FAQs

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, fixed income, 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. Given the breadth of Level I, the CFA Institute feels that no other qualification provides the same coverage of all the subjects.

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, either as printed or eBook versions. 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 CFA^® 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, 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.

To help you learn to use the range of functions on the Texas Instruments BA II Plus calculator, Quartic Training has produced a free seminar which you can watch here.

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 containing your results letter. Although your exact score will not be shown, some guidance is provided as to how well you performed in each of the topics.

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. However, candidate membership of the UK CFA society, or CFA UK, is highly recommended as they provide many career and studying benefits to their members.

Is there a time limit?

There are no time bars. If you were a candidate many years ago then you may continue your progress through the exams, only paying the Exam Registration fees.