CFA Exam Prep

Find out when you need to register to sit for your CFA Level I exam

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.

Level I Exam Details

Candidates have a total of six maximum attempts per CFA exam level and can take as much time as needed to complete the program.

Exam Dates

There are four Level I exam windows each year—February, May, August, and November.

Exam Format

Computer-based and multiple-choice

Exam Questions:

180 equally weighted questions

• Session 1: 90 questions
• Session 2: 90 questions
• Each session is 2 hours and 15 minutes

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

Level I 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.

Level I Exam Results

2024 Exam Results

• February Exam: April 4, 2024
• May Exam: June 26, 2024
• August Exam: October 8, 2024
• November Exam: January 14, 2025

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.

• 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.

2025 Exam Dates

Find out when you need to register to sit for your CFA Level II exam

2026 Exam Dates

CFA Institute has not yet announced the full schedule for the 2026 exams. Please check back soon for the latest information.

Register Now

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.

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.

Level II Exam Details

Candidates have a total of six maximum attempts per CFA exam level and can take as much time as needed to complete the program.

Exam Dates

There are three Level II exam windows each year—May, August, and November.

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.

Level II 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.

Level II Exam Results

2024 Exam Results

• May Exam: July 2, 2024
• August Exam: October 10, 2024
• November Exam: January 16, 2025

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.

• 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.

Find out when you need to register to sit for your CFA Level III exam

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.

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:

1. Private Wealth
2. Private Markets
3. Portfolio Management (traditional path)

You can learn more about the specialized pathways here

Master these concepts with a Level III study package.

Level III Exam Details

Candidates have a total of six maximum attempts per CFA exam level and can take as much time as needed to complete the program.

Exam Dates

There are two Level III exam windows each year—February and August.

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 CFA 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.

Level III 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.

Level III Exam Results

2024 Exam Results

• February Exam: April 11, 2024
• August Exam: October 17, 2024

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.

• 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.