CFA® Program Guide for College Students

By: Kaplan Schweser
August 15, 2024
CFA Program Guide for College and Graduate Students

For college students interested in pursuing a career in finance, the Chartered Financial Analyst (CFA) Program can be a valuable asset in achieving their goals. However, the program can be challenging and requires significant preparation and dedication. 

This guide will help you gain a comprehensive overview of the CFA Program, including the program curriculum, exam structure, eligibility requirements, and career benefits. By the end, you will have a better understanding of the CFA Program and be one step closer to deciding whether or not the CFA charter is the right choice for you. 

TABLE OF CONTENTS

CFA Program vs. Other Finance Certifications for College Students

While there are several finance certifications available, the CFA charter is often considered to be the most prestigious and widely recognized designation in the investment management industry. Other popular certifications financial professionals may pursue are

Each financial designation has unique eligibility requirements and depending on your current experience and career goals one may be more advantageous than others for you. 

Each comparison article below breaks down the differences and similarities between the CFA charter, the CFP mark, the FRM certification, and the CAIA charter.

Requirements for College Students

The main requirement for college students to enroll in the CFA program is they need to be within 23 months of graduation for undergraduate programs and pay the enrollment and exam fees. Graduate students can take the exam whenever they want. If those requirements are met, you can enroll in the CFA program and sit for the Level I CFA exam.

College students can even register for and begin studying for Level II, they just need to take the Level II exam after graduation.

How Much Will the CFA Program Cost Me? >>

Remember, to become a CFA Charterholder though, you’ll need to graduate college, pass all three exams, accumulate 4 years of qualified work experience in a relevant field, and abide by the CFA Institute's Code of Ethics and Standards of Professional Conduct.

Exam Dates and Deadlines

The CFA exams are administered several times throughout the year within specific "exam windows." Each level of the exam has its own set of exam window dates that typically span 5 to 7 days. To register for an exam, you must choose your desired exam window and sign up months in advance. After registration, you must select a specific date and time to take the exam within your chosen exam window.

When Is The Next CFA Exam? >>

Exam Format and Structure

The CFA program is divided into three levels, each with its own exam covering a broad range of topics in finance and investment management. 

The Level I exam consists of 180 multiple-choice questions and takes about 4 hours and 30 minutes to complete. When you sit for the Level I exam you’ll sit for an AM and a PM session each totaling 2 hours and 15 minutes.

The CFA Level II exam consists of 22 item sets of vignettes with 88 accompanying multiple-choice questions. You’ll spend approximately 4 hours and 24 minutes in total to complete the exam which gets split up into 2 sessions of 2 hours and 12 minutes. 

The CFA Level III exam consists of item sets consisting of vignettes with accompanying multiple-choice items and constructed response (essay) questions. You’ll spend approximately 4 hours and 24 minutes in total to complete the exam which gets split up into 2 sessions of 2 hours and 12 minutes.

Fundamental Concepts Covered in the CFA Program

The CFA program covers a wide range of concepts related to finance and investment management. College students enrolled in the CFA program will be tested on ten curriculum topics during their time as CFA candidates. 

Properly preparing for each curriculum topic is an absolute must for students of all skill levels and backgrounds. Below are brief overviews of each curriculum topic and resources for you to get introduced to the learning outcomes required for Level I.

CFA Program Pre-Requisite Knowledge Guidelines

College students who enroll in the CFA Program will be expected to understand and have a basic understanding of these commonly taught concepts:

CFA Level I candidates who do not have a basic understanding of these concepts should start with these topics when beginning to prepare for the exam. If their colleges offer courses in these topics, they should consider taking one too.

Assess your baseline knowledge of the Level I CFA Program curriculum with a free CFA diagnostic exam

Quantitative Methods

The Quantitative Methods topic focuses on statistical analysis, probability theory, time series analysis, and other quantitative techniques used in financial analysis. Throughout the three levels, the complexity and depth of quantitative methods increase, and the focus shifts from foundational concepts to their practical application in the investment decision-making process. 

It's important to note that the quantitative methods section is integrated with other areas of the CFA curriculum to provide a holistic understanding of financial analysis and investment management.

Economics

The Economics section covers macroeconomics and microeconomics, including topics such as supply and demand analysis, fiscal and monetary policy, international trade, and economic growth. Throughout the three levels, the economics section evolves from foundational economic principles to their application in the context of financial analysis and investment management. The focus shifts from understanding basic economic concepts to analyzing the impact of macroeconomic variables on financial markets and investment decision-making.

