Students have been asking this question. So today, Mr. Gao Dun will combine the information provided by CFA Institute to analyze the differences between Level 1, Level 2 and Level 3 exams.
Next, let's take a look.
First, the test content focuses on different.
Regarding the differences in CFA examinations at all levels, CFA Institute believes that the increase in complexity can be proved by the content of ethics and professional standards courses.
CFA exams at all levels have different emphases, and candidates are assessed from different angles. Every time you pass the first-level assessment, you need to make great efforts and it is also a sublimation of knowledge and skills.
CFA Level 1 mainly focuses on investment tools, financial statement analysis and investment analysis management foundation, and requires candidates to understand and master the basic knowledge of financial investment analysis, which belongs to CFA introductory examination.
CFA Level 2 mainly focuses on asset evaluation and analysis, stock valuation, fixed income and derivative investment, and investigates how to effectively conduct product pricing and portfolio analysis according to cases. The examination form is case analysis of the changes in investment performance and income, which belongs to CFA intermediate examination.
CFA Level 3 focuses on portfolio management, investment performance analysis and financial management. Candidates are required to be familiar with asset pricing and investment performance analysis, and be able to write investment reports independently. The form of the examination is to independently analyze the investment performance and write an investment analysis report according to the requirements of the example, which belongs to CFA Advanced Examination.
Second, the weight of each subject in the exam is different.
There are ten subjects in CFA exam. Because the subjects at each level are different, different scores are given to the focus of each subject.
The following is the score weight ratio of each subject in CFA Institute exams at all levels, and it is also the criterion adopted by CFA Institute questioners in setting questions:
From the above figure, we can also find that the subjects of CFA Level 1 and Level 3 are complementary. The first level focuses on the foundation, the third level focuses on the application, and the second level focuses on the synthesis as a transition, so the weights given to each subject are relatively balanced.
However, it should be noted that these weights are intended to guide the formulation process of courses and exams, and are only used as general reference. The actual exam may be slightly different every year.
For example, in the CFA Level 1 exams of 20 18 and 12, the weights have changed:
However, the 20 19 primary, secondary and tertiary weights refer to the general outline of the above weights, and there is no deviation.
Therefore, candidates should know whether the weight ratio of each subject in review at all levels has changed.
When reviewing, it is recommended to refer to the weight to plan your own study. For subjects with a large proportion and low cost performance, review time can be reduced as appropriate.
Third, the test questions are different.
There are differences in exam questions at each level of CFA, which need to be practiced in combination with different questions.
The CFA level is a multiple-choice question with 240 questions, and the answer has ABC three options, one of three choices.
CFA Level 2 is a case-based multiple-choice question, with 20 project sets, 6 small questions for each question, *** 120 questions, divided into three ABC options, and choose one from the three.
CFA Level 3 questions are divided into two parts, with short essays in the morning and the same exams in the afternoon as Level 2. 10 question group, each with 6 small questions and ***60 questions.
In the practice of brushing questions before the exam, candidates must ensure that they are familiar with the questions and take their time in the exam. Especially for the composition questions of CFA level 3, you must practice IPS writing skills more.
Fourth, the pass rate of the exam is different.
Although the passing rate may not fully reflect the difficulty of the exam, it can also give us some reference.
The following figure shows the passing rate in the past four years:
As can be seen from the above figure, the first-level pass rate is the lowest. The main reason may not be that the first level is the most difficult, but that for students who are new to CFA exam, pure English can't fully adapt to the exam.
However, the passing rate of grade two and grade three rises in turn, which may tell us that after passing grade one, our knowledge base will be improved accordingly, and our professional ability will be gradually improved, thus increasing the passing probability.
Fifth, social recognition is different.
CFA I, II and III are just like the titles of junior, intermediate and senior accounting, with different social recognition. The society is more willing to trust the credentials of high-level, which makes the recognition of high-level more valuable. At this point, the recognition obtained through the third level and the first level is different.
For example, in HR's eyes, passing CFA level 1 exam is actually equivalent to getting 60 points, and passing level 2 and level 3 is equivalent to 80 points and 100 points in turn. Students who have been students for more than ten years immediately know that "teachers" will definitely prefer good grades and give different preferential treatment.
For example, offer different salary levels:
Of course, there must be corresponding abilities and conditions to match.
Abstract of intransitive verbs
The professional knowledge level of CFA Level 3 exam is progressive, and each level has different emphasis. Every time you pass the exam, your knowledge and application ability will be improved, and your professional level will also be improved.
All along, the knowledge covered by CFA has always been known for its comprehensiveness and has been recognized and learned by countless investors around the world. For CFA students, even if it is not for the certificate, just learning knowledge can be of great help to personal promotion.
Next, Gao Dun Jun summed up the knowledge system framework of CFA by combining the curriculum knowledge of CFA Association.
Gao Dun believes that improving the level of personal professional investment is probably a valuable asset for people in the financial industry.
I recommend a senior who has passed CFA. You can ask her what CFA doesn't understand. It can not only solve the CFA exam problem, but also the electronic CFA exam questions and CFA preparation materials: WeChat ID: CFA 706.