The CFA designation is one of the most distinguished professional designations in the world. Achievement of the designation requires a candidate to pass three 6-hour exams progressively and to accumulate four years of eligable work experience. The exam curriculum includes a broad range of topics relevant to today’s finance sector. After you complete the requirements to earn the designation, the CFA Institute will award you a CFA charter and you will be considered a CFA charterholder.
History of the CFA Exam
The first CFA exam was given in 1962 when 284 candidates sat for the exam and 268 of them passed, a 94% pass rate. The youngest candidates that year were in their mid-forties while 33 were over sixty years of age. The demographic was mostly older men, with only 6 women taking the first CFA exam. The first charters were awarded in 1963 and were the result of decades of work from many prominent investment professionals, including the legendary Ben Graham.
Enrollment Requirements for the CFA Exam
To enroll in the CFA program you must:
- Have a US bachelor’s (or equivalent) degree or be in the final year of your bachelor’s degree program at the time of registration; or
- Have four years of qualified work experience; or
- Have a combination of qualified work experience and college experience that totals at least four years.
Register for the CFA program through the CFA Institute.
Requirements to Earn the CFA Designation
To earn the CFA designation you must:
- Pass all three levels of the CFA exam; and
- Have four years of qualified work experience; and
- Join the CFA Institute as a member.
CFA Exam Topic Area Weights
| TOPIC AREA | LEVEL I | LEVEL II | LEVEL III |
|---|---|---|---|
| Ethical and Professional Standards | 15% | 10% | 10% |
| Corporate Finance | 8% | 5-15% | - |
| Economics | 10% | 5-10% | - |
| Financial Reporting and Analysis | 20% | 15-25% | - |
| Quantitative Methods | 12% | 5-10% | - |
| Investment Tools | 50% | 30-60% | - |
| Alternative Investments | 3% | 5-15% | 5-15% |
| Derivatives | 5% | 5-15% | 5-15% |
| Equity Investments | 10% | 20-30% | 5-15% |
| Fixed Income | 12% | 5-15% | 10-20% |
| Asset Classes | 30% | 35-75% | 35-45% |
| Portfolio Management and Wealth Planning | 5% | 5-15% | 45-55% |
| Total | 100% | 100% | 100% |
Historical Pass Rates
|
CFA CANDIDATES |
LEVEL I |
LEVEL II |
LEVEL III |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Year |
Total |
% Pass |
Total |
Pass |
Fail |
% Pass |
Total |
Pass |
Fail |
% Pass |
Total |
Pass |
Fail |
% Pass |
|
1963 |
284 |
94% |
- |
- |
- |
- |
- |
- |
- |
- |
284 |
268 |
16 |
94% |
|
1964 |
1,732 |
84% |
1,241 |
986 |
255 |
79% |
302 |
283 |
19 |
94% |
189 |
179 |
10 |
95% |
|
1965 |
1,993 |
83% |
767 |
649 |
118 |
85% |
865 |
678 |
187 |
78% |
361 |
329 |
32 |
91% |
|
