CFA Program FAQs

The only difference in benefits between regular and affiliate membership is that only regular members are allowed to vote on CFA Institute proxies. Being a regular member is a requirement for the eventual award of the CFA charter.

How long will the membership application process take?

Processing may take up to 8-10 weeks. Please view the schedule (PDF) for details.

I don’t have a supervisor. Can I still apply for CFA Institute membership?

Yes. Contact us to confirm that you do not have a supervisor, and we will waive this requirement. You will need to provide sponsor forms from two regular members of CFA Institute, one of whom must also be a member of your preferred society.

I don’t want to ask my supervisor to sponsor me. Can I still apply for CFA Institute membership?

Yes. Contact us to request that we waive this requirement. You will need to provide sponsor forms from two regular members of CFA Institute, one of whom must also be a member of your preferred society.

I don’t know any members of my preferred society. Can I still apply for CFA Institute membership?

Yes. You may contact your preferred society’s membership chair for assistance in locating sponsors.

I do not live close to a member society. Can I apply to CFA Institute only without also applying to a member society?

No, you will still need to choose and apply to one of our member societies in order to apply for CFA Institute membership. A number of CFA Institute societies are willing to assist applicants in remote areas with locating society members to sponsor them. Read more about the Remote Sponsorship Program.

I do not know any society members who can sponsor me. Can you waive the member sponsor requirement for me?

No, one of your two sponsors must be a member of your preferred society. A number of CFA Institute societies are willing to assist applicants in remote areas with locating society members to sponsor them. Read more about the Remote Sponsorship Program.

I am interested in applying for membership but am not sure I will qualify for regular membership. Can I send you my work experience and have you tell me whether my work experience will be acceptable?

No. You must first submit your complete membership application, including sponsor forms (PDF) and work experience, and we will review your work experience to determine your qualifications.

I submitted a membership application. How can I view my current status?

If you are a CFA Program candidate, you can view your current status online. If you are not a CFA Program candidate, you may e-mail us to verify your current status in the application process.

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Membership: For Sponsor

Someone I do not know well has asked me to be a sponsor for CFA Institute membership. How should I proceed?

Please follow the guidelines for the Remote Sponsorship Program.

I am sponsoring someone I do not know well. Will this individual be recommended for membership based solely on my sponsorship?

A recommendation for membership will be based on more than a single sponsor form. CFA Institute and its team of independent auditors will review an applicant’s membership application (including the applicant’s completed Professional Conduct Statement/Member’s Agreement), work experience narratives, and sponsor forms submitted by two different individuals. More details.

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Membership: Dues

How much will I be charged for dues once I become a member?

Read more about CFA Institute dues. Member society dues vary.

I understand that dues are prorated after 1 January. I received a CFA Institute welcome letter in November; if I pay my dues in January, will I be charged the reduced rate?

The dues fee is based on the date an individual’s membership becomes active, not the date you pay your dues.

I paid my Seattle Society dues in June when I paid my CFA Institute dues. I have now moved to San Francisco and would like to apply for membership with the society. Will my Seattle Society dues transfer to the San Francisco Society?

No. CFA Institute and society dues are nonrefundable and nontransferable. If you join the San Francisco Society, you will be responsible for dues payment for the remainder of the member year.

I am completing the status change form to establish retired membership status with CFA Institute. Will my local society membership automatically be cancelled since I am retiring?

No. CFA Institute will notify the society of your wish to convert your society membership to retired status (if your society has such a category), but if you wish to cancel your local society membership, you must indicate that you are canceling your society membership in the appropriate section of the status change form (PDF).

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Membership: Work Experience

I submitted a total of 56 months of work experience on my membership application, but I was only approved for affiliate membership. Why was I not made a regular member?

Only a portion of your work experience was determined to meet the requirements for regular membership. You may contact us to verify which position(s) did not meet the regular membership requirements.

I learned that only a portion of my work experience was approved by CFA Institute for regular membership. I feel that my work experience does meet the regular membership guidelines. How should I proceed?

You may e-mail us with the details of your daily investment decision-making responsibilities related to the work experience in question. We will have these additional details reviewed again to determine whether you will qualify for an upgrade to regular membership.

