CFA® Program
CFA Program overview
The CFA Program is your pathway to becoming a globally recognized Chartered Financial Analyst® (CFA®). Equipping you with real-world skills in investment analysis, a Chartered Financial Analyst credential helps you thrive in the competitive investment industry.Strive for the gold standard of investment credentials
To be able to join more than 200,000 chartered financial analysts globally recognized for their commitment to ethics and professionalism, you need to complete the three exams that make up the CFA Program. They test the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning.
Every step of the way, we’ll support you as you grow your knowledge. Once you achieve the status of Chartered Financial Analyst, your strong foundation in advanced investment analysis and real-world portfolio management skills will qualify you to work in senior and executive positions in investment management, risk management, asset management, and more.
Why become a CFA Charterholder?
Mark of distinction
Show employers you have the knowledge and commitment to thrive in today’s complex and continually evolving investment industry.
Career opportunities
Open up new pathways into a wide range of investment decision-making careers, including asset and wealth management, commercial banking, and consulting.
Global gateway
Leverage the global recognition of the CFA Charter to pursue investment management roles anywhere in the world.
Stay ahead
Equip yourself with the skills to thrive in the evolving finance industry with a Chartered Financial Analyst credential.
Insights from experts
Learn key real-world skills in investment analysis from the leaders in investment education.
Enhanced professional profile
Earn an easily shareable digital badge to display your achievement in your online networks.
How to become a CFA Charterholder
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Pass the CFA Program exams
The CFA Program is made up of three exams. You need to pass all three levels, alongside modules that build your practical skills, to become a Chartered Financial Analyst.
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Complete qualifying work experience
Your work experience must either be directly involved with the investment decision-making process or producing a work product that informs or adds value to that process. You can carry out your work experience before, during, or after you participate in the CFA Program.
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Apply for membership
You need to be a regular member of the CFA Institute to achieve the Chartered Financial Analyst designation. As part of your application, you’ll be asked to submit 2-3 professional references to comment on your work experience and professional character. Learn more about applying for membership.
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Become a member of CFA Institute
Once your application is approved and you have joined CFA Institute, you will have earned your CFA charter.
Who is the CFA Program for?
- University students looking to launch a career in finance, corporate banking or investment management.
- Existing industry professionals wanting to establish or enhance their credentials.
- Professionals from other industries who want to change the focus of their careers.
Study tools to support your learning
The Learning Ecosystem is our comprehensive digital learning platform, available to all registered candidates of the CFA Program. Adaptive and mobile-friendly, it lets you learn at your own pace when and where it’s convenient for you.
Through the Learning Ecosystem, you’ll access the official program curriculum as well as study tools like practice questions, mock exams, flashcards, and more.
Valued by employers
Who do CFA Charterholders work for?
CFA Charterholders are employed by some of the world’s biggest financial institutions. These include JPMorgan Chase, Morgan Stanley Wealth Management, Royal Bank of Canada, BofA Securities, UBS Group, HSBC Holdings, Wells Fargo and Company, PricewaterhouseCoopers, BlackRock, and TD Bank Financial Group.
Setting the standard
Employers recognize and respect the strong foundation in advanced investment analysis and portfolio management skills that the CFA Program gives you. So much so that some even make it a requirement.
Testimonials from CFA Charterholders
You can hire people with an MBA, but you don't necessarily know that one MBA is the same as another MBA. Whereas if you hire investment professionals with a CFA, you absolutely have confidence at the level of qualification.
The CFA® designation gives confidence to both sides of the table, to myself and my technical skills, and to the client that they're dealing with a competent professional.
The CFA (Program) journey has given me an opportunity to stand out among the crowd as not everyone opts for it. The CFA® credentials have allowed me to grow in my current company. I'm now making more informed decisions about client portfolios.
The CFA® charter has greatly helped me to perform my duties as a Risk Manager in terms of developing financial risk management techniques and of assessing the risks inherent within the bank and within different instruments that we are using in general.
Career paths and benefits
What does a CFA® Charterholder do? By enrolling in the CFA Program and earning the Chartered Financial Analyst® certification, you open doors to a variety of careers in the global investment industry – from asset and wealth management, investment banking, and commercial banking to consulting. And as a CFA Charterholder, you stand out for your commitment to set a higher standard of excellence. It's this dedication that employers value and look out for.
Compensation levels
Did you know? The average base salaries of CFA Institute members and CFA Charterholders increased at a greater rate (year over year) than the rate of increase for the general market, according to the findings of the CFA Institute Compensation Study, 2024.
