Frequently Asked Questions
The CFA® Program
What are the entry requirements?
You need to have either a degree that is at least equivalent to a US bachelor’s degree, or four years of professional work experience or a combination of the two that totals four years. This work must be full-time but can be in any profession. See here for more details.
What subjects are covered?
There are ten topics in the Program: ethics, quantitative techniques, economics, financial statement analysis, corporate finance, equity, debt, derivatives, alternative investments and portfolio management. Most of these topics appear at all three levels, though some of them (for instance financial statement analysis and quantitative methods) are in Levels I and II but not Level III. A breakdown of relative weightings is given here.
Where can I find CFA® Program information?
You will find detailed information at CFA Institute’s website here.
Are there any exemptions?
In a word, no. There used to be some qualifications that exempted candidates from Level I, though today it is unlikely that new candidates will achieve such an exemption.
What are the costs and deadlines?
Two fees are payable to CFA Institute: a one-off Program Enrollment fee and an Examination Registration fee. Please note that the exam registration fee includes the six volumes of the CFA curriculum. In order to encourage candidates to start studying early the fees are staggered, depending on when the candidate registers. See here for details and please note that these fees go directly to CFA Institute and not to Quartic Training.
How much study time do I really need to put in?
You should study at least 250 to 300 hours for each level. This is only a guideline, as only you know how much knowledge you are starting with and how quickly you learn. With a highly relevant background you may be able to reduce this length of time; with little financial background you may need rather more hours.
How quickly can I get through the Program?
The Level I exam is conducted twice a year, in June and December, while Levels II and III are just once a year in June.
Hence for candidates sitting Level I in June of a particular year, the fastest route would be Level II in June the following year and Level III the June after that. For candidates sitting Level I in December, the results will be known in time to register for Level II the following June, with Level III a year later.
What are the exams like?
There’s no doubt about it, these exams are tough. But on the other hand, it is exactly this challenge that makes them so worthwhile and so valuable to employers. You will sit three successive levels – each level consisting of six hours of exams, three in the morning and three in the afternoon.
Can I bring any calculator to the exam?
Only two calculators are approved for the exam: the Texas Instruments BA II Plus and the Hewlett Packard 12C. We recommend the Texas Instruments to candidates unfamiliar with Reverse Polish Notation, but strongly advise all candidates to start using their chosen calculator as early as possible so that they get used to how it operates.
All candidates on Quartic’s Education or Full-time courses will receive a complimentary Texas Instruments BA II Plus calculator.
When will I get the exam result?
The results take up to 60 days for Level I and 90 days for Levels II and III. You will receive an e-mail inviting you to log onto the CFA Institute website, so make sure you have your username, password and candidate number to hand!
What work experience do I need for the CFA® charter?
Unlike the CFA Program entry requirements (see above – work experience can be in any profession), work experience for the CFA charter must be “relevant”. See here for details. You will need a total of 48 months of relevant work experience in order to apply for your charter.
Does the work experience need to be gained while I’m studying?
Not at all. This is completely flexible, with candidates gaining the work experience either prior to, during, or after studying for the exams.
Do I need to join CFA Institute?
You must become a “regular member” of CFA Institute in order to become a charterholder. There is no need for candidates to become members until they have passed Level III, though you may receive your charter earlier if you have already become a regular member by the time you sit your Level III exam.
Most candidates also join their local society, though again this is not an absolute requirement. The UK’s CFA society is CFA UK. For a full list of societies please see here.
Is there a time limit?
There are no longer any time bars. If you were a candidate many years ago then you may enrol again only paying the Exam Registration fee.
Quartic Training
How will you help me to get through the exam?
Quartic Training prides itself on having experienced, professional tutors who have knowledge of the outside world as well as the exam that you are sitting. So you will receive relevant examples to back up much of the theory. The tutors are there to guide you outside class time as well, to help you with individual queries.
