Career Advice

CFA Investment Foundations Program: A Quick Guide

Want to pass the CFA exam? Start preparing the right way.

Previously known as Claritas, the Investment Foundations Program by CFA Institute was paused in December 2021 for a product refresh.

Since then, a new, enhanced version of the Investment Foundations Certificate was launched globally.

With the same educational objective as before, it now has an enhanced, self-paced online experience, requiring only 60-90 hours of study for a small fee.

Assuming it is suitable for your career situation and objective, it is something you can even register for right now, study and complete the online exam from the comfort of your own home. 

Curious about the CFA Investment Foundations Program? Read on to find out more!


What is CFA Investment Foundations Program?

Awarded by CFA Institute, the CFA Investment Foundations Program is a comprehensive online certification that provides a fundamental understanding of the global investment industry.

Originally launched in 2013 as Claritas Investment Certificate (and later renamed), this self-study course is specifically designed for all support professionals in finance and investment industries, such as IT, HR, operations, project management, accounting, legal, administration, strategy marketing. It is also suitable for those without finance backgrounds who aspire to be in front office roles.

In fact, the Investment Foundations certificate was launched to fill a gap in the industry. For every investment decision maker, there are 9 other people working alongside them coming from different disciplines.

This group of professionals may not have had any formal investment training, but would greatly benefit from some foundational investment knowledge in their day-to-day role – non-investment decision-makers need to know their stuff too!

To date, there are more than 50,000 Investment Foundation Certificate holders from more than 100 countries. The program has received solid feedback so far from candidates and employers, with:

  • 93% of certificate holders stating that they have gained a clearer understanding of the investment management industry;
  • 87% of certificate holders indicating that they would highly recommend the program to others;
  • 98% of managers (who manage certificate holders at a major asset management firm) would recommend the program.

CFA Investment Foundations in a nutshell

CFA Investment Foundations is a self paced, online certificate program designed to equip non-investment decision makers with a solid foundation knowledge in investment management.

Examples of the target group ideal for this certification are financial services industry professionals working in IT, HR, legal, strategy, marketing, operations, administration, accounting and more. 

Similar to most other professional designations such as CFAFRMCAIA and IMC, Investment Foundations is also a self-directed learning program:

  • It is administered in English and all its contents are offered online globally through CFA Institute’s digital learning platform called Learning Ecosystem.
  • This course is made up of 6 courses, covering the investment industry’s overview, type and functioning of markets, investment instruments, investment inputs & tools, industry structure, clients’ needs, ESG, ethics and regulation.
  • It requires around 60-90 hours of study, with coursework and a final online exam that consists of 100 multiple choice questions.

What’s different from other typical finance designations is that in this new Investment Foundations Certificate, candidates are assessed throughout the certificate learning experience via coursework, in addition to the final assessment.

There are end of module and end of course (2 retakes max) questions after each corresponding module or course is completed. This continuous check on candidate’s readiness before allowing the final online exam to be taken is likely to increase the pass rates.

The Investment Foundations exam can be taken online once certain conditions are met, and within 12 months of the registration date.

Once the online exam is completed, preliminary results are provided instantly. Upon successfully passing the final examination, candidates can claim a digital badge and the Investment Foundations Certificate.


Pass rates & difficulty

According to UK NARIC (National Academic Recognition Information Centre of the United Kingdom), the Investment Foundations Certificate is benchmarked as a Level 3 qualification under UK Regulated Qualifications Framework (RQF).

This means that in terms of difficulty, Investment Foundations qualification is comparable to post-secondary education training or specialised secondary level education (e.g. ‘A’ Level).

As an introductory course into investment management for non-investment decision makers, Investment Foundations is unsurprisingly relatively easier compared to other financial designations such as CFACAIAFRM.

