CFA® study guides
Plain-English guides to the concepts the CFA exams test, how the exams work, and what the charter involves. Each links to the learning outcomes that teach it and to a free calculator where there is one.
Concept guides
Bond pricing and yield to maturity: how a bond is valued
A bond is a stream of coupons plus a principal repayment, discounted at the market yield. How to price one, why price and yield move opposite ways, and what yield to maturity assumes.
CAPM and the security market line: required return explained
How the capital asset pricing model turns beta into a required return, what the security market line shows, and how to spot a mispriced asset. With a worked example and common mistakes.
DuPont analysis explained: what is behind a return on equity
How the DuPont decomposition splits return on equity into margin, turnover and leverage, in three or five steps, and how to use it to compare companies. Worked example included.
Duration and convexity explained: how far a bond price moves
Macaulay and modified duration, convexity, and how to estimate a bond's price change when yields move. With a worked example and the mistakes the exam rewards you for avoiding.
Effective annual rate and compounding: comparing rates properly
Why a stated rate of 12% compounded monthly is really 12.68%, how to convert between stated, effective and continuously compounded rates, and the traps in the exam questions.
Inventory methods: FIFO, LIFO and weighted average compared
How FIFO, LIFO and weighted-average cost allocate costs between cost of goods sold and inventory, what changes when prices rise, and how the choice affects profit, tax and ratios.
NPV vs IRR: which capital budgeting rule to trust
How net present value and internal rate of return work, why they usually agree, the cases where they conflict, and why NPV wins. Worked example with a crossover rate.
Time value of money explained: present value, future value and annuities
Why a pound today beats a pound tomorrow, and how to price it. Future value, present value, annuities, perpetuities and the mistakes that cost marks on the CFA exam.
The exam
CFA Level I 2027 curriculum changes: what is new and what was cut
What changes in the 2027 CFA Level I curriculum: 87 new learning outcomes, 29 dropped, three topics renamed, and the Ethics update. Check what applies if you are moving from 2026 material.
CFA Level I for beginners: can you pass with no finance background?
You do not need a finance degree to sit CFA Level I. What a beginner should do first, which topics usually take longest, and how to plan the hours when you are starting from scratch.
CFA exam format: Level I, Level II and Level III compared
How many questions each CFA level has, how long it lasts, and how the questions are built: Level I multiple choice, Level II item sets, Level III item sets plus essays.
CFA exam requirements: who can enrol, with or without a degree
The three ways to qualify to sit the CFA exam: a bachelor's degree, being an undergraduate in the right window, or 4,000 hours of work. Plus what proof CFA Institute can ask for.
CFA scholarships: the Access, Student and Professor scholarships and who can apply
CFA Institute offers three scholarships for the CFA Program. Who each is for, the rule that you must apply before you register, and the other ways to bring the cost down.
Failing the CFA exam: retake rules, waiting times and what to do next
You can retake a CFA level, but not straight away and not forever: at most twice a year, never in consecutive windows, six attempts per level. How to read your score report and plan the retake.
How many hours to study for the CFA, and how long that takes
CFA Institute suggests about 300 hours per level. Here is what that means in weeks, how to fit it around a job, and how to spend the hours so they count.
How many mock exams should you take for the CFA, and how to read your scores
A full Level I mock is 180 questions and 4.5 hours. How to fit mocks into your plan, what a mock score does and does not tell you, and what CFA Institute's own benchmarks say.
How many practice questions to do for the CFA, and how to use them
There is no magic number of CFA practice questions. What matters is covering every topic in proportion, reviewing every wrong answer, and doing timed mocks near the end.
How much does the CFA cost? Exam fees, dues and the costs on top
What CFA Institute charges to sit all three levels, when you start paying membership dues, what a missed or moved exam costs, and where to look for a scholarship.
How to choose CFA study material: what to look for in a prep provider
Notes, a question bank, mock exams and a way to find weak topics. A neutral checklist for choosing CFA study material, with what to test before you pay.
How to memorise CFA formulas: understand them first, then make them automatic
The CFA tests applying formulas, not reciting them. A method for learning each one: know the symbols, see when to use it, practise on the exam calculator, and revisit on a schedule.
How to pass CFA Level I on the first attempt: a practical checklist
Start early, spend hours in line with the weights, practise under exam conditions and know the rules of the exam day. A first-attempt checklist for Level I.
How to register for the CFA exam: enrolment, deadlines and booking your seat
Registering is two steps, not one: pay for your exam window, then schedule your own appointment by the deadline. What moving or missing an exam costs, and what to bring.
How to study for CFA Level I: a plan that follows the exam's weights
A practical plan for CFA Level I: find where you stand first, spend hours in proportion to topic weights, practise with explanations, review before you forget, and use mocks as a range, not a verdict.
How to study for the CFA while working full time: a realistic weekly plan
Around 300 hours per level fits into a working week at 10 to 15 hours. How to find those hours, build a routine, and protect the final weeks before the exam.
What is the CFA passing score? The scale score, the MPS and what to aim for
CFA Institute reports a scale score against a fixed Minimum Passing Score: 1600 at Level I, 2600 at Level II and 3600 at Level III. What that means and how to aim.
Which CFA level is the hardest? Pass rates, formats and what makes each level difficult
Level I has the lowest pass rate, Level III the highest, yet many candidates call Level II the hardest. What the published results show, how the formats differ, and what each level asks of you.
Which calculator can you use in the CFA exam? The approved models and the rules
Only the Texas Instruments BA II Plus and the Hewlett Packard 12C families are allowed. What you can bring into the room, what voids your results, and how to prepare.
The charter and your career
CFA career paths: the roles the qualification is built for
Where the CFA is most relevant: equity research, portfolio management, risk, wealth management and corporate finance. What each role does and how the exam's content relates to it.
CFA vs MBA: how the two differ and how to choose
The CFA program and an MBA are different things: a professional qualification built on exams and experience, and a degree built on a cohort. How they differ, and which suits which goal.
How long does it take to get the CFA charter? The exams, the 36 months and the arithmetic
Passing the three exams takes at least about 14 months of study. The charter takes at least 36 months of qualifying work experience. Here is how the two fit together and what slows you down.
How to become a CFA charterholder: the requirements, step by step
The steps from enrolment to the charter: three exams, qualifying work experience, professional references, membership and the code of ethics. What each involves and how they fit together.
How to put the CFA on your CV: candidate, Level I passed and charterholder wording
What you may write on a CV or LinkedIn profile at each stage of the CFA Program, and what is not allowed, such as "CFA" after your name before you hold the charter.
Is passing CFA Level I enough? What it gives you and what only the charter does
Passing Level I is a real milestone but not the charter. What you can say on a CV, what it signals to employers, and how to decide whether to go on to Levels II and III.
Is the CFA worth it? A way to decide for yourself
The CFA charter costs money, time and a long stretch of evenings. Here is a clear way to weigh what you give up against what you might gain, for your own situation, without the sales pitch.
What is the CFA charter? What it means, how it is earned and who awards it
The CFA charter is awarded by CFA Institute after three exams, 4,000 hours of qualifying work experience and membership. What each part involves, and what the letters do and do not signal.