CFA Exam (Chartered Financial Analyst)

The CFA Program syllabus and pattern are the same globally, including in America, so let's break it down by level:

Level I:

⚫ Format: Two 3-hour sessions on the same day, with a 2-hour break.
⚫ Content: Covers 10 topic areas: Quantitative Methods, Economics, Financial Statements Analysis, Corporate Finance, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio Management, and Ethics and Professional Standards.
⚫ Question format: 240 multiple-choice questions (120 per session).
⚫ Weightage: Each topic area has a pre-determined weightage in the exam score, with Ethics carrying the highest (12%).
⚫ Resources: CFA Institute provides the official curriculum, practice questions, and sample exams.

Level II:
⚫ Format: Two 2-hour and 12-minute sessions, with an optional break in-between.
⚫ Content: Focuses on applying the knowledge from Level I to real-world scenarios. Covers 12 topic areas: Quantitative Methods, Financial Markets and Instruments, Corporate Issuers, Equity Investments, Fixed Income Investments, Derivatives Investments, Alternative Investments, Portfolio Management, Ethics and Professional Standards, and Quantitative Investment Analysis.
⚫ Question format: 22 item sets consisting of vignettes with 88 accompanying multiple-choice questions.
⚫ Weightage: Similar to Level I, with Portfolio Management having the highest weightage (25%).
⚫ Resources: Similar to Level I, with additional emphasis on case studies and mock exams.

Level III:
⚫ Format: Two 3-hour sessions.
⚫ Content: Tests candidates' ability to integrate and synthesize all the knowledge from Levels I and II. Covers four topic areas: Portfolio Management, Equity Investments, Fixed Income Investments, and Alternative Investments.
⚫ Question format: Session 1 has 8-12 essay questions with sub-parts, and Session 2 has 11 case studies with varying numbers of questions.
⚫ Weightage: Portfolio Management holds the highest weightage (50%).
⚫ Resources: Focuses on practice case studies and mock exams.

Additional resources:
⚫ CFA Institute website: https://cfainstitute.org/
⚫ Schweser and Kaplan are popular preparation providers.