Программа CFA®

Why CFA®?

CFA preparatory program is specially designed for professionals who are responsible for financial and investment activities such as corporate financial reporting analysis and economics, study of derivatives, fixed-income instruments, statistics and numerical method, portfolio management, financial markets structure, etc.

Gaining such a qualification is evidence that the holder possesses skills and knowledge that are in high demand by employers in securities markets as well as in banking, corporate finance, fund management, insurance, and investment advice.

Why EY Academy of Business?

• The market leader for financial services in the CIS and abroad
• Academy of Business has been offering CFA^® Level I , II and III courses since 1994 in Europe and since 2005 in Moscow
• Qualified tutors, experienced in their subject and fully dedicated in CFA^® training
• Ongoing improvement and updating of the training materials, methodology and techniques
• Choice of formats: open or in-company, in class or distance
• On-line support of participants by the tutors throughout the period of their self-study.

The Academy's courses are intensive and are specially designed to help the candidate apply examination technique. Courses are mostly conducted over a weekend to minimize the need for candidates to take additional time off work.

CFA^® Curriculum and Examinations

There are three examination levels, which must be passed sequentially. There are no exemptions. Candidates should expect to complete the program in two/three years assuming first-time passes for each exam.
The examinations are conducted in English.
CFA^® Institute does not require candidates to complete the CFA^® Program within a specified time frame, nor does CFA^® Institute limit the number of times candidates may sit for each exam level or require candidates to repeat an exam level that they have already passed, regardless of the time elapsed between exams.

The syllabus for each of the three levels is based on the same list of topics, contained in the “Candidate Body of Knowledge” produced by CFA^® Institute, and is specified by a list of “learning outcome statements.” 

The learning outcome statements relate to chapters or excerpts from a series of recommended textbooks, professional journal articles and other readings that are set as reading assignments. These reading assignments effectively constitute the study material.

The Level I study program emphasizes tools and inputs and includes an introduction to asset valuation and portfolio management techniques.

The Level II study program emphasizes asset valuation and includes applications of the tools and inputs (including economics, financial statement analysis, and quantitative methods) in asset valuation.

The Level III study program emphasizes portfolio management and includes strategies for applying the tools, inputs, and asset valuation models in managing equity, fixed income, and derivative investments for individuals and institutions.

Each level is examined in two three-hour exams set on the same day, one in the morning and the other in the afternoon, with both exams covering the whole syllabus for that level.

CFA^® Institute publishes a table of examination guideline topic area weights, as follows:  

Topic	Level I	Level II	Level III
	%	%	%
Ethical & Professional Standards	15	10 – 15	10 – 15
Quantitative Methods	12	5 – 10	0
Economics	10	5 – 10	5 – 15
Financial reporting and Analysis	20	15 – 20	0
Corporate Finance	7	5 – 15	0
Equity Investments	10	15 – 25	5 – 15
Fixed Income	10	10 – 20	10 – 20
Derivatives	5	5 – 10	5 – 15
Alternative Investments	4	5 – 10	5 – 15
Portfolio Management and Wealth Planning	7	5 – 10	40 – 55
Total	100	100	100

There are two sessions, a morning and an afternoon session, for the exam for a total of 240 questions (120 per session).

The Level I examination consists of a total of 120 selected response – multiple choice questions for each session. Each question carries equal marks.

The Level II examination consists of selected response – item set questions. The item set format consists of a vignette or short case followed by six multiple choice questions based on the vignette.

The Level III examination consists of 50% constructed response (essay style) questions (morning session) and 50% selected response / item set questions (afternoon session).

Course Methodology, Structure and Administrative Support

Our courses are based covering the most important factors for CFA^® students:

• Time is limited and precious.
• Application of exam technique is necessary to ensure first time pass.
• Practicing exam type questions and application of tools is critical to first time pass.

We therefore apply the following methodology:

• Intensive courses concentrated on the most demanding parts of the syllabus
• Choice of formats: in class or distance
• Study Planner for sudents that provides students with guidance in relation to the progress of their studies aiming at maximum efficiency
• Practical examples and exam questions run by tutors to fully prepare candidates for the exam
• Leading CFA^® review materials: Schweser Study Notes, Schweser Practice Exams Volumes I and II
• EY additional materials for students to practice exam technique
• On-line support of participants by the tutors throughout the period of their self-study.

What administrative support does EY offer?

