Some of these changes are as follows: 1  The Church was no longer independent from the state. 2  They reached the end of feudalism. 3  The people of France gained rights and liberties, along with legal equality. 4  Women gained some power; mainly a voice for political and social rights.
The CFA Program includes a series of three exams; Levels I, II, and III. Are offered annually â at test centers around the world â on the first Saturday in June. The Level I exam is also offered in December.
Finally, in 1963 the first CFA exam took place. You can see the first exam on the CFA website, which was much that easier than the exams we see today. An interesting fact about that first exam was that most of the test takers were older than 45. Obviously, things have changed over the years.assing the exams is no walk in the park either. The exam material is written such that it takes about 300 hours of studying over six months per level to pass. Believe me, that's a lot of time given the CFA is a self-study course taken while you are still working full-time or in business school.