1966 |
2,010 |
75% |
621 |
481 |
140 |
77% |
708 |
469 |
239 |
66% |
681 |
563 |
118 |
83% |
|
1967 |
1,693 |
83% |
594 |
423 |
171 |
71% |
556 |
496 |
60 |
89% |
543 |
491 |
52 |
90% |
|
1968 |
1,579 |
73% |
592 |
412 |
180 |
70% |
447 |
334 |
113 |
75% |
540 |
414 |
126 |
77% |
|
1969 |
1,316 |
74% |
556 |
409 |
147 |
74% |
413 |
322 |
91 |
78% |
347 |
237 |
110 |
68% |
|
1970 |
1,409 |
67% |
644 |
424 |
220 |
66% |
372 |
285 |
87 |
77% |
393 |
238 |
155 |
61% |
|
1971 |
1,458 |
69% |
755 |
464 |
291 |
61% |
341 |
253 |
88 |
74% |
362 |
288 |
74 |
80% |
|
1972 |
1,486 |
70% |
731 |
466 |
265 |
64% |
461 |
354 |
107 |
77% |
294 |
214 |
80 |
73% |
|
1973 |
1,630 |
60% |
721 |
432 |
289 |
60% |
565 |
324 |
241 |
57% |
344 |
222 |
122 |
65% |
|
1974 |
1,797 |
74% |
862 |
604 |
258 |
70% |
511 |
377 |
134 |
74% |
424 |
355 |
69 |
84% |
|
1975 |
1,841 |
75% |
808 |
568 |
240 |
70% |
563 |
421 |
142 |
75% |
470 |
393 |
77 |
84% |
|
1976 |
1,706 |
76% |
634 |
457 |
177 |
72% |
641 |
477 |
164 |
74% |
431 |
363 |
68 |
84% |
|
1977 |
1,993 |
74% |
667 |
421 |
246 |
63% |
632 |
510 |
122 |
81% |
694 |
540 |
154 |
78% |
|
1978 |
2,008 |
73% |
925 |
596 |
329 |
64% |
444 |
379 |
65 |
85% |
639 |
481 |
158 |
75% |
|
1979 |
1,876 |
76% |
824 |
522 |
302 |
63% |
550 |
460 |
90 |
84% |
502 |
441 |
61 |
88% |
|
1980 |
1,985 |
73% |
949 |
602 |
347 |
63% |
528 |
407 |
121 |
77% |
508 |
437 |
71 |
86% |
|
1981 |
2,253 |
71% |
1,107 |
677 |
430 |
61% |
684 |
580 |
104 |
85% |
462 |
340 |
122 |
74% |
|
1982 |
2,886 |
64% |
1,532 |
903 |
629 |
59% |
714 |
489 |
225 |
68% |
640 |
469 |
171 |
73% |
|
1983 |
3,243 |
65% |
1,656 |
1,082 |
573 |
65% |
978 |
637 |
341 |
65% |
610 |
392 |
218 |
64% |
|
1984 |
4,030 |
63% |
2,075 |
1,199 |
876 |
58% |
1,147 |
701 |
446 |
61% |
808 |
658 |
150 |
81% |
|
1985 |
4,285 |
67% |
2,186 |
1,317 |
869 |
60% |
1,309 |
965 |
344 |
74% |
790 |
579 |
211 |
73% |
|
1986 |
4,837 |
65% |
2,366 |
1,405 |
961 |
59% |
1,379 |
884 |
495 |
64% |
1,092 |
845 |
247 |
77% |
|
1987 |
5,702 |
62% |
3,095 |
1,782 |
1,313 |
58% |
1,555 |
995 |
560 |
64% |
1,052 |
755 |
297 |
72% |
|
1988 |
7,091 |
59% |
3,927 |
2,174 |
1,753 |
55% |
1,946 |
1,163 |
783 |
60% |
1,218 |
864 |
354 |
71% |
|
1989 |
8,064 |
62% |
4,149 |
2,237 |
1,912 |
54% |
2,484 |
1,590 |
894 |
64% |
1,431 |
1,133 |
298 |
79% |
|
1990 |
8,760 |
64% |
4,415 |
2,658 |
1,757 |
60% |
2,522 |
1,594 |
928 |
63% |
1,823 |
1,360 |
463 |
75% |
|
1991 |
9,868 |
62% |
4„950 |
3,087 |
1,863 |
62% |
3,002 |
1,618 |
1,384 |
54% |
1,916 |
1,436 |
480 |
75% |
|
1992 |
10,518 |
65% |
5,002 |
2,928 |
2,074 |
59% |
3,503 |
2,258 |
1,245 |
64% |
2,013 |
1,658 |
355 |
82% |
|
1993 |
12,809 |
59% |
6,588 |
3,616 |
2,972 |
55% |
3,579 |
2,061 |
1,618 |
56% |
2,542 |
1,936 |
606 |
76% |
|
1994 |
15,413 |
52% |
8,445 |
