CFA (Chartered Financial Analyst)
CFA Institute
Complete guide to passing the CFA (Chartered Financial Analyst) exam on your first attempt.
$2,500-$5,000 total (all levels)
~40% Level 1
Lifetime (annual dues)
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CFA Institute
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Complete Overview
The CFA Program is a three-exam credential from CFA Institute for investment professionals, and the Level I exam is 180 multiple-choice questions delivered in two 135-minute computer-based sessions. It is taken by equity and credit analysts, portfolio managers, risk specialists, private wealth advisers and finance students; from the February 2026 exams onward the one-time enrollment fee is USD 0, Level I and Level II registration costs USD 1,140 early or USD 1,490 standard, and Level III costs USD 1,240 early or USD 1,590 standard.
CFA Institute puts the total exam cost of all three levels at USD 3,520 to USD 4,570, depending on whether you register in the early or standard window. Exams run four times a year, usually in February, May, August and November, at more than 400 locations. The May 2026 Level I administration used 524 proctored computer-based venues across 425 cities in 115 markets.
The three levels test different things. Level I is 180 stand-alone multiple-choice items with three answer choices each. Level II is 22 item sets built on vignettes, carrying 88 multiple-choice questions across two 132-minute sessions, of which 20 item sets are scored and 2 are trialled. Level III mixes 11 item sets with 11 constructed-response essay sets, each set worth 12 points, again with 20 scored and 2 trialled. Level III candidates also choose one of three specialized pathways: Portfolio Management, Private Markets or Private Wealth, and that pathway carries 30 to 35 percent of the Level III exam.
Since the February 2025 administration CFA Institute reports scale scores. Level I runs from 1000 to 1900 with a minimum passing score of 1600, Level II from 2000 to 2900 with an MPS of 2600, and Level III from 3000 to 3900 with an MPS of 3600. The MPS is recommended through a modified Angoff standard-setting workshop, a method CFA Institute has used since 1996, and approved by its Board of Governors. Equating carries the MPS across administrations so that an easier or harder version does not change who passes.
Pass rates are published. CFA Institute lists ten-year averages of 41 percent at Level I, 45 percent at Level II and 52 percent at Level III. In the most recent published administration, May 2026, 31,566 candidates sat Level I and 39 percent passed, which CFA Institute described as close to the Level I long-term average of 40 percent. First-time candidates passed at 45 percent while candidates testing after at least one deferral passed at 25 percent.
Passing the exams is only part of it. To earn the charter you must pass all three levels, complete one Practical Skills Module at each level, accumulate 4,000 hours of qualifying professional work experience over a minimum of three years, supply professional references, and join CFA Institute as a member with an annual attestation to the Code of Ethics and Standards of Professional Conduct.
Entry needs one of three things: a completed bachelor's degree, undergraduate status with your exam window 23 months or fewer before graduation, or 4,000 hours of professional work experience and higher education combined over at least three sequential years. Every candidate also needs a valid international travel passport, and every exam is offered in English only.
Why Get CFA (Chartered Financial Analyst) Certified?
CFA Institute reports more than 200,000 charterholders across more than 160 markets, with 8 offices and 157 local societies.
The total exam cost for all three levels is USD 3,520 to USD 4,570, and the one-time enrollment fee dropped from USD 350 to USD 0 for exams seated from February 2026 onward.
Pass rates are published rather than hidden: ten-year averages of 41 percent at Level I, 45 percent at Level II and 52 percent at Level III.
The scale and the bar are both public. Level I runs 1000 to 1900 with a minimum passing score of 1600, so you know exactly what number you are chasing.
Successful candidates report studying over 300 hours per level, which is roughly 900 hours across the programme before you reach the charter.
Level III lets you choose one of three specialized pathways, Portfolio Management, Private Markets or Private Wealth, and that choice covers 30 to 35 percent of the Level III exam.
CFA Institute reports first-time Level I candidates passed at 45 percent in May 2026 against 25 percent for candidates testing after at least one deferral, which quantifies the cost of postponing.
Exam Format & Structure
Duration
Level I: 270 minutes of testing time, delivered as two 135-minute sessions. Level II and Level III: 264 minutes, delivered as two 132-minute sessions, described by CFA Institute as 4 hours 24 minutes with an optional break between sessions. At every level, additional time is allotted for a software tutorial, a break and an end-of-exam survey.
Questions
Level I: 180 multiple-choice questions, 90 per session. Level II: 22 vignette-based item sets carrying 88 multiple-choice questions, 11 item sets per session, of which 20 sets are scored and 2 are trialled. Level III: 11 item sets and 11 essay sets, each worth 12 points, with 44 multiple-choice items at 3 points each; 20 sets are scored and 2 are trialled.
Passing Score
Level I: 1600 on a 1000 to 1900 scale. Level II: 2600 on a 2000 to 2900 scale. Level III: 3600 on a 3000 to 3900 scale. CFA Institute does not publish the percentage of questions needed, and states the required percentage varies slightly by exam version because of equating.
