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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

View complete fee schedule.

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.

List of test centers

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.

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