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Exam Information and Preparation

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Studying for the Exam

About the Exam

The CFA curriculum is grounded in the practice of the investment profession.

The Four Major Topic Areas covered on a CFA Exam are:

  • Ethical and Professional Standards
  • Tools and Inputs for Investment Valuation and Management
  • Asset Valuation
  • Portfolio Management and Performance Presentation

Each Level of the Program is organized primarily around a functional area:*

  • Level I - Tools and Inputs; Intro to Asset Valuation and Portfolio Management Techniques;
  • Level II - Asset Valuation; Applications of Tools and Inputs (including economics, financial statement analysis, and quantitative methods) in Asset Valuation;
  • Level III - Portfolio Management; Strategies for Applying Tools, Inputs, and Asset Valuation Models in Managing Equity, Fixed Income, and Derivative Investments for Individuals and Institutions

*Ethical and Professional Standards are covered at all three levels.

Click here to see topics covered on the Exam.

Curious to see how much you already know? Click here to take the CFA Candidate Self-Assessment Test.

The Exam is administered by CFA Institute, an international, nonprofit member organization of more than 82,000 investment practitioners and educators in 124 countries.

To learn more about the Institute and general information regarding the Exam, please click here to view the Institute's "Frequently Asked Questions."

 

Studying for the Exam

The CFA examinations are very comprehensive, difficult, time-pressured and exhausting. The key to successfully passing the examinations is preparation. You should expect to devote a minimum of between 250 and 300 hours to prepare for each examination and plan on beginning your preparation no later than between 4 and 6 months before your exam. Since most candidates do not pass their CFA examinations the first time, it is critical to know how to prepare, where to focus and that you have the support you need to succeed. To that end, CFA Chicago and their partner, Kaplan Schweser, have provided some basic review strategy tips and reminders for you.

To learn more about how to prepare for the CFA Exam, click here to view the Candidate Preparation Toolkit. This online preparation resource, created by CFA Institute, provides additional resources to help you make the most of your study time, including information on how to create a schedule, the CFA Exam curriculum, online sample exams and questions, preparation tips, curriculum source references, preparatory courses and provider guidelines, exam details and testing policies.

1. Curriculum Materials

CFA Chicago encourages candidates to purchase the CFA Institute curriculum as a foundation for their studies.

2. Review Courses

Kaplan SchweserCFA Chicago provides members with invaluable resources and support to help candidates successfully prepare for and pass the CFA exam.

Included in CFA Chicago's many member benefits are:

  • FREE Kaplan Schweser Online Mock Exam - Offered to all members, regardless of your prep course provider. (Use Offer Code: ChicagoMock)
  • Discounts on CFA Review programs from Kaplan Schweser (Use Offer Code: Chicagomember)
    • $300 discount on the PremiumPlus package
    • $200 discount on the Chicago Live Weekly Class Package
    • $100 discount on the Premium Instruction package

Registration & Purchases:
Proof of membership in CFA Society of Chicago is required to receive these discounts. In order receive your discount on Kaplan Schweser materials, complete the CFA Chicago Member Verification Form and log on to www.schweser.com/portal or call Kaplan Schweser at 888-325-5072. If you are not a CFA Society of Chicago member, you still qualify for a discount. Visit http://www.schweser.com/portal and use portal code: ChicagoCFA.

3. Study Groups

CFA Chicago provides this complimentary service to all candidates, and CFA Chicago volunteers serve as the contact for these groups. Please click here to view our Study Group Guide.

Details on signing up for the December 2011 Level 1 study groups will be posted later this spring.

4. Scholarships

CFA Society of Chicago is pleased to offer scholarships for candidates sitting for the CFA Exams. Click here to read the award descriptions and learn about the criteria and application process for the scholarships.