Home > CFA Exam Syllabus Level 1 2 3 | Study Material Notes | FREE Mock Test | Eligibility | CFA Institutes

CFA Exam Syllabus Level 1 2 3 | Study Material Notes | FREE Mock Test | Eligibility | CFA Institutes

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CFA (Charted Financial Analyst)

Hi everyone, this is AMAN RAJ here, and welcome to Amans Maths Blogs (AMBIPi). Are you preparing for CFA exam and need to know about its full details like CFA Exam Syllabus Level 1 2 3 | Study Material Notes | FREE Mock Test | Eligibility. Then, you are on the right article of AMBIPi. So let’s understand each and every details of CFA Exam.  

What is Full Form of CFA Exam?

The full form of CFA exam is Charted Financial Analyst. This program is designed by CFA Institute in USA.

What is CFA Exam?

CFA (Charted Financial Analyst) is a financial course which is designed by CFA Institute in United States. CFA is one of the prestigious course in financial and investment management sector. 

To get admission in this CFA Course, you need to clear its three level exams known as CFA Level 1, CFA Level 2, CFA Level 3.

By this course, the candidates will be able to understand the deep knowledge of Financial, Accounting and Mathematical Quantitative Methodology concepts which is required in any financial and investment decision for any organization. 

Who is a Charted Financial Analyst?

CFA (Charted Financial Analyst) is a certified financial analyst who works as a financial advisor for an organization.

CFA uses their knowledge about the finance, accounting, economics and business and hence CFA handles all the financial and investment management for the company.

What is CFA Course Duration?

CFA course duration is about 1.5 to 4 years. 

What is CFA Level 1, 2, 3 Exams?

CFA is a three level exams which is known as CFA Level 1, CFA Level 2 and CFA Level 3 exams. If you want to be a CFA and want to get certified charted financial analyst, then you must need to clear all the levels of CFA exams.

CFA Level 1 exam covers all about the basic details of investment tools and asset classes. CFA Level 1 certification allows to get a deep knowledge about Portfolio Management, Ethical and Professional Standards and financial skills to work in a organization.

CFA Level 2 exam covers all about the concepts of Equity, Financial and Investment Management and Asset Valuation. By completing this level, you have now competencies and financial skills.

CFA Level 3 exam covers advanced level concepts of Finance and Investment Management.

Therefore, if you clear these levels of CFA exam then you will be known as a Certified Charted Financial Analyst. 

What is CFA Exam Syllabus Level 1, 2, 3?

Since CFA is a three level exams and whole financial curriculum of CFA Certification is distributed over the CFA Level 1, CFA Level 2 and CFA Level 3.

The only difference is that the weightage of concepts of the academic disciplines of Finance and Investment.

Therefore, the CFA Exam Syllabus contains following Core Curriculum Topics as below.

CFA Syllabus
CFA Syllabus Topics Description
Ethical & Professional Standards It covers the code of Ethics, Global Investment and Professional Standards. It also include the knowledge about the Ethical behavior and the need of professionalism in financial and investment market.
Quantitative Method It covers the descriptive Statistics, Probability Theory and Investment Decision making. It also include discounted cash flow with market return.
Economics It cover the concepts of Firm and Market Structure, Demand and Supply Analysis, Aggregate Output. It also include the microeconomics ideas and market structure.
Financial Reporting Analysis It covers the concepts of financial reports, drafting balance sheets, financial reporting mechanics and standards and also include the method of income statement and their standards procedure.
Corporate Issuers It covers the details of corporates governance, stakeholder management, cost of capitals, capital budgeting, financial reporting, equity section, dividend and repurchase policy.
Equity Investment It covers the study of market efficiency, security market indices, economy securities and equity investment regions of the economy.
Fixed Income It covers all the basic concepts of Introduction of Fixed Income valuation, Credit Analysis, Bonds, Mortgage Backed Securities and their valuation, factors risking it.
Derivatives It covers the fundamental of derivatives and the structure of derivatives market. It also include the basic deals of currency forwards, interest rate futures and the framework of derivative markets.
Alternative Investment It covers the concepts of equity and fixed income concepts with asset classes such as hedge funds, private equity, real estate, infrastructure and others related concepts.
Portfolio Management & Wealth Planning It covers the concepts of fundamental of portfolio management and wealth planning.

