The chemical composition of deposit metal by flux cored arc welding can be easily regulated though addition of deoxidizers and alloying elements in cored flux and fluxes of flux coored wire arc analogous to those of coated electrode. It is necessary to investigate the transfer and yield efficiency due to addition of necessary alloy elements in deposit metal. This report is made to intorduce an experimental equation from the relation between welding condition and extent of penetration, deposit metal and weld melt slag and to estimate transfer and yield efficiency of alloy components in fluxes through chemical analysis of deposit metal.