| Level | Exam Windows |
|---|---|
| Level I | Feb, May, Aug, Nov |
| Level II | May, Aug, Nov |
| Level III | Feb, Aug |
Chartered Financial Analyst
The CFA (Chartered Financial Analyst) is a globally recognized certification offered by the CFA Institute. It is designed for individuals pursuing a career in finance or investment management, assessing their expertise in investment fundamentals, asset valuation, wealth planning, and portfolio management
The CFA Program leads you toward becoming a renowned Chartered Financial Analyst worldwide.
CFA equips you with practical investment analysis skills to excel in the competitive industry.
The CFA charter is widely regarded as a gold standard, especially in asset management, research, and business valuation. There are over 200,000 active charterholders globally.
CFA charterholders are specialists in securities valuation, portfolio management, and making informed investment decisions. To earn the CFA charter, candidates must pass three levels of exams and show relevant work experience.
CFA charterholders are employed by diverse institutions, including banks, investment firms, corporations, and asset management companies.
The CFA program equips finance professionals with advanced investment skills, ethical standards, and career-boosting credentials. It’s ideal for those targeting investment roles and seeking global recognition.
CFA Program Structure
The CFA Program consists of three levels, each assessing candidates on investment tools, asset valuation, portfolio management, and wealth planning. As candidates progress through the levels, the material becomes increasingly complex, while a strong emphasis on ethics and professional standards remains consistent. On average, candidates should plan to invest approximately 300 hours of study for each level.
General Program Structure
The CFA course typically takes between 1.5 to 4 years to complete, depending on the time spent preparing and the availability of exam dates.
The program is structured for flexibility, enabling candidates to advance at their own pace.
Practical Skills Modules (PSMs) have been introduced to offer hands-on, relevant skills training. To receive their exam results, candidates must complete at least one PSM at each level. Each PSM requires 10-20 hours to finish.
CFA Level I
Focus: Basic knowledge of investment tools, financial concepts, and ethics.
Total Questions: 180 multiple-choice questions.
Exam Structure: Two 135-minute sessions, each featuring 90 multiple-choice questions. Session durations are approximate.
Key Topics:
- Ethical & Professional Standards (15–20%)
- Quantitative Methods (6–9%)
- Economics (6–9%)
- Financial Reporting & Analysis (11–14%)
- Corporate Issuers (6–9%)
- Equity Investments (11–14%)
- Fixed Income (11–14%)
- Derivatives (5–8%)
- Alternative Investments (7–10%)
- Portfolio Management (8-12%)
Average pass rate over recent years: 41%
CFA Level II
Focus: Application of investment tools and asset valuation.
Total Questions: 22 item sets, which include vignettes followed by multiple-choice questions (88 total questions).
Exam Structure: Two 132-minute sessions, each consisting of 11 item sets, totaling 22 sets on the exam. Twenty are scored, while two are not.
Key Topics:
- Ethical & Professional Standards (10–15%)
- Quantitative Methods (5–10%)
- Economics (5–10%)
- Financial Reporting & Analysis (10–15%)
- Corporate Issuers (5–10%)
- Equity Valuation (10–15%)
- Fixed Income (10–15%)
- Derivatives (5–10%)
- Alternative Investments (5–10%)
- Portfolio Management (10–15%)
Average pass rate over recent years: 46%
CFA Level III
Focus: Portfolio management and wealth planning.
Total Questions: The exam includes both item sets and constructed response (essay) questions. There are typically 11 item sets and 11 essay sets.
Exam Structure: Two 132-minute sessions, each consisting of either 6 item sets and 5 essay sets, or 5 item sets and 6 essay sets.
Key Topics:
- Ethical & Professional Standards (10–15%)
- Behavioral Finance (5–10%)
- Private Wealth Management (10–15%)
- Institutional Portfolio Management (15–20%)
- Asset Allocation (5–10%)
- Fixed Income & Equity Strategies (10–15%)
- Alternative Investments (5–10%)
- Risk Management (5–10%)
- Trading & Execution (5–10%)
Average pass rate over recent years: 50%
Eligibility & Requirements
Education: Bachelor’s degree (or equivalent) or be in the final year of a bachelor’s program.
Work Experience: At least 4,000 hours (approx. 4 years) of relevant work experience (can be completed before or after passing exams).
References: Need professional references.
Ethics: Must adhere to the CFA Institute’s Code of Ethics.
Exam Frequency & Scheduling
- Minimum Gap Between Attempts: 6 months.
- Average Time to Complete All Levels: 2.5–4 years (most candidates take 1+ year per level).
CFA Program pricing
As of April 29, 2025, you won’t have to pay the $350 enrollment fee to register for the CFA Program anymore!