What is CFA Level 1 Syllabus Weightage?

The CFA Level 1 Syllabus Weightage of the following CFA exam syllabus topics are given in below.

CFA Level 1 Syllabus Weightage
CFA Level 1 Syllabus Weightage
Ethical & Professional Standards 15 to 20%
Quantitative Method 8 to 12%
Economics 8 to 12%
Financial Reporting Analysis 13 to 17%
Corporate Issuers 8 to 12%
Equity Investment 10 to 12%
Fixed Income 10 to 12%
Derivatives 5 to 8%
Alternative Investment 5 to 8%
Portfolio Management & Wealth Planning 5 to 8%

What is CFA Level 2 Syllabus Weightage?

The CFA Level 2 Syllabus Weightage of the following CFA exam syllabus topics are given in below.

CFA Level 2 Syllabus Weightage
CFA Level 2 Syllabus Weightage
Ethical & Professional Standards 10 to 15%
Quantitative Method 5 to 10%
Economics 5 to 10%
Financial Reporting Analysis 10 to 15%
Corporate Issuers 5 to 10%
Equity Investment 10 to 15%
Fixed Income 10 to 15%
Derivatives 5 to 10%
Alternative Investment 5 to 10%
Portfolio Management & Wealth Planning 10 to 15%

What is CFA Level 3 Syllabus Weightage?

The CFA Level 3 Syllabus Weightage of the following CFA exam syllabus topics are given in below.

CFA Level 3 Syllabus Weightage
CFA Level 3 Syllabus Weightage
Ethical & Professional Standards 10 to 15%
Quantitative Method 0%
Economics 5 to 10%
Financial Reporting Analysis 0%
Corporate Issuers 0%
Equity Investment 10 to 15%
Fixed Income 15 to 20%
Derivatives 5 to 10%
Alternative Investment 5 to 10%
Portfolio Management & Wealth Planning 35 to 40%

What is CFA Eligibility Criteria?

Since CFA is a postgraduate program, you must have a Bachelor’s degree to pursue this CFA course.

OR, if you are in last year of Bachelor’s degree program, then you are also eligible for enrolling in CFA.

Apart from this, you must have at least four years of work relevant experience at the time of CFA program registration. Hence, you need to submit more than two reference/experience letters from any reputed and professionals finance and investment industry.

CFA Level 1 Eligibility Criteria

Now, if you want to become a Charted Finance Analyst (CFA), then you must clear the three level of CFA exams.

Therefore, you need to full-fill the graduation and work experience requirement (as discussed above) at the time of CFA registration for CFA Level 1 Exam. 

CFA Level 2 Eligibility Criteria

The candidates who pass the CFA Level 1 Exam are eligible for CFA Level 2 exam.

CFA Level 3 Eligibility Criteria

The candidates who pass the CFA Level 2 Exam are eligible for CFA Level 3 exam.

CFA Level 1 Exam Paper Pattern

CFA Level 1 Paper Pattern
Number of Sessions  2
Time Duration for Reading Instruction 30 Minutes
Number of Questions in Session 1 (CFA Level 1 Questions Paper 1)  120
Time Duration for Session 1 135 Minutes
Type of Questions in Session 1 MCQ
Optional Break 30 Minutes
Number of Questions in Session 2 (CFA Level 1 Questions Paper 2)  120
Time Duration for Session 2 135 Minutes
Type of Questions in Session 2 MCQ
Total Testing Time Duration 4.5 Hours
Total Time Duration for Session 1 and 2 5.5 hours

CFA Level 2 Exam Paper Pattern

CFA Level 2 Paper Pattern
Number of Sessions  2
Time Duration for Reading Instruction 30 Minutes
Number of Questions in Session 1 (CFA Level 2 Questions Paper 1)  60
Time Duration for Session 1 135 Minutes
Type of Questions in Session 1 MCQ
Optional Break 30 Minutes
Number of Questions in Session 2 (CFA Level 2 Questions Paper 2)  60
Time Duration for Session 2 135 Minutes
Type of Questions in Session 2 MCQ
Total Testing Time Duration 4.5 Hours
Total Time Duration for Session 1 and 2 5.5 hours