Question Types
- Level I stand-alone multiple choice with three answer choices, in sentence-completion or direct-question form
- Level II and Level III vignette-supported multiple choice, where every item depends on the vignette
- Level III constructed response essays typed into a text box, with bolded command words in the stem
- Level III calculation responses inside the essay box, where a correct numerical value alone earns full credit
- Occasional multiple-choice items inside the Level III essay section, sometimes with more or fewer than three choices
Delivery Method
Proctored computer-based testing at Prometric and partner test centres. The May 2026 Level I administration ran at 524 venues in 425 cities across 115 markets. Candidates must bring a valid international travel passport and one of two approved calculators.
How scoring works
Score scale
Scale scores, published per level since the February 2025 administration: Level I runs 1000 to 1900, Level II 2000 to 2900, and Level III 3000 to 3900. The scales rise across levels deliberately, so that a score at one level is not mistaken for a prediction of the next.
Score needed to pass
Level I 1600, Level II 2600, Level III 3600. Your score must be equal to or greater than the minimum passing score to pass.
Roughly what that means raw
Not published. CFA Institute states it does not provide the exact number of questions a candidate answered correctly, and that a raw score is uninterpretable across exam versions.
When results arrive
Levels I and II within 5 to 7 weeks of the exam; Level III within 6 to 8 weeks; CFA Institute also describes notification within 5 to 9 weeks after the exam window closes. Release is conditional on completing the Practical Skills Module for that level. Passing Level III candidates receive only a congratulatory email; everyone else receives a score report with a scale score, the MPS, a confidence interval, the administration average and topic-level performance against 50 percent and 70 percent reference lines.
How the scale is built
A modified Angoff standard-setting workshop recommends the MPS and the Board of Governors approves it, a process CFA Institute has used since 1996. Equating then transfers that MPS to later administrations so an easier or harder version neither advantages nor penalises anyone. Raw scores are transformed to the scale; CFA Institute does not release raw scores or the number of correct answers, and states the percentage correct needed varies slightly by version. Scoring is compensatory: there is no minimum passing score per topic area and strong performance in one topic offsets weakness in another. There is no penalty for a wrong answer at any level. For candidates near the boundary, CFA Institute states the ethics adjustment may move the overall score to one side of the MPS or the other.
Pacing and time budget
180 questions in 270 minutes gives you 90 seconds per question.
45
30 of the 90 questions in session one
90
60 of session one
135
All 90 of session one, which then closes
225
60 of the 90 questions in session two, or 150 overall
270
All 180 questions
| At this point | You should have answered |
|---|---|
| 45 | 30 of the 90 questions in session one |
| 90 | 60 of session one |
| 135 | All 90 of session one, which then closes |
| 225 | 60 of the 90 questions in session two, or 150 overall |
| 270 | All 180 questions |
- 90 seconds per question is CFA Institute's own published guidance for Level I: 180 questions across two 135-minute sessions.
- The two sessions are separate. Time not used in session one does not carry into session two, so bank nothing and review instead.
- Never leave an item blank. CFA Institute confirms there is no penalty for incorrect answers, so a guess among three Level I choices has positive expected value.
- At Level II and Level III the unit of work is the item set, not the question. Each Level II item set carries four questions off one vignette, so budget roughly six minutes per set rather than 90 seconds per item.
- At Level III each essay set is worth 12 points and the point value is printed at the top of the vignette, which tells you how much time the set deserves relative to the rest.
Where the marks are
Ethical and professional standards
15-20% at Level I; 10-15% at Levels II and III
The largest Level I weight, tested at all three levels, and the one place where CFA Institute says an adjustment can push a borderline score across the MPS in either direction.
Financial statement analysis
11-14% at Level I; 10-15% at Level II
Questions run on IFRS unless US GAAP is stated. Accounting-choice questions ask you to trace an inventory or asset method through to the ratio it distorts.
Equity investments
11-14% at Level I; 10-15% at Level II
Valuation model selection and application. At Level II the vignette gives you inputs for more than one model and asks which is appropriate before it asks for a number.
Fixed income
11-14% at Level I; 10-15% at Level II
The most calculation-dense Level I topic. Duration, convexity, spot and forward rates all reward calculator fluency directly in time saved per item.
Portfolio management and asset allocation
8-12% at Level I; 10-15% at Level II; 30-40% at Level III across Asset Allocation and Portfolio Construction
The topic that scales hardest across levels. At Level III it drives the essay sets, where CFA Institute asks you to determine and then justify a recommendation.
Level III specialized pathway
30-35% of the Level III exam
One third of the final exam sits in whichever of Portfolio Management, Private Markets or Private Wealth you choose, so pathway selection is a scoring decision, not just an interest one.
Alternative investments
7-10% at Level I; 5-10% at Level II
Descriptive and structural rather than computational at Level I, which makes it cheap marks: fee structures, strategy categories and diversification characteristics.
