CFA (Chartered Financial Analyst) Requirements & Prerequisites
Everything you need to know before registering for the CFA (Chartered Financial Analyst), eligibility, cost, format, and what to expect on exam day.
Cost
$2,500-$5,000 total (all levels)
Provider
CFA Institute
Validity
Lifetime (annual dues)
Available
Global
Education
Check official exam requirements
Experience
3-5+ years of professional experience typically required
Specific 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.
Number of 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.
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.
Question Format
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
Passing Requirement
Level I 1600, Level II 2600, Level III 3600. Your score must be equal to or greater than the minimum passing score to pass.
How It Is Delivered
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.
Languages Offered
English only. CFA Institute states its exams are offered only in English and require English proficiency for reading comprehension and for formulating answers to complex financial scenarios.
Visit the official CFA Institute certification page
Create an account and select your exam
Choose a test center or online proctoring option
Pay the exam fee and schedule your date
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 You Need
Level I 1600, Level II 2600, Level III 3600. Your score must be equal to or greater than the minimum passing score to pass.
How It Is Calculated
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.
When You Get Results
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.
In raw terms: 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.
- Two forms of valid ID (one government-issued with photo)
- Appointment confirmation email
- For online proctoring: webcam, microphone, clean desk, stable internet
What are the prerequisites for the CFA (Chartered Financial Analyst)?
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..
How much does the CFA (Chartered Financial Analyst) cost?
The CFA (Chartered Financial Analyst) exam costs $2,500-$5,000 total (all levels). This includes the exam fee only, study materials are additional.
How do I register for the CFA (Chartered Financial Analyst)?
Visit the official CFA Institute certification page → Create an account and select your exam → Choose a test center or online proctoring option → Pay the exam fee and schedule your date
What should I bring to the CFA (Chartered Financial Analyst)?
Two forms of valid ID (one government-issued with photo). Appointment confirmation email. For online proctoring: webcam, microphone, clean desk, stable internet.
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