CFA Exam Requirements

CFA^® Exam Details

The CFA Program has three exams (Levels I, II, III) taken in order. Each level requires 300+ hours of prep, though time varies. Candidates get six attempts per level with no time limit to complete the program. The curriculum updates annually to reflect changes in the global investment industry.

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CFA Exam Details

The CFA Program has three exams (Levels I, II, III) taken in order. Each level requires a minimum of 300 hours of preparation, although the time required varies. Candidates have six attempts per level, with no time limit, to complete the program. The curriculum updates annually to reflect changes in the global investment industry.

CFA Level I Exam Details

There are four CFA Level I exam windows each year: February, May, August, and November. Find out when you need to register to sit for your CFA Level I exam.

	August 2025	November 2025	February 2026	May 2026	August 2026	November 2026
Level I Exam Dates	August 20–26, 2025	November 12–18, 2025	February 2–8, 2026	May 12-18, 2026	Coming Soon	Coming Soon
Registration and Scheduling Windows Open	November 6, 2024	February 12, 2025	April 29, 2025	August 12, 2025
Early Registration Deadline	January 29, 2025	April 9, 2025	July 7, 2025	October 14, 2025
Registration Closes	May 6, 2025	August 5, 2025	October 29, 2025	February 12, 2026
Scheduling Deadline	July 21, 2025	November 1, 2025	January 22, 2026	February 18, 2026
Rescheduling Deadline	July 21, 2025	November 1, 2025	January 22, 2026	May 1, 2026

Body of Knowledge

The CFA Program 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.

CFA 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. Master these concepts with a Level I study package.

Topic Weights

For the 2025 and 2026 Level I exams, the topics are weighted as follows:

Quantitative Methods: 6–9%
Economics: 6–9%
Corporate Issuers: 6–9%
Financial Statement Analysis: 11–14%
Equity Investments: 11–14%
Fixed Income: 11–14%
Derivatives: 5–8%
Alternative Investments: 7–10%
Portfolio Management: 8–12%
Ethical and Professional Standards: 15–20%

These topic weights were used to develop a study plan you can follow to ensure complete coverage of the material. The study plan is included in all our Level I study packages.

Candidate Eligibility Requirements

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

Have a U.S. bachelor’s (or equivalent) degree
- or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Candidates who are currently undergraduate students may take the Level I exam and must be within 11 months of graduation to sit for Level II
- or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
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)

Enrollment and Exam Registration Fees

For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
2025 — Level I Early Registration Standard Registration
One-Time Enrollment Fee $350 $350
Exam Registration Fee $990 $1,290
TOTAL $1,340 $1,640
For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.
2026 — Level I Early Registration Standard Registration
Exam Registration Fee $1,140 $1,490

2025 — Level I	Early Registration	Standard Registration
One-Time Enrollment Fee	$350	$350
Exam Registration Fee	$990	$1,290
TOTAL	$1,340	$1,640

2026 — Level I	Early Registration	Standard Registration
Exam Registration Fee	$1,140	$1,490

CFA Level II Exam Details

2025 Exam Dates

There are three CFA Level II exam windows each year: May, August, and November. Find out when you need to register to sit for your CFA Level II exam.

	August 2025	November 2025	May 2026	August 2026	November 2026
Level II Exam Dates	August 27-31, 2025	November 19-23, 2025	May 19-23, 2026	Coming Soon	Coming Soon
Registration and Scheduling Windows Open	November 6, 2024	February 12, 2025	August 12, 2025
Early Registration Deadline	January 29, 2025	April 9, 2025	October 14, 2025
Registration Closes	May 6, 2025	August 5, 2025	February 12, 2026
Scheduling Deadline	July 28, 2025	November 8, 2025	February 18, 2026
Rescheduling Deadline	July 28, 2025	November 8, 2025	May 8, 2026

Exam Format

Computer-based, multiple-choice questions using item sets or “mini-cases.” Each item set contains a vignette (with an average length of 1.5 pages). Each item set will be followed by 4 or 6 multiple-choice questions.

Exam Questions

88 equally weighted multiple-choice questions

Session 1: 44 multiple-choice questions
Session 2: 44 multiple-choice questions
Each session is 2 hours and 12 minutes

Our Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.

Body of Knowledge

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

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. Master these concepts with a Level II study package.

Topic Weights

For the 2025 and 2026 Level II exams, the topics are weighted as follows:

Quantitative Methods: 5–10%
Economics: 5–10%
Financial Reporting and 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%
Ethical and Professional Standards: 10–15%

These topic weights were used to develop a study plan you can follow to ensure complete coverage of the material. The study plan is included in all our Level II study packages.

