About the CFA® Program

The CFA Program is a globally recognized, graduate level curriculum that provides a strong foundation of real-world investment analysis and portfolio management skills along with the practical knowledge you need in today’s investment industry. It also emphasizes the highest ethical and professional standards. Since it was first introduced in 1963, the Chartered Financial Analyst® designation, or CFA charter, has become the most respected and recognized investment credential in the world. Earning the CFA charter demonstrates mastery of he skills most needed for investment analysis and decision making in today’s fast-evolving global financial industry. That’s why employers and clients around the world are increasingly seeking out CFA charter holders—often making the charter a prerequisite for employment.

How well known is the CFA® charter?

  • There are currently more than 90,000 CFA  charter holders working in over 135 countries around the world.
  • Regulatory bodies in 19 countries recognize the CFA designation as a proxy for meeting certain licensing requirements.
  • The CFA Program has been benchmarked as comparable to a master’s degree in finance by the United Kingdom National Academic Recognition Information Centre.
  • More than 125 distinguished colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own courses, including the University of Oxford’s Saïd Business School; New York University; INSEAD; Peking University; and Nanyang Technological University

How does the CFA® Program compare with an MBA program?

The CFA Program focuses specifically on investment knowledge; most MBA programs cover a broad range of topics. The self-study nature of the CFA Program also enables many candidates to continue working full time while enrolled in
the Program. Many professionals find that the CFA charter and an MBA complement each other

What jobs does the CFA® Charter prepare me for?

The CFA® Program equips you with the practical and fundamental knowledge you need for a wide variety of career choices in the investment profession. CFA charter holders find that earning the CFA charter provides them with a passport for working within numerous investment specialities and markets across the globe. It also better equips them to change specialities as their careers evolve.

Among these many specialities in the investment profession, CFA charter holders hold the following types of positions in more than 130 countries around the world:

  • Fund Management
  • Alternative Investments
  • Wealth Management
  • Investment Banking
  • Risk Management
  • Private Equity
  • Research and Analysis
  • Corporate Finance
  • Financial Advisory
  • Compliance
  • Treasury
  • Development Finance
  • Performance Management
  • Structured Finance

The curriculum for the CFA® Program is based on a Candidate Body Of Knowledge™ established by CFA Institute. The curriculum comprises the topic areas below, and there are three exams (levels) that test the academic portion CFA Program

• Tools and concepts that apply to investment valuation and portfolio management
• Basic concepts regarding asset classes, securities, and markets
• CFA Institute Code of Ethics and Standards of Professional Conduct

• Application of tools and concepts of investment valuation
• Industry and company analysis
• Analysis of investment vehicles and instruments
• CFA Institute Code of Ethics and Standards of Professional Conduct

• Management of institutional and individual portfolios
• Management of specific asset class portfolios
• CFA Institute Code of Ethics and Standards of Professional Conduct

Detailed CFA® Curriculum

Professional Standards of Practice
Ethical Practices

Time Value of Money
Probability Distributions and Descriptive Statistics
Sampling and Estimation
Hypothesis Testing
Correlation Analysis and Regression
Time Series Analysis
Simulation Analysis
Technical Analysis

Market Forces of Supply and Demand
The Firm and Industry Organization
Measuring National Income and Growth
Business Cycles
The Monetary System
International Trade and Capital Flows
Currency Exchange Rates
Monetary and Fiscal Policy
Economic Growth and Development
Effects of Government Regulation
Impact of Economic Factors on Investment Markets

Financial Reporting System (IFRS and GAAP)
Principal Financial Statements
Financial Reporting Quality
Analysis of Inventories
Analysis of Long-Lived Assets
Analysis of Taxes
Analysis of Debt
Analysis of Off-Balance-Sheet Assets and Liabilities
Analysis of Pensions, Stock Compensation, and Other Employee Benefits
Analysis of Inter-Corporate Investments
Analysis of Business Combinations
Analysis of Global Operations
Ratio and Financial Analysis

Corporate Governance
Dividend Policy
Capital Investment Decisions
Business and Financial Risk
Long-Term Financial Policy
Short-Term Financial Policy
Mergers and Acquisitions and Corporate Restructuring