The CFA Institute is making it more affordable to get started
| Fee Type | 2025 Pricing | 2026 Pricing |
|---|---|---|
| New Candidate Enrollment Fee | $350 | $0 (Waived) |
| Level I – Early Registration | $990 | $1,140 |
| Level I – Standard Registration | $1,290 | $1,490 |
| Level II – Early Registration | $990 | $1,140 |
| Level II – Standard Registration | $1,290 | $1,490 |
| Level III – Early Registration | $1,090 | $1,240 |
| Level III – Standard Registration | $1,390 | $1,590 |
CFA exam dates
| Exam Level | Exam Period | Registration Window |
|---|---|---|
| Level I | May 2025 | 8 Aug 2024 – 6 Feb 2025 |
| Level I | Aug 2025 | 6 Nov 2024 – 6 May 2025 |
| Level I | Nov 2025 | 12 Feb – 5 Aug 2025 |
| Level I | Feb 2026 | 29 Apr – 29 Oct 2025 |
| Level I | May 2026 | 12 Aug 2025 – 12 Feb 2026 |
| Level I | Aug 2026 | 11 Nov 2025 – 6 May 2026 |
| Level I | Nov 2026 | 11 Feb – 11 Aug 2026 |
| Level II | May 2025 | 8 Aug 2024 – 6 Feb 2025 |
| Level II | Aug 2025 | 6 Nov 2024 – 6 May 2025 |
| Level II | Nov 2025 | 12 Feb – 5 Aug 2025 |
| Level II | May 2026 | 12 Aug 2025 – 12 Feb 2026 |
| Level II | Aug 2026 | 11 Nov 2025 – 6 May 2026 |
| Level II | Nov 2026 | 11 Feb – 11 Aug 2026 |
| Level III | Aug 2025 | 6 Nov 2024 – 6 May 2025 |
| Level III | Feb 2026 | 29 Apr – 29 Oct 2025 |
| Level III | Aug 2026 | 11 Nov 2025 – 6 May 2026 |
CFA Program Policies and Procedures
The CFA Institute has established comprehensive policies and procedures to maintain the integrity and fairness of the CFA® Program. As a candidate, it’s essential to familiarize yourself with these guidelines, as adherence is mandatory throughout your participation. Key policies include:
1. Exam Eligibility Policy
Attempt Limits: Candidates may sit for each exam level up to two times per calendar year, with a maximum of six attempts per level. Consecutive exam windows or those less than six months apart are not permitted.
2. Identification Policy
Required ID: A valid international travel passport is mandatory for both registration and exam entry. Ensure your passport is current and matches the details provided during registration.
3. Admission and Appointment Policy
Testing Room Entry: Candidates must adhere to specific requirements for admission into the test centers, including punctual arrival and compliance with security procedures.
4. Calculator Policy
Approved Models: Only two calculator models are authorized for use during CFA Program exams:
- Texas Instruments BA II Plus (including BA II Plus Professional)
- Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition, and HP 12C Prestige)
5. Personal Belongings Policy
Permitted Items: Understand which personal items are allowed in the testing room to avoid any issues on exam day.
6. Deferral Policy
Exam Deferrals: In certain circumstances, candidates may qualify for an exam deferral. Review the criteria and process if you believe you may be eligible.
For a comprehensive overview of all policies, including detailed explanations and any recent updates, please visit the CFA Program Policies page on the official CFA Institute website.
Frequently Asked Questions
The CFA exam is intended for recent graduates and professionals in finance or investment management who are looking to launch or advance their careers. It is particularly well-suited for investment bankers, asset managers, financial advisors, research analysts, and portfolio managers who wish to deepen their expertise, enhance their skillset, and strengthen their professional credibility
The CFA exam for all three levels (Level I, II, and III) has a duration of approximately 4.5 hours, divided into two sessions.
Level I: Each session lasts 135 minutes (2 hours and 15 minutes), with an optional break between sessions.
Levels II and III: Each session is 132 minutes (2 hours and 12 minutes), also with an optional break.
In addition to the exam itself, candidates should allow for an extra 30 minutes at the start for a pledge, tutorial, and survey. As a result, the total appointment time is approximately 5.5 hours.
Yes, it is possible to change your CFA exam test center, although specific conditions and fees may apply:
Changing within the same exam window: You may change your test center within the same exam window; however, this change incurs a non-refundable fee of $250. The request must be made before the scheduling deadline for your selected window.
Changing early (before the deadline): In some cases, you may be able to change your test center without a fee if the request is made more than 75 days before the exam date. However, this is not explicitly guaranteed by the CFA Institute and depends on test center availability.
Changing to a different exam window: If you wish to move your exam to a different testing window (e.g., from November to May), you will need to submit a deferral request. This process has separate guidelines and may involve additional documentation or requirements.
The CFA exam is administered in two sessions: a morning session and an afternoon session.
Morning Session: Candidates are expected to be seated by 8:30 a.m. local time. The exam begins at 9:00 a.m. and concludes at 12:00 p.m.
Afternoon Session: Candidates must be seated by 1:30 p.m. local time, with the exam running from 2:00 p.m. to 5:00 p.m.
Each session lasts approximately 2 hours and 15 minutes, and candidates are offered a break between sessions.
CFA Level 1’s Quants-heavy topics demand a financial calculator for calculations.
To earn the CFA Charter from the CFA Institute, candidates must successfully pass all three levels of the CFA exam (Levels I, II, and III) and accumulate a minimum of four years of qualified, full-time professional work experience in a relevant field. Please note that internships do not count toward the required work experience.