My job title falls under those that are eligible for regular membership. However, when my work experience was reviewed, my job was not accepted. Is this a mistake?

A job title alone cannot determine your qualifications for regular membership. The eligibility of your work is based on your detailed job description as well as your job titles and sponsor form narratives.If you still feel that your work experience should be acceptable for regular membership, you may provide us with additional details of your daily investment decision-making responsibilities related to the work experience in question by e-mail, and we will have this information reviewed again for a possible upgrade to regular membership.

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Membership: Upgrades

I am currently an affiliate member but now have the necessary work experience for regular membership. What do I need to do to upgrade my membership?

You may complete the upgrade form (PDF) or, if you are simply updating work experience CFA Institute already has on file, you may e-mail us with your updated information.

How do I know if the work experience I have accrued meets the requirements to upgrade to regular membership?

If you believe you may have the necessary work experience for an upgrade to regular membership, you may complete the upgrade form (PDF). Or, if you are simply updating work experience CFA Institute already has on file, you may e-mail us with your updated information. If you are eligible for an upgrade, your request will be submitted to your preferred society for approval. If you do not qualify for an upgrade you will be notified in writing.

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Current Members

Can I submit my membership dues payment and Professional Conduct Statement online?
Yes. Online dues payment and PCS filing are both available.

Does the CFA Institute membership year run from January to December?
No. The membership year runs from 1 July to 30 June.

How can I transfer my society membership?
Submit the completed status change form (PDF) to transfer your member society affiliation. Note: member society dues are nontransferable and nonrefundable.

I am a CFA Institute member, but I have not established member log-in information. How do I obtain log-in information?
When your status changed from candidate to member, your candidate log in was automatically converted to allow you member access. If you do not know your log in, please request a new one.

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CFA Program: General

Where can I find information about the CFA Program?

Please see the CFA Program area or submit a request for printed materials.

What are the requirements for entering the CFA Program?
Please see the requirements page.

Is there a time limit for candidates to complete all three levels of exam in the CFA Program?

No. CFA Institute does not require candidates to complete the CFA Program within a specified time frame. Nor does CFA Institute limit the number of times candidates may sit for each exam level or require candidates to repeat an exam level that they already have passed, regardless of the time elapsed between exams.

If 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.

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, CFA Institute offers the exams only in one language rather than allowing any translations.

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.

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Charters

What are the requirements for award of the charter?

View a complete description of the CFA charter requirements.

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 because I have not accrued the required work experience. 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 will be received within six weeks after the charter award date.

If I will not be able to meet all requirements until February, how long will I have to wait to receive my charter?

Charters are awarded weekly, at any time throughout the year, when charter pending candidates have satisfied the requirements for the charter.

What if I do not know if my charter will be awarded in time to attend a ceremony?

If your charter is awarded after the ceremony date or if your society does not host a ceremony, the charter will be mailed directly to your preferred address.

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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Candidates: General

I am a candidate in the CFA Program, but I have not established log-in information. What should I do?
Register for a candidate user name and password.

How much time should I dedicate to preparing for the exam?
We believe you need to commit to a minimum of 250 hours reading and reviewing the curriculum and taking online sample and mock exams to master the material. This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background.

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.

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.

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Candidates: Enrollment/Registration

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

I am scheduled to take the CFA exam in Boston, Massachusetts; however, I have just relocated to Hong Kong. Can I take the exam in Hong Kong, and what must I do to change my test center?

Yes, you may submit a test center change request. Find out how.

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 re-register 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 re-register 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 at the time of your re-registration.

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, your enrollment and registration fees are nonrefundable. Also, enrollment and registration fees may not be transferred from one applicant/candidate to another applicant/candidate, or from one exam offering to another.

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

Online applications are processed within 48 hours. Paper applications may take up to six to eight weeks. With either method, 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) 951-5686. 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.

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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 review 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 review 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 review course providers. It is important to note that review 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 and mock exams?

The decision to produce fee-based, online sample and mock 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.

Where can I find a study guide?
We don’t provide a printed study guide. All study materials for each level, including study sessions, readings, and assigned problems, are included in the CFA Program curriculum.

Am I required to buy the CFA Program curriculum?

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.

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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Identification (ID)

Is my identification acceptable?