Certification Guide
CFA
Chartered Financial Analyst
Globally recognised credential for investment professionals, covering ethics, portfolio management, equity, fixed income, derivatives, alternatives, and more.
What it is, in detail
The CFA charter is administered by CFA Institute (US) and is widely considered the gold standard for buy-side, sell-side, and portfolio management roles. To become a CFA charterholder you must pass three levels of exams, complete 4,000 hours (~2.5 years) of relevant work experience, obtain professional references, and adhere to the Code of Ethics.
Quick facts
- Eligibility
- Bachelor's degree, or final year of bachelor's, or 4,000 hours of qualifying work experience.
- Duration
- 3 levels; typically 2.5–4 years including work experience.
- Approximate Cost
- One-time enrolment ~$350 + $940–$1,290 per level. Total ~$3,000–$4,500 (exam only).
- Difficulty
- Advanced
Passing: Minimum Passing Score (MPS) set by board each cycle; roughly 65–72% of MCQs.
Syllabus outline
Level 1 — Tools
- Ethics
- Quantitative methods
- Economics
- FRA (Accounting)
- Corporate Finance
- Equity
- Fixed Income
- Derivatives
- Alternatives
- Portfolio Management
Level 2 — Valuation
- Deep valuation across asset classes
- Item-set exam
- Heavy on FRA + Equity + Fixed Income
Level 3 — Portfolio
- Portfolio construction
- Asset allocation
- Behavioural finance
- Essay + item-set exam
Step-by-step roadmap
- 1
Register
Enroll on cfainstitute.org and pay one-time enrolment + Level 1 fee.
- 2
300+ hours per level
CFA Institute's own recommendation; realistically 350–450.
- 3
Pass all 3 levels
Global pass rates: L1 ~35–45%, L2 ~45%, L3 ~48%.
- 4
4,000 hours of experience
Any investment-decision-related role counts. Can be earned before, during, or after exams.
- 5
3 professional references + membership
Apply for regular membership + local society membership.
- 6
Receive the charter
You may now use 'CFA' after your name.
Careers this unlocks
- Equity research analyst
- Portfolio manager
- Buy-side / sell-side analyst
- Investment banking
- Wealth management
- Risk management
Study resources
- CFA Institute LES (official learning system)
- • Kaplan Schweser / Wiley (third-party prep)
- • 300Hours / Bill Campbell YouTube (free)