At your request, we can arrange fee transfer to CFA Institute.
If you opt for EY administrative support, you will be invoiced by us for the CFA Institute fee plus 50%. Please note that VAT (18%) will be added to the total cost.

CFA^® Body of Knowledge Topic Outline

The Candidate Body of Knowledge (CBOK)* represents the core knowledge, skills, and abilities that are generally accepted and applied by investment professionals throughout the world.

I. Ethical and Professional Standards

A. Professional Standards of Practice

B. Ethical Practices

II. Quantitative Methods

A. Time Value of Money

B. Probability

C. Probability Distributions and Descriptive Statistics

D. Sampling and Estimation

E. Hypothesis Testing

F. Correlation Analysis and Regression

G. Time-Series Analysis

H. Simulation Analysis

I. Technical Analysis

III. Economics

A. Market Forces of Supply and Demand

B. The Firm and Industry Organization

C. Measuring National Income and Growth

D. Business Cycles

E. The Monetary System

F. Inflation

G. International Trade and Capital Flows

H. Currency Exchange Rates

I. Monetary and Fiscal Policy

J. Economic Growth and Development

K. Effects of Government Regulation

L. Impact of Economic Factors on Investment Markets

IV. Financial Reporting and Analysis

A. Financial Reporting System (with an emphasis on IFRS)

B. Analysis of Principal Financial Statements

C. Financial Reporting Quality

D. Analysis of Inventories and Long-Lived Assets

E. Analysis of Taxes

F. Analysis of Debt

G. Analysis of Off-Balance-Sheet Assets and Liabilities

H. Analysis of Pensions, Stock Compensation, and Other Employee Benefits

I. Analysis of Inter-Corporate Investments

J. Analysis of Business Combinations

K. Analysis of Global Operations

L. Ratio and Financial Analysis

V. Corporate Finance

A. Corporate Governance

B. Dividend Policy

C. Capital Investment Decisions

D. Business and Financial Risk

E. Capital Structure Decisions

F. Working Capital Management

G. Mergers and Acquisitions and Corporate Restructuring

VI. Equity Investments

A. Types of Equity Securities and Their Characteristics

B. Equity Markets: Characteristics and Institutions

C. Equity Portfolio Benchmarks

D. Valuation of Individual Equity Securities

E. Fundamental Analysis (Sector, Industry, Company)

F. Equity Market Valuation and Return Analysis

G. Closely Held Companies and Inactively Traded Securities

H. Equity Portfolio Management Strategies

VII. Fixed Income

A. Types of Fixed-Income Securities and Their Characteristics

B. Fixed-Income Markets: Characteristics & Institutions

C. Fixed Income Portfolio Benchmarks

D. Fixed-Income Valuation (Sector, Industry, Company) and Return Analysis

E. Term Structure Determination and Yield Spreads

F. Analysis of Interest Rate Risk

G. Analysis of Credit Risk

H. Valuing Bonds with Embedded Options

I. Structured Products

J. Fixed-Income Portfolio Management Strategies

VIII. Derivatives

A. Types of Derivative Instruments and Their Characteristics

B. Forward Markets and Valuation of Forward Contracts

C. Futures Markets and Valuation of Futures Contracts

D. Options Markets and Valuation of Option Contracts

E. Swaps Markets and Valuation of Swap Contracts

F. Credit Derivatives Markets and Instruments

G. Uses of Derivatives in Portfolio Management

IX. Alternative Investments

A. Types of Alternative Investments and Their Characteristics

B. Real Estate Valuation

C. Private Equity/Venture Capital Valuation

D. Hedge Fund Strategies

E. Distressed Securities/Bankruptcies

F. Commodities and Managed Futures

G. Alternative Investment Management Strategies

X. Portfolio Management and Wealth Planning

A. The Investment Policy Statement

B. Modern Portfolio Management Concepts

C. Behavioral Finance

D. Management of Individual/Family Investor Portfolios

E. Management of Institutional Investor Portfolios

F. Investment Manager Selection

G. Economic Analysis and Setting Capital Market Expectations

H. Tax Efficiency Strategies

I. Asset Allocation

J. Portfolio Construction and Revision

K. Risk Management

L. Execution of Portfolio Decisions (Trading)

M. Performance Evaluation

N. Presentation of Performance Results

*Note: The CBOK Topic Outline was updated July 2014.

More information about CBOK >>

Information about CFA program, including video on why to pursue CFA designation >>