CFA Program policies
To ensure the exam process is fair, all registering candidates are required to agree and abide by the policies and procedures outlined here.
What are the registration criteria and requirements?
To become a CFA Program candidate, you must enroll in the program and register for the Level I exam. You must meet all the qualifications listed below to enroll.
You must meet one of the following criteria:
1. Have a bachelor's degree
Completion of a bachelor's program or equivalent program, with a degree received from the college/university. If you are not sure if your program is comparable, speak to your college or university.
2. Be an undergraduate student
When you enroll in the program as an undergraduate, the Level I exam window you select must be 23 months or less before your graduation month in which you earn a bachelor’s degree or equivalent program. To sit your Level II exam, you must be within 11 months of graduation. For your Level III exam, you must have completed your bachelor’s degree or accrued 4,000 hours of professional work experience.
3. Carried out professional work experience
Have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date when you register for the Level I exam. The dates of education and work experience cannot be overlapping. If you have a combination of work experience and education to achieve the minimum hours and years, factor in 1,000 hours for each year of higher education.
Work experience does not need to be investment related. Internships/articleships are accepted if they are paid. Work experience with your own business or your family business will qualify only if it is professional experience for which you are paid.
Qualifying experience requires specialized knowledge, education, or advanced skills, along with the application of higher-level judgement and business skills, including:
- Leadership and teamwork
- Business communications
- Critical thinking and problem solving
- Time management
- Professional judgement
- Analytical skills
- Adaptability
Candidates applying to register for the CFA Program without completing a bachelor’s degree must honestly reflect on whether their professional work experience has equipped them for the significant volume and depth of study demanded by the curriculum and exams.
We may request proof of education and/or work experience to demonstrate the entrance requirements have been met. Being unable to provide these may result in cancellation of a current exam registration, withholding of exam results, voiding of past exam results, and may lead to investigation and disciplinary action by the CFA Institute Professional Conduct Program.
We require every CFA Program candidate to have a valid international travel passport. If you don’t have a passport, you will not be able to sit for your exam.
CFA Program exams are only offered in English. Exams require English proficiency for reading comprehension and formulating answers to complex financial scenarios.
There are some countries in which CFA Institute cannot work. Review the OFAC Policy to see if there are any sanctions in your country.
Explore our policies and procedures
We want you to be informed when you become a CFA Program candidate. Here are the policies you should be aware of:
Read the criteria around the number of times you are eligible to take the exam.
Understand the requirements for being admitted into the testing room.
Learn about the two calculator models authorized for use during the CFA Program exam.
Learn how to qualify for an exam deferral.
You need a valid international travel passport to register and sit for the exam.
Learn what items are permitted in the testing room.
We provide French versions of our policies and agreements.
Exam disability accommodations
We are committed to offering the CFA Program exams in a manner and location accessible to people with disabilities and in compliance with legal requirements. Legal requirements apply if you have a significant impairment that limits your ability to sit for the exam.
Frequently asked questions
How many times can you re-take the CFA exam?
You can attempt each level of the CFA exam a maximum of six times. See the CFA® Exam Eligibility Policy for more information.
What is the six-month rule for the CFA exam?
You can re-take the CFA exam a maximum of two times per calendar year (when applicable), but not in consecutive windows or windows that are six months or less apart.
How do you reschedule the CFA exam?
To reschedule your exam, sign in to your CFA Institute account. For more information, see our exam registration and scheduling guide.
CFA® Program
- Credential - 3 levels / 3 exams
- Advanced level
- 300 hours per level
- Self-paced online learning
- Learning materials included
- Associate membership eligibility