Derivatives and risk management
5-8% at Level I; 5-10% at Level II; 10-15% at Level III
The lightest Level I topic and therefore the most commonly abandoned, but it triples in weight by Level III where option and swap strategies drive whole question sets.
| Topic | Weight | Why it scores |
|---|---|---|
| Ethical and professional standards | 15-20% at Level I; 10-15% at Levels II and III | The largest Level I weight, tested at all three levels, and the one place where CFA Institute says an adjustment can push a borderline score across the MPS in either direction. |
| Financial statement analysis | 11-14% at Level I; 10-15% at Level II | Questions run on IFRS unless US GAAP is stated. Accounting-choice questions ask you to trace an inventory or asset method through to the ratio it distorts. |
| Equity investments | 11-14% at Level I; 10-15% at Level II | Valuation model selection and application. At Level II the vignette gives you inputs for more than one model and asks which is appropriate before it asks for a number. |
| Fixed income | 11-14% at Level I; 10-15% at Level II | The most calculation-dense Level I topic. Duration, convexity, spot and forward rates all reward calculator fluency directly in time saved per item. |
| Portfolio management and asset allocation | 8-12% at Level I; 10-15% at Level II; 30-40% at Level III across Asset Allocation and Portfolio Construction | The topic that scales hardest across levels. At Level III it drives the essay sets, where CFA Institute asks you to determine and then justify a recommendation. |
| Level III specialized pathway | 30-35% of the Level III exam | One third of the final exam sits in whichever of Portfolio Management, Private Markets or Private Wealth you choose, so pathway selection is a scoring decision, not just an interest one. |
| Alternative investments | 7-10% at Level I; 5-10% at Level II | Descriptive and structural rather than computational at Level I, which makes it cheap marks: fee structures, strategy categories and diversification characteristics. |
| Derivatives and risk management | 5-8% at Level I; 5-10% at Level II; 10-15% at Level III | The lightest Level I topic and therefore the most commonly abandoned, but it triples in weight by Level III where option and swap strategies drive whole question sets. |
The numbers
Level I 1600 of 1000-1900; Level II 2600 of 2000-2900; Level III 3600 of 3000-3900
Published minimum passing scores
Source: CFA Institute, Understanding your exam results
Level I 41 percent, Level II 45 percent, Level III 52 percent
Ten-year average pass rates
Source: CFA Institute, CFA Program exam information page
31,566 candidates sat in May 2026 and 39 percent passed; first-time candidates 45 percent, candidates testing after at least one deferral 25 percent
Most recent published Level I result
Source: CFA Institute press release, 23 June 2026
Level I and II USD 1,140 early or USD 1,490 standard; Level III USD 1,240 early or USD 1,590 standard; enrollment fee USD 0
Registration fees from February 2026
Source: CFA Institute press release, 18 December 2024, and CFA exam dates and fees page
USD 3,520 to USD 4,570 for all three levels, correct from the 2026 exams
Total programme exam cost
Source: CFA Institute, CFA exam dates and fees FAQ
Maximum six attempts per level; at most two per calendar year, not in consecutive windows or windows six months or fewer apart
Attempt limits
Source: CFA Institute, CFA Program Policies and CFA Exam Eligibility Policy
More than 200,000 charterholders across more than 160 markets, with 157 local societies
Charterholder population
Source: CFA Institute, About CFA Institute boilerplate, October 2025 press release
If you fail
Wait before retaking
You may not sit the same level in consecutive exam windows, nor in windows that are six months or fewer apart. In practice that means waiting at least two windows after a failed attempt.
Attempt limit
Six attempts per exam level, and at most two attempts per calendar year at a given level. Candidates who are unsuccessful after six attempts at the same level are no longer eligible for that level.
Retake fee
The full registration fee again for each attempt: USD 1,140 early or USD 1,490 standard for Levels I and II, and USD 1,240 early or USD 1,590 standard for Level III, from the February 2026 exams onward. There is no reduced retake rate. Candidates are not required to re-enroll in the CFA Program to retake a level.
Your score report gives you the diagnostic to plan the retake: a scale score against the published MPS, a confidence interval, the administration average and topic-level performance against 50 percent and 70 percent reference lines. CFA Institute advises substantial remediation when the whole confidence interval sits below the MPS, and modest additional study when it overlaps. Since February 2025, scale scores let you compare attempts directly, because both sit on the same scale. Retabulations are not available, and CFA Institute will not disclose how many questions you answered correctly.
Exam Domains & Topics
The heaviest single topic at Level I and the only one tested at every level. CFA Institute states that for candidates near the boundary, the ethics adjustment may move the overall score to one side of the minimum passing score or the other.
Key Topics to Master:
- Code of Ethics and Standards of Professional Conduct
- The seven Standards and their sub-sections, applied to short fact patterns
- Global Investment Performance Standards (GIPS)
- An ethical decision-making framework
- Duties to clients, employers and the profession
- Investment analysis, recommendations and actions
Reporting standards and the analysis they enable. CFA Institute states that questions on this topic are based on IFRS unless a question explicitly references US GAAP.
