CFA Exam Topic Area Weights Topic Area Ethical and Professional Standards (total) Investment Tools (total)

Corporate Finance Economics Financial Reporting and Analysis Quantitative Methods Asset Classes (total) Alternative Investments Derivatives Equity Investments Fixed Income Portfolio Management and Wealth Planning (total) Total Le Le ve ve Level III l lI II 15 10 10 30 50 - 0 60 58 0 15 510 0 10 15 20 - 0 25 512 0 10 35 30 - 35-45 75 53 5-15 15 55 5-15 15 20 10 - 5-15 30 512 10-20 15 55 45-55 15 10 10 100 0 0

Candidate Body of Knowledge Topical Outline View topic areas weights for each exam level I. Ethical and Professional Standards A. Professional Standards of Practice B. Ethical Practices II. Quantitative Methods A. Time Value of Money

B. Probability C. Probability Distributions and Descriptive Statistics D. Sampling and Estimation E. Hypothesis Testing F. Correlation Analysis and Regression G. Time Series Analysis H. Simulation Analysis I. Technical Analysis III. Economics A. Market Forces of Supply and Demand B. The Firm and Industry Organization C. Measuring National Income and Growth D. Business Cycles E. The Monetary System F. Inflation G. International Trade and Capital Flows H. Currency Exchange Rates I. Monetary and Fiscal Policy J. Economic Growth and Development K. Effects of Government Regulation L. Impact of Economic Factors on Investment Markets IV. Financial Reporting and Analysis A. Financial Reporting System (IFRS and GAAP) B. Principal Financial Statements C. Financial Reporting Quality D. Analysis of Inventories E. Analysis of Long-Lived Assets F. Analysis of Taxes G. Analysis of Debt H. Analysis of Off-Balance-Sheet Assets and Liabilities I. Analysis of Pensions, Stock Compensation, and Other Employee Benefits J. Analysis of Inter-Corporate Investments K. Analysis of Business Combinations L. Analysis of Global Operations M. Ratio and Financial Analysis

V. Corporate Finance A. Corporate Governance B. Dividend Policy C. Capital Investment Decisions D. Business and Financial Risk E. Long-Term Financial Policy F. Short-Term Financial Policy G. Mergers and Acquisitions and Corporate Restructuring VI. Equity Investments A. Types of Equity Securities and Their Characteristics B. Equity Markets: Characteristics, Institutions, and Benchmarks C. Fundamental Analysis (Sector, Industry, Company) and the Valuation of Individual Equity Securities D. Equity Market Valuation and Return Analysis E. Special Applications of Fundamental Analysis (Residual Earnings) F. Equity of Hybrid Investment Vehicles VII. Fixed Income A. Types of Fixed-Income Securities and Their Characteristics B. Fixed-Income Markets: Characteristics, Institutions, and Benchmarks C. Fixed-Income Valuation (Sector, Industry, Company) and Return Analysis D. Term Structure Determination and Yield Spreads E. Analysis of Interest Rate Risk F. Analysis of Credit Risk G. Valuing Bonds with Embedded Options H. Structured Products VIII. Derivatives A. Types of Derivative Instruments and Their Characteristics B. Forward Markets and Instruments C. Futures Markets and Instruments D. Options Markets and Instruments E. Swaps Markets and Instruments F. Credit Derivatives Markets and Instruments IX. Alternative Investments A. Types of Alternative Investments and Their Characteristics B. Real Estate

C. Private Equity/Venture Capital D. Hedge Funds E. Closely Held Companies and Inactively Traded Securities F. Distressed Securities/Bankruptcies G. Commodities H. Tangible Assets with Low Liquidity X. Portfolio Management and Wealth Planning A. Portfolio Concepts B. Management of Individual/Family Investor Portfolios C. Management of Institutional Investor Portfolios D. Pension Plans and Employee Benefit Funds E. Investment Manager Selection F. Other Institutional Investors G. Mutual Funds, Pooled Funds, and ETFs H. Economic Analysis and Setting Capital Market Expectations I. Tax Efficiency J. Asset Allocation (including Currency Overlay) K. Portfolio Construction and Revision L. Equity Portfolio Management Strategies M. Fixed-Income Portfolio Management Strategies N. Alternative Investments Management Strategies O. Risk Management P. Execution of Portfolio Decisions (Trading) Q. Performance Evaluation R. Presentation of Performance Results December 2011 Exam Schedule (Level I only) Mid-January December 2011 exam registration opens Sample exams become available at time of Upon registration registration First deadline to enroll and register for the 16 March 2011 December 2011 exam Second deadline to enroll and register for the 24 August 2011 December 2011 exam 1 September 2011 Exam scholarship application deadline 1 September 2011 Mock exams become available 14 September 2011 Final deadline to enroll and register for the