​Here’s a quick summary comparing other financial qualifications’ difficulty under RQF (with PhD programs being Level 8 as a benchmark):

QualificationComparable UK RQF LevelDifficulty Equivalent to
CFA Investment FoundationsLevel 3Post-secondary education training or specialised secondary level education (e.g. ‘A’ Level)
Investment Management Certificate (IMC) and Certificate in ESG InvestingLevel 4Certificate of Higher Education, or the first year of a Bachelor’s degree
CFA Level 1Level 5Diploma of Higher Education
CFA Level 2Level 6Bachelor’s degree
Certificate in Investment Performance Management (CIPM)Level 6Bachelor’s degree
CFA Level 3Level 7Master’s degree
Financial Risk Manager (FRM)Level 7Master’s degree

In addition to the (zero) fees, what makes Investment Foundations certificate really attractive is the relatively high pass rates.

82% of the candidates passed the first Claritas exam, and CFA Institute expects the CFA Investment Foundations’ pass rates to be around 60-85% on average.

That said, we expect this new, enhanced Investment Foundations certificate to be on the higher end of this pass rate range as the continuous assessment throughout the course also contributes to the overall score. With a maximum of 3 retakes for the questions at the end of each of the 6 courses, this should improve the pass rates significantly as the constant testing of knowledge is present throughout the course before the final exam.


Investment Foundations topic areas

The investment Foundations Certificate does a great job in covering a breadth of topics in 6 courses that serves as a good overview of the investment industry. 

​The topics areas, in-depth description and exam weights are as below:

CFA Investment Foundations TopicsDescription
Industry Overview​ and StructureThis chapter gives a broad overview of the financial services sector, in particular the investment industry.

It focuses on how the investment industry works, its participants and the benefits it brings to society when well regulated and done ethically.
Type and Functioning of MarketsAn introduction to primary and secondary markets and how they operate. You will also be introduced to decentralized finance, the concept of investment vehicles, how they are structured, and how those structures serve investors.
Investment InstrumentsThis module provides a good introduction to quantitative concepts key to understanding the various main asset classes: equities, bond (fixed income), derivatives and alternative investments.
Investment Inputs & ToolsThis is an important chapter explaining how the (economic) world works, on a micro and macro level. Candidates will learn about microeconomics, macroeconomics, international trade and financial statements.
Serving Client NeedsThis topic is all about the process of understanding your client’s circumstances and investment needs, so their investments can be risk-managed and allocated in the right way. You’ll also learn about performance evaluation to keep track of investment performance.
Serving the Greater GoodAn introduction to the benefits, key concepts, and approaches to ESG investing and its link to DEI (diversity, equity and inclusion). You will also learn how ethical dilemmas that arise in practice within and beyond each of these elements can be addressed through an ethical decision-making framework.

Exam fees & costs

The CFA Investment Foundations Certificate is online and costs US$ 350, including the curriculum. This includes six courses and final assessment, which are required to earn program-level certification.

​Although there is a limited range of third party study materials, using the curriculum itself is sufficient to pass the exam. If you didn’t pass the final exam, you can only retake the exam twice.

If it is suitable for you and fits your career objectives, it is an unbelievably good value-for-money course to complete to boost your CV. All you need is an internet connection to register and start studying now!


Exam schedule & key deadlines

As it is an online-only program, candidates can sit for the Investment Foundations exams throughout the year.

Exam registration limits and number of attempts:

  • Candidates have 1 year from date of registration to complete the exam. ​
  • Each registration allows 2 attempts to pass the final exam. Each exa can be repeated without re-registering as long as it is within the 1 year window.

What are the requirements for Investment Foundations Program?

Given its objective and target audience, the Investment Foundations Certificate is open to all, with no education or experience requirements. 

The course is really approachable and designed for the many different people in the financial services industry who are not directly involved in analysing or making investment decisions, with no prior knowledge assumed. 

Candidates who successfully pass the online exam can claim a digital badge and earn the Investment Foundations Certificate.


​Benefits of the CFA Investment Foundations Certification

Given CFA Institute’s brand cachet and Investment Foundations’ international recognition, this qualification can be particularly useful for:

  • Financial services professionals working in middle or back office, or even lawyers working with financial services clients, who would find the knowledge base beneficial for their day-to-day role.
  • University students or fresh graduates (with or without finance background) looking to explore a career in finance. This could be a low cost and effort way to learn about the investment industry for free, whilst obtaining a certification that could set you apart from the rest. It could also serve as a stepping stone for other higher level, financial designation such as CFA, FRM or CAIA once you’ve gained a few years working experience in the sector.

