CFA® Program
Registration fees will change for all 2026 exams, beginning with the February 2026 CFA Program exam. See details here.
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.
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