FAQs: CFA Program Candidates

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.

It has been several years since I enrolled in the CFA Program. Will I have to pay the enrollment fee again?
No. Applicants pay an initial enrollment fee upon entering the CFA Program. Returning candidates pay only the registration fee for each exam taken.

Where can I view past exams?
Many actual exam questions are embedded in the curriculum and included in the online sample and mock exams. We do, however, take great care to eliminate past questions that are no longer consistent with the current curriculum and question-formatting conventions. We also provide free sample questions for each exam level to allow you to get a sense of the rigor.

May my employer verify the status of my application?
CFA Institute may only verify for an employer the receipt of any recent payments they have made on your behalf. All other information is confidential. Candidates must contact CFA Institute directly for further assistance.

If I pass the Level I exam in December, can I register for the Level II exam held the following June?
Yes, candidates who pass Level I in December can register for the Level II exam held the following June.

When will my exam results be available?
Exam results are typically available for December exams in mid-January and for the June exams between mid-July and late August.

Can you help me 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, CFA Institute suggests that you contact your college or university to make an inquiry.

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Exam Enrollment/Registration

When will I receive specific details on my test center location?
The exact location of your test center will be printed on your exam admission ticket. Admission tickets for the June exam will be available in late April. Admission tickets for the December exam will be available in late October. You will receive notice from CFA Institute when the online ticket system is available.

How do I change my test center?

Follow these instructions. CFA Institute will grant such requests if space is available.

I just moved and sent in my address change form. Will you automatically change my test center?
No. Changing your address and changing your test center are two separate processes. You can submit a change of mailing address at any time. Candidates who want to change test centers for the CFA exams must follow these instructions.

If I withdraw from the December Level I exam, do I have to wait until the forms have been processed and confirmed before I apply for the June exam?

No. Candidates may submit a paper re-registration application for the June exam at the same time they submit their request to withdraw from the December exam, but they cannot apply online until their withdrawal is processed. However, please note that registration fees cannot be refunded or transferred from one exam to the next. You will need to pay another registration fee for the June exam.

If I request an exam score retabulation, should I wait to receive the retabulation result before re-registering?

No. We strongly encourage you to re-register at the earlier (and less expensive) deadline.

I am not able to sit for the exam. Can I request a refund or transfer my registration to the next exam?

No. Once you submit your application for the CFA Program, all of our policies immediately go into effect. As our refund policy states, your CFA Program enrollment fee and exam registration fee are non-refundable and non-transferable (i.e. another candidate cannot use your fees and you cannot apply your fees to another exam offering). Please note that your CFA Program enrollment fee will remain valid throughout your candidacy.

How long does it take to process my enrollment and registration application?

Online applications are processed within 48 hours and you will be notified of your status.

May I withdraw my registration in the Level I exam?

Yes. View complete information on withdrawal options. If you would like to re-register for the Level I exam, fax the appropriate registration form along with your withdrawal request to +1 (434) 951-5240. Deadline information is available on the withdrawal request form.

I am a U.S. veteran. Can I be reimbursed for CFA Program fees?

Yes. You pay CFA Program fees up front and we provide you with documentation to submit to the U.S. Department of Veterans Affairs for reimbursement. Please contact us for more information.

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Preparation

I heard that CFA Institute writes the exam questions based on what is, or is not, in the notes prepared by prep course providers. Is that true?
No. The exam development process begins long before any review course has published its notes. CFA Program question writers begin drafting exam questions in mid-July, and spend many months reviewing and fine-tuning the questions and guideline answers. Exam questions are finalized by early March so that copyediting and secure printing can take place in time to ship the exams around the world.

Do commercial prep course providers receive advance exam details from CFA Institute?

No. At no time during the exam development process do either the question writers or CFA Institute staff consult with or provide exam information to prep course providers. It is important to note that prep course providers can only guess at what items will appear on the exams; very often they guess wrong.

I have begun studying for the Level I exam and discovered that there are many formulas presented. Are candidates expected to memorize all these formulas?
Candidates are expected to be able to perform the actions specified in the learning outcome statements (LOS). If a formula is required, then it should be committed to memory.

We used to get old exam questions free with the candidate readings book. Why do I now have to pay for sample exams?

Beginning with the 2009 exams, candidates at all levels will have access to one sample and one mock exam included in the CFA Program registration fee. Additional sample exams can be purchased for US$40 each.