Key Topics to Master:
- Financial reporting standards and the standard-setting framework
- Income statement, balance sheet and cash flow statement mechanics
- Inventory and long-lived asset accounting choices and their effects
- Income taxes, non-current liabilities and off-balance-sheet items
- Ratio analysis and common-size statements
- Earnings quality and the general framework for financial statement analysis
Market structure, indexes and valuation. Level I stays at descriptive and basic-model depth; Level II moves to full valuation inside vignettes.
Key Topics to Master:
- Market organization, structure and efficiency
- Security market indexes and their construction
- Industry and company analysis
- Dividend discount and free cash flow valuation models
- Price and enterprise-value multiples
- Characteristics of global equities and their role in diversification
Instrument description, pricing, risk measurement and credit. A calculation-heavy topic where calculator fluency shows up directly in your time per question.
Key Topics to Master:
- Fixed income securities, features and markets
- Yield measures, spot rates, forward rates and the term structure
- Duration, convexity and interest rate risk
- Credit analysis fundamentals and credit risk measures
- Asset-backed securities and securitization
- Bond return sources and their decomposition
The topic that grows most across the three levels. At Level III it splits into Asset Allocation and Portfolio Construction and becomes the backbone of the essay sets.
Key Topics to Master:
- Portfolio risk and return measurement
- The capital asset pricing model and identifying optimal portfolio risk
- Investor needs, individual against institutional
- Portfolio planning and construction, including the investment policy statement
- Behavioural considerations in portfolio decisions
- Risk management frameworks
Hedge funds, private equity, real estate, commodities and infrastructure, treated through their shared characteristics and their diversification role.
Key Topics to Master:
- Categories and structures of alternative investments
- Hedge fund strategies and fee structures
- Private equity, venture capital and buyout basics
- Real estate and infrastructure investment characteristics
- Commodities and commodity derivative exposure
- Return and risk profiles relative to traditional asset classes
The statistical toolkit the rest of the curriculum assumes. Time value of money at Level I feeds directly into fixed income, equity and corporate topics.
Key Topics to Master:
- Rates, returns and time value of money
- Descriptive statistics: central tendency, location and dispersion
- Return distributions and their characteristics
- Probability theory applied to quantifying investment risk
- Sampling, estimation and hypothesis testing
- Simple and multiple regression, and machine learning applications at Level II
Micro and macro foundations. Level I covers supply and demand, market structures and the business cycle; Level II leans toward currency and growth analysis.
Key Topics to Master:
- Supply and demand analysis for consumers and firms
- Market structures and firm behaviour
- Aggregate output, income measurement and aggregate demand and supply
- Economic growth factors
- The business cycle and its effect on economic activity
- Currency exchange rates and international trade flows
Governance, capital structure and working capital. Small in weight but conceptually load-bearing for the equity valuation topics.
Key Topics to Master:
- Corporate governance and stakeholder management
- Business models and corporate structures
- Investing and financing decisions
- Leverage and its effect on returns and risk
- Working capital management for short-term operational needs
- Environmental and social considerations in corporate analysis
The lightest Level I topic and the one candidates most often defer. It grows at Level III into option and swap strategies used inside portfolios.
Key Topics to Master:
- Derivative markets, instruments and their uses
- Forward commitments: forwards, futures and swaps
- Contingent claims and option basics
- Arbitrage and the link between derivative pricing and the underlying
- Option strategies at Level III: straddles, spreads, covered calls, protective puts
- Managing interest rate, currency and equity risk with derivatives
A Level III core topic only. Covers benchmark selection, return attribution and performance appraisal, the decision process for selecting an investment manager, and the objectives and scope of the Global Investment Performance Standards (GIPS). Because it appears at no other level, candidates who prepared Levels I and II thoroughly meet it for the first time in the final year.
