We Want You to Pass - The First Time!

The CFA Program consists of a series of three examinations (Levels I, II, and III) that must be taken in succession. The exams are offered only once annually in June, with the exception of Level I candidates, who also have the option of sitting for the exam in December.

A minimum of 250 hours of preparation per CFA exam level is recommended, although some candidates will need more or less time, depending on their individual backgrounds and experience. There is no limit to the number of times you can take each exam, and you can take as much time as you need to complete the program.

The CFA curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.

The Learning Outcome Statements and core concepts in the CFA Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.

Level I

Candidates concentrate on the tools and concepts related to investment valuation and portfolio management, as well as an overview of how these processes fit within the guidelines of the CFA Institute Code of Ethics and Standards of Professional Conduct.

Level II

Candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level I curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct.

Level III

Candidates are required to demonstrate a higher level of understanding of the materials tested at Levels I and II, as well as display effective knowledge of the entire portfolio management process.

Level I

• Format: multiple-choice
• Questions:
  • 240 equally weighted questions
  • Morning Session: 120 questions; Afternoon Session: 120 questions
  • Each question has 3 answer choices
  • On average, 1.5 minutes should be allocated for each question

Level II

• Format: item set or "mini cases" - Each item set contains a vignette (with an average length of 1.5 pages)
• Questions:
  • 20 item sets or "mini cases"
  • Morning Session: 10 item sets; Afternoon Session: 10 item sets
  • Each item set has 6 multiple-choice questions
  • Exam is graded for 360 points, corresponding to the number of minutes on the exam

Level III

• Format: Essay, item sets, and multiple choice
• Questions:
  • Morning Session: 12-15 essay questions;
  • Afternoon Session: 10 item sets and 6 multiple-choice questions in each
  • Exam is graded for 360 points, corresponding to the number of minutes on the exam

Candidate Eligibility Requirements

To be eligible to enter the CFA Program, you must:

• Hold a U.S. bachelor's (or equivalent) degree
  • or be in the final year of your bachelor's degree program
  • or have four years of qualified, professional work experience
  • or a combination of work and college experience that totals at least four years
• Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
• Be prepared to take the exams in English
• Have a valid international travel passport (required for enrollment and exam registration)

To enter into the CFA Program, candidates must pay a one-time registration fee in addition to the required enrollment fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.

Enroll and Register »

To obtain a printed version of the CFA Program enrollment and registration forms in the mail, call CFA Institute's Information Central Department at: (800) 247-8132 or (434) 951-5499 or email info@cfainstitute.org.

CFA Exam Fees

CFA exam fees range from $650 to $1,510, depending on your CFA exam level and when you register.

View a breakdown of all CFA exam fees »

The CFA exam is administered in testing centers located in countries all over the world.

See a complete, up-to-date listing and choose your exam site»

Important

As a new candidate, be sure to read all of the testing policies set forth by CFA Institute.