Financial Statement Analysis

The Financial Reporting and Analysis topic delves into the understanding and interpretation of financial statements, including balance sheets, income statements, and cash flow statements. It also covers financial ratio analysis and valuation techniques. 

As you progress through each exam level, you’ll be asked to learn more advanced topics and apply those learnings to your statement analysis techniques. The focus shifts from understanding the basic structure of financial statements to analyzing and interpreting financial information in a more sophisticated and comprehensive manner.

Corporate Issuers

The Corporate Issuers section covers various topics related to corporate finance, including capital budgeting, cost of capital, capital structure, dividend policy, and mergers and acquisitions. As you move forward, you’ll be asked to focus on how to apply the concepts learned in Level I to financial analysis, investment decision-making, and portfolio management. 

Equity Investments

The Equity Investments topic focuses on equity valuation methodologies, industry analysis, company analysis, and the valuation of equity securities. As you advance in your CFA candidacy, you’ll be asked to shift your focus from building a foundational understanding of equity markets and valuation techniques to more advanced topics such as industry analysis, advanced valuation models, portfolio management strategies, and the integration of equity analysis in the broader context of portfolio management.

Fixed Income

The Fixed Income section covers fixed income securities such as bonds, interest rate risk, credit risk, yield curves, and bond valuation. Throughout all three levels, you’ll have to learn how to apply your understanding of fixed income securities and markets to more advanced topics such as credit analysis, advanced valuation models, fixed income portfolio management strategies, and the integration of fixed income analysis in the wider framework of portfolio management.

Derivatives

The Derivatives topic covers derivatives instruments such as options, futures, swaps, and their use in hedging, speculation, and arbitrage. As you move forward through your studies, you’ll transition from the fundamentals of understanding derivative instruments to more advanced topics such as valuation models, options strategies, derivatives in portfolio management, and the integration of derivatives analysis in the broader context of portfolio management. 

Alternative Investments

The Alternative Investments section explores alternative investment strategies and asset classes, including real estate, private equity, hedge funds, and commodities. The topic evolves across the three levels of the CFA exams by starting with introductions to basic concepts of analyzing valuations and due diligence to integrating them into portfolio management and performance evaluation.

Portfolio Management

The Portfolio Management topic covers portfolio management theory, asset allocation, risk management, performance evaluation, and wealth planning strategies. This topic really evolves over the course of each exam. Again, you’ll start off by being introduced to the basics in Level I, and by Level III, you’ll be asked to integrate your knowledge into institutional and individual wealth management techniques.

Ethical and Professional Standards

The Ethical and Professional Standards section emphasizes the importance of ethical behavior in the investment industry and covers topics such as integrity, professionalism, and fiduciary duty. As you progress you’ll be asked to apply ethical principles to investment analysis, portfolio management, and the responsibilities of investment professionals.  

How to Study for the CFA Level I Exam in 6 Months

How to Pass CFA Exams as a College Student

The CFA program is designed to be challenging and it’s common for candidates to study 300+ hours for each exam. Balancing CFA exam prep with your academic responsibilities can be hard but it is manageable with proper planning and time management. Here are some tips to help you achieve a balance between your college studies and preparing for a CFA exam.  

Develop a Study Plan That Fits Your College Schedule

Develop a realistic study schedule that incorporates your college commitments. Allocate dedicated study time for the CFA exam and stick to the schedule you create consistently.

Try working backward from your exam date and incorporating your college schedule into one study planner. Remember there are 10 curriculum topics to cover plus you need to allocate enough time to practice mock exams and take lots of practice questions. 

Keep Track of Your Progress by Downloading our Free 6-Month Level I CFA Study Progress Tracker

Take CFA Adjacent Courses

Look for opportunities to align your college coursework with CFA study material. If there are relevant topics or concepts that overlap, focus on those areas, as it can save you time and enhance your understanding of both areas simultaneously.

Utilize CFA Study Materials

Take advantage of free CFA study resources such as on-demand videos, sample study guides, practice exams, and interactive study groups. These resources can help you optimize your study time and provide additional support when you need it most.

Also, ask your university if they provide any student discounts or courses that include Kaplan Schweser study materials. Some universities may be currently offering some of these materials so at least reach out to them to see if they are available to you.