Mid-January

December 2011 exam registration opens December 2011 exam Final deadline for disability and religious alternate 20 September 2011 date accommodations requests to be received by CFA Institute Early November Exam admission tickets available online 2011 Test center change request deadline (login 11 November 2011 required) 34 December 2011 Exam days December 2011 Exams graded January 2012 January 2012 Exam results available

CFA Exam Fee Schedule

CFA Program applicants pay an initial one-time enrollment fee. In addition, applicants are required to pay an exam registration fee. Returning candidates pay only the exam registration fee. The enrollment fee and the exam registration fee increase with each deadline. View the exam calendar. We are unable to offer refunds or exchanges so we urge you to make your selection carefully.* View the CFA exam Level I withdrawal policy. December 2011 Exam (Level I only) All fees are in U.S. dollars. We offer three options for the CFA Program curriculum: eBook only, print only, or both.
eBook curriculum pricing

Item

by 16 March

by 24 August $405 $720 save $40

by 14 September $490 $970 save $40

Program Enrollment (new Level I only) Exam Registration Curriculum

version eBook

$405 $630 save $40

Total

Past deadline $1,085Register now $1,420

Item

by 16 March by 16 March

by 24 August by 24 August $405 $720

by 14 September by 14 September $490 $970 $20 shipping

Item

Program Enrollment (new Level I only) Exam Registration Curriculum

version Print

$405 $630

$20 shipping $20 shipping

Total

Past deadline $1,145Register now $1,480

Item

by 16 March

by 24 August $405 $720 $50 (includes shipping) $1,175Register now

by 14 September $490 $970 $50 (includes shipping) $1,510

Program Enrollment $405 (new Level I only) Exam Registration Curriculum

Both eBook and print versions

$630 $50 (includes shipping) Past deadline

Total

2011 curriculum pricing details

When you register for the June or December 2011 exam, you can choose from three curriculum options (all fees are in U.S. dollars):
If you select the eBook version of the curriculum only, we offer a US$40 discount: Enrollment + exam registration - $40 = total cost. If you select the printed version of the curriculum only, you do not receive the $40 discount: Enrollment + exam registration + $20 (shipping*) = total cost. If you select both the eBook version and the printed version of the curriculum, you pay the cost of the additional curriculum ($30) plus shipping: Enrollment + exam registration + $30 (+$20 shipping for the printed version*) = total cost.

We are unable to offer refunds or exchanges so we urge you to make your selection carefully. More information about the 2011 curriculum format choices Positions that Benefit from a CFA Charter The CFA charter provides you with a strong foundation for a variety of career choices in the investment profession. If you're interested in portfolio management, investment research, advisory services, or investment banking, you will benefit from a CFA charter. Employers and media around the world recognize the CFA charter as the standard of professional excellence. With such widespread recognition, CFA charterholders earn a significant competitive advantage for international employment. Current CFA charterholders hold these types of positions:

Preparing for the Exams

Successful candidates report spending an average of 300 hours preparing for each exam. Your preparation time will vary based on your prior education and experience. For each level of the curriculum, there are 18 study sessions, so a good plan is to devote 1520 hours per week, for 18 weeks, to studying the material. Use the final four to six weeks before the exam to review what you've learned and practice with sample and mock exams. When Should You Take Your Exam? The Level I exam is offered twice a year, in June and December. The Level II and III exams are offered once a year, in June. Registration usually opens about 11 months before each exam; register early to take advantage of the fee schedule and to have enough time to study and prepare for the exam.