Furthermore, we believe that by providing you with a deep understanding of concepts rather than a long list of formulae you will be better placed to address the tougher exam questions. To back up the tuition we have clear, comprehensive and user-friendly study materials, including graphic slides and exam-style question banks.
Why should I choose Quartic?
We will show you, our candidates, a firm commitment to provide you with all the support that you need to succeed in the CFA Program. We offer a wide range of courses with maximum flexibility, careers seminars for candidates looking for work, help with accommodation for full-time students and overall a guarantee that all queries will be addressed quickly.
We want to inspire you and create an enjoyable learning environment. Come and join the Quartic Community!
What are the benefits of attending a Quartic Training class?
The benefits of a training course at Quartic are enormous.
Firstly the tuition will provide you with a deep understanding of the material. This should be an efficient use of your time, as it means that your valuable hours studying at home can be spent on question practice rather than trying to get your head around difficult concepts.
Next, the classes provide you with a structure. If you use the course outline as a target for keeping up on your studies, then you know that by the time the exam arrives you will have covered every subject in detail on the Education phase as well as having practised a serious number of questions on the Revision phase.
You may find that classmates live or work near you: we strongly encourage candidates to form study groups, as peer pressure is the strongest encouragement for you to maintain progress.
Finally, the classes may provide useful networking opportunities (though we stress this should be the breaks rather than the classes themselves!). You may find yourself sitting near to someone who works for a firm that you have been watching closely.
Professional Candidates
How are the courses structured?
There are three types of course offered, providing candidates with a choice of content and style ranging from two to fifteen days.
The Start-up course is conducted over two days and is designed for candidates with little or no financial background and provides candidates with the tools required for the Education course. If you don’t know a balance sheet from an income statement or have not seen a standard deviation since school, then this course is for you.
The Education course covers all the topics in the syllabus over eight days, four weekends or sixteen evenings. It is broken down into four two-day modules, enabling candidates with limited time or budget to focus on those areas in which help is most needed. See here for details of the modules.
Finally the Intensive Revision course. Over five days the entire curriculum is reviewed in summary. Key concepts and calculations are discussed but the focus is on question practice. By the end of the course candidates should feel far more confident that they will be able to answer the questions on the day.
I have no financial background – will I be able to keep up?
If you attend the Start-up course first then you should receive all the help you need to get going. The Education course will cover the basics too, though at a faster pace. There will be many candidates in class with non-relevant backgrounds, and those who work consistently from the start should be able to keep up and will have a very good chance of succeeding in the exams.
I have a business trip – what are my class options?
Quartic has designed the courses with flexibility in mind and offers a choice of day release, weekends, blocks (two consecutive weekdays) or evenings. Subject to availability you are free to change the timing, though do please ask in advance.
What are the class timings?
Classes are in three-hour sessions, each containing at least one break. A full day class is from 9:30 a.m. to 12:30 p.m. and 1:30 to 4:30 p.m. Evenings run from 6 to 9 p.m.
Do I need to bring a calculator?
For most classes, yes. We will provide a Texas Instruments BA II Plus calculator to all Level I students on at least three modules of our Education courses and this machine contains many invaluable shortcuts to financial and statistical calculations.
What is the TOTAL cost that we need to pay?
There are two main costs. Firstly the Program Enrolment and Exam Registration fees, payable to CFA Institute. The quickest and easiest way to pay is by credit card at their website.
Secondly the course fees payable to Quartic Training. These depend on how long a course you wish to book – full prices are shown on the relevant Application Form, which can be downloaded here.
In addition to these two costs, you may wish to buy Schweser Study Notes (we are currently able to offer a discount on selected products for our students), and a calculator if you are not on a Quartic Education course.
We know that the total may seem expensive, but the Quartic Training fees are designed to offer the best value possible and are hopefully insignificant next to the benefits you will receive once you have succeeded in the exams.
Are discounts available?
