|
Already enrolled in the CFA Program? Get answers to more in-depth questions for candidates in our expanded FAQS |
General
Exams
- How many exams will I have to take?
- Do I have to take the exams in three years?
- When are the exams held?
- Where are the exams held?
- What is the format for the exams?
- Why doesn't CFA Institute offer the exam in languages other than English?
Requirements
- What are the requirements to enter the CFA Program?
- Can you help me to determine if my degree is comparable to a U.S. bachelor's degree?
Cost
Preparation
Membership
General
What is the CFA Program? I thought it was an exam
The CFA Program is an educational program that tests your mastery of a body of knowledge through a series of exams. If you pass these three exams and meet other requirements, you earn a CFA charter. Read the program overview.
The CFA charter is the designation you earn when you successfully complete the CFA Program. When you earn a charter, you become a CFA charterholder.
A candidate is a person enrolled in the CFA Program who has not yet fulfilled the requirements for becoming a CFA charterholder.
Exams
How many exams will I have to take?
There are three required levels of exams with one exam on each level.
Do I have to take the exams in three years?
No, you may take as long as you need to complete the CFA program; your exam results never expire; and we don't limit the number of times you can sit for each exam level.
Exams are held in June (all levels) and December (Level I only).
Exams are held in locations around the world in June (all levels) and December (Level I only). Get the list of locations.
What is the format for the exams?
Each exam includes morning and afternoon sessions. The Level I questions are all multiple choice. The Level II questions are all item set (or "mini case") questions. The Level III exams contain essay questions in the morning session and item set questions in the afternoon session. Read more details about the exams.
Why doesn't CFA
Institute offer the exam in languages other than
English?
In order to ensure fair, global consistency both in administering
the exam questions and grading candidate responses, we offer the exams
only in one language.
Requirements
What are the requirements to enter the CFA Program?
Go to the requirements page to view all the details.
Can you help me to determine if my degree is comparable to a U.S. bachelor's degree?
Generally, applicants must have reached a level of study that qualifies them for acceptance to university graduate programs in the countries where they earned their undergraduate degrees. If you need assistance to determine whether or not your degree is comparable to a U.S. bachelor's degree, we suggest that you contact your college or university with your inquiry.
Cost
How much does the CFA Program cost?
Program costs include a one-time enrollment fee and a registration fee for each exam you take. View the fee schedule.
I live outside the United States. Will I have to pay any additional import fees when the CFA Program curriculum is shipped to me?
Maybe. Customs and import requirements vary from country to country, and unfortunately we cannot provide detailed information that will apply to all candidates. Read more about the customs fees.
Preparation
How do I prepare for the exams?
We recommend that you spend at least 250 hours preparing for each exam level. This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background. Check out our candidate preparation toolkit for more information.
Am I required to buy the CFA Program curriculum separately?
No. The complete curriculum is included as part of the registration.
Membership
If I become a candidate in the CFA Program, am I also a member of CFA Institute?
No. The CFA Institute membership application process is separate from enrollment for the CFA Program.