CFA Exam

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.

The pass rates for CFA exams can vary. The CFA Institute also releases pass rates for each exam level after the results are announced. 

1. Level I: Pass rates for Level I exams have historically been around 40% to 45%. This means that, on average, 40-45% of candidates pass the Level I exam.

2. Level II: Pass rates for Level II exams have historically been lower than Level I, averaging around 40% to 45% as well.

3. Level III: Pass rates for Level III exams have tended to be slightly higher, with historical pass rates ranging from 50% to 60%.

CFA exam results are released according to the following timelines

CFA results are released online only. Candidates who appeared for the CFA exam will get an email regarding their CFA results and can check through candidate portal. 

CFA Institute provides the official CFA curriculum but students can always use third-party study material to enhance their CFA exam preparation. Students should opt for study resources from reputable sources. Look for CFA books and study material which explains complex topics and concepts. The CFA Institute provides a list of approved prep providers on its website, which can be a good starting point.

The CFA syllabus covers topic areas related to investment management, financial analysis, ethics, and professional standards. Main topics are:

1. Ethics and Professional Standards

2. Quantitative Methods:

3. Economics:

4. Financial Reporting and Analysis

5. Corporate Finance

6. Fixed Income

7. Equity Investment 

8. Derivatives

9. Alternative Investments

10. Portfolio Management and Wealth Planning

These main topic areas are present across all three levels of the CFA exam. The complexity increases with each passing level.