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Certificate for Module (CFA Level I Examination Preparatory Programme)
證書(單元 : 特許金融分析師一級考試研習課程)

CEF Reimbursable Course

CEF Reimbursable Course

Course Code
Application Code

Study mode
Start Date
25 Nov 2023 (Sat)
Next intake(s)
2 months to 3 months
Course Fee
HK$12,800 (including a comprehensive set of notes and study materials which are non-refundable)
Deadline on 15 Nov 2023 (Wed)
2867 8468
2861 0278
Apply Now

Upcoming Events

Special Announcement: The November class has been confirmed! Welcome to our CFA Level 1 program for the November intake!

Aim for the 2024 February Examination!
Meet on Saturdays, and spend two months wisely before the 2024 February Examination!


The programme aims to prepare students to sit for the Chartered Financial Analyst (CFA) Level I examination. It will provide students with knowledge of quantitative methods, economic and financial analysis, and portfolio management. It also covers the ethical and professional standards requirement for an asset manager.

A record number of people just got good news about their CFA exam results by Business Insider

CFA exam - Half will fail… by Business Insider


Year Passing Rate
2017A 43%
2017B 43%
2018A 43%
2018B 45%
2019A 41%
2019B 42%
2020B 49%
2021 February 44%
2021 May 25%
2021 July 22%
2021 August  26%
2021 November 27%
2022 February 36%
2022 May 38%
2022 August 37%
2022 November 36%
2023 February 38%
2023 May  39%

Please apply online or download and complete the school application form and CEF application form, if applicable. 



Programme Details

Information about CFA eligibility requirements, examination application, membership and the CFA charter is available from:

  • CFA Institute(US) website,
  • CFA Institute (Asia Pacific) telephone: 2868 2700

Please note that CFA Institute does not endorse, promote, review or warrant the accuracy of the products or services offered by organisations sponsoring or providing CFA examination preparation materials or programmes, nor does CFA Institute verify pass rates or exam results claimed by such organizations. CFA is a licensed service mark of CFA Institute. For general information on the CFA programme, please look up The CFA Institute website:



(1) Dr Mike Hui, MSc., CFA®
Mr Hui is a veteran in the investment and banking industry.  He has over 15 years of working experience in a merchant bank and a listed brokerage firm and over 13 years of teaching experience in various tertiary institutions, including HKU SPACE and professional bodies covering finance and banking courses. He has been delivering CFA revision courses for the past 7 years and the CFP® Investments module for the past 13 years with very positive feedback. Currently he is a Sales Director in a listed investment consultant firm.  Mike is a CFA charterholder. He has a Master of Science degree in Finance from the Chinese University of HK.

(2) Dr Joseph Chan
Dr Chan is an experienced trainer and consultant in the field of finance. He has been teaching numerous courses at the postgraduate level and providing consultancy to different financial institutions. He obtained his doctoral degree in finance at the University of Mississippi. Prior to returning to Hong Kong, Dr Chan had served as a research analyst and adjunct professor in the US.

(3) Ms Alex Krystal Yao., CFA®
Ms Yao has more than 20 years of experience in the financial industry. She is responsible for bond investment in investment banks and major fund management companies, and holds senior management positions. She graduated from University College London, and holds the British FCCA and CFA qualifications.

(4) Mr Wilson Chan., CFA®
Mr Chan is a seasoned investment banker.  He has almost a decade of experience in origination and execution of mergers and acquisitions in Greater China.  He has led and participated in local Hong Kong and China domestic transactions, as well as cross boarder transaction covering sell side, buy side, fundraising and privatisation. In addition to practical transaction experience, Mr Chan graduated from business school and is a Chartered Financial Analyst.

(5) Mr Christopher Mak., CFA®, CFP®, ACCA, CAIA, CPA (Aust.), FLMI, FRM, MHKSI
Mr. Mak has many years of experience in the financial industry, specializing in investment analysis and financial risk management. He obtained a Bachelor of Science degree from the Hong Kong University of Science and Technology, with a major in Physics and minors in Mathematics, and Social Science. Mr. Mak also attained more than 10 professional qualifications in accounting, insurance and investment-related areas. He holds the Chartered Alternative Investment Analyst (CAIA), Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), Chartered Certified Accountant (ACCA), Certified Practising Accountant Australia (CPAA), RICS Chartered Surveyors (MRICS) and Fellow of Life Management Institute (FLMI) designations, and is a certified Financial Risk Manager (FRM) and Professional Risk Manager (PRM).

(6) Mr Ferrix Lau, CFA®, FRM, HKACG, ACG
Mr Lau has over 10 years’ teaching experience in business, accounting and finance modules at tertiary level. He teaches Financial Analysis, Financial Risk Management, Quantitative Analysis, Financial Accounting, Cost and Management Accounting as well as Corporate Governance. Moreover, he is a co-author of a Statistics book, Quantitative Analysis for Professional Studies and Projects. Furthermore, he has strong interests in the areas of Statistical Analysis, Quantitative Finance and Machine Intelligence. Mr Lau has earned a Bachelor's Degree in Social Science from The Chinese University of Hong Kong, major in Economics and minor in Computer Science. Besides, he holds a Master's Degree in Business Administration with Distinction from The University of Hong Kong, concentrating on the theme of Accounting Control and Financial Management.

