THE REGULAR CFA PROGRAM

Eligibility

Graduates (from any discipline) are eligible to enroll into the CFA Program.
Candidates in their final year Bachelor's Degree courses who are expecting the results within three months from the date of submitting the Application to ICFAI are also eligible to apply (Such candidates will be enrolled Provisionally in the CFA Program).

Duration

The Regular CFA Program may be completed in a period of three years.

Period of Validity of Enrollment

The candidates are required to complete the CFA Program (all the three levels) within a maximum period of seven years from the date of enrollment. They are also required to complete Level I of the CFA Program within three years from the date of enrollment. Candidates who are unable to complete the program within the time-frame stipulated above, but still keen on continuing in the program, are required to register de novo.

Program Structure
The CFA Program is divided into three levels : Level I, Level II and Level III.

After completing Level I, the candidates will be admitted into Level II. After completing Level II, they will be admitted into Level III. The candidates of the Regular CFA Program will be required to study and complete the three levels in a sequential manner.

Subject-wise Waivers at CFA Level I

Candidates with prior professional qualifications like CA/ CWA/CS are eligible to get waivers from certain subjects in Level I of the CFA Program as indicated below.

Subject	Eligibility for Waiver
Financial Accounting	Chartered Accountants, Cost and Works Accountants
Management Accounting	Chartered Accountants, Cost and Works Accountants
Economic Legislation	Chartered Accountants, Cost and Works Accountants, Company Secretaries

Eligibility for Examinations

Candidates of the Regular CFA Program are eligible to appear for the examinations in the following pattern :

CFA Level I/DBF

* Group Alpha, after three months from the date of enrollment.
* Group Alpha and Beta, after six months from the date of enrollment.
* Group Alpha, Beta and Gamma, after nine months from the date of enrollment.

Candidates are required to appear for the Groups in a sequential order i.e., Groups Alpha, Beta and Gamma.

CFA Level II

* Group Delta, after six months from the date of entry into Level II.
* Group Delta, and Epsilon, after nine months from the date of entry into Level II.
* Group Delta, Epsilon and Kappa, after twelve months from the date of entry into Level II.

Candidates are required to appear for the Groups in a sequential order i.e., Groups Delta, Epsilon and Kappa.

CFA Level III

* Group Lambda, after six months from the date of entry into Level III
* Group Lambda and Sigma after nine months from the date of entry into Level III.
* Groups Lambda, Sigma and Theta, after twelve months from the date of entry into CFA Level III.

Candidates are required to appear for the Groups in a sequential order i.e., Groups Lambda, Sigma and Theta.

Award of Certificates

The certification program for financial analysts, designed and administered by ICFAI, has a modular structure. At the end of each Level, the successful candidates receive a Diploma from ICFAI as indicated below. After completing Level III, the successful candidates will be eligible to receive the CFA Charter.

On successful completion of Level I	Diploma in Business Finance (DBF)
On successful completion of Level II	Advanced Diploma in Finance (ADF)
On successful completion of Level III	PG Diploma in Financial Analysis (PGDFA), leading to the CFA Charter

Rank Certificates, Merit Certificates and Medals

Based on the performance at the Level III examinations, ICFAI awards Rank Certificates to top 10 candidates. Merit Certificates are awarded for the top performer in each Subject. Gold and Silver Medals are awarded for the top performer in each Group. A Special Award is given to the Best-Outgoing Student every year.

Award of the CFA Charter

All the candidates who successfully complete the CFA Program of ICFAI will be entitled to receive the CFA Charter from the Council of Chartered Financial Analysts (CCFA), subject to fulfilling the conditions of membership in CCFA.