The CFA® programme consists of three levels. It takes around 2½ to 3 years to complete.
CFA® Level I
The Level I curriculum concentrates on tools and concepts relating to investment valuation and portfolio management. The course also covers securities laws and regulations, and the CFA® Institute Code of Ethics and Standards of Professional Conduct. The curriculum highlights an overview of asset valuation and portfolio management practices:
Financial markets and other financial instruments
Corporate finance
Analysis of financial statement
Quantitative methods of investment analysis
CFA® Level II
The Level II syllabus focuses on asset valuation, where candidates must employ concepts of quantitative techniques, economic analysis, accounting-in analysing and valuing investments. Students should have a thorough understanding of capital market theory and industry and company analysis, and of:
Analysing equity and fixed-income securities and other financial investments
Evaluating alternative investment choices
Making investment proposals
Estimating expected investment return on investment and risks
CFA® Level III
Level III will develop students’ knowledge of portfolio management in greater depth. Candidates must apply the knowledge and skills learned in Levels I and II to the portfolio management process – from estimating and analysing objectives, investor constraints, and capital-market expectations to making asset-allocation decisions. The curriculum covers:
