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What is a CFA?
Chartered Financial Analyst (CFA) is an international professional designation offered by the CFA Institute of USA (formerly known as AIMR) to financial analysts who complete a series of three examinations and work for at least four years in the investment decision making process which is not related to the Indian CFA offered by ICFAI in India. CFA charterholders are also obligated to adhere to a strict Code of Ethics and Standards governing their professional conduct
The CFA Exam
Candidates generally take one exam per year over three years and are written at a postgraduate level for financial professionals. Exams are challenging, with only 40% passing the Level I and II exams and 50% passing Level III in June 2007. In 2006, Europe achieved the highest average pass rate for the Level I, II and III of the exam with an overall success rate of 57% of candidates; versus 54% for the USA and 49% in Asia & Pacific Asia. Although the stated curriculum is at masters level, the exams are based on multiple-choice pattern and historically candidates have prepared for -and passed the exams using highly simplified study notes provided by Third Party Vendors
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The Level I study program emphasizes tools and inputs and includes an introduction to asset valuation and portfolio management techniques.
The Level II study program emphasizes asset valuation and includes applications of the tools and inputs (including economics, financial statement analysis, and quantitative methods) in asset valuation.
The Level III study program emphasizes portfolio management and includes strategies for applying the tools, inputs, and asset valuation models in managing equity, fixed income, and derivative investments for individuals and institutions.
All three exams are administered on paper, on a single day; the Level I exam is administered twice a year (usually the first weekend of June and December). The Level II and III exams are administered once a year, usually the first weekend of June. Each exam consists of two three-hour sessions. Level I is multiple choice - all information required to answer the question is contained in the question. Level II is item set - a vignette followed by selected response questions. To answer each question, the candidate must refer to the vignette as there is insufficient information in the question stem. Level III consists of a session of short-answer questions and a session that is item set. On the multiple-choice/item set sections, there is no penalty for wrong answers.
Candidates who have taken the exam receive a score report that is intended to be fairly unspecific: there is no overall score for the test, only a Pass/Fail result. For each category of questions, each test-taker is given a broad range within which his or her performance falls: below 50%, between 50% and 70%, and above 70%. The passing grade for the exams has been defined as 70% of the top percentage of exam papers until 1989; since then, the grading method is not explicitly published.[12] and the minimum passing score is set by the Board of Governors after each exam. The Board of Governors review the results of a Standard Setting process and input from psychometricians. Standard Setting is a process by which CFA Charterholders from around the world review the exam and recommend, for each question, a minimum passing score for the "just qualified candidate". The minimum passing scores for each question are aggregated and presented to the Board of Governors as a recommended minimum passing score for the entire exam. The Board of Governors is not bound by this recommendation, but does recognize it as very important information.
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