On completion of the programme, students should be able to

  1. describe the ethical and professional standards established by the CFA Institute;
  2. apply quantitative methods, economics and financial statement analysis to solve conceptual, analytical, and computational problems;
  3. outline the concepts of corporate issuers in the financial market; and    
  4. explain the types and markets of equity and fixed income securities, derivatives and alternative investments, and perform portfolio management and analysis.
Application Code 2155-FN089A Apply Online Now
Apply Online Now

  • 58 hours + 2 hours examination



(1) Ethical and professional standards

  • Professional standards of practice
  • Ethical practices
  • Asset manager code of professional conduct
  • Overview of presentation of performance results and global investment performance standards (GIPS)


(2) Quantitative methods

  • Time value of money
  • Data visualization and descriptive statistics
  • Probability distributions and concepts
  • Sampling and estimation
  • Hypothesis testing
  • Artificial intelligence, machine learning and big data analysis and applications
  • Technical analysis


(3) Economics

  • Market forces of supply and demand
  • The firm and industry organization
  • Business cycles
  • Inflation and deflation
  • International trade and capital flows
  • Currency exchange rates
  • Monetary system, monetary and fiscal policy
  • Economic growth and development


(4) Financial statement analysis

  • Analysis of financial statements
  • Financial reporting quality
  • Analysis of off-balance-sheet assets and liabilities
  • Overview of pensions, stock compensation, and other employee benefits
  • Ratio and financial analysis
  • Applications of financial statement analysis


(5) Corporate issuers

  • Overview of corporate structures and strategies
  • Corporate ownership and governance
  • Risk factors and ESG
  • Introduction to capital budgeting
  • Working capital management
  • Corporate financing decisions


(6) Equity investments

  • Types of equity securities and markets
  • Security market indexes
  • Market efficiency
  • Overview of equity securities
  • Introduction to industry and company analysis
  • Equity valuation: concepts and basic tools


(7) Fixed Income

  • Types of fixed-income securities and markets
  • Introduction to fixed-income valuation
  • Introduction to term structure determination and yield spreads
  • Introduction to asset-backed securities
  • Understanding fixed-income risk and return
  • Fundamentals of credit analysis


(8) Derivatives

  • Types of derivative instruments and markets
  • Basics of derivative pricing and valuation


(9) Alternative investments

  • Types of alternative investments
  • Introduction to alternative investments


(10) Portfolio management

  • Overview of portfolio management and wealth planning
  • The investment policy statement
  • Modern portfolio management concepts
  • Investment vehicles
  • Market efficiency and passive investing
  • Portfolio risk and return
  • Market indexes
  • Basics of portfolio planning and construction
  • Introduction to risk management
  • FinTech in investment management

 Assessment method:  2-hour Examination

Upon successful completion of the programme, students who have passed the final examination with attendance no less than 70% will be awarded within the HKU system through HKU SPACE a Certificate for Module (CFA Level I Examination Preparatory Programme).

Class Details

2023 November intake (Accept new application)

The November 2023 Class is Scheduled for Saturday from 13:00 - 19:00.

Venue: HK Island

Teacher: Dr. Joseph Chan

Practical Skills Modules (PSM) focus on : Python Programming Fundamentals

Lecture Date Time Slot
1 25-Nov-2023 (Sat) 13:00 - 19:00
2 2-Dec-2023 (Sat) 13:00 - 19:00
3 9-Dec-2023 (Sat) 13:00 - 19:00
4 16-Dec-2023 (Sat) 13:00 - 19:00
5 23-Dec-2023 (Sat) 13:00 - 19:00
6 30-Dec-2023 (Sat) 13:00 - 19:00
7 6-Jan-2024 (Sat) 13:00 - 19:00
8 13-Jan-2024 (Sat) 13:00 - 19:00
9 20-Jan-2024 (Sat) 13:00 - 19:00
10 27-Jan-2024 (Sat) 13:00 - 17:00
Exam 6-Feb-2024 (Tue) 19:00 - 21:00

* The above tentative schedule's for reference only.  Schedule details will be released one week before the commencement date of the class.
** Please inform that if there is inadequate number of applicants, the class may be subject to cancellation.

2023 sEPTEMBER Intake  (cantonese Lesson)


The September 2023 Class is Scheduled for Thursday from 18:45–22:00 and Saturday from 13:00–19:00.

