CredenTrek For CFA
Choose It Right. Pass It Smart. Turn It into a Career.
The CFA Program is a three-year route. Plan all of it before you register.
Candidates register for Level I without a plan for the whole Program. They study evenly, use materials for the wrong year, break the spacing rule or find after Level III that the charter still needs 4,000 hours of work. This book shows you all three levels on one map and every decision around them.
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Edition 2026.2 · Verified 9 October 2026. All ten Level I topics (2026 and 2027 outlines), the ten Level II topics and the Level III core and three pathways verified against CFA Institute's level pages.
Where candidates go wrong
The CFA Program is a long commitment, often three years or more, and most candidates start without a plan for the whole route. They register for Level I, buy every product a provider sells and study evenly. They then find that ethics, financial statement analysis and the investment topics carry the most weight.
The rules catch people too. Some register with a name that does not match their passport, or plan a retake in a window the spacing rule does not allow. Others pass Level III and only then discover that the charter also needs 4,000 hours of qualifying work and references. Many forget the practical skills module, and their result is held back.
The gap this book fills
CFA study materials teach the curriculum in depth, thousands of pages per level. Few show you the whole Program on one map and then help with every decision around it, from your first window to the charter application. This book does both, and checks every changeable fact against CFA Institute's own documents.
CFA Program at a glance
These facts were checked against CFA Institute's CFA Program pages, the Level I to III exam pages, the policies page and the dates and fees page in October 2026. Confirm them on cfainstitute.org before you act.
| Item | Detail |
|---|---|
| Credential | Chartered Financial Analyst (CFA) charter |
| Issuing body | CFA Institute |
| Structure | Three exams, Level I to Level III, plus one practical skills module at each level |
| Level I | 180 multiple-choice questions in two sessions of 135 minutes |
| Level II | 22 vignette item sets, 88 questions, two sessions of 132 minutes |
| Level III | 11 item sets and 11 essay sets, two sessions of 132 minutes; one of three pathways |
| Windows | Level I four a year, Level II three, Level III two |
| Eligibility | A bachelor's degree, final-year study within set limits, or 4,000 hours of work or higher education |
| Fees | No enrolment fee; Level I and II from US$1,140, Level III from US$1,240 at early registration |
| Attempts | Up to six per level; no consecutive windows or windows six months apart or less |
| Charter | Pass all three levels, 4,000 hours of qualifying work over at least 36 months, references and membership |
What changed in the 2027 Level I outline
CFA Institute publishes a topic outline for each year, and the 2027 Level I outline differs from 2026. Ethics falls from 15 to 20 per cent to 10 to 15 per cent. Quantitative methods rises from 6 to 9 per cent to 11 to 14 per cent. Derivatives and alternative investments shift slightly, and four topics take new names.
| Level I topic (2027 name) | 2026 weight | 2027 weight |
|---|---|---|
| Ethical and Professional Standards | 15–20% | 10–15% |
| Quantitative Methods | 6–9% | 11–14% |
| Economics | 6–9% | 6–9% |
| Financial Statement Analysis | 11–14% | 11–14% |
| Corporate Finance (was Corporate Issuers) | 6–9% | 6–9% |
| Equities (was Equity Investments) | 11–14% | 11–14% |
| Fixed Income | 11–14% | 11–14% |
| Derivatives and Risk Management (was Derivatives) | 5–8% | 6–9% |
| Alternative Investments | 7–10% | 6–9% |
| Portfolio Construction (was Portfolio Management) | 8–12% | 8–12% |
Table 5.2 · Level I topic weights in the 2026 and 2027 outlines, from CFA Institute's Level I exam page.
Use material written for the year of your exam. If you sit Level I in 2027, check that your provider follows the 2027 outline.
What you will learn
You will learn what the CFA Program tests in full: the ten topic areas of Level I and Level II, and the core topics and three pathways of Level III. You will see the 2026 and 2027 Level I weights side by side, how each exam is built and how results are released. You will test yourself with 16 practice questions in the Level I style.
Around that content, you will learn how to check your eligibility, choose your first exam window and plan around 300 hours per level. You will also learn to book, meet the passport rule, budget, contact CFA Institute and turn the charter into investment work.
What you will have at the end
| Output | Where you build it |
|---|---|
| A written go or no-go decision and your target windows | Chapter 3 |
| An eligibility, passport and booking checklist | Chapter 4 |
| A self-rating on every topic at your level | Chapter 5 |
| A weekly study plan split by topic weight | Chapter 7 and Appendix B |
| A three-level budget for the whole Program | Chapter 9 and Appendix C |
| Six message templates for CFA Institute and the test centre | Chapter 10 and Appendix D |
| A job search, salary and service plan | Chapters 11 to 13 |
| CV lines and interview stories for each stage | Chapter 14 and Appendix F |
| A charter application and membership plan | Chapter 15 |
| Your score on 16 practice questions | Appendix G |
Sixteen chapters in six stages
- 1What CFA Really Is
- 2The Professional Picture
- 3Is It Right for You Now?
- 4Eligibility and Requirements
- 5The Exam Map
- 6Choosing Your Study Route
- 7Your Adaptive Study Plan
- 8Scheduling and Exam Day
- 9Costs and Budget
- 10Official Communication
- 11Where It Is Valued Most
- 12Reading Salaries by Region
- 13Freelancing and Consulting
- 14Turning It into Career Proof
- 15Keeping It Active
- 16What Comes Next
Appendices. A. Official Sources Map · B. Weekly Plan Template · C. Budget Template · D. Message Templates · E. Exam-Day Checklist · F. CV and LinkedIn Template · G. Practice Questions · H. Glossary
Try three practice questions
Three of the book's 16 questions, written for the book in the style of the exam. They are not CFA Institute questions.
Ethics. An analyst overhears that a company will announce a takeover tomorrow. The news is not yet public. What should she do?
- ABuy the shares for clients before the announcement
- BNot act or cause others to act on the information
- CShare it only with her best clients
Show answer
Ethics. A portfolio manager wants to buy a share for his own account and for his clients. In what order should the trades be placed?
- AHis own account first
- BClients and his employer first, then his own account
- CAny order, as long as the prices are the same
Show answer
Quantitative Methods. What is the effective annual rate of a 12 per cent annual rate compounded monthly?
- A12.00 per cent
- B12.68 per cent
- C13.00 per cent
Show answer
Paperback and Kindle
For finance graduates, students, accountants and analysts aiming for careers in investment research, portfolio management, banking or wealth management.
In publication on Amazon. The buttons appear here as soon as the listing is live.
Companion reading and kit
Search links on Amazon for items candidates often use alongside this book. We do not review them; check that any edition matches your exam version.
- An approved financial calculatorSearch on Amazon ↗
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Independent publication. Not affiliated with, sponsored by or endorsed by CFA Institute. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.