Types of Equity Securities and Their Characteristics
Equity Markets: Characteristics, Institutions, and Benchmarks
Fundamental Analysis (Sector, Industry, Company) and the Valuation of Individual Equity Securities
Equity Market Valuation and Return Analysis
Special Applications of Fundamental Analysis (Residual Earnings)
Equity of Hybrid Investment Vehicles

Types of Fixed-Income Securities and Their Characteristics
Fixed-Income Markets: Characteristics, Institutions, and Benchmarks
Fixed-Income Valuation (Sector, Industry, Company) and Return Analysis
Term Structure Determination and Yield Spreads
Analysis of Interest Rate Risk
Analysis of Credit Risk
Valuing Bonds with Embedded Options
Structured Product

Types of Derivative Instruments and Their Characteristics
Forward Markets and Instruments
Futures Markets and Instruments
Options Markets and Instruments
Swaps Markets and Instruments
Credit Derivatives Markets and Instruments

Types of Alternative Investments andTheir Characteristics
Real Estate
Private Equity/Venture Capital
Hedge Funds
Closely-Held Companies and Inactively Traded Securities
Distressed Securities/Bankruptcies
Tangible Assets with Low Liquidity


Portfolio Concepts
Management of Individual/Family Investor Portfolios
Management of Institutional Investor Portfolios
Pension Plans and Employee Benefit Funds
Investment Manager Selection
Other Institutional Investors
Mutual Funds, Pooled Funds, and ETFs
Economic Analysis and Setting Capital
Market Expectations
Tax Efficiency
Asset Allocation (including Currency Overlay)
Portfolio Construction and Revision
Equity Portfolio Management Strategies
Fixed-Income Portfolio Management Strategies
Alternative Investment Management Strategies
Risk Management
Execution of Portfolio Decisions (Trading)
Performance Evaluation
Presentation of Performance Results

When are exams conducted?

CFA Level 1 exam in conducted twice a year. First Saturday or Sunday of June and December will be the exam date.  Level 2 and Level 3 exams are conducted once a year in June

What are the eligibility criteria for CFA® Program ?

A final year graduation student can join the CFA course.  He is eligible to write CFA Level 1 exam. To appear for CFA Level 2, candidate must be a graduate.   Stream of graduation does not matter. and there are no pre requisite percentage of marks in graduation to appear for CFA

Why do we need the passport if exams are conducted in India?

As exam is conducted in 90 countries Passport is considered as authentic proof of identity.  It is mandatory to have passport at the time of exam registration.

Does 4 year of work experience required for Level 1 CFA Exam?

No, For appearing in CFA Level 1 exam four year of work experience is not the requirement, but to acquire a charter one has to clear all three level of CFA and must have relevant four year of work experience .

Can i work along with CFA® Program?

Yes, you can work along with your studies. Your performance will be better and you will understanding will be more conceptual if you are working in finance domain.

I am an engineer, Can i do CFA® Program?

If you are interested in Investment management or want to make career in finance, CFA will be the best choice. Also many jobs for CFA prefer engineering domain candidates.

I am pursuing CA, Can i do it along with Article ship ?

Yes, as giving this exam does not create any hindrance to your article ship. You can write the exam along with CA course. Even best time to join CFA is after clearing your IPCC / Intermediate exam of CA.Blend of CA and CFA course will no only help you to clear both exams easily but will create a very good value to your resume.

How to register for CFA exam?

