How long does it take to process an application?
Application processing time is approximately three weeks. Because of high volumes at deadlines, however, processing time may be up to six weeks.
When will I receive the Study Guide?
Study Guides are sent to applicants upon receipt of the registration and enrollment application and fee. Notify AIMR immediately if your Study Guide is not received in a reasonable time period (in the United States, three weeks from application mail date; in Canada or internationally, six weeks).
I don't understand the fees; why do I have to pay a fee each year?
Upon entering the program, you pay the registration and the enrollment fees. The registration fee registers you into the program, and you pay it only once. You pay the enrollment fee each year that you enroll to take a specific exam to cover such costs as the Study Guide, a regular exam center, and exam grading. No carryover of enrollment fees from year to year is allowed.
What is the cost of the textbooks?
The cost of the assigned textbooks is not included in the CFA registration and enrollment fees. Candidates are responsible for purchasing books. Book order forms are provided in the back of the Study Guides; textbooks are not ordered through AIMR, but can be ordered on-line through the PBD Bookstore. The total cost of Level I texts is approximately $600 (costs for Levels II and III are usually less because some texts carry over).
Can I use the same textbooks each year? Is it important to get revised editions?
AIMR strongly advises candidates to purchase the editions of textbooks referenced in the Study Guide rather than using other editions. Candidates who use incorrect editions risk missing material that may be included on the upcoming exam. The Council of Examiners, our volunteer committee responsible for exam preparation, references only the editions mentioned in the Study Guide.
Do I need to have the three years of work experience before I enter the program?
No, but you must have accrued the required three years to be awarded a CFA charter. This experience may be accrued while you complete the program (which takes a minimum of three years) or after you pass the Level III exam. If you still do not have the experience following completion of the final exam, AIMR will wait to award the charter until you notify us that you have satisfied the 36-month experience requirement.
How can I sign up for group study classes?
The CFA Program is basically self-study. Some local Member Societies and Member Chapters and outside organizations offer study groups with mailing lists of enrolled CFA candidates. AIMR does not promote or endorse these programs.
When will I receive the examination results?
Examination results, together with an enrollment form for the next exam, are sent by regular mail, usually within 90 days of the exam date. Therefore, your address must be current at all times. Please do not call AIMR for an exact mailing date. Exam results are never released over the telephone.
Why did AIMR institute the new calculator policy?
The new calculator policy was developed over many months and was approved by the AIMR Board of Governors in response to two major concerns. First, the old policy often resulted in candidate confusion. This in turn placed significant time demands upon AIMR staff and proctors as they responded to a multitude of questions and attempted to enforce the old policy. Second, the text-storing capabilities of many calculators pose a serious threat to the security of the CFA?/sup> examination.
AIMR hopes that by adopting a policy of permission (defining what a candidate may use) rather than a policy of omission (attempting to describe what the candidate may not use), AIMR can more easily protect the integrity of the CFA examination and ultimately the CFA charter. For these reasons, a short list of permissible calculator models may now be obtained from AIMR.
How long will it take to process my application for the CFA Study and Examination Program?
Processing time may take four to six weeks.
Second Administration of Level I CFA Examination Questions and Answers
Why has AIMR decided to offer the Level I examination twice each year?
There are three main reasons. First, the CFA designation has become a de facto requirement for many employers in the investment industry. For that reason, many investment professionals must complete the CFA Program as a condition of employment. Providing a second administration of the Level I examination means those who cannot sit for the June examination or those who fail it梐s many do梬ill not necessarily have to wait two full years to sit for Level II. Second, many regulators particularly in the United Kingdom梪se the Level I examination as a substitute for regulatory examinations. These regulators have encouraged AIMR to offer the Level I examination on multiple dates. Third and most importantly the Level I examination is multiple choice and machine graded, which makes it possible to administer the examination in December, grade it, and distribute results to candidates so that they have adequate time to prepare for the following June's Level II examination.
Can candidates sit for the Level I examination twice each year? That is, can a candidate sit for the December examination after failing it in June?
Yes, and that is one of the biggest benefits of offering the Level I examination twice each year. Candidates who fail Level I in June can sit for Level I six months later instead of waiting a full year to re-take Level I, meaning they still can get through the program in a total of three years. While the questions on the December examination will be different, they will be based upon the same curriculum and Learning Outcome Statements.?
What are the other benefits of offering the Level I examination twice each year for candidates?
There are many benefits; here are just two. First, candidates who for one reason or another can adequately prepare for the June examination still will have an opportunity to sit for the examination without adding a full year to the time it takes to complete the program. Second, it will be easier for candidates who fail the June examination to prepare for their next sitting six months later (rather than 12 months later) when the material is fresher in their minds. This is particularly true because the curriculum will not change between June and December.
Will the registration and enrollment deadlines for the December examination differ from the June examination?
Yes, click here to see the deadlines.
AIMR offers special test centers in June for candidates who do not have access to a test center? within reasonable distance of their home cities. Will special test centers be available for the December examination?
No, AIMR will not be offering special test centers in December. Each center will be equipped, however, to accommodate the special needs of candidates with disabilities. Candidateswhose religious obligations prohibit them from taking the examination on the scheduled date may request an alternative test date, but it must be at one of the 25 established test centers.