Candidate Eligibility Requirements

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

Have a U.S. bachelor’s (or equivalent) degree
- or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Candidates who are currently undergraduate students may take the Level I exam and must be within 11 months of graduation to sit for Level II.
- or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
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)

Enrollment and Exam Registration Fees

For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
2025 — Level II Early Registration Standard Registration
Exam Registration Fee $990 $1,290
For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.
2026 — Level II Early Registration Standard Registration
Exam Registration Fee $1,140 $1,490

2025 — Level II	Early Registration	Standard Registration
Exam Registration Fee	$990	$1,290

2026 — Level II	Early Registration	Standard Registration
Exam Registration Fee	$1,140	$1,490

CFA Level III Exam Details

There are two Level III exam windows each year—February and August. Find out when you need to register to sit for your CFA Level III exam.

	August 2025	February 2025	August 2026
Level III Exam Dates	August 15-19, 2025	January 29-February 1, 2026	Coming Soon
Registration and Scheduling Windows Open	November 6, 2024	April 29, 2025
Early Registration Deadline	January 29, 2025	July 7, 2025
Registration Closes	May 6, 2025	October 29, 2025
Scheduling Deadline	May 13, 2025	November 5, 2025
Rescheduling Deadline	July 14, 2025	January 18, 2025

Exam Format

Vignettes/item sets with multiple-choice or constructed response questions.

Exam Structure

Session 1: 5 or 6 constructed response (essay) questions and 5 or 6 item sets
Session 2: 5 or 6 constructed response (essay) questions and 5 or 6 item sets
Duration: Each session is 2 hours and 12 minutes long

Our Level III study packages are built to replicate the format and difficulty of the exam, leaving no surprises on exam day. Begin your preparation today.

Body of Knowledge

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

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.

New for the 2025 Level III exams, CFA Institute is introducing specialized pathways. This will impact every candidate looking to sit for the Level III exam in 2025 and beyond. Each pathway was developed to give you more options to learn content directly related to your interests and career goals. The three specialized pathways are:

Private Wealth
Private Markets
Portfolio Management (traditional path)

You can learn more about the specialized pathways here

Master these concepts with a Level III study package.

Topic Weights

For the 2025 and 2026 Level I exams, the topics are weighted as follows:

Asset Allocation: 15–20%
Portfolio Construction: 15–20%
Performance Measurement: 5–10%
Derivatives and Risk Management: 10–15%
Ethical and Professional Standards: 10–15%
Pathways: 30–35%

These topic weights were used to develop a study plan you can follow to ensure complete coverage of the material. The study plan is included in all our Level III study packages.

Candidate Eligibility Requirements

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

Have a U.S. bachelor’s (or equivalent) degree
- or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Candidates who are currently undergraduate students may take the Level I exam and must be within 11 months of graduation to sit for Level II.
- or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
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)

Enrollment and Exam Registration Fees

For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
2025 — Level III Early Registration Standard Registration
Exam Registration Fee $1,090 $1,390
For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.
2026 — Level III Early Registration Standard Registration
Exam Registration Fee $1,240 $1,590

2025 — Level III	Early Registration	Standard Registration
Exam Registration Fee	$1,090	$1,390

2026 — Level III	Early Registration	Standard Registration
Exam Registration Fee	$1,240	$1,590

Still have questions? Schedule a call with an expert to get answers and a personalized study plan.

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Most Recommended: This is one of the findings of a quantitative survey conducted by Kaplan between April 1 and October 31, 2023. For this survey, a sample of 272 CFA Candidates were interviewed online in English. The survey was fielded to subscribers of 300Hours.com.

Most Used Online Forum Hosted by CFA Exam Prep Providers: Based on Kaplan North America research for comparable CFA exam preparation programs as of February 2025.

95% Recommendation Rate: This is one of the findings of a quantitative survey conducted by Kaplan between April 1 and October 31, 2023. For this survey, a sample of 272 CFA Candidates was interviewed online in English. The survey was fielded to subscribers of 300Hours.com.

Helped 700,000+ Candidates Prep for Exams: Net purchases of study packages containing the printed SchweserNotes™ bookset from 2008 through winter 2024 (less 2020).

Only CFA Provider Offering In-Person Mock Exams at Actual CFA Test Centers: Based on Kaplan North America research for comparable CFA exam prep providers as of May 2025.

Leader in CFA Prep: These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.

Only Online Forum with Content from CFA^® Faculty Experts: Based on Kaplan North America research for comparable CFA exam preparation programs as of February 2025.

PassProtection™: Terms and conditions apply. Visit https://www.schweser.com/cfa/pass-protection for more information.

CFA Exam Requirements

CFA® Exam Details

CFA Exam Details

CFA Level I Exam Details

Exam Dates

Exam Format

Body of Knowledge and Topic Weights

Exam Results

Requirements and Exam Fees

CFA Level II Exam Details

Exam Dates

Exam Format

Body of Knowledge and Topic Weights

Exam Results

Requirements and Exam Fees

CFA Level III Exam Details

Exam Dates

Exam Format

Body of Knowledge and Topic Weights

Exam Results

Requirements and Exam Fees

Featured CFA Resources

Best Alternative Certifications and Designations for Finance Professionals Instead of the CFA® Charter

Latest CFA® Exam Curriculum Updates

What is the Pass Rate for the CFA® Exam?

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Explore All CFA Levels

CFA^® Exam Details