CFA® Exam Requirements

Who is eligible to sit for the CFA® Exam?

You can register for the CFA® Level I if you meet one of these conditions:

• Final-Year Student (any field)
  You are in the final year of your bachelor’s degree (or equivalent undergraduate program, such as a Licence in the LMD system).

• Bachelor’s Degree Holder (any field)
  You have already completed a bachelor’s degree or equivalent.

• Professional Work Experience (any field)
  You have at least 4,000 hours of professional work experience (approximately 3 years).

  • Experience can be full-time or part-time

  • Internships and part-time roles may qualify if they are paid and professional in nature

You must pass Level I to be eligible for Level II, and pass Level II to be eligible for Level III.

Addional Requirements for All Levels

• Valid International Passport
  A valid passport is required for registration and exam day.
  The name on your passport must exactly match the name on your CFA Institute account.
   

• Language Proficiency
  The exam is conducted entirely in English, so strong English reading comprehension is essential.
   

• Scheduling Responsibility
  After registration, you are responsible for selecting your exam date and test center within the available exam windows.

CFA® Exam Format 

CFA® Level 1

Format: Multiple-Choice Questions

• 180 multiple-choice questions split into two sessions:

  • Morning Session: 2 hours and 15 minutes

  • Afternoon Session: 2 hours and 15 minutes

• There is an optional break between the two sessions.

Topic Weightings:

• Ethical and Professional Standards: 15–20%

• Financial Statement Analysis: 11–14%

• Equity Investments: 11–14%

• Fixed Income: 11–14%

• Portfolio Management: 8–12%

• Alternative Investments: 7–10%

• Quantitative Methods: 6–9%

• Economics: 6–9%

• Corporate Issuers: 6–9%

• Derivatives: 5–8%

CFA® Level 2

Format: Item Sets Questions (Vignette-Based)

• 88 questions (22 item sets x 4 multiple-choice questions each) 

• Duration: 2 sessions of 2 hours and 12 minutes each with an optional break in between.
   

Topic Weightings:

• Ethical and Professional Standards: 10–15%

• Financial Statement Analysis: 10–15%

• Equity Investments: 10–15%

• Fixed Income: 10–15%

• Portfolio Management: 10–15%

• Quantitative Methods: 5–10%

• Economics: 5–10%

• Corporate Issuers: 5–10%

• Derivatives: 5–10%

• Alternative Investments: 5–10%

CFA® Level 3

Format: Item Sets and Constructed Response (Essay)

• A combination of item set questions and constructed response (essay-style) questions.

• Total exam time: 4 hours and 24 minutes, split into two sessions of 2 hours and 12 minutes, with an optional break in between.

Topic Weightings:
 

1. Core Curriculum (60-70%)

• Asset Allocation: 15–20%

• Portfolio Construction: 15–20%

• Derivatives and Risk Management: 10–15%

• Ethical and Professional Standards: 10–15%

• Performance Measurement: 5–10%

2. Specialization Pathways (30-35%)

Candidates choose one pathway from:

• Portfolio Management 
• Private Markets 
• Private Wealth

CFA® Exam Sessions

The CFA® Program offers multiple testing windows each year. Candidates select one exam day within their chosen window. Each window spans approximately 7 days, depending on the level and exam cycle.

CFA® Level I – Offered Four Times a Year

• February

• May

• August

• November

CFA® Level II – Offered Three Times a Year

• May

• August

• November

CFA® Level III – Offered Two Times a Year

• February

• August

CFA® Exam fees 

Before registering, it's important to understand the fees associated with the CFA Program.

• One-Time Enrollment Fee:
  When you register for the CFA Program for the first time, you must pay a one-time enrollment fee. This fee applies only once and covers your access to the program curriculum and resources.
   

• Exam Registration Fees:
  The CFA exam registration fee varies depending on when you register during the registration window:

  • Early Registration: Significantly discounted fees for candidates who register early.

  • Standard Registration: Regular fees for candidates who register closer to the exam date.