4,087 |
4,358 |
48% |
4,418 |
2,109 |
2,309 |
48% |
2,550 |
1,859 |
691 |
73% |
|
1995 |
19,517 |
52% |
11,341 |
5,750 |
5,591 |
51% |
5,518 |
2,535 |
2,983 |
46% |
2,658 |
1,860 |
798 |
70% |
|
1996 |
14,600 |
58% |
14,381 |
7,627 |
6,754 |
53% |
7,098 |
4,596 |
2,502 |
65% |
3,121 |
1,999 |
1,122 |
64% |
|
1997 |
30,642 |
55% |
16,833 |
8,847 |
7,966 |
53% |
8,493 |
5,011 |
3,482 |
59% |
5,316 |
3,119 |
2,197 |
59% |
|
1998 |
38,689 |
60% |
21,744 |
12,855 |
8,889 |
59% |
10,295 |
6,433 |
3,862 |
62% |
6,650 |
3,895 |
2,755 |
59% |
|
1999 |
45,143 |
60% |
23,199 |
14,757 |
8,442 |
64% |
13,496 |
7,329 |
6,167 |
54% |
8,448 |
5,015 |
3,433 |
59% |
|
2000 |
53,345 |
55% |
27,625 |
14,314 |
13,311 |
52% |
16,036 |
8,636 |
7,500 |
54% |
9,684 |
6,274 |
3,410 |
65% |
|
2001 |
65,707 |
54% |
36,317 |
17,726 |
18,591 |
49% |
17,897 |
8,322 |
9,575 |
46% |
11,493 |
9,410 |
2,083 |
82% |
|
2002 |
76,231 |
47% |
43,882 |
19,106 |
24,776 |
44% |
22,163 |
11,418 |
11,745 |
47% |
10,186 |
5,924 |
4,262 |
58% |
|
2003J |
67,279 |
49% |
32,027 |
13,478 |
18,549 |
42% |
22,232 |
10,432 |
11,800 |
47% |
13,020 |
8,816 |
4,204 |
68% |
|
2003D |
20,657 |
40% |
20,657 |
8,214 |
12,443 |
40% |
||||||||
|
2004J |
61,559 |
40% |
24,211 |
8,262 |
15,949 |
34% |
23,896 |
7,649 |
16,247 |
32% |
13,452 |
8,669 |
4,783 |
64% |
|
2004D |
19,566 |
36% |
19,566 |
7,128 |
12,438 |
36% |
||||||||
|
2005J |
58,908 |
48% |
22,915 |
8,138 |
14,777 |
36% |
24,891 |
13,938 |
10,953 |
56% |
11,102 |
6,083 |
5,019 |
55% |
|
2005D |
21,127 |
34% |
21,127 |
7,276 |
13,851 |
34% |
||||||||
|
2006J |
63,249 |
52% |
26,467 |
10,602 |
15,865 |
40% |
20,499 |
9,751 |
10,748 |
48% |
16,283 |
12,314 |
3,969 |
76% |
|
2006D |
28,082 |
39% |
28,082 |
10,905 |
17,177 |
39% |
||||||||
|
2007J |
71,897 |
42% |
33,599 |
13,294 |
20,305 |
40% |
25,521 |
10,156 |
15,365 |
40% |
12,777 |
6,399 |
6,378 |
50% |
|
2007D |
37,573 |
39% |
37,573 |
14,831 |
22,742 |
39% |
||||||||
|
2008J |
9,2081 |
42% |
44,063 |
15,311 |
28,752 |
35% |
33,449 |
15,243 |
18,206 |
46% |
14,549 |
7,720 |
6,849 |
53% |
|
2008D |
49,797 |
35% |
49,797 |
17,612 |
32,185 |
35% |
||||||||
|
2009J |
104,116 |
45% |
45,682 |
21,034 |
24,648 |
46% |
38,998 |
15,892 |
23,106 |
41% |
19,436 |
9,597 |
9,839 |
49% |
|
2009D |
44,209 |
34% |
44,209 |
14,884 |
29,325 |
34% |
||||||||
|
2010J |
111,731 |
42% |
46,863 |
19,656 |
37,207 |
42% |
43,406 |
16,995 |
26,411 |
39% |
21,462 |
9,881 |
11,581 |
46% |
|
2010D |
46,785 |
36% |
46,785 |
17,009 |
29,776 |
36% |
||||||||
| 2011J | 115,027 | 47% | 48,068 | 18,881 | 29,187 | 39% | 44,175 | 19,009 | 25,166 | 43% | 22,784 | 11,567 | 11,217 | 51% |
| 2011D | 49,380 | 38% | 49,380 | 18,736 | 30,644 | 38% | ||||||||
J = June Examination (Levels I, II, and III)
D = December Examination (Level I Only)