The most comprehensive preparation
for CFA exams
CFA certificate
Key facts
The Chartered Financial Analyst® (CFA) credential has become the most respected international standard certifying the highest level of professional qualifications in finance, recognized all over the world.
In Poland, its theoretical counterpart is the investment consultant license, however, the two qualifications differ in many aspects. The main differences lie in the approach to the accounting standards and in the fact that the investment consultant exam also tests the knowledge of Polish law. The key advantage of CFA exam is its international character and renown. Moreover, the exam combines current industry practice and academic theory. CFA qualification holders are therefore recognized by potential employers all over the world as fully-qualified independent candidates, thoroughly prepared to fill prestigious positions in the financial sector.
About the CFA institution
The CFA Programme started in 1962. It is administered by the American based CFA Institute.
About the exam
The exams are offered in 91 countries all over the world, from Argentina and Armenia to Zimbabwe. In Poland, the test centre is located in Warsaw. The exam comes in three levels. In a year, a candidate may register for one exam only. The first level exam is held twice a year: in June and in December while the other levels are held only once, in June.
The exam fee covers:
- initial one-time enrollment fee of approx. US$ 400 to register in the programme,
- exam registration fee of approx. US$ 600 (register early to save; the fees increase as deadline approaches).
The fee includes the price of the CFA Institute handbook. For instance, Level I handbook consists of 6 volumes, of about total 3000 pages. The handbook covers the entire exam content.
Exams at each level are taken on the same day, in two 3-hour exam slots, i.e. the morning and afternoon session. Level I and Level II (both the morning and afternoon session) include only single-choice questions without negative score. Level III includes a test and an essay question.
To be awarded the CFA qualification, candidates have to pass all three exam levels and have minimum 4-year professional experience in the financial sector.
An outline of exam topics
CFA Level I
The Level I exam asks you general knowledge in such areas as:
- ethical and professional standards
- financial mathematics
- statistics and probability
- microeconomics and macroeconomics
- financial reporting and analysis
- corporate finance
- portfolio management
- debt instruments
- derivatives
- alternative investments
CFA Level II
Extended Level I knowledge. Special focus on asset valuation: valuation of shares, debt instruments, derivatives and alternative investments. Advanced knowledge of financial reporting is required.
CFA Level III
Applied Level I and Level II knowledge. Special focus on portfolio management and presentation of investment results.
Statistics
There are over 100 thousand CFA qualification holders all over the world. In Poland there are about 300.