Venue: HK Island 

Teacher: Christopher Mak

Lecture Date Time Slot
1 26-Aug-2023 (Sat) 09:45 - 13:15 / 14:15 - 17:45
2 31-Aug-2023 (Thu) 18:45 - 22:00


2-Sep-2023 (Sat) 09:45 - 13:15 / 14:15 - 17:45
4 16-Sep-2023 (Sat) 09:45 - 13:15 / 14:15 - 17:45
5 23-Sep-2023 (Sat) 09:45 - 13:15 / 14:15 - 17:45
6 28-Sep-2023 (Thu) 18:45 - 22:00
7 5-Oct-2023 (Thu) 18:45 - 22:00
8 7-Oct-2023 (Sat) 09:45 - 13:15 / 14:15 - 17:45
9 14-Oct-2023 (Sat) 09:45 - 13:15 / 14:15 - 17:45
10 21-Oct-2023 (Sat) 10:00 - 13:15 / 14:15 - 17:15
Exam 2-Nov-2023 (Thu) 19:00 - 21:00

* The above tentative schedule's for reference only.  Schedule details will be released one week before the commencement date of the class.
** Please inform that if there is inadequate number of applicants, the class may be subject to cancellation.



Entry Requirements

Applicants should hold a degree awarded by a recognised institution.

Applicants should check with the CFA Institute that they are eligible to attempt the examination.


Course Fee
  • HK$12,800 (including a comprehensive set of notes and study materials which are non-refundable)


  • The CEF Institution Code of HKU SPACE is 100
CEF Courses
Certificate for Module (CFA Level I Examination Preparatory Programme)
證書 (單元:特許金融分析師一級考試研習課程)
COURSE CODE 33C144182 FEES $12,800 ENQUIRY 2867-8468

Continuing Education Fund


Continuing Education Fund Continuing Education Fund
This course has been included in the list of reimbursable courses under the Continuing Education Fund.

Certificate for Module (CFA Level I Examination Preparatory Programme)

  • This course is recognised under the Qualifications Framework (QF Level [6])


Online Application Apply Now

Application Form Download Application Form

Enrolment Method
Payment Method
1. Cash, EPS, WeChat Pay Or Alipay

Course fees can be paid by cash, EPS, WeChat Pay or Alipay at any HKU SPACE Enrolment Centres.

2. Cheque Or Bank draft

Course fees can also be paid by crossed cheque or bank draft made payable to “HKU SPACE”. Please specify the programme title(s) for application and the applicant’s name.. You may either:

  • bring the completed form(s), together with the appropriate course or application fees in the form of a cheque, and any required supporting documents to any of the HKU SPACE enrolment centres;
  • or mail the above documents to any of the HKU SPACE Enrolment Centres, specifying  “Course Application” on the envelope.  HKU SPACE will not be responsible for any loss of payment sent by mail.
3. VISA/Mastercard

Applicants may also pay the course fee by VISA or Mastercard, including the “HKU SPACE Mastercard”, at any HKU SPACE enrolment centres. Holders of the HKU SPACE Mastercard can enjoy a 10-month interest-free instalment period for courses with a tuition fee worth a minimum of HK$2,000; however, the course applicant must also be the cardholder himself/herself. For enquiries, please contact our staff at any enrolment centres.

4. Online Payment

Online application / enrolment is offered for most open admission courses (course enrolled on first come, first served basis) and selected award-bearing programmes. Application fees and course fees of these programmes/courses can be settled by using "PPS by Internet" (not available via mobile phones), VISA or Mastercard. In addition to the aforesaid online payment channels, continuing students of award-bearing programmes, if their programmes offer online service, may also pay their course fees by Online WeChat Pay, Online Alipay and Faster Payment System (FPS). Please refer to Enrolment Methods - Online Enrolment  for details.


  • If the programme/course is starting within five working days, application by post is not recommended to avoid any delays. Applicants are advised to enrol in person at HKU SPACE Enrolement Centres and avoid making cheque payment under this circustance.
  • Fees paid are not refundable except under very exceptional circumstances (e.g. course cancellation due to insufficient enrolment), subject to the School’s discretion. In exceptional cases where a refund is approved, fees paid by cash, EPS, WeChat Pay, Alipay, cheque or PPS (for online payment only) will normally be reimbursed by a cheque, and fees paid by credit card will normally be reimbursed to the payment cardholder's credit card account.
  • In addition to the published fees, there may be additional costs associated with individual programmes. Please refer to the relevant course brochures or direct any enquiries to the relevant programme team for details.
  • Fees and places on courses cannot be transferrable from one applicant to another. Once accepted onto a course, the student may not change to another course without approval from HKU SPACE. A processing fee of HK$120 will be levied on each approved transfer.
  • Receipts will be issued for fees paid but HKU SPACE will not be repsonsible for any loss of receipt sent by mail.
  • For payment certification, please submit a completed form, a sufficiently stamped and self-addressed envelope, and a crossed cheque for HK$30 per copy made payable to "HKU SPACE" to any of our enrolment centres.