The course fees are designed to offer exceptional value for money. However we are fully aware that the costs can still seem quite high, so there are ways of keeping the expense to a minimum.
Firstly we have introduced a referral fee for our Education courses. If you recommend a friend or colleague to us and they enrol on at least three Education modules then we will give you a £50 voucher to use against any Quartic Training product. This is fully transferable so you may choose who benefits from it.
If a group of colleagues wishes to enrol together then we are happy to discuss a group price. Please contact us for details. It may also be that we have agreed a discounted price with your firm – please ask us when you register. Finally we may be able to arrange a schedule of payments in some circumstances. Please talk to us to discuss your individual requirements.
Are there deadlines for booking onto a course?
If a class has space then there is no deadline up until the beginning of the course for enrolling with us. However the more popular classes may fill up early, so we would strongly recommend that you plan in advance.
Full-time Candidates
How are the courses structured?
The full-time course runs for 28 days. This is structured as:
- 16 days on the Education phase, including four Progress Tests that will be marked and graded by Quartic
- 10 days of Revision, focusing on intensive question practice, followed by
- Six-hour mock exam and mock review.
Classes are held for two or three days each week, averaging at least 15 hours of structured training per week. Click here to download a timetable. As an incentive, candidates who perform well during the Progress Tests and mock exam may be eligible to for the Quartic Scholarship.
I have no financial background – will I be able to keep up?
Many full-time candidates will be studying finance for the first time on this course. The class materials and teaching style are designed so that newcomers to finance can understand the syllabus and keep up to speed with their colleagues. This will be hard work, but success on the day depends far more on students’ effort over the previous few months than on their background before enrolling.
Do I need to bring a calculator?
For most classes, yes. We will provide a Texas Instruments BA II Plus calculator free of charge to all full-time Level I students and this machine contains many invaluable shortcuts to financial and statistical calculations.
I have an outside commitment – what are my class options?
There will be at least two parallel streams of full-time classes and flexibility is possible subject to availability. If you know that you are going to miss a class then please speak to us early so that we can best advise on how to make up the time.
What is the TOTAL cost that we need to pay?
There are two main costs. Firstly the Program Enrolment and Exam Registration fees, payable to CFA Institute. The quickest and easiest way to pay is by credit card at their website.
Secondly the course fees payable to Quartic Training. Full prices are shown on our Full-time bookings page.
In addition to these two costs, you may also wish to buy Schweser Study Notes (we are currently able to offer a discount on selected products for our students).
We know that the total may seem expensive, but the Quartic Training fees are designed to offer the best value possible and are hopefully insignificant next to the benefits you will receive once you have succeeded in the exams.
Are discounts available?
The course fees are designed to offer exceptional value for money. However we are fully aware that the costs can still seem quite high, so there are ways of keeping the expense to a minimum. Firstly we have introduced a referral fee for our full-time courses.
If you recommend a friend or colleague to us and they sign up on a full-time course (or at least three modules of an Education course) then we will give you a £50 voucher to use against any Quartic Training product. This is fully transferable so you may choose who benefits from it.
If a group of friends wishes to enrol together then we are happy to discuss a group price. Please contact us for details. It may also be that your university has agreed a discounted price with us – please ask us when you register.
Finally we may be able to arrange a schedule of payments in some circumstances. Please talk to us to discuss your individual requirements.
How much must we pay before we receive enrolment letters?
Quartic Training will issue enrolment letters when we have received a 50% deposit. You can pay the deposit for as many levels as you like – the enrolment letters will show the relevant dates. The balance of the course fee must be paid prior to the first day of term.
Please note that the funds can take more than a week to clear, so you should allow for this delay.
Are the course prices for future years fixed?
Course prices are fixed once you have paid the entire fee. If we need to change the price of a course then students who have already paid 100% will not be affected. If you have paid just the 50% deposit then you will need to pay the balance on the new price.
How do I apply for a United Kingdom visa?
