Frequently Asked Questions

How many exams will I have to take?

There are three levels of exams. You have to pass one exam to move on to the next one. If you fail a level, you can retake the exam. There is no limit to the number of times you can take an exam.

Do I have to take the exams in three years?

No. You do not have to complete the CFA Program within a specified time frame, and there is no limit to the number of times you can take an exam. You do not need to repeat an exam level that you already have passed, regardless of the time that elapses between exams.

When are the exams held?

Exams are held in June (all levels) and December (Level I only).

If I pass the Level I exam in December, can I register for the Level II exam held the following June?

Yes. But remember that your preparation time will be shorter. It's important to consider your personal and professional demands before registering for an exam.

What is the format for the exams?

Each exam includes morning and afternoon sessions. The Level I questions are all multiple choice. The Level II questions are all item set (or "mini case") questions. The Level III exams contain essay questions in the morning session and item set questions in the afternoon session.

How do I prepare for the exams?

CFA Institute recommends that you spend at least 250 hours preparing for each exam level. This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background.

Where can I find a study guide?

CFA Institute doesn't provide a printed study guide. All study materials for each level, including study sessions, readings, and assigned problems, are included in the CFA Program curriculum.

Am I required to buy the CFA Program curriculum?

The complete curriculum is included as part of the registration.

Do you have to be a member in order to register for the BSAS Review Program?

No. However, members do receive a discount on the cost of the course.

What materials are provided in the BSAS Review Program?

Included in the tuition is a set of bound lecture notes created by the BSAS instructors, access to the online test bank and the current year's practice exam.

How can I pay for the course?

BSAS accepts checks, MasterCard or Visa. We do not accept American Express. Payment plans are available upon request.

If I register for the course, does that automatically register me for the exam?

No. CFA Institute is the entity that administers the exam. You must register directly with them and separate fees apply. For information regarding the exam registration process, please go to www.cfainstitute.org.

What is the cancellation policy?

Cancellations must be made in writing and dated prior to the second class. Cancellation requests may be faxed to (617) 542-6120, emailed to cfainfo@bsas.org, or mailed to BSAS, 260 Franklin Street, Suite 1540, Boston, MA 02110. Cancellations made after this time will be charged the total course cost.

If I cancel my registration, what is the book return policy?

If you cancel out of the course, you must return the bound lecture notes before your refund is processed. The materials must be returned in like-new condition. Books that have been written in will not be accepted and a charge for the book will be applied.

Can I switch days if I can't attend my regularly scheduled class?

Yes you are allowed to switch between sessions. At the time of registration, you are required to register for the date you plan on attending most. Please note that some levels will not have a second class offered during the week.