Key Topics to Master:
Recommended Study Plan
- 1Register in the early window rather than standard: USD 1,140 against USD 1,490 for Level I, a USD 350 difference for the same exam
- 2Schedule your test centre appointment immediately, since CFA Institute states appointments are first come, first served
- 3Open the Learning Ecosystem and confirm you can reach the curriculum, practice questions and mock exams
- 4Buy or confirm access to one of the two approved calculators: the Texas Instruments BA II Plus or the Hewlett Packard 12C
- 5Map 300 hours across the weeks remaining, since successful candidates report studying over 300 hours per level
- 1Master time value of money on your calculator until present value, future value, annuities and uneven cash flows are automatic
- 2Learn the calculator's cash flow worksheet, IRR and NPV functions, since CFA Institute lists calculator familiarity as an explicit exam tip
- 3Cover descriptive statistics, return distributions and probability concepts
- 4Work sampling, estimation and hypothesis testing
- 5Complete every Learning Ecosystem practice question for the topic and target 70 percent or better, which CFA Institute names as a reasonable signal of topic mastery
- 1Cover supply and demand, market structures and firm behaviour
- 2Work aggregate demand and supply, growth factors and the business cycle
- 3Study exchange rate determination and international trade flows
- 4Cover corporate governance, capital structure, leverage and working capital management
- 5Log topic-level practice scores in a spreadsheet so you can see which topics sit below the 70 percent line
- 1Work through the three statements and the standard-setting framework, remembering that questions are IFRS-based unless US GAAP is explicitly stated
- 2Cover inventory methods and long-lived asset accounting and be able to trace each choice through to the ratios
- 3Study income taxes and non-current liabilities
- 4Drill ratio analysis and common-size statements until interpretation is faster than calculation
- 5Cover earnings quality indicators and the general framework for financial statement analysis
- 1Cover market organization, indexes and market efficiency
- 2Work dividend discount and free cash flow models plus price and enterprise-value multiples
- 3Cover bond features, yield measures, spot and forward rates
- 4Drill duration and convexity calculations on your approved calculator under time pressure
- 5Study credit analysis fundamentals and asset-backed securities
- 1Cover forwards, futures, swaps and options, and the arbitrage link between derivative and underlying prices
- 2Work hedge funds, private equity, real estate, commodities and infrastructure
- 3Cover portfolio risk and return, the CAPM and portfolio planning
- 4Study the investment policy statement and the differences between individual and institutional investor needs
- 5Complete your Practical Skills Module, since CFA Institute states you must finish one at each level to receive your exam result
- 1Read the Standards of Practice material end to end rather than relying on summaries
- 2Work every ethics practice item available, since ethics carries 15 to 20 percent at Level I, the largest single topic weight
- 3Learn the sub-sections of each Standard, because most items turn on which sub-section applies rather than on whether a violation occurred
- 4Cover GIPS objectives and scope
- 5Note that CFA Institute states the ethics adjustment may move a borderline overall score to either side of the minimum passing score
- 1Sit a full Learning Ecosystem mock under exam conditions: 180 questions across two 135-minute sessions with one break
- 2Score it by topic and compare each topic against the 70 percent and 50 percent marks CFA Institute uses on score reports
- 3Rebuild any topic whose score sits below 50 percent rather than adding new material
- 4Consider the optional practice pack if your question supply is thin
- 5Rehearse 90 seconds per question, which is CFA Institute's own stated pacing guidance
- 1Sit two more full mocks at the same time of day as your scheduled appointment
- 2Track whether your accuracy falls in the second session, which is the usual signal that stamina rather than knowledge is the constraint
- 3Return to ethics for a final full pass, since it is the heaviest topic and the last to fade
- 4Re-drill the calculator sequences you use most: TVM, cash flow, and bond pricing
- 5Confirm your passport is current, unexpired and matches the name on your CFA Institute account
- 1Stop new material. Review formula sheets, ethics Standards and your weakest two topics only
- 2Plan your route to the test centre and arrive 30 minutes before your scheduled appointment as CFA Institute recommends
- 3Pack the passport, the approved calculator and a clear water bottle with no labels, images or writing
- 4Check the Personal Belongings Policy for what you may bring into the testing room
- 5Dress in layers, which CFA Institute lists as an exam tip because there is no dress code and room temperature varies
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Best Study Resources
CFA Program Learning Ecosystem
Official digital curriculum and practiceThe digital curriculum, practice questions, mock exams and study tools. It is the platform CFA Institute points candidates to for all official preparation, and the Practical Skills Modules live here too.
Included with exam registration
Official CFA Program curriculum, print edition
BooksThe same content as the Learning Ecosystem in physical form. CFA Institute makes it available for purchase separately once you have registered.
Purchasable after registration
CFA Institute optional Practice Pack
Extra practice questions and mocksAdditional practice questions and mock exams beyond what registration includes. The Access scholarship reduces the registration fee to USD 400 under a Premium Registration Package that includes the Practice Pack.
Optional add-on purchase
Level I, II and III topic outlines (2026 and 2027)
Official blueprint PDFsPublished per level and, for Level III, per pathway. They carry the learning outcome statements that define what each module can be tested on.
Free
Understanding your exam results (CFA Institute PDF)
Official scoring guideExplains the scale score, the minimum passing score, the confidence interval and the topic-level 50 percent and 70 percent reference lines. Read it before you sit, not after you fail.
Free
Kaplan Schweser CFA study packages
Third-party prep providerCondensed notes, question banks and mock exams. Widely used as a supplement, though the official curriculum remains the source the exam is written from.
Varies by package
Texas Instruments BA II Plus or Hewlett Packard 12C
Approved calculatorCFA Institute authorises only these two calculator models. Buy the one you will use on exam day at the start of studying, not the week before.
Roughly USD 30 to 80 depending on model
CFA Institute Access scholarship
Fee reductionReduces the CFA Program exam registration fee to USD 400 under the Premium Registration Package including the Practice Pack. Applications run on published windows, so check the scholarship page against your target exam date.
Free to apply
CFA Program Policies pages
Official policy documentsExam Eligibility, Admission and Appointment, Calculator, Deferral, Identification and Personal Belongings policies. These decide whether you get into the room, which matters more than any study tip.
Free
Common Mistakes to Avoid
Deferring the exam
CFA Institute reported that in May 2026, first-time Level I candidates passed at 45 percent while candidates testing after at least one deferral passed at 25 percent. It also announced on 5 March 2026 that beginning with the February 2027 exam cycles the paid deferral option is being eliminated entirely.
