CFA Exam Requirements and Cost
Educational Requirements
Have a bachelor’s (or equivalent) degree
or be in the final year of your bachelor’s degree program at the time of registration
or have four years of qualified, professional work experience
or have a combination of work and college experience that totals at least four years (Note: Summer, part-time, and internship positions do not qualify)
Work Experience
To be recommended for regular membership you must have completed four years (48 months) of qualifying work experience.
Exam Fees
CFA Program applicants pay an initial one-time enrollment fee. In addition, applicants are required to pay an exam registration fee. Returning candidates pay only the exam registration fee.
The enrollment fee and the exam registration fee increase with each deadline.
Fee range: $995 – $1,510
Exam Format
| Level I Exam | Types of questions: Multiple choice No. of Questions: 240 questions (120 in each session) Exam duration: 6 hours divided into two sessions (Morning and Afternoon) |
| Level II Exam
| Types of questions: Item sets No. of Questions: 20 item sets — 10 on the morning session of the exam and 10 on the afternoon session. Exam duration: 6 hours divided into two sessions (Morning and Afternoon) |
| Level III Exam | Types of questions: and Essay questions No. of Questions: Essay format, with 10-15 questions in the morning, and the item set format, with 10 item sets, in the afternoon. Exam duration: 6 hours divided into two sessions (Morning and Afternoon) Essay exam is given in the morning session and has a maximum score of 180 points. The essay exam typically has 10–15 questions, and questions may have multiple parts. |
Exam Location
The exam is conducted in multiple locations throughout the world.
Exam Calendar
The exam is conducted in June and December
Exam Preparation Time
Approximately 300 hours
Back to CFA Exam Dashboard
More details on CFA Institute website.