Application resources
These resources will help you successfully apply for CFA Institute membership. Here, you'll find the prorated fee schedule, requirements for work experience and professional references, and answers to popular questions.
Prorated fee schedule for new members
CFA Institute offers membership at a cost of USD 299 for the full membership period – from 1 July to 30 June. The annual fee for first-time members can vary depending on the month they decide to join. Use the chart below to understand what your membership will cost.
Your dues amount will be automatically calculated for you when you join.
| New Member Join Month | Prorated Fee |
| July | Full Dues |
| August | Pay only months remaining (11 months) |
| September | Pay only months remaining (10 months) |
| October | Pay only months remaining (9 months) |
| November | Pay only months remaining (8 months) |
| December | Pay only months remaining (7 months) |
| January | Pay only months remaining (6 months) |
| February | Pay only months remaining (5 months) |
| March | Pay only months remaining (4 months) |
| April | Pay only months remaining (3 months) |
| May | Pay only months remaining (May/June waived) |
| June | Pay only months remaining (May/June waived) |
Work experience requirements
When you apply for charterholder/regular membership, you will be asked to describe current and prior job responsibilities to demonstrate qualified work experience. Your experience should involve evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process; supervising those who conduct such activities; or teach such activities.
Length of time
You must have at least 4,000 hours of experience, completed in a minimum of 36 months.
Relevant experience
Qualified hours must be directly related to the investment decision-making process or producing a work product that informs or adds value to that process.
Work arrangements
Experience earned through full-time, part-time, or remote work arrangements—before, during, or after your participation in the CFA® Program—can qualify.
Take the work experience self-assessment
Do you perform research or develop resources that assist portfolio managers and traders, or advise on financial planning? Answer questions like these in our Work Experience Self-Assessment to better understand if your job responsibilities meet the requirements for regular membership. Completing the assessment will give you more confidence in your next steps to apply.
How to calculate work experience
Your hours of work experience are based on the percentage of time you spend each working week performing investment decision-making activities. The total hours will be calculated for you using this percentage and the number of months you have been working in each position.
How to write a work description
For each work description, explain your job duties and how they relate to investment decision-making. Review our work experience description examples below to understand how to write a qualifying work description. Applicants should demonstrate their impact on the investment decision-making process and indicate how job duties produce work products that add value.
Example |
|
|---|---|
Qualifying description |
I prepare financial models based on reviewed information, analyze fundamentals, and value acquisition targets to provide recommendations to the investment committee. |
Why it's good |
1. The applicant describes the types of independent analysis involved in this position. |
Example |
|
|---|---|
Non-qualifying description |
My work focuses on successfully managing key relationships with end-clients relating to a new Know Your Client (KYC) initiative. |
What it's missing |
This applicant needs to submit additional job details. It is not clear that the position involves independent analysis, and it does not describe a work product that impacts investment decisions. |
Improved description |
I develop and maintain strong working relationships with clients and communicate investment performance and strategy. I provide advice on a wide and diverse range of investment solutions customized to best meet the financial needs of those clients after thoroughly assessing financial fundamentals, reviewing business risk profile, and doing stress testing on cash flows. |
Example |
|
|---|---|
Non-qualifying description |
I conducted an annual actuarial valuation process and benefit calculations. |
What it's missing |
Although the applicant describes the types of independent analysis involved in this position, this description needs to better demonstrate how the analysis created a work product that added value to the investment decision-making process. |
Improved description |
I conducted an annual actuarial valuation process and benefit calculations which included performing projections, cash flow analysis, and durational analysis of individual health insurance policies. These analyses had a direct bearing on the investments chosen to back the reserves for these blocks of business. |
Applying to a society
Our CFA Society® community raises professional standards, offers relevant learning programs, and advocates for local interests in over 150 global markets.
When applying for CFA Institute regular membership, you must apply to a local society. The selected society will review your application, and you can choose whether to join after approval. While society membership is voluntary for CFA Institute regular members, it connects you to a global network of investment professionals.
From our experience, CFA Institute members who are also members of a local society get more out of their membership experience.
Regular members can add or switch societies without reapplying, either during renewal or via the Manage Your Membership page.
For affiliate membership, local society membership is required. Requirements vary, so find a nearby society to explore their affiliate membership criteria.
Professional references
When you apply for membership, you will be asked to provide professional references in support of your application.
- 2 professional references, if one is an active regular member of the local society to which you are applying, OR
- 3 professional references, if none of them is an active regular member of the local society to which you are applying
What to expect after you apply
The steps below guide you through the application review process and answer frequently asked questions related to estimated timelines, application statuses, and prorated membership fees.
The review process can take up to six weeks once all references have been received.
Regular membership applications will first be reviewed by CFA Institute and can take up to 10 business days. The application will then be reviewed by your selected local society. Society review times vary but may take up to 30 calendar days.
Affiliate membership applications are reviewed by local societies and may take up to 30 days.
Once all application reviews are completed, you will receive an email letting you know your application review is complete.
Help us keep in touch by ensuring that your contact information is up to date in your profile. We will contact you if we have any questions about your application.
Use these definitions to understand the activity status of your application:
- Not completed: You started an application but have not submitted it
- Awaiting references: Your application was submitted, but we are awaiting responses from your references. Once we receive your references, we will review your application
- Under review: Your application is being evaluated by CFA Institute and / or the society you applied to
- Approved: Your application for membership was approved. Membership may need to be activated by paying dues and/or filing the Professional Conduct Statement
- Not approved: CFA Institute completed the review of your application, but membership requirements have not been met
- Withdrawn: Your application was withdrawn from review
You can make changes to your application before you submit it for review. Access your application from the Membership tile on the My Account dashboard.
You cannot make changes to your application once it has been submitted. If you do need to make changes, you'll need to withdraw it from review.
When you withdraw your application, your work experience and completed references will automatically transfer and do not need to be resubmitted. You will need to re-enter contact information for any reference that did not complete the process before your application was withdrawn.
We will notify you by email with details on how to join CFA Institute and / or your local society. After you receive the approval email, log in to your CFA Institute account and
- Read and file a Professional Conduct Statement and Membership Agreement
Annually, you must complete a Professional Conduct Statement to disclose any potential violations of the Code and Standards. You must also sign your Membership Agreement. -
Pay your membership dues
Each year, you must pay your annual dues to renew your membership. Your first dues payment will vary depending on when you first join.
The Standards of Practice exam is an open-book exam based on the CFA Institute Standards of Practice handbook.
It is a requirement for regular membership for those who have not
- Passed Level I of the CFA Program,
- Passed Level II of the CIPM Program,
- Earned an RBA designation, or
- Earned an RMFI designation.
If you do not meet any of the above criteria, you will be prompted to take the exam after your membership application has been approved.
The Standards of Practice exam may also be a requirement for Society Affiliate membership. Requirements vary by society.
There is no time limit to complete 25 questions, and you must achieve at least 80% to pass. You may retake the exam if you do not achieve a passing score.
Manage your application
Log in to your account to edit your CFA Institute and society applications and to check on your application status.