Registering in the standard window
Early registration is USD 1,140 for Level I and Level II against USD 1,490 standard, and USD 1,240 against USD 1,590 for Level III. Registering early on all three levels saves USD 1,050 for exactly the same exams.
Treating ethics as a topic to revise at the end
Ethics carries 15 to 20 percent at Level I, the largest weight of any topic, and 10 to 15 percent at Levels II and III. CFA Institute states the ethics adjustment can move a borderline overall score to either side of the minimum passing score, so it is the topic with the most leverage per hour.
Buying the wrong calculator
Only two models are authorised: the Texas Instruments BA II Plus and the Hewlett Packard 12C. Anything else will not be admitted, and CFA Institute lists calculator familiarity as an explicit exam tip because keystroke fluency saves minutes across 180 questions.
Assuming US GAAP in financial statement analysis
CFA Institute states that questions on this topic are based on International Financial Reporting Standards unless otherwise noted, and that any question referencing US GAAP will say so explicitly. Candidates trained under US GAAP lose marks by defaulting to what they already know.
Leaving questions blank
CFA Institute states at every level that there is no penalty for incorrect answers. An unanswered question and a wrong answer score identically, so a guess between three Level I choices carries roughly a third of a mark in expected value with no downside.
Answering Level II items without reading the vignette
Level II and Level III items are not free-standing. CFA Institute states you need to refer to the vignette before answering each item. Candidates who carry a Level I habit of reading only the stem lose marks on data that is only in the vignette.
Writing more than the Level III essay asks for
CFA Institute states that when a question asks for a set number of responses, the responses are evaluated up to the number requested and in the order presented, and that anything beyond the number requested is not evaluated. Writing three reasons when two were asked wastes time and can bury your best answer.
Showing all your working on Level III calculations
CFA Institute states that a correct numerical value typed in the essay box by itself receives full credit, and that formulas and explanations are not required. Showing steps only helps if the final answer is wrong and partial credit is in play, so put the number down first and add steps only if time allows.
Forgetting the Practical Skills Module
You must complete one PSM at each level to receive your exam result, and the same module cannot be used at two levels. If you take Python Programming Fundamentals at Level I, you must complete a different module at Level II. The exam result is withheld until the module is done.
Planning for a percentage rather than the scale score
There is no published percentage-correct pass mark. CFA Institute states the percentage needed varies slightly by exam version because of equating. What is published is the scale: 1600 of 1000 to 1900 at Level I, 2600 of 2000 to 2900 at Level II, 3600 of 3000 to 3900 at Level III.
Exam Day Tips
- 1
Bring a valid international travel passport. It must be original, current and match the name on your CFA Institute account. There is no alternative identification, and without it you cannot sit.
- 2
Bring one of the two authorised calculators: the Texas Instruments BA II Plus or the Hewlett Packard 12C. Nothing else is permitted.
- 3
Arrive 30 minutes before your scheduled appointment. CFA Institute warns you might not be allowed in if you are late, and a missed appointment forfeits a nonrefundable, non-deferrable, non-transferable fee.
- 4
Water is allowed but the bottle must be clear with no labels, images or writing on it. Check the Personal Belongings Policy for everything else.
- 5
Dress in layers. CFA Institute lists this as an exam tip because there is no dress code and test centre temperature varies.
- 6
Pace at 90 seconds per question at Level I, which is CFA Institute's own stated guidance for 180 questions across 270 minutes.
- 7
Answer every question. There is no penalty for a wrong answer at any level, so a blank is a guaranteed zero where a guess is not.
- 8
At Levels II and III, read the vignette before each item. The items are not free-standing and each vignette opens with its topic name and a total point value.
- 9
At Level III, note the bolded command word in each essay stem and answer exactly the number of responses requested, each in its own paragraph where the question says so.
- 10
If you need help mid-exam, raise it with a proctor and keep working. CFA Institute states its exam writers designed the exam to account for minor disruptions so candidates still have adequate time.
- 11
If you miss the appointment and want another slot in the same window, contact Prometric and expect a USD 250 rescheduling fee, subject to availability.
- 12
Request disability accommodations well ahead of the registration deadline through the Exam Disability Accommodations process rather than on the day.
Career Paths & Salary Ranges
Equity or credit research analyst
Building and defending valuation models on a coverage list. The CFA curriculum maps onto this role more directly than any other, through financial statement analysis, equity investments and fixed income.
USD 101,350 median, USD 62,410 at the 10th percentile and USD 180,550 at the 90th (BLS OEWS, May 2024, financial and investment analysts)
Buy-side analyst at an asset manager
The highest-paying industry for the analyst occupation. Work sits closer to portfolio decisions than to publishing, and the Level III Portfolio Management pathway is written for it.
USD 124,050 median for financial and investment analysts in securities, commodity contracts and other financial investments (BLS OEWS, May 2024)
Portfolio manager
Owning asset allocation and portfolio construction, which together carry 30 to 40 percent of the Level III exam. BLS notes fund managers are typically paid through fees on assets under management plus a share of annual return.