CFA Level 3 Exam Paper Pattern

CFA Level 3 Paper Pattern
Number of Sessions  2
Time Duration for Reading Instruction 30 Minutes
Number of Questions in Session 1 (CFA Level 3 Questions Paper 1) 
Time Duration for Session 1 135 Minutes
Type of Questions in Session 1 Essay
Optional Break 30 Minutes
Number of Questions in Session 2 (CFA Level 3 Questions Paper 2)  60
Time Duration for Session 2 135 Minutes
Type of Questions in Session 2 MCQ
Total Testing Time Duration 4.5 Hours
Total Time Duration for Session 1 and 2 5.5 hours

Kaplan Schweser CFA Level 1 2 3 Notes

Schweser provides a course material for CFA Level 1, 2 and 3 program and it is published by Kaplan. On this article, you will get the chapter notes details what the topics included in the Kaplan Schweser CFA Level 1 Notes, CFA Level 2 packages and CFA Level 3.

Kaplan Schweser CFA Level 1 Notes

In Kaplan Schweser Notes for CFA Level 1, CFA Institute defines the following sessions with reading and learning outcome statements. 

Schweser Notes CFA Level 1: Study Session 1:

Reading Assignment as below.

  • Code of Ethics and Standard of Professional Conduct
  • Guidance for Standard I to VII
  • Introduction to the Global Investment Performance Standards (GIPS)
  • Basic and Background of Global Investment Performance Standards (GIPS)
  • The Corporate Governance of Listed Companies

Kaplan Schweser Notes CFA Level 1: Study Session 2:

Reading Assignment as below.

  • The Time Value of Money
  • Discounted Cash Flow Applications
  • Statistical Concepts and Market Returns
  • Probability Concepts

CFA Level 1 Kaplan Schweser Notes: Study Session 3:

Reading Assignment as below.

  • Common Probability Distribution
  • Sampling and Estimation
  • Hypothesis Testing
  • Correlation and Regression

Kaplan CFA Level 1 Notes: Study Session 4:

Reading Assignment as below.

  • Demand and Supply Analysis Introduction
  • Demand and Supply Analysis Consumer Demand
  • Demand and Supply Analysis The Firm
  • The Firm and Market Structures

CFA Schweser Notes: Study Session 5:

Reading Assignment as below.

  • Aggregate Output, Price and Economics Growth
  • Understanding Business Cycles
  • Monetary and Fiscal Policy

Kaplan Schweser CFA Level 1: Study Session 6:

Reading Assignment as below.

  • International Trade and Capital Flows
  • Currency Exchange Rates

Kaplan CFA Level 1 Books: Study Session 7:

Reading Assignment as below.

  • Financial Statement Analyst
  • Financial Reporting Mechanics
  • Financial Reporting Standards

Kaplan CFA Level 1: Study Session 8:

Reading Assignment as below.

  • Understanding Income Statements
  • Understanding Balance Sheets
  • Understanding Cash Flow Statements
  • Financial Analyst Techniques

Schweser CFA Level 1: Study Session 9:

Reading Assignment as below.

  • Inventories
  • Long Lived Assets
  • Income Taxes
  • Non Current (Long Term) Liabilities

Kaplan Schweser CFA Level 1 Notes: Study Session 10:

Reading Assignment as below.

  • Financial Reporting Quality: Red Flags and Accounting Warning Signs
  • Accounting Shenanigans on the Cash Flow Statement
  • Financial Statement Analyst Application

Schweser Notes CFA Level 1: Study Session 11:

Reading Assignment as below.

  • Capital Budgeting
  • Cost of Capital
  • Measures of Leverage
  • Dividends and Share Repurchase Basics Working Capital Management
  • The Corporate Governance of Listed Companies

Kaplan Schweser Notes CFA Level 1: Study Session 12:

Reading Assignment as below.

