If you are interested in becoming a chartered financial analyst (CFA), you can choose to enrol in a CFA course. There are three levels of exams to clear before you can become a charter holder. Each level varies in difficulty. After clearing all three levels, you will receive your CFA certification. You can enrol in a full-time or part-time course, depending on your availability. To be eligible for a CFA course, you must have a bachelor’s degree or higher and four years of relevant work experience.
Exam structure
The CFA course is divided into two stages: the first is the Level I exam. This consists of 120 multiple-choice questions divided into two sessions. The exam is three hours long, with 90 seconds for each question. The questions are equally weighted and positively graded. Level, I and Level II exams are administered twice a year, on a Saturday and a Sunday.
The CFA examination is the final step in becoming a charter holder. This exam covers wealth planning and portfolio management in detail. The CFA Level I and Level II exams were focused on financial knowledge, investment valuation comprehension, and wealth planning. The Level III exam consists of item-set questions. This exam is 4.5 hours long and is written in two sessions.
The CFA Level III exam is based on the Level I and II courses. It will consist of vignettes, multiple-choice items, and constructed response questions. Each question will take approximately 1.5 minutes to answer. The exam is divided into two sessions, each two hours and fifteen minutes long.
Preparation options
When it comes to preparing for the CFA exam, you have many options available to you. You can do it alone or choose to enrol in a CFA prep course. However, you should be aware that you can miss important details and waste time on the test if you study alone. A prep course will help you stay on top of the material and will help you manage your time efficiently.
Some of the CFA course providers provide tutoring services. These services are geared towards helping students pass the exam and can be purchased online or in a classroom. Some offer live online classes, while others host forums where students can ask questions and work together on exam topics. This can be incredibly helpful in keeping you motivated as you study.
You should know that the CFA exams are lengthy. Each level takes 6 hours, so effective time management is key to your success. Fortunately, the CFA Institute offers practice exams and questions to help you prepare. Taking a CFA prep course to get more practice questions is also a good idea.
Exam dates
The Chartered Financial Analyst (CFA) course consists of three levels. Each level has its examination. The Level 3 exam can only be taken by those who have completed CFA level 1. The CFA level 3 exam contains 88 multiple-choice and vignette-supported questions. Knowing the exam dates and eligibility is necessary before signing up for the course.
The CFA Institute has a comprehensive list of exam dates and locations. It can also accommodate the needs of candidates from different time zones. Those who can’t take the exam on the first day can choose to reschedule it for a different date within the same exam window. The CFA Institute warns candidates to follow the testing policies and not misuse the rescheduling policy for religious reasons.
The CFA Institute holds the Level I exam in June and December twice a year. There is also a religious alternate exam date on June 7th for America’s candidates. Level II candidates can take their exam in December.
Cost
CFA candidates should budget an extra $50 for a spare calculator. This is because CFA exam questions are pretty technical, and a calculator is essential for completing the exam. In addition, the cost of a calculator may be doubled if you buy a CFA curriculum book. CFA registration fees include an e-book curriculum, but candidates who want to purchase hard copies will have to pay another $150 for each Level. They should also factor in additional import duties and customs fees if they live outside the US.
Another cost that CFA candidates have to consider is the cost of the CFA Exam. The exam is quite expensive and consists of three separate exams. Many candidates only factor in the cost of taking the exams and registration fees and do not consider any additional expenses. But these costs can add up quickly, especially if you plan to take more than one attempt to get the certificate.
The first attempt for the CFA exam is estimated to cost approximately $3lacs, with additional costs arising from subsequent attempts. Adding in the cost of the CFA course materials and the exam registration fee may cost between fifty and one hundred thousand dollars.