To achieve the CFA charter, candidates are required to pass three levels of exams. They must also prove four years of professional experience, provide professional references and submit a professional conduct statement.<br /><br /><strong>Curriculum<br /></strong>The curriculum is split into Investment Tools, Asset Valuation and Portfolio Management, each covered to varying degrees at each exam level. Subjects covered include ethical and professional standards, quantitative methods, economics, financial statement analysis, corporate finance; analysis of equity investments, debt investments, derivatives and alternative investments; and portfolio management and performance presentation.<br /><br /><strong>Exams<br /></strong>There are three exam levels. Level I focuses on knowledge and comprehension of fundamental investment tools and concepts; Level II covers application and analysis for asset valuation; Level III involves the synthesis and evaluation of client needs and portfolio management issues.<br /><br />Candidates take one exam per year over three years, often with a break between years two and three. Exams are sat in June, with all three exams administered on paper on a single day. Level I can also be sat in December. Last June, only 35 per cent passed Level I, 46 per cent passed Level II, and 53 per cent passed level III.<br /><br />For more information, visit