Frequently asked questions

1) What is the format for the exam?
Each CFA exam includes a morning and an afternoon session (i.e. 2 x 3 hours). The exam questions are in English and no aids are permitted in the exam room.

2) Are the exam questions multiple choice?
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.

3) In which language are The Danish Finance Society’s Level 1 course held?
The course is taught in English with English slides and teaching material.

4) What is the current “Calculator Policy”?
Only the following two calculator models are approved for use at the CFA exams: Hewlett Packard 12C (including the Hewlett Packard 12C Platinum), Texas Instruments BA II Plus (including the TI BA II Plus Professional). There is absolutely no dispensation for other calculator types in the exam ares. For more information click here:

5) Will the Program Curriculum automatically be sent to me?
One pays for the e-books (free) at the time of the CFA exam registration. There is a possibility for purchasing print-books at any time afterwards for an additional charge plus shipping costs.

6) Is it possible to take a ‘break’ between the different levels?
There is no time limit and only a one-time fee for Program enrollment. For older exam results, the CFA Institute may ask to furnish scanned documentation of passing, previously sent as a pass letter.

7) How many times may I fail an exam?
See nr. 6 – there is no time limit. Candidates that enroll early may be able to obtain an early-bird rebate.

8) Can I withdraw from an exam?
Yes, but your registration fee will not be refunded. CFA Institute fees are non-refundable. If you choose to postpone your exam for a year, you only have to pay the registration fee next year.

9) Is it a precondition that I am a member of the CFA Institute in order to obtain the CFA Charter?
It is a precondition that one is a member of the CFA Institute prior to obtaining the Charter. One applies for the membership in a local Society when applying for CFA Institute membership (in Denmark it is the CFA Denmark Society). Membership in the CFA Denmark Society implies automatic membership in the Danish Finance Society. A Charter requires one to fill out an annual Professional Conduct Statement form.

10) Four years of acceptable professional work experience within the financial sector are required before the CFA charter can be awarded, but is there a time limit after the last exam as to how long I have to obtain this experience?
No, there is no time limit as to how long you have to obtain the four years of work experience.

11) What counts as relevant work experience?
Four years of acceptable professional work experience are required before the CFA charter can be awarded. This experience may be accrued while the candidate is in the CFA Program, after the candidate has passed all three levels of examinations, or from previous positions. Acceptable Professional Work Experience as it relates to applicants seeking to become Charterholder Members, or Regular Members, includes activities that consist to a majority extent of:
Evaluating or applying financial, economic and/or statistical data as part of the investment decision-making process involving securities or similar investments, which includes, but is not limited to, publicly traded and privately placed stocks, bonds and mortgages and their derivatives; commodity-based derivatives and mutual funds; and other investment assets, such as real estate and commodities, if these other investment assets are held as part of a diversified, securities-oriented investment portfolio; or
Supervising, directly or indirectly, persons who practice such activities; or
Teaching such activities.
CFA CANDIDATES are required to spend 50 percent or more of their time in the investment decision-making process or producing a work product that informs or adds value to that process, to accrue the required professional work experience. Summer, part-time, and internship positions do not qualify.

12) Am I automatically a member of CFA Society Denmark if I am a member of FF?
No, if you are a member of The Danish Finance Society, you are NOT automatically a member of CFA Society Denmark. Becoming a membership of the CFA Society Denmark implies becoming a member to the Danish Finance Society.

13) I have received an invoice from CFA Institute, but do I also have to pay membership fee to them?
Yes, as a CFA Charterholder you must be a member and pay annual dues to the CFA Institute (various publications are included in membership). CFA Institute’s membership fees run from 1 July to 30 June.

One must maintain a CFA Institute membership as long as long as one maintains a charter.

14) How do I apply for membership of CFA Institute?
On the application form for CFA Program Level III, there is also an application form for the CFA Institute. On that application you can choose which local society (“Member Society/Chapter Applying to”) you wish to join (the code for CFA Denmark is: DN).

Answers to more FAQs can be found at: