CFA® Program exam information
Everything you need to know about the CFA exam, from what the differences are between levels, to what happens on exam day.
What is the CFA exam?
The CFA exam is a three-part exam - Level I, Level II, and Level III. Testing the knowledge and skills of financial analysts, each level of the curriculum builds on the prior level, becoming increasingly complex.
These three levels equip you with real-world skills in investment analysis and make up the CFA Program. Once completed, you can become a globally recognized Chartered Financial Analyst® (CFA®) - a prestigious distinction that differentiates you in the competitive finance industry.
Planning on taking the CFA exam?
Find out the latest CFA exam fees, early registration rates, upcoming exam dates and scheduling deadlines.
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Access your CFA exam results, and check the latest pass rates and results timeline.
Compare the three levels of the CFA exam
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.
The table below outlines the key differences between each level of the CFA exam. By preparing accordingly, you can increase your chances of success.
| Level I | Level II | Level III | |
| Level requirement | Meet CFA Program enrollment requirements | Pass Level I CFA exam and meet CFA Program enrollment requirements | Pass Level II CFA exam and meet CFA Program enrollment requirements |
| Question format | Multiple choice questions | Vignette-supported multiple choice questions | Vignette-supported essay and multiple choice questions. Choose one of three specialized pathways |
| Exam results availability | Within 5-7 weeks of taking the exam and completion of your Practical Skills Module | Within 5-7 weeks of taking the exam and completion of your Practical Skills Module | Within 6-8 weeks of taking the exam and completion of your Practical Skills Module (beginning with Feb 2025 exam) |
| 10 year average pass rate | 41% | 45% | 52% |
| More information | Level I exam | Level II exam | Level III exam |
| Quick start guide | Level I guide (PDF) | Level II guide (PDF) | Level III guide (PDF) |
Getting ready for your CFA exam
There are a number of steps on the journey to your CFA exam. Here are the key things to do alongside studying the CFA exam curriculum and completing your Practical Skills Module.
Part of the process for registering your CFA exam is scheduling an exam date. It’s important to note that exam appointments at testing centers are available on a first-come, first-served basis. You must select a time and date before the scheduling deadline.
We know there can be a lot to think about when you’re preparing to take an exam. The CFA exam has a number of requirements, so it’s important to familiarize yourself with them in advance.
We offer many different ways to practice for you CFA exam – including practice questions, mock exams and optional practice packs. These are accessed via the Learning Ecosystem. This is the digital platform the candidates use to study and access the CFA exam curriculum.
On the day of your CFA exam
Understanding what you need to do on the day of your CFA exam will help you arrive relaxed and focused.
When to arrive at the CFA exam location
We recommend arriving 30 minutes before your scheduled exam appointment time (you might not be allowed in if you’re late). Plan your route to the test center in advance so you can avoid any delays. We also recommend familiarizing yourself with the hardware and software prior to the exam.
What to bring to the CFA exam
There are a number of items you should bring to your CFA exam. These include a valid international travel passport and an approved calculator. You are allowed to bring water, but it should be in a clear bottle with no labels, images or writing.
How long is the CFA exam
The CFA Level I exam lasts 4.5h, and consists of two content sessions that are 135 minutes each.
The CFA Level II and Level III exams also take 4.5h, and the time allotted for the two content sessions is 132 minutes each.
In all CFA exam levels, there will also be time allocated to a tutorial of the exam software, a break, and a survey at the end.
Your CFA exam results
You will be notified about your CFA exam result within 5-8 weeks after your exam window closes. Your result will be either "pass" or "fail", along with a score report (CFA exam Level I and II only). Learn more about understanding your CFA® exam result here.
After you complete the CFA exam, the next step might be preparing for the next level or signing up to re-take the same level. You might also consider CFA Institute membership. Becoming a member can enhance your career prospects and expand your professional network. Learn more about CFA Institute membership here.
Other useful CFA exam resources
CFA Institute scholarships
Explore scholarships designed to make the CFA charter more accessible.
CFA exam policies
Be sure you are aware of all policies that could impact your CFA exam experience.
Candidate resources
Discover more resources and guides to support you on your path to becoming a CFA Charterholder.
How to become a CFA® Charterholder
The designation of CFA Charterholder – which you can obtain by completing all three levels of the CFA Program and meeting work experience requirements, demonstrates your expertise and commitment to excellence in the investment industry.
To become a CFA Charterholder, as well as passing the CFA exams, you need to complete 4,000 hours of relevant professional work experience (over a minimum of three years) and become a CFA Institute member. Assess your experience here.
Get the CFA Charter factsheet, which outlines the essential requirements and steps to become a CFA Charterholder.