What are the CFA Level 1 Requirements?
Before you can actually sit for the first phase of the CFA exam, you need to satisfy some eligibility criteria and requirements mandated by the CFA Institute (CFAI).
Education & Professional Requirements
- Bachelor's Degree: You must have completed a Bachelor's or equivalent program and hold a college/university degree. Consult your college or university if you are unsure if your program is comparable.
- Undergraduate Student: Students with two years remaining in their undergraduate studies will be able to sit for the Level 1 exam; as part of CFAI’s expanded eligibility . Please note that it is essential to finish your degree program before taking your CFA Level 2 exam.
- Professional Work Experience: You must have about 4,000 hours of work experience or higher education acquired over three years before registering for the Level 1 exam. Make sure that your education and work experience timelines do not overlap.
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International Travel Passport
To take the CFA exams, it is mandatory to have a valid international travel passport. If your passport expires before the exam date, you can still register, but you must renew it before the day of the exam and update your account credentials with the new passport information. It is crucial that the details on your passport exactly match the information in your CFA account. If the information does not match or your passport is expired, you will not be allowed to take the exam, and your registration fee will be forfeited.
The United Nations agency ICAO has determined that all non machine-readable passports are considered expired as of 24 November 2015. Therefore, international travel passports that are not machine-readable (including handwritten passports) will be considered invalid for entry into the CFA exam.
English Proficiency
In addition to mastering the CFAI curriculum, the CFA exams also require candidates to demonstrate their ability to communicate ideas clearly and express themselves effectively. Given that the entire exam is conducted in English, a strong command of the language and its context is crucial. This is particularly important for Level 3, which includes an essay format, where strong writing skills, including proper sentence construction and the ability to provide concise responses, are essential to practice and master.
Professional Conduct
The CFA Institute is committed to maintaining the highest levels of ethical standards and professional conduct amongst its members, designations, and exam programs. To ensure this, they have established a set of guidelines called the Code of Ethics and Standards of Professional Conduct (Code and Standards). The Professional Conduct Program oversees the disciplinary process at CFAI, which involves conducting investigations into allegations, determining whether any violations have occurred, imposing sanctions when appropriate, conducting disciplinary proceedings, and disclosing any violations to relevant parties. The objective of this program is to uphold the integrity of the CFA Institute and its members, while ensuring that they adhere to the highest standards of professionalism and ethical conduct.
CFA Institute upholds the Code of Ethics and Standards of Professional Conduct (Code and Standards) to ensure the integrity of CFA Institute membership, designations, and exam programs. The Professional Conduct Program oversees the disciplinary process at CFAI for conducting investigations into allegations, determining violations, imposing sanctions, conducting disciplinary proceedings, and disclosing violations.
Countries Eligible for CFA
CFAI, as a US corporation, abides by the US Department of Treasury's Office of Foreign Asset Control (OFAC) rules, which prohibit US institutions from doing business in certain countries and with specific individuals and entities. CFAI cannot conduct business with citizens of Cuba, North Korea, Syria, or Ukraine's Crimea region. Before registering for a CFAI program, it is recommended that candidates who work outside of the United States look up their employer's name on the OFAC SDN list.
What are the CFA Level 2 Requirements?
You must have passed the Level 1 exam and completed your bachelor's degree to sit for the Level 2 exam. You will have 20 vignettes, each of which will be followed by six questions. Like the Level 1 exam, Level 2 is divided into two equal sessions, one in the morning and one in the afternoon.
What are the CFA Level 3 Requirements?
To attempt the CFA Level 3 exam, you must have passed Level 2. The Level 3 exam comprises 8-11 constructed response questions and ten vignettes divided into morning and afternoon sessions.
How Do You Check Your Eligibility?
We understand that having many eligibility requirements can be perplexing at times. Here's a checklist to ensure you always have the list of requirements nearby, reducing the chances of missing anything.
| Your Eligibility Checklist (excluding fee payments) |
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| First Timer (Looking to attempt the CFA Level 1 exam) |
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Must have one of the following requirements checked
2 years remaining in Bachelor's Degree
An Undergraduate
Professional Work Experience
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An International Travel Passport
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English Language Proficiency |
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Meet the 'Professional Conduct Admission Criteria’
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Do you live in a participating country?
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| Attempting Level 2 |
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Have a Bachelor’s degree
Cleared Level 1 exam
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| Attempting Level 3 |
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Cleared Level 2 exam
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Note: Read the detailed overview of each requirement before using this checklist.
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What’s Next After You Fulfill the Enrollment Requirements?
Once you fulfill all the requirements mandated by the CFAI for attempting the exams, the next step is to register. The windows for the CFA registration vary in costs —earlier the date, lesser the registration cost — depending on when a candidate decides to register for the exam. The total cost of all three CFA exams ranges from approximately $2,600 to $4,000, assuming three consecutive passes with no travel and accommodation costs. This does not include third-party prep provider costs, which is highly recommended.
Frequently Asked Questions
Am I eligible to take the CFA exam?
