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The Globally Acclaimed CFA Program is recognized by employers and investors as the definitive standard of measuring competence and integrity in Portfolio Management and Investment Analysis. This means, when you have the CFA credentials behind your name, you are recognized as an investment professional with the highest levels of competence in ethics and skills creating unmatched opportunities for you worldwide.

Completing the CFA Program endorses your proficiency of the rigorous CFA curriculum, connotes your success in passing all three exam levels, and is one of the criteria’s for earning The CFA® charter.

Mercury Institute was the first to introduce preparatory classes for the CFA Program in 2003. The program has been conducted over the years by CFA Charter Holders with industry experience to ensure student success at every examination.

The CFA charter is a postgraduate program, and hence, requires any of the following;

  • A recognized Bachelor’s Degree (ie: Bsc, BCom, BBA and etc.)
  • An equivalent qualification (ie: ACCA, CIMA, ICASL, CMA and etc.)
  • Final year student of the Bachelor’s Degree Program.
  • 4 years qualified work experience.
  • A combination of academic and professional experience that totals 4 years and an international travel passport.
Level ILevel IILevel III 
Question FormatMultiple choice questionsVignette-supported multiple choice questionsVignette-supported constructed response questions and vignette-supported multiple choice questions
Exam Results AvailabilityWithin 60 days of taking the examWithin 60 days of taking the examWithin 90 days of taking the exam
Level AdvancementMeet CFA Program enrollment requirementsPass Level I CFA examPass Level II CFA exam
Pass Rate43%45%56%
Exam SessionsFebruary, May, August, DecemberMay, AugustMay, November

How Do These CFA Exam Changes Benefit Candidates?

  • Moving to computer-based testing provides us with operational flexibility to quickly and reliably adjust to the changing landscape in response to either global or local situations; particularly relevant in a COVID-19 impacted world.
  • Computer-based scheduling enables CFA Institute to retire single-day test administration in favor of more convenient, socially distant computer-based test administration. Doing this offers options for candidates around the globe by increasing the number of exam administrations for every level, providing multi-day exam windows to eliminate the practice of all candidates sitting in a single day, and a broader footprint of test areas to improve flexibility.
  • Operating in a fully-digital format aligns to real-world, professional environments, allowing us to better model the tasks and problem-solving needs of today’s financial analysts and investment managers.