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CFA Level 1

187 cards · 🇺🇸 English

Master the fundamentals for CFA Level 1 exam covering ethics, quantitative methods, economics, financial analysis, and investment principles.

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What does CFA stand for?

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  1. 1What does CFA stand for?
    Chartered Financial Analyst
  2. 2What organization offers the CFA program?
    CFA Institute (formerly AIMR - Association for Investment Management and Research)
  3. 3How many charter-holders exist globally as of December 2024?
    At least 200,000 CFA charter-holders
  4. 4What is the annual growth rate of CFA charter-holders since 2012?
    5.5% annually (including pandemic effects)
  5. 5How long does it take on average to earn the CFA charter?
    Four years on average
  6. 6Name the top 5 global employers of CFA charter-holders.
    UBS, JPMorgan Chase, Royal Bank of Canada, Bank of America, and Morgan Stanley
  7. 7Which employer has the most CFA charterholders?
    Royal Bank of Canada (2,390 out of 204,000 charterholders as of 2025)
  8. 8When was the Financial Analysts Federation (FAF) established?
    1947
  9. 9When was the Institute of Chartered Financial Analysts founded?
    1962
  10. 10How were the earliest CFA charter-holders granted their designation?
    Grandfathered in through work experience only
  11. 11When did the CFA exam first get administered?
    1963
  12. 12Where did the CFA exam originally begin?
    United States and Canada
  13. 13By 2003, what proportion of CFA candidates were outside the US and Canada?
    More than half (fewer than half were in US/Canada)
  14. 14How much did CFA charter-holders increase in India from 2005 to 2006?
    25% increase
  15. 15How much did CFA charter-holders increase in China from 2005 to 2006?
    53% increase
  16. 16What does the CFA designation demonstrate?
    A strong foundation in advanced investment analysis and portfolio management with strict ethical standards
  17. 17What ethical commitment must charter-holders make annually?
    To uphold and abide by a strict professional code of conduct and ethical standards
  18. 18What happens if you violate the CFA code of ethics?
    Industry-related sanctions, suspension of the right to use CFA designation, or revocation of membership
  19. 19What is the educational requirement to become a CFA charter-holder?
    Bachelor's degree (or equivalent) or be in the final year of a bachelor's degree program
  20. 20How many levels of exams must be passed for CFA charter?
    All three levels of the CFA program
  21. 21How many hours of qualified work experience are required?
    4,000 hours in a minimum of three years
  22. 22Can you take CFA exams before completing the work experience?
    Yes, individual-level exams may be taken prior to satisfying the work experience requirement
  23. 23How many letters of reference are required for CFA charter?
    Two or three letters of reference
  24. 24Must you become a member of CFA Institute to earn the charter?
    Yes, membership in CFA Institute is required
  25. 25What is the shortest time to complete all three CFA exams?
    Two years (due to exam timing)
  26. 26Can you become a charter-holder in two years?
    No, you must still complete 4,000 hours of work experience over a minimum of three years
  27. 27What was the pass rate range for CFA Levels 1-3 from 2014-2024?
    22-59%
  28. 28What was the record-low pass rate for CFA Level I in May 2021?
    25%
  29. 29What was the pass rate for CFA Level I in July 2021?
    22%
  30. 30What was the pass rate for CFA Level II in August 2021?
    29%

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