CFA Exam

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.

No, the CFA application form can only be filled online on the official website CFA Institute. There is no option to submit the CFA form in offline mode. Candidates will have to create an account on CFA website once the registrations begin and fill the CFA registration form through that candidate account. Candidates must also note that no other website hosts the CFA application form other than the official website of CFA Institute. 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.

Candidates have to simply follow the instructions to pay the fee. Candidates must note that fee payment is mandatory for CFA form filling. Until the fee is paid successfully, the form will not be accepted. Thus, candidates must check the fee payment acknowledgement slip after making the payment.

The CFA Level I exam covers a broad range of topics. Here are the major subject areas included in the Level I syllabus:

1. Ethical and Professional Standards: This section emphasizes the ethical and professional responsibilities of investment professionals, including the CFA Institute's Code of Ethics and Standards of Professional Conduct.

2. Quantitative Methods: This area focuses on quantitative techniques and methods used in investment analysis, including statistical concepts, probability theory, time value of money, and basic regression analysis.

3. Economics: The economics section covers microeconomics and macroeconomics, including supply and demand analysis, market structures, monetary and fiscal policy, and international trade.

4. Financial Reporting and Analysis: This section explores the principles and analysis of financial reporting, including the interpretation of financial statements, financial ratio analysis, and understanding key accounting concepts.

5. Corporate Finance: This area covers topics related to corporate finance, including capital budgeting, cost of capital, capital structure, dividend policy, and corporate governance.

6. Equity Investments: The equity investments section focuses on equity markets, equity valuation models, industry and company analysis, and equity portfolio management.

7. Fixed Income: This section delves into fixed income securities, bond valuation, yield measures, fixed income markets, and fixed income portfolio management.

8. Derivatives: This area covers derivatives instruments, including options, futures, forwards, and swaps, along with their valuation and strategies for their use.

9. Alternative Investments: This section introduces alternative investment types, such as real estate, private equity, hedge funds, and commodities, along with their characteristics and valuation.

10. Portfolio Management and Wealth Planning: This final section addresses portfolio management concepts, including portfolio theory, risk management, performance evaluation, and wealth planning strategies.

These topics provide a general overview of the major subject areas covered in the CFA Level I syllabus. Each subject area encompasses various subtopics, and the CFA Institute provides a detailed curriculum that outlines the specific learning outcomes for each level. It's essential to refer to the official CFA Institute curriculum and study materials for a comprehensive understanding of the exam content.