  • Portfolio Management: An Overview
  • Portfolio Risk and Return Part 1
  • Portfolio Risk and Return Part 2 
  • Basics of Portfolio Planning and Construction

CFA Level 1 Kaplan Schweser Notes: Study Session 13:

Reading Assignment as below.

  • Market Organization and Structure
  • Security Market Indices
  • Market Efficiency

Kaplan CFA Level 1 Notes: Study Session 14:

Reading Assignment as below.

  • Overview of Equity Securities
  • Introduction to Industry and Company Analysis
  • Equity Valuation Concepts and Basic Tools Features of Debts Securities
  • Risks Associated with Investing in Bonds Overview of Bond Sectors and Instruments
  • Understanding Yields Spreads

CFA Schweser Notes: Study Session 15:

Reading Assignment as below.

  • Introduction to the Valuation of Debt Securities
  • Yield Measures, Spot Rates, and Forward Rates
  • Introduction to the Measures of Interest Rate Risk

Kaplan Schweser CFA Level 1: Study Session 16:

Reading Assignment as below.

  • Derivative Markets and Instruments
  • Forward Markets and Contracts
  • Future Markets and Contracts
  • Option Markets and Contracts
  • Swap Markets and Contracts
  • Risk Management Applications of Option Strategies 

Kaplan CFA Level 1 Books: Study Session 17:

Reading Assignment as below.

  • Introduction to Alternative Investment
  • Investing in Commodities

Kaplan Schweser CFA Level 2 Notes

In Kaplan Schweser Notes for CFA Level 2, CFA Institute defines the following sessions with reading and learning outcome statements.

Kaplan CFA Level 2 Packages: Study Session 1:

Reading Assignment as below.

  • Code of Ethics and Standard of Professional Conduct
  • Guidance for Standards I-VII
  • CFA Institute Soft Dollar Standards
  • CFA Institute Research Objectivity Standards

Schweser Notes CFA Level 2: Study Session 2:

Reading Assignment as below.

  • The Glenarm Company
  • Preston Partners
  • Super Selection
  • Trade Allocation: Fair Dealing and Disclosure
  • Changing Investment Objectives
  • Prudence in Perspective

Schweser CFA Level 2: Study Session 3:

Reading Assignment as below.

  • Correlation and Regression
  • Multiple Regression and Issues in Regression Analysis
  • Time Series Analysis

Kaplan CFA Level 2: Study Session 4:

Reading Assignment as below.

  • Currency Exchange Rates: Determination and Forecasting
  • Economics Growth and the Investment Decision
  • Economics of Regulation

Kaplan Schweser CFA Level 2: Study Session 5:

Reading Assignment as below.

  • Inventories: Implications for Financial Statements and Ratios
  • Long Lived Assets: Implications for Financial Statements and Ratios

Kaplan CFA Level 2 Packages: Study Session 6:

Reading Assignment as below.

  • Intercorporate Investment
  • Employee Compensation: Post Employment and Share Based
  • Multinational Operations

Schweser Notes CFA Level 2: Study Session 7:

Reading Assignment as below.

  • The Lessons We Learn
  • Evaluating Financial Reporting Quality
  • Integration of Financial Statement Analyst Techniques

Schweser CFA Level 2: Study Session 8:

Reading Assignment as below.

  • Capital Budgeting
  • Capital Structure
  • Dividends and Share Repurchase Analysis

Kaplan CFA Level 2: Study Session 9:

Reading Assignment as below.

  • Corporate Governance
  • Mergers and Acquisitions

Kaplan Schweser CFA Level 2: Study Session 10:

Reading Assignment as below.

  • A Note on Asset Valuation
  • Equity Valuation: Applications and Processes
  • Equity: Markets and Instruments
  • Return Concepts

Kaplan CFA Level 2 Packages: Study Session 11:

Reading Assignment as below.

  • Equity: Concepts and Techniques
  • The Five Competitive Forces That Shape Strategy
  • Industry Analysis
  • Valuation in Emerging Markets
  • Discounted Dividends Valuations

Schweser Notes CFA Level 2: Study Session 12:

Reading Assignment as below.

  • Free Cash Flow Valuations
  • Market-Based Valuations: Price and Enterprise Value Multiples
  • Residual Income Valuation
  • Private Company Valuation

Schweser CFA Level 2: Study Session 13:

Reading Assignment as below.

