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.
Pass-rates for each section have hovered around 43% in a given year, making the CFA one of the most grueling tests you're likely to face. (For more, see: Pass Your CFA Exams on the First Try.) In fact, the general consensus is that the CFA exam is harder to pass, and requires more study, than the CPA exam. And that exam is hardly a cake-walk.