Week Date Topic
1 16-May-20 Orientation
1 17-May-20 Quant 1
2 23-May-20 Intro to Financial Markets and Products - Equity
2 24-May-20 Intro to Financial Markets and Products - Derivatives , Bonds
3 30-May-20 Quant 1 - Calculator 
3 31-May-20 Quant 1
4 06-Jun-20 Quant + Corporate Finance
4 07-Jun-20 Corporate Finance
5 13-Jun-20 Corporate Finance + Revision Test
5 14-Jun-20 Quant 2
6 20-Jun-20 Quant 2
6 21-Jun-20 Portfolio Management
7 27-Jun-20 Portfolio Management
7 28-Jun-20 Portfolio Management + Revision Test
8 04-Jul-20 Derivatives +Economics
8 05-Jul-20 Derivatives +Economics
9 11-Jul-20 Derivatives +Economics
9 12-Jul-20 Derivatives +Economics
10 18-Jul-20 Financial Statement Analysis + Economics
10 19-Jul-20 Financial Statement Analysis + Economics
11 25-Jul-20 Financial Statement Analysis + Economics
11 26-Jul-20 Financial Statement Analysis + Economics
12 01-Aug-20 Financial Statement Analysis
12 02-Aug-20 Financial Statement Analysis
13 08-Aug-20 Financial Statement Analysis
13 09-Aug-20 Financial Statement Analysis + Revision Test
14 15-Aug-20 Equity + Corp Finance
14 16-Aug-20 Equity + Corp Finance
15 22-Aug-20 Equity + Fixed Income
15 23-Aug-20 Fixed Income
16 29-Aug-20 Fixed Income
16 30-Aug-20 Fixed Income
17 05-Sep-20 Fixed Income + Quant 1
17 06-Sep-20 Fixed Income
18 12-Sep-20 Fixed Income
18 13-Sep-20 Fixed Income
19 19-Sep-20 Fixed Income
19 20-Sep-20 Alternative Invesmtnets
20 26-Sep-20 Alternative Invesmtnets
20 27-Sep-20 Quant 3
21 03-Oct-20 Quant 3
21 04-Oct-20 Quant 3
22 10-Oct-20 Quant 3
22 11-Oct-20 Quant 3
23 17-Oct-20 Ethics
23 18-Oct-20 Ethics
24 24-Oct-20 Ethics Problems
24 25-Oct-20 Ethics Problems
25 31-Oct-20 Mock Exam
25 01-Nov-20 Problem Session
26 07-Nov-20 Mock Exam
26 08-Nov-20 Problem Session
27 14-Nov-20 Mock Exam
27 15-Nov-20 Problem Session
28 21-Nov-20 Mock Exam
28 22-Nov-20 Mock Exam
  • Admission for CFA Level 1,2  June 2020 exam is closed.
  • Classes will start from 16th May, 2020 for December 2020 CFA Level 1 Exam
  • Classes are conducted on weekends for Level 1
  • Each session is of 3 hours.
  • All whiteboards , refered notes, spreadsheets are provided to you on elearning platform.
  • Classes are very interactive and more focus on fundamentals which enhance outlook in broader sense.
  • Fees for each level is ₹ 33,000  and is to be paid by Cheque / DD in favour of Institute of Financial Studies
  • Students registering for coaching at Institute of Financial studies before CFA Institute early registration deadline gets free study material worth ₹ 1200
  • Simultaneous registration for Financial Skill Program™ FSP® of Instiute of Financial studies gets scholarship benefits equivalent to 5% of any one course.
  • Financial Skill Program™ FSP® courses includes Data analytics with Microsoft Excel, Business Intelligence ,  Data analytics with Tableau, Financial Modeling, Technical analysis and other financial technology courses announced by institute from time to time.

CFA Exam fees

For CFA Exam fees please visit https://www.cfainstitute.org/en/programs/cfa/exam

Program enrollment fees $ 450 ( One time)

In addition to enrollment Examination Fees for each level exam depends on date of registration for Dec 2020 exams.

  • Early registration ( from 5 February 2020 through 25 March 2020 ) –  $ 700
  • Standard registration fee (from 26 March 2020 through 19 August 2020) – $ 1000
  • Late registration fee (from 20 August 2020 through 9 September 2020) – $ 1450

CFA Institute offer Scholarships

CFA Institute offer scholarships as part of their commitment to promoting the highest standards of ethics, education, and professional excellence, details of which can be seen on https://www.cfainstitute.org/en/programs/cfa/scholarships

Scholarship Type Who Is This For?Discount Registration Discount
Access Scholarship For individuals who may not be able to afford the program fees. Applicants must meet all CFA Program enrollment requirements. Exam registration reduced to USD250 The scholarship application will be open from mid-April through 15 September.
Women’s Scholarship For women who are interested in earning the CFA charter, do not qualify for other CFA Institute scholarships, and have not yet registered for their next exam. Exam registration reduced to USD350 Applications will be accepted for the December 2020 exam cycle beginning on 5 February 2020.

“ CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.CFA Institute does not endorse, promote or warrant the accuracy or quality of Institute of Financial Studies. ”