About | Requirements
CFA Program Viewbook | FAQ | Newsletter
To be awarded the CFA charter, a candidate must:
1. Sequentially pass the Level I, Level II, and Level III examinations; and
2. Have at least three years of acceptable professional experience working in the investment decision-making process; and
3. Fulfill AIMR membership requirements and apply concurrently for membership in AIMR and in an AIMR Member Society or Chapter (if a Member Society or Chapter is located within 50 miles (80 km) of candidate's place of business). As part of the application for AIMR membership, a candidate must:
- Provide current completed sponsor forms;
- Sign and complete the Professional Conduct Statement;
- Sign and agree to comply with the terms of the Member's Agreement; and
- Exhibit a high degree of ethical and professional conduct.
4. Once a candidate becomes a CFA charterholder, he or she must comply with AIMR's conditions, requirements, policies, and procedures of a CFA charterholder and AIMR member, including those set forth in the AIMR Articles of Incorporation, Bylaws, Code of Ethics, Standards of Professional Conduct, Rules of Procedure for Proceedings Related to Professional Conduct, and other conditions, requirements, policies, and procedures that may be established and amended from time to time, including the submission of an annual Professional Conduct Statement and the payment of AIMR membership dues. Failure to comply with AIMR's conditions, requirements, policies, and procedures can result in disciplinary sanctions, including suspension or revocation of the right to use the CFA designation.
Prerequisites
The CFA Program is postgraduate. The readings assigned in the study program and the questions on the CFA examinations are geared for individuals who are prepared to deal with "masters" level course work. No specific prerequisite courses of study are prescribed for enrolling in the CFA Program but applicants should be aware that assigned readings in many topic areas are beyond a basic, introductory level.
Examinations
The CFA examination is offered at locations throughout the world. Candidates must complete three examinations sequentially. Level I is offered in May/June and December. Levels II and III are offered only in May/June. Candidates who fail an examination are encouraged to repeat the level. The Level I examination is composed of multiple-choice questions. Levels II and III consist of essays and item sets.
Basic Entrance Requirements
To register in the CFA Program, an applicant must:
- Have a U.S. bachelor's degree or comparable (similar) non-US degree. The degree requirement is self-reporting. If you need assistance to determine whether or not your degree is comparable to a US bachelor's degree or higher, AIMR suggests that you contact your college or university to make an inquiry. An applicant must receive a bachelor’s degree no later than December 31 of the current examination year to qualify for entrance into the CFA Program.
If an applicant does not have a degree, qualified professional work experience totaling at least four years may be acceptable. Eligible professional experience for entrance to the program instead of a degree does not have to be investment related; summer, part-time, and internship positions do not qualify. Employment dates (month and year)and a detailed description of duties for all current and previous positions must be included with the Registration and Enrollment Form. An applicant may also apply for entrance to the program with a combination of college/university and professional work experience that total at least four years. Details must be included with the Registration &Enrollment Form.
If a student does not meet the degree requirement by December 31 of the examination year, his or her candidacy will be cancelled, examination results will be voided, no refund of submitted registration and enrollment fees will be issued, and he or she will need to register again and pay all applicable fees to re-enter the program.
- Complete, sign ,and return the Registration and Enrollment Form, including the Professional Conduct Inquiry and Candidate Responsibility Statement located on the back of the form.
- Pay the required fee.
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