CFA Charterholders can be found in a variety of roles across the world. For insight into how the CFA Program impacts career progression in India, download the Impact Assessment of CFA Program in India report.
How the CFA charter compares to other credentials
Esteemed and valued across the globe, the Chartered Financial Analyst certification is known for demonstrating superior competency in advanced portfolio management, financial expertise, and technical skills, underpinned by ethical conduct and the highest standards of practice.
Here’s how it compares to other respected credentials in the investment management industry.
Aspect |
CFA Program |
MBA |
CPA |
CFP |
|---|---|---|---|---|
Focus |
Finance and investment |
General business |
Accounting |
Financial planning |
Duration |
3-4 years |
1-2 years full-time |
Exam and experience requirements vary |
1-2 years |
Cost |
$2,550 - $4,800 (exam fees) |
$50,000 - $200,000 + tuition |
$1,500 - $3,000 (exam fees) |
$3,000 - $6,000 (exam fees) |
Shareable credentials for global recognition
When you earn the CFA charter, you are acknowledged worldwide for your expertise, integrity, and dedication to the highest ethical standards.
Your digital badge shows your commitment to professionalism and continuous learning as you help build a strong and vibrant community of finance professionals.
Investment industry career paths
Within the financial system, there are many people-facing roles that provide services to facilitate successful saving and investing for both individuals and companies. Explore below to get familiar with finance industry and investment management jobs.
Typical jobs for CFA Charterholders
Portfolio management
Research
Consulting
Risk analysis and risk management
*The full range of jobs includes Relationship Manager, Data Scientist, Credit Analyst, Chief Investment Officer, Trader, Accountant, Auditor, Financial Planner, and Sales professional.
Typical investment management sectors among CFA Charterholders
Asset management
Private wealth management
Commercial banking
Investment banking
Insurance
Level III specialized pathways
For the 2025 Level III exams, we have introduced specialized pathways:
Private wealth
Private markets
Portfolio management
The paths share a core curriculum, supplemented by specialized content. You can select a path that directly relates to your interests and career aspirations.
Curriculum
Meet today’s challenges in investment management head on. The CFA Program gives you the solid foundation of knowledge that investment firms expect. Alongside critical advanced investment analysis and portfolio management skills, you’ll be able to thrive in our dynamic industry.
Building your knowledge over time
The CFA Program is a series of three exams: Levels I, II, and III. Each level of the curriculum builds on the prior level and becomes increasingly complex. Here are the differences between each exam so you can prepare for success at every stage.
Level I: Learn and describe
Multiple choice questions will test your knowledge of key terms, concepts, and formulas that are the foundation of the investment industry.
Level II: Analyze and evaluate
Exam vignettes with multiple choice questions will test how you analyze situations and provide solutions using the knowledge you have accumulated.
Level III: Integrate and apply
A mix of item set questions and constructed response questions will reveal how you integrate concepts and apply knowledge to real-world scenario.
Curriculum topics
We update our curriculum regularly to reflect modern financial practices, guided by our ongoing practice analysis that ensures it stays aligned with the latest industry trends. This means you’ll learn precisely what’s needed to thrive in today’s investment industry and confidently apply your CFA Program knowledge to real-world scenarios.
Real-life Practical Skills Modules (PSM)
The core of the CFA Program curriculum teaches you the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning. But the best way to develop your knowledge is to put it to the test.
To ensure you thrive in your current or future role, the CFA Program has been expanded to include practical, relevant skills training. So you can apply what you are learning in the curriculum to real-world scenarios.
A Practical Skills Module (PSM) uses a combination of videos, multiple-choice questions, guided practice, and case studies to develop your practical skills. In order to receive your exam result, you will be required to complete at least one PSM at each level. You may begin your PSM topic at any time after registration. Each PSM takes 10-20 hours to complete.
Tools to support your learning
Becoming a CFA Charterholder requires dedication. But as a CFA Institute candidate, you have our complete support every step of the way. We’ll provide you with access to a wealth of information and tools to help you pass all three levels and excel in your career.
Learning Ecosystem
The Learning Ecosystem (LES) is a digital learning tool to help you study more effectively by:
- Personalizing your learning experience.
- Making the curriculum more engaging.
- Giving you convenient access to materials.
Using the desktop or mobile app, access the curriculum for your selected exam plus 1,000+ practice questions, two official mock exams released approximately 60 days before each exam window, study plans that adapt to your strengths and weaknesses, curriculum-based games and flashcards, and more. The LES is also where you can access your Practical Skills Modules.
Preview the Learning Ecosystem
Take a closer look at the Learning Ecosystem and see how it can help you stay focused, engaged, and on track while you work towards your CFA charter.