USD 161,700 median, USD 86,490 at the 10th percentile and USD 239,200 at the 90th (BLS OEWS, May 2024, financial managers)
Risk analyst or risk specialist
Measuring and constraining exposure rather than seeking it. Derivatives and risk management carries 10 to 15 percent at Level III, and the securities and commodity contracts industry pays this occupation a median of USD 132,520.
USD 106,000 median, USD 62,270 at the 10th percentile and USD 182,310 at the 90th (BLS OEWS, May 2024, financial risk specialists)
Private wealth manager
Advising individuals and families on lifetime financial exposures, tax impact, liquidity and wealth transfer. The Level III Private Wealth pathway covers exactly this ground and carries 30 to 35 percent of that exam.
USD 102,140 median (BLS OEWS, May 2024, personal financial advisors)
Institutional sales and client relationship management
Connecting buyers and sellers and owning institutional relationships. The charter is used here as a credibility signal with sophisticated clients rather than as a modelling qualification.
USD 78,140 median (BLS OEWS, May 2024, securities, commodities and financial services sales agents)
Prerequisites & Requirements
- One of three entry routes: a completed bachelor's degree or equivalent; undergraduate status with your chosen exam window 23 months or fewer before your graduation month; or 4,000 hours of professional work experience and higher education combined, acquired over a minimum of three sequential years with no overlapping dates, achieved by the date you register for Level I.
- Where you combine work and study to reach the 4,000 hours, CFA Institute instructs you to count higher education at 1,000 hours per year. Professional work experience does not need to be investment related, and paid internships count.
- To sit Level II as an undergraduate you must be within 11 months of graduation. To sit Level III you must have completed the bachelor's degree or accrued 4,000 hours of professional work experience.
- A valid international travel passport, original and unexpired, with a name matching your CFA Institute account. Without one you cannot register or sit.
- English proficiency, since CFA Program exams are offered only in English and require you to read comprehension-heavy vignettes and write answers to complex financial scenarios.
- Residence in a participating country. CFA Institute maintains an OFAC policy listing countries it cannot work with.
- For the charter itself, beyond passing all three exams: one Practical Skills Module at each level, 4,000 hours of qualifying professional work experience over a minimum of three years, a minimum of two professional references, CFA Institute membership, and an annual attestation of commitment to the Code of Ethics and Standards of Professional Conduct.
Frequently Asked Questions
How much does the CFA Program cost?
CFA Institute puts the total exam cost at USD 3,520 to USD 4,570 for all three levels, depending on whether you register early or standard. For exams from February 2026 onward, Level I and Level II are USD 1,140 early or USD 1,490 standard, and Level III is USD 1,240 early or USD 1,590 standard. The one-time enrollment fee was eliminated on 29 April 2025 and is now USD 0. Fees exclude local taxes.
What is the passing score?
The minimum passing score is published as a scale score: 1600 at Level I on a 1000 to 1900 scale, 2600 at Level II on a 2000 to 2900 scale, and 3600 at Level III on a 3000 to 3900 scale. CFA Institute does not disclose the number or percentage of questions this corresponds to, and states the percentage needed varies slightly between exam versions because of equating.
How does the CFA scale score work?
A scale score is a raw score mathematically transformed onto a standard scale, which CFA Institute compares to converting Fahrenheit to Celsius. Every raw score on a given version maps to a scale score, and multiple raw scores can map to the same scale score. Scale scores let you compare performance across administrations and versions, and across your own repeat attempts, which raw scores cannot do. They have been reported for all levels since the February 2025 administration.
How is the minimum passing score set?
Through a standard-setting workshop that recommends an MPS to the CFA Institute Board of Governors, which sets the final figure. CFA Institute uses the modified Angoff method, an exam-centred, criterion-based approach it has used since 1996. Once set, the MPS is carried across administrations by equating rather than being reset each time; a new standard setting is only held when the structure, format or content distribution of an exam changes materially, as happened for the 2021 move to computer-based testing.
What are the CFA pass rates?
CFA Institute publishes them. The ten-year averages are 41 percent for Level I, 45 percent for Level II and 52 percent for Level III. In the May 2026 administration, 31,566 candidates sat Level I and 39 percent passed, a rate CFA Institute called close to the Level I long-term average of 40 percent. First-time candidates passed at 45 percent; candidates testing after at least one deferral passed at 25 percent. The February 2026 Level I administration passed 45 percent.
How many times can I take the exam?
A maximum of six attempts per exam level. Within that, you may sit a given level at most twice per calendar year, and not in consecutive exam windows or in windows six months or fewer apart. Candidates who are unsuccessful after six attempts at the same level are no longer eligible for that level.
What happens if I fail?
You receive a score report showing your scale score, the minimum passing score, a confidence interval around your score, the administration average, and your performance in every topic area against the group average. CFA Institute advises that if your confidence interval overlaps the MPS you were close and need modest additional study, while a confidence interval entirely below the MPS calls for substantial remediation. You then re-register for the same level, subject to the six-month and six-attempt rules.