  • Late Registration: Additional fees may apply if you register very close to the exam date (check current CFA Institute policies)

Payment Method
Candidates can pay their exam fees via:

• Credit or debit card (Visa, MasterCard, American Express, Discover)

• Wire transfer (available when selecting the invoice payment option during checkout)

Note on the Invoice Payment Option

If you choose to pay via invoice:

• You must select the invoice option during the registration process.

• CFA Institute will generate an invoice detailing your fees.

• The invoice must be paid before the invoice payment deadline for your selected exam window.

• Unpaid invoices past the deadline will result in cancellation of your exam registration.

Rescheduling Fee

If you need to change your exam date or location within the same exam window, a rescheduling fee of USD 250 applies. All changes must be made before the rescheduling deadline.

CFA® Scholarships

The CFA Institute offers several scholarship programs to help reduce the cost of the CFA® Program for eligible candidates. Scholarships can significantly lower the registration fees, making the CFA more accessible.

Types of CFA Scholarships

1. Access Scholarship

   • Eligibility: Candidates with financial need, including those from developing countries, unemployed candidates, or others facing economic hardship.

   • Amount: Waives the one-time enrollment fee (USD 350) and reduces the exam registration fee to USD 400.

   • Application Window: Four application periods per year
     May 2025 (Levels I and II): Opens 8 August 2024 – Closes 26 August 2024
     August 2025 (Levels I, II, and III): Opens 6 November 2024 – Closes 25 November 2024
     November 2025 (Levels I and II): Opens 12 February 2025 – Closes 3 March 2025
     February 2026 (Levels I and III): Opens 29 April 2025 – Closes 19 May 2025
     Decision dates are approximately 4–6 weeks after the application window closes.
      

2. Student Scholarship

   • Eligibility: Full-time undergraduate or graduate students at CFA Institute-affiliated universities or schools.

   • Amount: Waives the one-time enrollment fee (USD 350) and reduces the exam registration fee to USD 600.

   • Application Window: Applications accepted from September 1 through July 31. Scholarships awarded are valid for 6 months.
      

3. Professor Scholarship

   • Eligibility: Full-time university professors who teach a minimum number of credit hours at qualified institutions.

   • Amount: Waives the one-time enrollment fee (USD 350) and reduces the exam registration fee to USD 600.

   • Application Window: Applications accepted from September 1 through July 15. Scholarships awarded after are valid for 6 months.
      

4. Regulator Scholarship

   • Eligibility: Candidates employed by a regulator or government agency involved in the oversight of financial markets.

   • Amount: Waives the one-time enrollment fee (USD 350) and reduces the exam registration fee to USD 600.

   • Application Window: 10 February – 31 July
     Decision date is approximately 4–6 weeks after the application window closes.

How to Apply

• Scholarships are applied for through the CFA Institute’s official website during the designated application periods.

• Applicants must submit proof of eligibility, such as financial documentation or enrollment verification.

• Only one scholarship can be applied per exam registration.

Important Notes

• Scholarships cover only the exam registration fees; candidates are responsible for study materials and other expenses.

• If you receive a CFA scholarship but don’t register, schedule, or attend the exam, you will lose eligibility for future scholarships.

• Applying early is recommended as scholarships are competitive and limited in number.

CFA® Exam Registration
 

Registering for the CFA® exam is a multi-step process that requires careful attention to deadlines and requirements. Here’s how to get started:
 

1. Create Your CFA Institute Account

Start by visiting the official CFA Institute website and creating an account. You’ll need a valid email address and an international passport to proceed with registration.
 

2. Select Your Exam Level and Testing Window

Choose the level of the exam you are registering for (Level I, II, or III) and select your preferred testing window. CFA exams are offered in specific months depending on the level.
 

3. Complete the Registration Form

Fill out your personal information, education or work experience, and agree to the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
 

4. Pay the Exam Fees

After completing the form, you will be prompted to pay the registration and enrollment fees (if applicable). Fee amounts vary depending on the registration window (early or standard).
 

