CFA Program Details

CFA Program Overview

The CFA Program, administered by CFA Institute, sets the global standard for investment industry knowledge and ethical behavior. CFA Institute determines the curriculum, administers the exam, and awards the charter. Known as the "gold standard" amongst financial industry professionals, the CFA charter is recognized as a significant benchmark within the financial community.

The CFA Program consists of a series of three examinations (Levels 1, 2, and 3) that must be taken in succession, and are offered only once annually in June, with the exception of Level 1 candidates who also have the option of sitting for the exam in December.

A minimum of 250 hours of preparation per CFA exam level is recommended, although some candidates will need more time (or less) depending on their individual backgrounds and experience. There is no limit to the number of times you can take each exam, and you can take as much time as you need to complete the program.

The CFA curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.

The CFA Candidate Body of Knowledge™

The Learning Outcomes Statements and core concepts in the CFA Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.

Level 1 candidates will concentrate on the tools and concepts related to investment valuation, portfolio management, as well as an overview of how these processes fit within the guidelines of the CFA Institute Code of Ethics and Standards of Professional Conduct.

Level 2 candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level 1 curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct.

Level 3 candidates are required to demonstrate a higher level of understanding of the materials tested at Levels 1 and 2, as well as display effective knowledge of the entire portfolio management process.


CFA Exam Formats

Level 1
The Level 1 examination is comprised of 240 multiple-choice questions that are equally weighted but divided into two sessions, morning and afternoon (120 multiple-choice questions per session).

Level 2
The Level 2 examination consists of a total of 120 items that are divided into 20 equally weighted item sets (10 item sets per session). Each item set contains a vignette (with an average length of 1.5 pages) as well as six multiple-choice questions.

Level 3
The Level 3 examination contains 12 to 15 essay questions in addition to 10 item sets. Essay questions may have multiple parts, and item sets include six multiple-choice questions.


Candidate Eligibility Requirements

To be eligible to enter the CFA Program, you must:


Hold a U.S. bachelor's (or equivalent) degree, be in the final year of your bachelor's degree program, or have four years of qualified, professional work experience or a combination of work and college experience that totals at least four years

Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)

Be prepared to take the exams in English

Enroll and Register in the CFA Program

To enter into the CFA Program, candidates must pay a one-time registration fee in addition to the required enrollment fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.


To obtain a printed version of the CFA Program enrollment and registration forms in the mail, call CFA Institute's Information Central Department at: (800) 247-8132 or (434) 951-5499 or email info@cfainstitute.org.


CFA Exam Fees

CFA Exam fees range from $600 to $1,395 depending on your CFA Exam Level and also when you register.