  • Investment Analysis
  • Income Property Analysis and Appraisal
  • Private Equity Valuations
  • Investing in Commodities
  • Evaluating the Performance of Your Hedge Funds
  • Buyers Beware: Evaluating and Managing the Many Facets of the Risks of Hedge Funds

Kaplan CFA Level 2: Study Session 14:

Reading Assignment as below.

  • General Principles of Credit Analysis
  • The Liquidity Conundrum
  • Term Structure and Volatility of Interest Rates
  • Valuing Bonds and Embedded Options

Kaplan Schweser CFA Level 2: Study Session 15:

Reading Assignment as below.

  • Mortgage-Backed Sector of the Bond Market
  • Asset-Backed Sector of the Bond Market
  • Valuing Mortgage-Backed and Asset-Backed Securities

Kaplan CFA Level 2 Packages: Study Session 16:

Reading Assignment as below.

  • Forward Markets and Contracts
  • Futures Markets and Contracts

Schweser Notes CFA Level 2: Study Session 17:

Reading Assignment as below.

  • Option Markets and Contracts
  • Swap Markets and Contracts
  • Interest Rate Derivative Instruments
  • Using Credit Derivative to Enhance Return and Manage Risk

Schweser CFA Level 2: Study Session 18:

Reading Assignment as below.

  • Portfolio Concepts
  • A Note on Harry “Market Efficiency”
  • International Asset Pricing
  • The Theory of Active Portfolio Management
  • The Portfolio Management Process and the Investment Policy Statement

Kaplan Schweser CFA Level 3 Notes

In Kaplan Schweser Notes for CFA Level 3, CFA Institute defines the following sessions with reading and learning outcome statements.

Kaplan CFA Level 3: Study Session 1:

Reading Assignment as below.

  • Code of Ethics and Standard of Professional Conduct
  • Guideline for Standard I to VII

Kaplan Schweser CFA Level 3: Study Session 2:

Reading Assignment as below.

  • Ethics in Practice
  • The Consultant
  • Pearl Investment Management
  • Asset Manager Code of Professional Conduct

Schweser CFA Level 3: Study Session 3:

Reading Assignment as below.

  • The Behavioral Finance Perspective
  • The Behavioral Biases of Individuals
  • Behavioral Finance and Investment Process

CFA Level 3 Schweser Notes: Study Session 4:

Reading Assignment as below.

  • Managing Individual Investor Portfolios
  • Taxes and Private Wealth Management in Global Context Estate Planning in a Global Context
  • Low Basis Stock
  • Lifetime Financial Advice: Human Capital Asset Allocation and Insurance

Kaplan CFA Level 5 Packages: Study Session 5:

Reading Assignment as below.

  • Managing Institutional Investor Portfolios
  • Linking Pension Liabilities to Assets
  • Allocating Shareholder Capital to Pension Plans

Kaplan CFA Level 3: Study Session 6:

Reading Assignment as below.

  • Capital Market Expectations

Kaplan Schweser CFA Level 3: Study Session 7:

Reading Assignment as below.

  • Equity Market Valuation
  • Dreaming with BRICs The Path to 2050

Schweser CFA Level 3: Study Session 8:

Reading Assignment as below.

  • Asset Allocation
  • The Case for International Diversification

CFA Level 3 Schweser Notes: Study Session 9:

Reading Assignment as below.

  • Fixed Income Portfolio Management Part 1
  • Relative Value Methodologies for Global Credit Bond Portfolio Management

Kaplan CFA Level 5 Packages: Study Session 10:

Reading Assignment as below.

  • Fixed Income Portfolio Management Part 2
  • Hedging Mortgage Securities to Capture Relative Value

Kaplan CFA Level 3: Study Session 11:

Reading Assignment as below.

  • Equity Portfolio Management

Kaplan Schweser CFA Level 3: Study Session 12:

Reading Assignment as below.

  • Corporate Performance, Governance and Business Ethics
  • International Equity Benchmarks
  • Emerging Markets Finance

Schweser CFA Level 3: Study Session 13:

Reading Assignment as below.