By completing and earning the Investment Foundations Certificate, you can expect to:

  • Lead with confidence and work better with your colleagues and clients
  • Gain a fundamental framework and knowledge of the investment industry
  • Improve your job performance by gaining an understanding of common global industry standards
  • Differentiate yourself and stand out in a competitive global job market

Investment Foundations vs IMC: What is the difference?

There is often confusion between Investment Foundations Certificate and IMC (Investment Management Certificate), of which the latter is a threshold qualification for aspiring financial services professionals run by CFA UK.

Let’s clarify this: the key difference is target audience and to a lesser extent, geography. 

In short, IMC is UK-only, more regulatory-focused and intended for people who work in front office (involved in investment decision making).

On the other hand, Investment Foundations is more suitable for people who work in the middle and back office and even in related industries like professional services (e.g. lawyers working with financial services clients). 

Here’s a quick summary table comparing Investment Foundations vs. IMC:

CFA Investment FoundationsInvestment Management Certificate (IMC)
Geographical focusGlobalGlobal (with remote-proctoring)
ObjectiveTo provide an accessible, foundation-level program for anyone wishing to enter or advance within the investment management industry. To supply successful candidates with a common understanding of industry structure and terminology, regardless of job function or geographic location.Designed as the benchmark entry-level qualification into the UK investment profession.Delivers the threshold competency knowledge required by investment practitioners involved in portfolio management, research analysis, and other front office investment activities.​​
Topics Covered​The Investment Foundations syllabus consists of 6 courses covering the essentials of finance, ethics and investment roles. More details here.​IMC covers topics including economics, accounting, investment practice, regulation, and ethics.​The content is global, with the addition of a distinct chapter on UK taxation.
Target Audience​The course is designed for professional disciplines supporting investment roles and requires no prior educational or industry experience.

Candidates are typically drawn from areas such as operations, administration, IT, HR, marketing, sales, PR, compliance and customer service.​
Often sat by university graduates and entry level professionals in the investment industry.

Pursued by individuals across all areas of the investment sector and over half of candidates are actively involved in front office investment activities including portfolio management, research, investment consulting, risk management and relationship management.

Most investment firms ask their employees to take the IMC to demonstrate the competency of their front office staff to the regulator. ​

Investment Foundations vs CFA: Which is right for you?

As you may know, the CFA charter is a Master’s degree equivalent designation that focuses more on portfolio management at its highest level.

On the other hand, Investment Foundations is an online certification equivalent to “A Level” that focuses on a foundational knowledge in investment management suitable for non-investment roles. 

Both qualifications are quite distinct in its objectives, therefore we hope the answer is clearer here:

  • ​If you’re looking into a career that analyzes or makes investment decisions, such as wealth or investment management industry, then the CFA charter is the right one for you. The CFA charter will also benefit any financial services professional role.
  • If you’re looking into this to learn more about the investment industry, but would perform a role supporting the industry (such as in IT, HR, legal, operations, marketing etc), the Investment Foundations Certificate is better suited for you.

Here’s a quick summary comparing both qualifications:

CFA Investment FoundationsCFA Program
Suited ForNon-investment decision making roles associated with the finance industry, such as IT, HR, legal, operations, customer service, accounting etc (typically middle or back office). Finance professionals in a role that makes or advises investment decisions (typically front office)​
Entry requirementsNone. This course is designed to be accessible to all.​Have a bachelor’s degree; or

Final year undergraduate of a bachelor’s program; or

Have a combination of college degree and full time work experience that totals 4,000 hours.
Number of Exams13 levels (fastest route is in 18 months, although the average is 4 years to complete)
​Exam FrequencyOnline exam can be done anytime all year round.

Maximum 2 attempts a year.
CFA exams are now computer-based with increased frequency:

Level 1: 4x a year, in Feb, May, Aug and Nov.

Level 2: 3x a year, May, Aug and Nov.