Do Level III candidates get a score report?
Only if they fail. CFA Institute states that a Level III passing candidate receives an email congratulating them on their success and nothing more. Level I and Level II candidates receive a score report whether they pass or not.
When do results arrive?
CFA Institute states results are released within 5 to 7 weeks of the exam for Levels I and II and 6 to 8 weeks for Level III, and separately describes notification within 5 to 9 weeks after your exam window closes. Release is also conditional on completing your Practical Skills Module for that level.
What calculators are allowed?
Two models only: the Texas Instruments BA II Plus and the Hewlett Packard 12C. CFA Institute publishes a separate Calculator Policy covering the authorised models. Calculator familiarity is listed as an official exam tip, because keystroke fluency saves time that reading and reasoning otherwise consume.
What identification do I need?
A valid international travel passport, and nothing else substitutes for it. It must be original, current and not expired, and the name on it must match the name in your CFA Institute account. CFA Institute states that if you do not have a passport you will not be able to sit the exam.
Can I get disability accommodations?
Yes. CFA Institute publishes an Exam Disability Accommodations process and states it is committed to offering exams in a manner and location accessible to people with disabilities, in compliance with legal requirements, where a significant impairment limits your ability to sit the exam. Accommodation requests run to their own deadlines ahead of the standard registration deadlines, so start the process early.
Can I reschedule or defer?
You can reschedule an appointment within your exam window by contacting Prometric, subject to availability, for a USD 250 rescheduling fee. If you neither reschedule nor find an appointment, the fees are forfeited because they are nonrefundable, non-deferrable and non-transferable for missed appointments. CFA Institute announced in March 2026 that it will eliminate the paid deferral option beginning with the February 2027 exam cycles.
Is there a penalty for wrong answers?
No. CFA Institute states at Level I, Level II and Level III that there is no penalty for incorrect answers and advises candidates to answer every question. At Level I all questions are equally weighted. At Levels II and III each question set is worth 12 points, with Level III item set items worth 3 points each.
How long does the whole programme take?
Successful candidates report studying over 300 hours per level, so roughly 900 hours of study across the three exams. Calendar time depends on the window rules: you can sit a level at most twice a calendar year and not within six months of a prior attempt at the same level, and you must pass one level before registering for the next. The charter then requires 4,000 hours of qualifying work experience over a minimum of three years, which can be accrued before, during or after the exams.
What are the Level III specialized pathways?
Portfolio Management, Private Markets and Private Wealth. You choose one, and it carries 30 to 35 percent of the Level III exam. Portfolio Management covers index-based and active equity, fixed income strategies and trade execution. Private Markets covers private equity, valuation, debt financing, special situations, real estate and infrastructure. Private Wealth covers advice business models, family dynamics, goals-based planning, tax and jurisdiction, risk mitigation and wealth transfer. All three sit on top of the same core Level III content.
What are the Practical Skills Modules?
Self-paced modules you must complete one of at each level in order to receive your exam result. The same module cannot be counted at two levels: if you complete Python Programming Fundamentals at Level I, you must complete a different module such as Python, Data Science and AI or Analyst Skills at Level II. They were introduced as part of the programme enhancements announced in March 2023, and became a Level III requirement from February 2025.
Can I have my exam re-marked?
No. CFA Institute states that retabulations are not available and points to the quality control measures in place to ensure responses are accurately recorded and scored. It also declines to tell candidates the exact number of questions they answered correctly, and does not release raw scores, on the grounds that a raw score is not interpretable across exam versions.
How does the CFA compare with an MBA or the FRM?
Different instruments. The CFA Program costs USD 3,520 to USD 4,570 in exam fees for three self-studied exams built around investment analysis and portfolio management, with published pass rates of 41, 45 and 52 percent on ten-year averages. An MBA is a full-time or part-time degree with tuition an order of magnitude higher and a general management curriculum. GARP's Financial Risk Manager is two exams focused narrowly on risk measurement, where the CFA covers risk inside a wider investment syllabus. Candidates aiming at risk roles often hold both.
Does passing all three exams make me a charterholder?
No. Passing the exams is one of five requirements. You also need one Practical Skills Module completed at each level, 4,000 hours of qualifying professional work experience accrued over a minimum of three years, a minimum of two professional references, and CFA Institute membership with an annual attestation of commitment to the Code of Ethics and Standards of Professional Conduct. Until all of that is in place you are a candidate who has passed Level III, not a charterholder.
Success Stories
“The CFA was the best investment in my career. It gave me the analytical framework I use daily and the credibility to manage institutional portfolios. The journey was brutal, but worth every hour of study.”
David Park
Portfolio Manager at BlackRock
“Three years of studying while working full-time was incredibly challenging. But the CFA opened doors that my MBA alone couldn't. Clients trust the designation immediately.”
Sarah Mitchell
Equity Research Director
“Failed Level II twice before passing. Each failure taught me what I was doing wrong. The charter means more because I earned it the hard way. It's now the foundation of my practice.”
Ryan Thompson
Private Wealth Advisor
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