CFA Exam Levels
The CFA Program is a globally recognized professional certification in investment management and financial analysis. It consists of 3 exam levels, each progressively building on the knowledge and skills acquired in the previous level.
Each level has specific learning objectives to evaluate your grasp of various investment concepts, principles, and practices.
- CFA Level 1 Exam: Evaluates foundational knowledge of key topics and analytical abilities. The exam does not assume any prior understanding of finance.
- CFA Level 2 Exam: Builds on the foundation established in the Level 1 exam and focuses on asset valuation and the proper application of investment techniques. The exam requires you to read case studies and respond to questions based on the provided research.
- CFA Level 3 Exam: Evaluates practical skills and focuses on portfolio management and planning abilities. Starting in 2025, the exam will introduce pathways, allowing you to tailor your learning and testing to align with your career goals.
CFA Exam Format and Structure
Each level of the CFA exam has different question types and topic weights.
- Level 1 Format: Consists of 180 multiple-choice questions. It will take 4 hours and 30 minutes total, equally split between 2 sessions (session times are approximate). There is an optional break between sessions.
- Level 2 Format: Consists of 22 item sets of vignettes with 88 accompanying multiple-choice questions. It will take 4 hours and 24 minutes total, equally split between 2 sessions. There is an optional break between sessions.
- Level 3 Format: Consists of 11 item sets and 11 essay sets. Both question types combine vignettes with accompanying multiple-choice items. It will take 4 hours and 20 minutes total, equally split between 2 sessions. There is an optional break between sessions. For the 2025 Level 3 exam, you will have 2 new specialized pathways — Private Wealth and Private Markets — in addition to the current Portfolio Management pathway.
CFA Exam Eligibility/Registration and Fees
Here are the requirements for the CFA exam:
- U.S. bachelor's degree (or equivalent) or 2 years remaining in a bachelor’s program. You must complete your degree before taking the Level 2 exam.
- Valid international travel passport for enrollment and registration
- Must be comfortable taking exams in English
4,000 hours of work experience; or a combination of professional work experience and education totaling 4,000 hours. You should fulfill the criteria before registering for the Level 1 exam.
There is a one-time $350 enrollment fee when you register for the Level 1 exam. Registration costs for each level will vary based on when you sign up.
| 2025 CFA Exam (L1, L2) | Early Registration | Standard Registration |
|---|---|---|
| Exam Window Fee | $990 | $1,290 |
| One-Time Enrollment Fee (Only for L1) |
$350 | $350 |
| Total | $1,340 | $1,640 |
| 2025 CFA Exam (L3) | $1,090 | $1,390 |
2025 CFA Exam Dates
CFA Institute has updated the exam dates and frequencies. The Level 1 exam will now have 4 test windows, while Level 2 and Level 3 will have 3 and 2 test windows, respectively. All exams will be computer-based, allowing you to select your test date within a chosen window.
Updated schedule of Level 1, Level 2, and Level 3 exams as per CFA institute.
CFA Exam Difficulty and Pass Rates
CFAI sets a high standard for its exams. To pass, it’s suggested you study for a minimum of 300 hours. Exam formats are adjusted annually, so CFA pass rates vary based on the difficulty of the exams and periodic curriculum updates.
| Level 1 | Level 2 | Level 3 | |
|---|---|---|---|
| 2014 | 43% | 46% | 49% |
| 2015 | 42.5% | 46% | 53% |
| 2016 | 43% | 46% | 54% |
| 2017 | 43% | 47% | 54% |
| 2018 | 44% | 45% | 56% |
| 2019 | 41.5% | 44% | 56% |
| 2020 | 49% | 55% | 56% |
| 2021 | 29% | 41% | 42% |
| 2022 | 36.75% | 42.6% | 49% |
| 2023 | 37.25% | 46.6% | 47.5% |
| 2024 | 44.6% | 53% | 48.5% |
| Average | 41.2% | 46.56% | 51.3% |
The passing percentage typically increases as you progress through each CFA exam level. You must pass the previous level before taking the next exam.
Why Should You Consider Taking the CFA Exam?
Nearly 200,000 professionals in 160 markets worldwide have successfully completed their CFA since the program has been offered. Charterholders have a better opportunity to get hired at a major worldwide investment bank, asset management firm, hedge fund, or consulting firm.
Other benefits of the CFA Charter include:
- Career advancement and unlimited professional development
- Additional network opportunities with colleagues in your field
- Potential for increased earnings
CFA Program Policies and Procedures
CFAI has established rigorous standards and procedures that you must adhere to when taking an exam. Here are the key points:
- Exam Attempts: You can attempt each level of the CFA exam a maximum of 2 times per year. Attempts must not be consecutive or within 6 months of each other.
- Calculator Policy: You are allowed to bring only 2 specific calculator models to the exam.
- Breaks: You are given 2 unscheduled breaks during the exam. Any misconduct may lead to removal from the testing center and other penalties.
- Withdrawal and Refund: You can withdraw from all 3 exam levels and receive a full refund within 14 days of payment.
- Digital Badges: Digital badges recognize your progression through the CFA Program and are issued upon passing Level 1. These badges provide instant verification on social media and other channels to enhance your credibility and recognize your achievements.
- Practical Skill Module (PSM): The newly introduced PSM helps you put theory into practice using videos, case studies, and multiple-choice questions (MCQs). Completion of at least 1 PSM at each exam level is required to receive exam results. PSM topics can be selected anytime during the exam preparation period and typically take 10-15 hours to complete.
CFAI’s website offers additional details of program policies and procedures.
Frequently Asked Questions (FAQs)
How long is the CFA exam?
Each CFA exam level takes about 4.5 hours, split between 2 sessions. There is an optional 30-minute break between sessions.
Can I change the CFA exam test center?
Yes. You can request a change by logging into your CFA Institute account and selecting Manage Your Exam. You must make changes by the deadline and pay a $250 rescheduling fee.
What time does the CFA exam start?
You must be seated in the testing center by 8:30 a.m. local time for the morning session and 1:30 p.m. for the afternoon session. The morning session runs 9 a.m. to noon, and the afternoon session runs 2-5 p.m.
Who should take the CFA exam?
The CFA exam is designed for recent college graduates and any finance and investment management professional who wants to start or advance their career. It is an ideal choice for investment bankers, asset managers, financial advisers, research analysts, and portfolio managers seeking to enhance their industry knowledge, skills, and credibility.
What is the question format on the CFA exam?
The CFA exam has 3 levels, which test broad topics of finance, wealth, and portfolio management.
- Level 1 consists of multiple-choice questions ranging from open-ended statements to data and information evaluation.
- Level 2 introduces a real-life scenario in several paragraphs, utilizing a combination of text, tables, financial statements, and other materials.
- Level 3 features an open-ended essay question assessing your ability to apply and judge real-world scenarios.
Read More About the CFA Exam
Get comprehensive insights into the CFA Level 1 curriculum, formulas, topic complexity, and exam format.
Explore the CFA Level 2 exam syllabus, including crucial questions, formulas, topic complexity, and exam format details.
Learn about CFA Level 3 topic weights, effective study planning, strategies for writing constructed response (essay) questions, and more.
Stay updated on the latest CFA curriculum changes, including additions, removals, revisions, and percentage weight adjustments.