The decision to produce fee-based, online sample exams was made only after extensive study, business planning, and input from various constituents. The primary driving force was candidate demand. Candidates at all three levels have consistently asked CFA Institute to produce sample and mock exams to help with preparation. Candidates have indicated, however, that they wanted any such exams to be more realistic and similar to the actual CFA exams and to offer real-time feedback regarding performance and relevant study materials. Producing sample and mock exams with those characteristics has required, and will continue to require, substantial time and financial resources, especially given the commitment of CFA Institute to maintain the rigorous development principles and standards of the CFA Program.

Am I required to buy the CFA Program curriculum separately?

Beginning with the 2008 exams, the complete curriculum is included as part of the registration. Learn more about this change.

Remember that the exams are developed directly from the curriculum and are consistent with the learning outcome statements (LOS) assigned by CFA Institute. There is no substitute for studying the original material.

How is the curriculum shipped and when will I get it?

The curriculum is shipped via UPS (Worldwide Saver for international shipments/UPS Ground for North America shipments). Candidates should allow six to nine business days for delivery. For international candidates, the package should reach the customs department within nine business days. It will be up to the candidate to clear the package from customs.

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. If your local regulations require you to pay an import fee, you will be contacted by the shipping company (UPS, FedEx, or DHL) with additional information.

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Calculators

What features of the approved calculators should I be prepared to use on the exams?
You should practice and become proficient at using any of the specific calculator features needed to address the learning outcome statements (LOS) in the curriculum. Examples include, but are not limited to, present and future values, annuity payments, square roots, and exponents. You should also know how to use general features of your chosen calculator, such as changing the number of decimal places displayed.

I have to use a screwdriver to replace the batteries in my Texas Instruments BA II Plus calculator. Will I be allowed to do this during the exams if my battery dies?
Yes. If your calculator requires the use of a screwdriver to replace batteries, you may bring one and keep it in your pocket or place it under your chair until you need to use it. However, CFA Institute advises you to place fresh batteries in your calculator(s) on the day before the exams. Replacing batteries during the exams will use valuable testing time.

There is a problem with using the HP 12C calculator to do some time value of money calculations. Should I be concerned that the HP 12C automatically rounds up when computing the time required to accumulate a given future value?

No. CFA Institute is aware that the HP 12C rounds up when computing the time required to accumulate a certain sum. We have taken that into consideration in the creation of questions and in the grading process.

I understand that there are only two calculator models that I’m allowed to use. This is an archaic rule that has no basis except to impose restrictions on candidates. Why can’t I use my HP17B2?

Many calculators, such as the HP17B2, have text-storing capabilities. Candidates could bring text stored in the calculator into the testing room, creating an unfair situation. By adopting a policy of permission (defining what a candidate may use) rather than a policy of omission (attempting to describe what the candidate may not use), we can more easily protect the integrity of the CFA exam. It is a standard practice of many professional testing bodies to provide a short list of permissible models. In the current policy, the HP model is available for candidates who prefer Postfix notation entry, and the TI model is available for those who prefer algebraic notation entry. Both of the models approved for use on the CFA exams are available for sale worldwide and are relatively inexpensive. The policy was developed to create a level playing field for all candidates. Please note that CFA Institute does not sell calculators, nor does CFA Institute receive any financial remuneration from sales of either calculator model.

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Exam Day

Why can’t I bring my mobile phone into the testing room if I agree to turn the sound off?
CFA Institute is concerned not only for the distraction posed by ringing telephones, but also for the potential for cheating. With camera and text messaging capabilities, mobile phones are actively being used by students around the world to take an unfair advantage. Therefore, to ensure a fair and equitable opportunity for all candidates, mobile phones are not allowed in the testing room. Any mobile phone found in the testing room will be confiscated, and the candidate will be reported to CFA Institute for disciplinary action.

Is there a dress code for the exams?
No. CFA Institute advises candidates to dress comfortably and in layers. Temperatures in the testing room should be comfortable; however, sometimes candidates get hot or cold during the exams. We suggest that you wear soft-soled shoes to keep noise in the testing room to a minimum.

What is the CFA Institute contingency plan in the event of inclement weather?

CFA Institute will make every effort to administer the exam as scheduled. Please view the cancellation policy.

What is the exam day schedule like?

Read about a typical exam day.

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Exam Format

What topics will I see on the exam during the morning session or during the afternoon session?
Traditionally on Level I and II exams, all topics are covered in the morning session and all topics are covered again (with different questions) in the afternoon session. On the Level III exam, some topics are covered in the morning session only and other topics are covered in the afternoon session only.

If I am are trying to calculate a ratio that mixes income statement and balance sheet statement information, when should I use the average values of the balance sheet information as opposed to the beginning- or end-of-year values? On the exams, how should I calculate such a ratio?

