the candidates by benefiting their clients and their employers.

Candidates should note that although the CFA admit card can be downloaded on the phone, it is not advisable. The candidates have to carry a coloured printout of the CFA admit card to the exam centre, hence, they will have to download the same on a desktop or a laptop. The last date to download the admit card will be the exam day. 

Before downloading the CFA admit card, students should check the information printed on it. 

CFA hall ticket can be downloaded by following the steps mentioned below:

• Go to the official CFA Institute website- cfainstitute.org
• Log in to the candidate portal using the username and password.
• Navigate to the section for downloading the admit card and click on the relevant link.
• Download the admit card in PDF format and print it out.

Candidates should bring a coloured copy of the CFA admit card to the exam centre on the exam day. 

CFA admit card is a mandatory document which is to be carried to the alloted CFA exam centre. The admit card will be the ticket to enter the exam centre to take the CFA exam. Students should paste a recent coloured passport-size photograph on the admit card on the space provided. 

Without the admit card, students will not be allowed to take the CFA exam. The admit card can be downloaded online from the candidate portal. 

The CFA exam is conducted in various cities across the world. Some of the cities in India where the CFA exam is conducted are listed below:

Ahmedabad	Jaipur
Kolkata	Bengaluru
Bhopal	Lucknow
Mumbai	Kochi
Chennai	Hyderabad
Indore	Guwahati
Pune	Chandigarh
New Delhi	Bhubaneshwar
Ranchi	Coimbatore
Noida	Surat
Nagpur	Vishakhapatnam
Raipur

 

Candidates who have already applied for the CFA exam have the option of deferring or delaying their CFA exam to the next exam window. Students who are unable to take the exam for any reason which cannot be avoided, can request for a deferral. But, the deferral will be approved by the CFA institute and only then it will be allowed. 

Students also need to pay a deferral fee of 250 US dollars if the deferral is approved. Once approved, candidates will also be required to submit the supporting documents, such as a medical certificate in case of an illness.

The CFA Institute will review the deferral request and assess the validity of the reasons given. If they find the request to be genuine then the candidate may be granted the deferral.

The CFA exam is conducted in the computer-based test mode across the world. Students will now have an exam window of around ten days and they can self schedule their CFA Level 1 exam date on the official website as per their preference. The exact length of the scheduling window will vary as per the number of CFA Level 1 Exam Centres.

Given below are the steps on how to schedule your exam and choose the centre:

1. Register for your exam
2. Schedule the exam appointment
3. View the test centre options along with available seating
4. Choose your preferred test centre location as per the planned CBT test centre locations
5. Once the location is confirmed keep checking daily for new appointments that could be added.

New appointments might take up to ten business days. Candidates must note that the seats are available on a first-come, first-serve basis.

The different policies of the CFA Institute include:

• Exam Eligiblity Policy
• Admission and Appointment Policy
• Calculator Policy
• Deferral Policy
• Identification Policy
• Personal Belongings Policy
• CFA Program Refund Policy
• Trademark Usage

Yes, the CFA syllabus is updated regularly to reflect changes in the investment industry and to ensure that candidates are prepared for the latest industry practices and trends. The CFA Institute, the governing body for the CFA exam, reviews and updates the syllabus on a regular basis, typically every three to five years.

For example, the CFA Institute updated the Level I syllabus in 2020 to include new topics such as digital assets and sustainability, and to reflect changes in the investment industry. The Level II and Level III syllabi were also updated in 2020 to include new topics and to reflect changes in the industry.

This year, a new chapter titled – “Introduction to Geopolitics” has been introduced under the Economics section for the Level I CFA syllabus. Corporate Ownership and Structures and Business Models are the two new readings that have been added under Corporate Issuers section. Major changes to the Capital Structure readings have been made. Minor changes to the Introduction to Corporate Governance & Other ESG Considerations reading has also been made for the Level I CFA curriculum.

Comparing the Certified Financial Planner CFP Chartered Financial Analyst CFA and Financial Risk Manager (FRM) designations is difficult because they each serve different purposes and cover different areas of finance. The CFP designation is primarily focused on financial planning and is intended for professionals who want to provide comprehensive financial planning services to clients, typically in a wealth management or financial planning firm. The CFA designation is focused on investment analysis and portfolio management and is intended for professionals who want to work in investment management or research, typically in a bank, asset management firm, or hedge fund. The FRM designation is focused on risk management, including topics such as market risk, credit risk, and operational risk. It is intended for professionals who want to work in risk management roles in banks, asset management firms, or other financial institutions. Therefore, which designation is better depends on your career goals and interests. If you're interested in financial planning and providing comprehensive advice to clients, the CFP certification may be a better fit. If you're interested in investment analysis and portfolio management, the CFA certification may be a better fit. If you're interested in risk management, the FRM certification may be a better fit. All three designations are highly respected in the finance industry and can be valuable for career advancement. The decision of which designation to pursue should be based on your career aspirations and personal interests.