Level 3: 2x a year in May and Aug.
Exam Format100 multiple-choice questions, online unproctored exam.Level 1: Multiple choice questions

Level 2: Item set questions (multiple choice)

Level 3: Item set and constructed-response questions
Topics studied6 courses, focusing on ethics, and a high-level overview of the financial and investment industry.

Non-technical, no calculations required.
10 topics per level, with in-depth focus on ethics as well as technical coverage of the majority of investment instruments.

Definitely has calculations involved.
Pass RatesEstimated to be 80% or moreThe range of CFA pass rates since 2010:
Level 1: 22%-43%
Level 2: 39%-47%
Level 3: 46%-56%
Fees and Costs$350 for 6 courses​ and online exam. – One-off Enrollment Fee: $350
– Registration fee (per level): $940-$1,390​​
– Retakes: same as registration fee

Total CFA exam minimum cost: ~US$ 3,170
Study Hours Needed60-90 hoursAt least 300 hours per level
Post Exam RequirementsTo become an Investment Foundations certificate holder, all you have to do is pass the online exam to claim your digital badge and printed certificate.​​To become a CFA charterholder:
– Pass all the 3 levels of CFA exams;
– 4 years of qualified investment work experience;
– Submit reference letters for 2-3 professional references;
– Become a regular member of CFA Institute;
– Adhere to CFA ethics and professional conduct.​

Overall, the Investment Foundations certificate provides financial services professionals working in non-investment roles a great opportunity to upgrade their knowledge base about the global investment industry. It offers an unbeatable value as it is a free, high quality online certification with global recognition that requires relatively low time investment. 

So if you’re currently student, working in an investment-supporting function, or just aiming for a career in investment management in general, CFA Investment Foundations can be a cost effective way to add a valuable credential to your CV


Any questions? Let us know in the comments below!

Meanwhile, you may find these related articles in our Beginner’s Guide series of interest:

Sophie Macon

View Comments

  • what is the worth of Investment Foundation Certificate to someone who has passed the CFA Level-I exam.

  • Hello! If the exam is online, am I required to purchase a personal laptop or a work laptop is allowed considering there are many restrictions when using a work laptop. If I cannot afford to buy a personal laptop as of the moment, what alternatives do I have?

    Thank you.

    • Hi Fayye, it may be worth trying with a company laptop first to see if it works. If not a public library computer should work for educational purposes.

  • I've registered for the level 1 August 2023 attempt, Can I also register for the CFA foundation exam in Feb 2023?

  • Good day,

    Kindly share the dates for the next registration for CFA Investment foundation program.

  • I am not found how to register for it, it only shows I am not registered for this exam how to register in 2022?

  • Do you know what are some good alternatives to the CFA Foundations for IT professionals in the finance supporting roles?

    • Hi Rada, IMC (Investment Management certificate) is a good alternative to check out as it builds a good foundation in investment management. We wrote a guide on it, check it out!

  • Since the CFA Institute has stopped accepting new registrations since Dec. 17th, do we just have to wait till they come up with the new offering? Do you have any idea as to when that will be?

    • Hi Laura, yes unfortunately that's the case. But rest assured we will let you know once CFA Institute has provided more visibility on this front!

        • Sorry Ashish, nothing so far from CFA Institute. Rest assured we will keep you guys posted if we hear anything on this article!

          • Hi, when the Investment foundation program registration will start? I am unable to rgister, can't see the options to enroll, it is end of july, will it take a long?

          • Hi Kunal, as disclosed at the top of the article, CFA Institute has recently discontinued Investment Foundations program.

  • Hi..I have registered for the investment foundation and and the final date for my exam is in January but I am not well prepared and ready to write,how do I postpone it to the next exam?

    • I don't think you can postpone your Investment Foundations exam if your deadline has run out. Sorry.

  • hi
    So basically once registered with the cfa investment foundation, after 30 days we get access to the 2 mock tests in which we have to score 70
    % or higher respectively and then we get the final exam right?

    • That's how it was before CFA Institute took it off for individual candidates, yes. I believe the format is still largely the same.

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Sophie Macon

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