The way ratios are calculated depends on the availability of data and how particular ratios are going to be used. There is no “one size fits all” solution, and such differences are part of the nature of financial analysis. Candidates should be familiar with the assigned curriculum and be prepared to perform calculations and interpretations based on that curriculum. If it is relevant, the exam questions will normally specify how the calculation is to be performed (e.g., “use beginning-of-year balance sheet data for your calculations”).

In quantitative methods we often refer to the z-table, t-table, and F-table. Will these tables be provided during the exam?

No. CFA Institute will not provide distribution tables with the exam. If a question requires information from a specific distribution table, that information will be provided with the question, but the tables themselves will not be provided. Similarly, time value of money tables (present value, future value, etc.) are neither needed nor provided. The two approved calculators are capable of performing any required present value and future value calculations.

When answering constructed response-essay exam questions, may I use abbreviated words to save time or must I write out all words in full?
Prudent use of abbreviations is certainly acceptable, and even advisable, especially in those cases where such abbreviations are used in the assigned readings or are commonly known to be part of the body of investment terminology. Candidates should, however, be cautious about abbreviating highly technical, specialized, or less widely used terms.

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During the Exam

What type of pencil can I use during the exam?

CFA Institute will permit candidates to use regular or mechanical pencils provided that they use Number 2 or HB lead. In the event that you are unable to locate a Number 2 or HB pencil, any pencil with soft lead/graphite will suffice.

Can medicine be brought into the testing room and used during the exam? What other items can be brought into the testing room?
Yes. You may keep medicines, tissues, and other personal items in your pockets or on the floor beneath your chair during the exam. They may be accessed as needed. Find out more on the Personal Belongings Policy page.

Why are candidates not permitted to have water at their tables during the exam?
Candidates are not permitted to have drink containers in the testing room because, in the past, exam answer books and answer sheets have been damaged as a result of spills. This potential problem is made worse by the fact that candidates typically share tables with other candidates. Water stations are provided in the testing rooms at convention halls/exhibition centers and drinking fountains are accessible to candidates during the exams at universities/schools.

Can I use a ruler, correction fluid, highlighters, or other tools on the exam?
No. Highlighters, correction fluid, and rulers are not permitted. Candidates are only permitted to bring pencils, small erasers, and pens for writing the exam. Read more about the Recording Answers and Scratch Paper Policy.

My review course recommended we use the back of the exam admission ticket to make note of any questions we may want to revisit. Am I allowed to use scratch paper during the exam?
No. Candidates may use only their question book for calculations and scratch work. Please review the Recording Answers and Scratch Paper Policy for more information.

I have a medical condition that requires me to consume food at frequent intervals. Am I permitted to keep and eat snacks at my desk during the exam?
No. Candidates are not permitted to eat or drink at their desks. Food and drinks must be left in the designated area away from the testing room and may not be accessed during the exam. You may retrieve them during the lunch break. However, if you have a medical condition (such as diabetes) that requires you to eat frequently, you may request an accommodation under the Americans with Disabilities Act (regardless of the country where you’re taking the exam). To make your request, follow the testing accommodations instructions.

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Grading and Results

Why have you made the change to the results report?

We have changed the results report to provide more detailed guidance on candidate performance without reporting absolute scores (see below). Specifically, we wanted to provide failed candidates with information that might help them decide whether or not to continue in the CFA Program. We understand that the decision whether or not to continue in the CFA Program can be difficult, and we hope that failed candidates find this information useful.

Why don’t candidates who pass the exam receive similar information?

The score band information is intended to help failed candidates determine whether to continue in the CFA Program by giving them more detailed guidance on their performance. Reporting similar information to passing candidates would encourage classifications such as "high pass" and "low pass." We consider such classifications counterproductive.

Why can’t you post our exact scores on each section?

We do not consider one passing candidate to be more (or less) accomplished than another passing candidate merely because of their ranking relative to either the MPS or other candidate scores. To release scores would inevitably lead to such ranking, which would be especially unfair for candidates taking the same level exam in different years.

Do the pass/fail numbers published by CFA Institute include all the registered candidates or just the ones who took the exam?

The pass rates include only those candidates who actually took the exams. The numbers do not include no-show candidates or those who withdrew.

Does CFA Institute recognize the highest scores annually or create an honors list?

No. CFA Institute posts scores as pass or fail and does not consider one candidate as more (or less) accomplished than another merely because of their relative ranking in a particular year.

Why doesn’t CFA Institute let candidates know what score is required to pass the exams, or let candidates know what score they achieved on the exam?