Your eligibility for the CFA exam depends on meeting at least one of CFA Institute’s enrollment pathways: holding a bachelor’s degree, being in the final year of your undergraduate program, having equivalent higher education credentials, or completing 4,000 hours of qualified professional work experience over a minimum of 36 months. You must also have a valid international passport and meet professional conduct requirements.
Can I attempt the CFA exam without a degree?
In technical terms, it is not possible to take all levels of the CFA exam if you enroll through the Bachelor’s Degree or Final-Year Student requirement. You can only attempt the Level 1 exam. However, your eligibility to attempt the CFA exam also depends on your chosen enrollment requirements.
If you opt for the Professional Work Experience requirement, you must have a minimum of 4,000 hours of professional work experience or higher education acquired over three consecutive years by the registration date. By fulfilling this requirement, you can attempt all levels of the CFA exam.
What education do I need for the CFA exam?
You do not need a finance or business degree to take the CFA exam. You can qualify with a bachelor’s degree in any field, as a final-year student, through an equivalent higher-education program recognized by CFA Institute, or through the professional work-experience pathway. While specific coursework is not required, comfort with quantitative and analytical subjects is recommended.
How do I confirm whether my work experience is considered professional work experience or not?
To be eligible for the CFA charter, you must have relevant work experience in the investment decision-making process, which includes evaluating or applying financial, economic, and/or statistical data. This experience can be gained through full-time, part-time, or remote work arrangements prior to, during, or after your participation in the CFA Program.
In addition, you must have completed at least 4,000 hours of relevant work experience in the last 36 months, and these hours must be directly related to the investment decision-making process or producing a work product that informs or adds value to that process. This work experience can include supervising individuals who are involved in the investment decision-making process or teaching activities related to investment decision-making.
What are the major checklists when it comes to having work experience for the CFA charter?
One of the most critical requirements for obtaining a CFA charter is having the necessary work experience. Before embarking on the CFA charter journey, it is essential to understand the work experience requirements and determine whether you currently have qualifying experience. Creating a well-structured plan to obtain the required work experience is crucial, and timing is also important to ensure that you can meet the work experience requirement in time for the CFA exam. Therefore, it is essential to plan your work experience strategy and timing carefully, taking into account the CFA exam schedule.
Which countries are eligible to take the CFA exam?
The CFA exam is offered in most countries globally, but some regions may be restricted due to regulations or international sanctions. Candidates should confirm whether their country permits CFA Program participation. If your country has testing limitations, you may take the exam in another eligible country as long as you can travel with a valid passport.
Do I need to be fluent in English to take the CFA exam?
The CFA exam is offered only in English. While no language test is required, candidates must be comfortable reading lengthy case studies, understanding technical financial terminology, and analyzing complex quantitative content. English proficiency significantly affects performance, especially in Levels 2 and 3.
Can part-time or internship roles count as CFA work experience?
Yes. Part-time work, internships, and remote positions may count as qualifying work experience if they involve analyzing financial data, conducting research, preparing valuation work, or supporting the investment decision-making process. The nature of the work matters more than job titles or employment type.
Can I take CFA Level 2 or Level 3 without completing work experience?
Yes. You may take all CFA exam levels without work experience if you qualify through the bachelor’s degree, final-year student, or higher-education pathways. Work experience is only required to receive the CFA charter after passing all three exams, not before attempting them.
How do I know if my job qualifies for CFA experience requirements?
Your job qualifies if it contributes to investment-related decisions or supports them by analyzing financial information, evaluating markets or securities, conducting due diligence, producing research, building financial models, assessing risk, or supervising individuals performing these tasks. The key criterion is direct relevance to the investment decision-making process.
Can I switch my eligibility pathway later?
Yes. You may start the CFA Program using the education pathway and later switch to the work-experience pathway once you accumulate qualifying experience. Changing pathways does not restrict your ability to register for exams or progress through Levels 1, 2, and 3.
Is there an age limit to take the CFA exam?
No. There is no minimum or maximum age limit for CFA exam participation. As long as you meet the education or work-experience requirements and possess a valid international passport, you can sit for any CFA exam level.
How long does it take to become CFA eligible?
Eligibility timing depends on your pathway. Final-year students qualify immediately. Candidates using the work-experience pathway must accumulate 4,000 hours over at least 36 months, which may take longer depending on job roles. Many candidates become eligible through education early in their academic or professional journey.
Read more about the CFA Exam
Worried about missing out on important dates for the CFA exam? Here's a handy list of new dates and frequencies to ensure seamless preparation.
Finding it cumbersome to keep track of CFAI’s exam-related changes? Use this link to stay updated with the latest changes and updates, so that you never miss out on one.
Looking to understand the CFA scoring process better? Here’s everything you need to know about CFA scoring, pass rates, and the Minimum Passing Score (MPS).
How to Become a CFA Charterholder
Wondering about the process required to become a CFA charterholder? Starting from passing the exams to becoming an actual member of the CFA Society, here’s all the info you need!