  • Alternative Investments Portfolio Management
  • Swaps
  • Commodity Forwards and Futures

CFA Level 3 Schweser Notes: Study Session 14:

Reading Assignment as below.

  • Risk Management
  • Currency Risk Management

Kaplan CFA Level 5 Packages: Study Session 15:

Reading Assignment as below.

  • Risk Management Applications of Forward and Futures Strategies
  • Risk Management Applications of of Option Strategies
  • Risk Management Applications of Swap Strategies

Kaplan CFA Level 3: Study Session 16:

Reading Assignment as below.

  • Execution of Portfolio Decisions
  • Monitoring and Rebalancing

Kaplan Schweser CFA Level 3: Study Session 17:

Reading Assignment as below.

  • Evaluating Portfolio Performance
  • Global Performance Evaluation

Schweser CFA Level 3: Study Session 18:

Reading Assignment as below.

  • Global Investment Performance Standards

Best Study Material for CFA Level 1 2 3 Books

If you need a hard copy of CFA Level 1, 2 and 3 study guide materials book for preparing the CFA entrance exam, then you can get these books on Amazon.

Some selected and important best CFA study books from Amazon are listed as below

Best Study Material for CFA Level 1: 2022 CFA Program Curriculum Level 1 Box Set

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Best Study Guide for CFA Level 1: Wiley’s Level 1 CFA Program Study Guide 2022: Complete Set

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Best CFA Level 1 Prep Books: 2022 CFA Level 1 Question Bank 1000 Critical Questions Bank

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Best Study Guide for CFA Level 1: 2022 Study Material Compatible for CFA Level 1 Curriculum Institute Books

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Best Study Material for CFA Level 1: Examwise Volume 2 CFA Level 1 Book

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Best CFA Level 1 Books: Schweser Notes for CFA Exam

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Best Study Material for CFA Level 2: 2022 CFA Program Curriculum Level 2 Box Set

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Best Study Material for CFA Level 2: CFA Program Level 2 Handbook 25th Hour Notes

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Best Study Material for CFA Level 2: Wiley’s Level 2 CFA Program Study Guide

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Best Study Material for CFA Level 2: Wiley’s Level 2 CFA Program 11th Hour Guide

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Best Study Material for CFA Level 2: CFA Program Curriculum Level 2 Volume 1 to 6 Box Set

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Best Study Material for CFA Level 3: CFA Program Curriculum Level 3 Volume 1 to 6 Box Set

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Best Study Material for CFA Level 3: Wiley’s Level 3 CFA Program Study Guide

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Best Study Material for CFA Level 3: Wiley’s Level 3 CFA Program Guide Volume 1 to 6 Box Set

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CFA Level 1 2 3 Mock Exam Practice Test

FREE CFA Level 1 Practice Test Questions with Answer Keys and Explanation

FREE CFA Level 2 Practice Test Questions with Answer Keys and Explanation

FREE CFA Level 3 Practice Test Questions with Answer Keys and Explanation

Top CFA Institutes Abroad

Top CFA Institutes in USA (United States of America)

  • Anderson University
  • Arizona State University
  • Arkansas Tech University
  • Babson College
  • Ball State University
  • Barry University
  • Seattle University
  • Northern Illinois University
  • Ohio University
  • University of Washington

Top CFA Institutes in Australia

  • Australian National University
  • Bond University
  • Griffith University
  • Monash University
  • Queensland University of Technology
  • Royal Melbourne Institute of Technology University
  • University of Adelaide
  • University of Melbourne
  • University of Sydney
  • University of Wollongong

Top CFA Institutes in Canada

  • Carleton University
  • Dalhousie University
  • Laval University
  • McMaster University
  • Northern Alberta Institute of Technology
  • Okanagan College
  • University of Alberta
  • University of British Columbia
  • University of Waterloo
  • York University

Top CFA Institutes in UK (United Kingdom)

  • Aston University
  • Coventry University
  • Cranfield University
  • Durham University Business School
  • Imperial College Business School
  • King’s College London
  • Lancaster University
  • Newcastle University
  • Swansea University
  • University of Cambridge