The minimum passing score (MPS) for each level of the exam is determined by the CFA Institute Board of Governors each year after the administration of the exams. Neither the MPS nor individual candidate scores have ever been released. To set the MPS before the administration of the exams would require that an absolute standard be applied without regard to the difficulty of the exams; this could potentially be very unfair to candidates, especially across time. To release the MPS and individual scores would also be unfair to candidates; CFA Institute does not consider one passing candidate to be more (or less) accomplished than another passing candidate merely because of their ranking relative to either the MPS or other candidate scores. To release scores would inevitably lead to such ranking, which would be especially unfair for candidates taking the same level exam in different years. Find out more about the history of the exam.

I received at least 50 percent on almost all topics on my results score matrix, but I still did not pass. How can that happen?
Candidates should not attempt to interpret an overall passing or failing score from the results matrix information. The minimum passing score for the exam is determined by many factors, and is not a predetermined or specific percentage of the points either for individual topic areas or for the entire exam. Specifically, candidates should not necessarily interpret scores between 50 and 70 percent as passing.

What is the “ethics adjustment”?

The Board of Governors instituted a policy many years ago to place particular emphasis on ethics. Starting with the 1996 exams, the performance on the ethics section became a factor in the pass/fail decision for candidates whose total scores bordered the minimum pass score.

CFA Institute has a policy of not releasing either the minimum passing score or individual candidate scores. Consequently, CFA Institute does not release specific information about the ethics adjustment or the candidates who were affected. The adjustment has had a net positive effect on candidate scores (and thus pass rates) in most exam sessions. The published pass rates therefore always take into account the ethics adjustment for borderline candidates.

Do I have to pass each of the individual topic areas to pass the Level I exam?

No. The total score on your exam is simply the number of correct answers you gave. However, be careful about any “test wise” strategy that recommends ignoring a topic in your study. Recovering from a zero score in a topic is very difficult.

On the Level III exam, you said not to write answers on the question pages, so I wrote my answer on a lined answer page instead of on the template. Was my answer graded?
Please be assured that CFA Institute grades answers that are written on pages labeled for a specific answer, regardless of whether you used the template provided. You will not be penalized if you did not use the template. Be reminded, however, that you waste valuable time by redrawing a template that is already provided for you. Candidates should answer on the templates provided and should follow the instructions given in the template.

If my answers differ from those in the published guideline, will I receive any credit?

Possibly. The guideline answers are intended to show a representative candidate response given the CFA Program study materials assigned in that year. One of the reasons the exams are graded by CFA charterholders who are experienced practitioners or academicians is to ensure that all acceptable answers receive appropriate credit. Your answer may have received partial or even full credit.

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Charters

What is my candidate status after I have been notified that I have passed the Level III exam?

Your status becomes “charter pending” after passing the Level III exam; you are not a CFA charterholder until all CFA charter requirements have been met.

How soon may I begin using the CFA designation after passing the Level III exam?

You can only use the designation after you receive a letter from the president and CEO of CFA Institute confirming that you have met the requirements and have been awarded the CFA charter. View the CFA Charterholder Trademark Usage Guide for complete information.

When will the letter confirming I have been awarded the CFA charter be sent?

The letter confirming the award of the CFA charter is typically mailed the same week the charter is awarded. Beginning in mid-September, charters are awarded and letters are mailed weekly as candidates satisfy all requirements.

I have passed the Level III exam, but I am not yet eligible for regular membership. When will I be awarded the CFA charter?

Once you have accrued the required work experience, please submit the information to us by e-mail to update the work experience portion of your records and complete the charter award process. Charters are awarded weekly as candidates satisfy all requirements.

Will CFA Institute notify my employer that I have been awarded the CFA charter?

Not directly, but when you receive your confirmation letter you will receive a second copy of the letter to present to your employer.

How will my name be printed on the CFA charter?

Your name will be printed as it is displayed in your CFA Institute online record. Prefixes (Mr., Ms., Miss, Mrs., Dr.) and other designations are not printed on the charter. If you want your name printed differently on your charter, please contact us no later than 1 September. Your name will be printed exactly as it is written in your request so be sure to include accent marks and other punctuation.

When and how will I receive my charter?

If your society is planning a charter recognition event scheduled between 15 October and 31 January, you will receive correspondence from CFA Institute giving you the opportunity to have your charter sent to the society for the event. Charters that are not presented at a society recognition event will be mailed directly to your primary address and should be received no later than six weeks after the charter award date.

How are charters mailed to new CFA charterholders?

Charters are sent in sturdy mailing tubes by priority mail for U.S. addresses and by courier service for addresses outside the United States. Because the mailing tubes do not fit inside some home mailboxes, you may receive your charter more efficiently if your preferred address is your business. (You may change your address preference at any time.)

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