5. Schedule Your Exam Appointment

Once registered, you must schedule your exam date, time, and location through the Prometric portal. This step is mandatory to secure your exam seat.
 

Note: Rescheduling Your Exam

If you need to change your exam date, time, or location within the same testing window, you may do so by the rescheduling deadline published by CFA Institute. A rescheduling fee of USD 250 applies. Keep in mind that rescheduling is subject to appointment availability at your chosen test center.

CFA® Exam Day 

What to bring on Exam Day?
 

You must bring the following:

• CFA® Exam Admission Ticket, printed from your CFA Institute account
• Valid international passport. (must match the details on your exam admission ticket exactly)
• Approved Calculator (Texas Instruments BA II Plus or Hewlett-Packard 12C)

Items NOT allowed in the exam room:

• Food or drinks, except for water
• Wallets or cash purses

• Any type of baggage, including clear bags, purses, handbags, tote bags, briefcases, carry cases, passport covers, or glasses cases

• Study aids such as study guides, notes, unapproved papers, or textbooks
• Writing tools and scratch paper (only test center materials are allowed)
• Electronic devices: Smartphones, tablets, laptops, cameras, headphones, wearable technology, smartwatches, and any Bluetooth®-enabled or remote communication/photo devices
• Any type of desk clock or timer, including wristwatches

All prohibited items must be stored in the designated personal belongings area provided by the test center.
 

Special Accomodation
If you require testing accommodations due to a medical condition or disability:

• Submit a formal request to the CFA Institute, including all relevant documentation

• Approved accommodations may include:

  • Extra time

  • A separate testing room

  • Ergonomic furniture or medical devices (as approved)

Time Management During the Exam

• No personal timekeeping devices are allowed (e.g., watches, timers).

• The exam software provides a visible on-screen timer throughout the session.

• Proctors may give verbal time warnings at key intervals.

Additional Exam Day Tips

• Arrival Time: Arrive at least 30 minutes early to complete check-in.
• Check-In Process: May include sisual inspection of personal items and use of a metal detector wand
• Breaks: You may take up to two unscheduled breaks. The exam clock continues running during breaks

• Scratch Paper: You’ll receive a whiteboard or erasable writing pad. Personal pens or paper are not permitted

CFA® Exam - Approved Calculators

Only two calculators models are authorized for use during the CFA® Exam:

• Texas Instruments BA II Plus (includes BA II Plus Professional)
• Hewlett Packard 12C, which includes the HP 12C Prestige, HP 12C Platinum, HP 12C Platinum 25th anniversary edition, and HP 12C 30th anniversary edition)

Your calculator will be inspected at check-in, and you’ll be asked to reset the memory. Use of an unauthorized calculator will result in exam invalidation. 

Calculator Sharing Policy: Sharing or borrowing calculators during the exam is strictly prohibited.

Backup Calculator Policy: You may bring a backup, but it must also be an approved model. Calculator manuals are not permitted in the testing room.

Permitted Calculator-Related Items:

• Keystroke quick-reference card
• Extra batteries
• A small screwdriver for battery replacement (BA II Plus)
   

Additional Guidelines for your CFA® Exam Calculator

• Battery Check:
  Ensure your calculator is fully charged or has fresh batteries.
  Proctors do not supply replacements or technical assistance.
   

• Memory Reset Requirement: 
  You must reset the calculator’s memory during check-in.
  Learn how to do this in advance to avoid delays
   

• Model Familiarity: The CFA Institute does not provide calculators at the exam site. It is your responsibility to bring an approved model and to be fully comfortable using it. Practicing with the same calculator model you intend to bring is strongly recommended.
  Familiarity with its financial functions—such as time value of money, NPV & IRR, Cash Flow Analysis, bond pricing, and amortization—is essential for success.
   

• Labeling: It is helpful (though not required) to label your calculator with your name in case of mix-ups during breaks. However, the label should not obscure any calculator functions or display.
   

• Calculator Malfunction:
  If your calculator fails and you don’t have a backup, you must continue without it. No technical help will be available.

