CFA (Chartered Financial Analyst) 3 Levels, 3 Steps
To earn the CFA charter you must pass three exams in sequence. Each level requires roughly 300+ hours of study.
1. CFA Exam Structure: 3 Levels, 3 Steps
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Level I (Learning and Identifying)
Focuses on the fundamentals of financial instruments, ethical standards and investment analysis. It consists entirely of multiple-choice questions. (Held in February, May, August and November.)
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Level II (Analysis and Valuation)
Goes deep into financial data analysis and asset valuation (equities, bonds, etc.). Questions are asked through case studies (item sets).
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Level III (Application and Management)
Focuses on portfolio management and wealth planning. It includes both case studies and constructed-response (essay) questions. Since 2025, candidates choose one pathway: Portfolio Management, Private Markets or Private Wealth.
2. Curriculum Content
The CFA curriculum is updated every year and covers these 10 main topics:
- Ethical and Professional Standards (the most critical section)
- Financial Reporting and Analysis
- Economics
- Quantitative Methods (Statistics/Financial Mathematics)
- Corporate Finance
- Equity Investments
- Fixed Income (Bonds)
- Derivatives
- Alternative Investments (Real Estate, Hedge Funds, etc.)
- Portfolio Management
3. Eligibility Requirements
To register for the exam you must meet one of the first three requirements and hold a valid passport:
- University Graduate
- A degree in any field is sufficient.
- University Student
- If you are at most 23 months from graduation, you can sit the Level I exam.
- Work Experience
- A total of 4,000 hours of professional work experience and/or higher education combined (completed over at least 3 years).
- Passport
- Holding a valid international passport is mandatory.
4. Costs and Process
As of 2026, the approximate costs are as follows:
- One-time Enrolment Fee
- Abolished from the February 2026 exams onwards (previously ~$350).
- Exam Fee (Per Level)
- Levels I and II: ~$1,140 for early registration, ~$1,490 for standard registration; Level III: ~$1,240 / ~$1,590.
- Total Cost
- Roughly $3,520 - $4,570 if you pass every level first time.
5. Benefits of Earning the CFA Charter
Global Passport
The charter is recognised in more than 160 countries.
Career Opportunities
It opens the door to senior roles such as portfolio manager, risk analyst, investment banker or strategist.
Prestige
Much lower cost than MBA programmes, yet with far greater technical depth.
CMB Exemption
In Türkiye, candidates who pass CFA Level 1 and above can be exempted from certain parts of the Capital Markets Board (SPK) Level 3 and Derivatives licensing exams.
How Can You Prepare with Study First Academy?
CFA exams are 100% in English and command of the terminology is crucial. At Study First Academy we can support you with:
- Financial English and Terminology
- Rapid adaptation to exam terminology.
- Question-Solving Techniques
- Time management is vital in CFA exams.
- Personalised Study Plan
- We plan how to spread the 300-hour study marathon across your daily routine.
CFA Level I Prep Programme
Would you like more detailed information about Study First Academy’s CFA Level I prep programme, or to book a level assessment meeting?
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