CFA Institute revises exam; cuts study time, stresses practical skills

The CFA Institute unveiled sweeping changes to its three-level financial analyst exam to emphasize practical skills and reduce the amount of time candidates study, in the biggest reworking since the test was introduced in 1963.
 

Starting next year, chartered financial analyst candidates will take Level I and Level II tests with new content covering skills used in the working world. New study modules will reduce the time needed to prepare for the exam, which has trended higher than the historic 300-hour average, CFA executives said.

The CFA designation can lead to higher salaries and better job opportunities. A typical charterholder, of