CFA® Exam Results  

When are the CFA® Exam results released?

CFA® Exam results are typically released:

• Within 60 days for Level I and Level II

• Within 90 days for Level III

You will receive your results via email, and they can also be accessed through your CFA Institute online account.

What if you do not pass?
 

If you do not pass:

• You must wait at least 6 months before retaking the exam.

• You are allowed up to 7 attempts per exam level.

💡 Tip: Use your performance report to identify weak areas and adjust your study strategy before your next attempt.

Understanding your CFA® Exam Results

Once you receive your CFA® Exam results, you won’t see your exact score or the official Minimum Passing Score (MPS). Instead, your results report includes:
 

1. Overall Result: a simple “Pass” or “Did Not Pass”.

2. Performance Summary by Topic Area
You'll see topic performance bands grouped into three ranges:

• ≤50% (Below average performance)

• 51–70% (Moderate performance)

• >70% (Strong performance)

This breakdown helps you identify which topics were your strengths and which need improvement for future attempts.
 

3. Percentile Rank

A visual bar chart shows how your overall score compares to other candidates. This includes:

• The 90th percentile (top performers)

• The MPS line (minimum score to pass)

• Your own score position (an indicator only — not a precise score)

CFA® Exam Pass Rates

The CFA® Program is widely regarded as one of the most rigorous credentials in finance. Pass rates are low — reflecting the depth, difficulty, and dedication required. Average Historical Pass Rates are: 

• CFA Level I 36%-40%
• CFA Level II 40-45%
• CFA Level III 45-50%

Note: Pass rates declined during the COVID-19 pandemic due to disruptions and format changes. Historically, they ranged between 43%–55%.

Why Is the CFA® Exam So Challenging?

• Volume of Material
  Each CFA exam level covers a broad and deep curriculum across multiple finance topics, requiring deep conceptual understanding and retention.
   

• Question Complexity
  Questions go beyond recall — they test application and synthesis of knowledge.
  Level II’s item sets and Level III’s essay questions require critical thinking under time pressure.
   

• Ethics Emphasis
  The Ethics section is heavily weighted and graded with a potential “ethics adjustment,” meaning borderline candidates can pass or fail depending on their Ethics performance.
   

• Time Commitment
  CFA Institute recommends 300+ hours of study per level, often spread over 4 to 6 months. Balancing this with work or personal commitments is a major challenge.
   

• Discipline and Preparation Journey Success in the CFA Program is not just about intelligence — it's about consistency, time management, and mental endurance. Many candidates drop out or burn out due to the long preparation cycle

  
  
  •  

How is the CFA® Exam graded?
 

The CFA Institute uses a pass/fail grading system. Your final result is determined by several key factors designed to ensure fairness and consistency across exam versions:

1. No Fixed Passing Score

• There is no set score (like 70%) to pass.

• Instead, the Minimum Passing Score (MPS) is set after each exam using a standard-setting process and expert panels.

• The MPS varies depending on the difficulty of the exam version.

2. Standard-Setting Process (Angoff Method)
The CFA Institute uses a modified Angoff Method to determine the MPS:

• Panels of CFA charterholders evaluate each question and estimate how a minimally competent candidate would perform.
• These estimates help set the benchmark for passing.

3. Equating & Statistical Adjustments

To ensure fairness, CFA Institute adjusts for difficulty across different test forms so that no candidate is advantaged or disadvantaged based on the version of the exam they receive.

4. Ethics Adjustment

If a candidate’s score is close to the MPS, performance on the Ethics section can influence the final result.
Strong Ethics performance can push a borderline candidate above the MPS, while weak performance can push them below it.

5. No Score Disclosure

You won’t receive your exact score or the official MPS.
Instead, you'll receive a performance report by topic area, indicating how well you did in each section.

Tips to keep in mind : 

• Aim for 70%+ consistently in mock exams to build a safe margin.

• Don’t underestimate the Ethics section — it can be a tie-breaker.

• Manage your time effectively during both preparation and the exam itself.