ethics may result in industry related sanctions, suspension of the right to use the CFA designation, or a revocation of membership. Requirements To become a CFA charter-holder, candidates must satisfy the following requirements: Have obtained a bachelor's (or equivalent) degree or be in the final year of a bachelor's degree program. However, an accredited degree may not always be a requirement. Pass all three levels of the CFA program (mastery of the current CFA curriculum and passing three examinations). Have 4,000 hours in a minimum of three years of qualified work experience acceptable by the CFA Institute. However, individual-level exams may be taken prior to satisfying this requirement. Have two or three letters of reference. Become a member of the CFA Institute. Adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct. Due to the timing of the exams, completing all three levels of the CFA is possible within two years, but candidates must still complete the work experience requirement of 4,000 hours over a minimum of three years to become a charter-holder. Pass rates The CFA exams are noted to be notoriously difficult, with low pass rates. During the period 2010–2021, pass rates for Levels 1-3 ranged from 22-56% . The CFA Level 1 examination in May 2021 and July 2021 made news headlines after plummeting to a record-low pass rate of 25% and 22%, respectively, and in August 2021, the level 2 pass rate fell to 29%. Curriculum The curriculum for the CFA program is based on a Candidate Body of Knowledge established by the CFA Institute. The CFA curriculum is updated annually to reflect the latest best practices, with the extent of changes varying by year and level. The curriculum comprises, broadly, the topic areas below. There are three exams ("levels") that test the academic portion of the CFA program. All three levels emphasize the subject of ethics. The material differences among the exams are: The Level I study program emphasizes tools and inputs and includes an introduction to asset valuation, financial reporting and analysis, and portfolio-management techniques. The Level II study program emphasizes asset valuation and includes applications of the tools and inputs (including economics, financial reporting and analysis, and quantitative methods) in asset valuation. The Level III study program emphasizes portfolio management and includes descriptions of strategies for applying the tools, inputs, and asset valuation models to manage equity, fixed income, and