Practice Pack
The Practice Pack is an optional add-on to the Learning Ecosystem, including extra practice questions, immediate access to additional official mock exams, and one Prometric mock exam that simulates the exam-day experience. All questions included were written by the same test writers who wrote the questions you’ll see on exam day.
Practice Pack is currently available to all Level I candidates and Level II candidates.
Exam preparation providers
In addition to the study support provided by CFA Institute, you can benefit from extra exam prep courses and materials from third party providers. Approved CFA Institute prep providers agree to follow CFA Institute guidelines and standards in their offerings and communications with candidates.
Voices of success: CFA Program testimonials
Hear stories from students who have completed the CFA Program.
Exam fees & calendar
CFA Program exams are administered four times a year, at over 400 testing centers around the world in most major cities. You're allowed to take the exam a maximum of twice each calendar year but not in consecutive windows or windows that are six months or less apart.
Select exam criteria
Registration Window:
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Exam Registration Fee:
EARLY
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STANDARD
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One-time Enrollment Fee:
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Fees displayed do not include local taxes. If we need to collect such taxes, they will be added during the payment process. Please refer to our Tax Policy for more information.
The one-time enrollment fee of USD 350 is charged when you first enroll for the Level I exam; it is not charged for subsequent exam or exam retakes.
For information about where you can take your exams, please view the available test center locations.
Exam rescheduling fee
A USD 250 rescheduling fee will apply if you need to reschedule your exam appointment within your exam window.
Scholarships
We want to empower more people to advance their careers and reach the highest standards of professional excellence. Our scholarships help us achieve that by making the CFA charter more obtainable.
Policies
Our policies and procedures protect the integrity of CFA Program, ensuring the exam process is fair for all candidates. It is your responsibility to read and understand all policies set forth by CFA Institute. During the registration process, all candidates are required to agree to abide by the policies listed here, as they are updated from time to time.
Learn about the prerequisites and qualifications necessary to embark on the CFA Program journey. From educational backgrounds to work experience criteria, we outline the key elements that contribute to your eligibility and readiness for the program.
Registration criteria and requirements
To become a CFA candidate, you must enroll in the CFA Program and register for the Level I exam. To enroll, you must meet all the qualifications listed below.
Must have one of the following:
1. Have a bachelor's degree
Complete a bachelor's program or equivalent program and have received a degree 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
Your selected exam window must be 23 months or fewer before your graduation month for your 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 of registering for the Level I exam. The dates of education and professional work experience cannot be overlapping. If you have a combination of work experience and higher education to achieve the minimum hours and years, assume that higher education takes 1,000 hours per year.
Professional 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.
Professional work experience requires specialized knowledge, education, or advanced skills. Professional work experience requires 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 CFA Program without completing a bachelor’s degree must honestly evaluate whether their professional work experience has equipped them for the significant volume and depth of study demanded by CFA Program.
We may request proof of education and/or work experience to demonstrate the entrance requirements were 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.
CFA Institute requires that every CFA Program candidate 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 with which CFA Institute cannot work. Review the OFAC Policy to check if there are any sanctions on your country.
Exam policies and procedures
We want you to be informed when you become a candidate in the CFA Program. Here are the policies that you will need to know.
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 more about the two calculator models authorized for use during 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.
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.
CFA® Program
- Credential - 3 levels / 3 exams
- Advanced level
- 300 hours per level
- Self-paced online learning
- Learning materials included
Frequently asked questions
It takes three to four years to complete all three levels of the CFA Program. This takes into account the recommended study time of 300 hours per level.
To become a member and use the CFA Charterholder designation, you also need at least 4,000 hours of relevant work experience, completed in a minimum of 36 months. Work experience can be obtained whilst you study.
Based on exam fees, it costs USD 2,550 – 4,800 to complete all three levels of the CFA Program and become a charterholder (depending on whether you register for your exams during the Early or Standard registration period). When you register for your Level I exam, you will also need to pay a one-time enrollment fee of USD 350.
All fees need to be paid in US dollars. This information is correct as of October 2024.
There are three scholarships currently available for the CFA Program:
- Access Scholarship – for individuals who may not be able to afford the program fees
- Student Scholarship – for students currently attending an affiliated university
- Professor Scholarship – for full-time college / university professors or administrators / department heads
To learn more, including eligibility criteria, visit the scholarships page.
From studying through to exam day and beyond, we have a variety of resources to help you successfully complete the CFA Program. Visit CFA Program candidate resources to learn more.
Explore CFA Program