View Current Discount Codes For CFA Prep Packages

Look For CFA Program Scholarships for College Students

Kaplan Schweser offers various scholarship programs for students pursuing the CFA program. These scholarships are designed to support candidates with financial needs or those who demonstrate academic excellence or commitment to the investment profession.

CFA Institute and Local CFA Societies also offer scholarships specially designed for students in their respective regions. These scholarships may be offered based on academic merit, financial need, or other specific criteria.

You can also check with your college or financial aid office. They may have information on scholarships available for students pursuing the CFA program.

If you are currently working or interning in the investment management field, ask your employer about any scholarship programs they may offer. Some companies do provide financial assistance or reimbursement for CFA exam fees and study materials. 

Understand the Role of Ethics and Professional Standards

Besides it being a major component of each CFA exam, the role of ethics and professional standards is crucial for maintaining integrity, protecting investor interests, and building trust. By understanding and embracing the CFA Institute's ethical and professional standards, CFA charterholders are considered trustworthy and have successful careers because they safeguard the interests of their clients and the broader financial community.

Take Advantage of Practice Questions and Mock Exams

CFA practice questions are crucial for developing a routine and applying your learnings to curriculum topics. When you’re about 2 months away from sitting for your exam, you’ll want to start taking CFA mock exams to get exposed to the testing conditions you’ll face on exam day. We recommend taking 6 mock exams so make sure you give yourself enough time to fit them all in and use your time afterward to improve your scores.

Try a Sample CFA Level I Practice Question

Take Care of Yourself

It's crucial to prioritize self-care and avoid burnout when preparing for a CFA exam. Get sufficient sleep, exercise regularly, and maintain a healthy diet. Taking care of your physical and mental well-being will enhance your focus and productivity.

Adapt and Adjust

Be flexible and willing to adapt your study schedule as needed. College demands may vary each semester, so regularly assess and modify your study plan accordingly. If you need to, you’ll have the option to postpone your CFA exam but you’ll either need to meet one of the emergency deferral policy qualifications or pay to defer your exam appointment. 

Seek Support

Reach out to fellow CFA candidates or classmates who are also pursuing the CFA program. Sharing experiences, studying together, and providing support can be beneficial.

Join the Kaplan Schweser Community

Communicate with Your Professors

Inform your professors about your commitment to the CFA program. They may provide guidance or accommodate your schedule where possible. Clear communication can help manage your academic workload effectively.

How to Leverage Your CFA Program Experience in Your Resume as a College Student

Tailoring your resume to highlight your CFA program experience can significantly enhance your chances of standing out to potential employers in the finance industry. Even just passing level I can give you a competitive edge for finding a job. 

It is crucial to keep in mind that Ethics and Professional Standards play a significant role in your career as a CFA charterholder. Therefore, it is essential to be open and honest about your progress in the program.

Adding “CFA Level I Candidate” to your resume will only convey that you have enrolled in the CFA Program so it’s best to wait till you have passed the Level I exam before adding your CFA program experience to your resume.  

Resume Rules for CFA Program Candidates >>

Career Paths For CFA Charterholders

There are various career paths for CFA charterholders, including but not limited to these areas of finance

Many CFA charterholders also work in consulting, wealth management, and financial planning. The program provides a strong foundation in finance, economics, and accounting, making it applicable to a broad range of roles in the finance industry. 

The skills and knowledge gained through the CFA program are highly valued by employers in the finance industry and can lead to high-paying and rewarding careers.

How to Choose a CFA Program Study Provider

Generally, candidates tend to choose a single exam prep provider and utilize the CFA Institute's materials for either Level I or Level II exams. When choosing a CFA prep provider we strongly recommend you take into consideration

  • Reputation
  • Curriculum coverage
  • Expertise of instructions
  • Study materials and resources
  • Cost
  • Peer recommendations
  • Flexibility of study options

All of these factors will help you assess the quality and comprehensiveness of each prep provider and determine if their expertise and flexibility align with your learning style. 

"U.S. CFA Level I candidates surveyed who prep with Kaplan Schweser are more likely to pass the CFA Level I exam than those who prep with other providers"*

Remember that CFA Institute generally recommends candidates start preparing 6 months before sitting for a CFA exam so figuring out early on which prep provider you’re going to try will prevent you from having to rush into a decision. 

Start a free trial and see how Kaplan Schweser’s core study tools will help you prepare for the CFA exam


* These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.

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