The visa application process varies from country to country. Although there are academic agents in most countries to help students you may find it possible to make the application on your own – please speak to us for advice.
Are there deadlines for booking onto a course?
If a class has space then there is no deadline up until the beginning of the course for enrolling with us. However we expect the full-time classes to fill up early, so we would strongly recommend that you plan in advance.
How good must my English be?
The entire CFA® Program (including study materials, classes and the exam) is in the English language. You must feel comfortable understanding spoken and written English and be able to derive answers to exam questions in the allotted time.
It is strongly recommended that first-time visa applicants have an English language proficiency equivalent to an IELTS score of at least 6.0 when applying for the course.
What is the basis for awarding the Quartic Scholarship?
A number of factors are considered. Academic achievement is the most important, so you should ensure that you are working consistently from the start of term. In addition to progress tests and the mock exam Quartic will consider your participation in class. If there are a number of good candidates for the scholarship then interviews will be conducted prior to a decision being made.
What are the benefits of being a Quartic Scholar?
The Scholar will receive free tuition for Level II. He or she may also be invited to participate at events (such as marketing talks) as an ambassador for Quartic Training. In this way the Scholar should gain many useful business skills as well as the technical training of the CFA classes.
How expensive is it to live in London?
London is not a cheap city. However if you know where to look you will find food, transport and accommodation that should be affordable.
How easy is it to find accommodation?
There are several popular websites and publications that have extensive advertising for available accommodation. We can advise on which parts of London combine good transport with reasonable prices. Once you are registered with us then we can help you find potential flatmates from your class. Please see the Accommodation links on our links page.
Careers
What are my job prospects with the CFA® charter?
The CFA charter is globally recognised in the investment and banking sectors around the world and advertisements for many senior positions now prefer charterholder applicants. Functions that are often performed by CFA charterholders include: institutional or private portfolio management, mutual fund management, investment banking, stockbroking, asset allocation, equity analysis, fixed income analysis, credit analysis, valuation, investment strategy, investment consulting, commercial and retail banking.
With such a wide range of roles it is fully understandable why the CFA charter is growing in reputation worldwide.
Can I get a job with just Level I?
If you have achieved success at Level I in the CFA Program then this demonstrates to interviewers that you have a significant understanding of a wide range of subjects. As you would expect, exam success is only one part of launching a successful career in the investment industry, but many firms will give full credit to your achievement to date.
Of course no one (ourselves at Quartic included!) will make any guarantees to you regarding employment. However a good result at Level I may give you an advantage over other people being interviewed. To help you in your search for a great role you may wish to consider joining our Career Seminars.
How do I improve my chances of finding work?
Quartic Training presents a series of Career Seminars that should help you prepare for today’s competitive recruitment process. A well-constructed CV will stand out, while a badly written one or a sloppy cover letter will not be read a second time. Likewise, successful candidates must be able to give convincing presentations and lead a group discussion. Our seminars will help you to develop those skills that are essential in a successful career.
Which firms employ the most charterholders?
According to CFA Institute, the firms that employ the greatest number of charterholders are ABN AMRO, Barclays Group, CIBC, Deutsche Bank, Fidelity Investments, Goldman Sachs, HSBC, Merrill Lynch, Royal Bank of Canada and UBS. Please see CFA Institute’s fact sheet for further information.
What salary can I expect after becoming a charterholder?
Earning the CFA charter involves accumulating a wealth of skills and experience that should enable you to succeed in your chosen field. Quantifying salaries would be misleading. However, CFA Institute has recently sponsored a compensation survey that concludes that:
...holding a CFA charter makes a substantial difference in compensation in the United Kingdom. Investment professionals who hold a CFA charter earn an average of 19 percent more than non-charterholders. Among those with 10 or more years of experience, charterholders earn an average of 46 percent more. Additionally, 80 percent of those with a CFA charter say it expands one’s career opportunities or chances for promotion.
(Source: CFA Institute, 2005)