What are the CFA Exam Levels?
The CFA Program is a globally recognized professional investment management and financial analysis certification. 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 now introduce pathways, allowing you to tailor your learning and testing to align with your career goals.
How is the CFA Exam Format Structured?
Each level of the CFA test has different question types and topic weights. Each level is equally divided between 2 sessions, with an optional break between sessions.
- Level 1 Format: It consists of 180 multiple-choice questions and will take 4 hours and 30 minutes to complete.
- Level 2 Format: It consists of 22 item sets of vignettes with 88 accompanying multiple-choice questions and will take 4 hours and 24 minutes to complete.
- Level 3 Format: It consists of 11 item sets and 11 essay sets and will take 4 hours and 20 minutes to complete. Both question types combine vignettes with accompanying multiple-choice items. For the 2025 Level 3 Exam, you will have 2 specialized pathways — Private Wealth and Private Markets — in addition to the current Portfolio Management pathway.
Who is Eligible for the CFA Exam and What Are the Fees?
Here are the requirements for the CFA Exam:
- U.S. bachelor’s degree (or equivalent) or be within 23 months of graduation; you must complete your degree before taking the Level 2 exam, or 4,000 hours of professional work experience (or a combination of work and education) completed before registering for Level 1
- Valid international passport
- Exams are administered in English
Learn more about CFA Exam Requirements.
CFA Registration Fees
Registration costs for each level will vary based on when you sign up.
Current Pricing (2025 exams)
| Early Registration | Standard Registration | |
|---|---|---|
| Level 1 | $990 | $1,290 |
| Level 2 | $990 | $1,290 |
| Level 3 | $1,090 | $1,390 |
Future Pricing (2026 exams and beyond)
| Early Registration | Standard Registration | |
|---|---|---|
| Level 1 | $1,140 | $1,490 |
| Level 2 | $1,140 | $1,490 |
| Level 3 | $1,240 | $1,590 |
What’s Changing:
- Registration fees for all exam levels will increase in 2026.
- These changes reflect enhancements to the CFA Program, including:
- Practical Skills modules
- Level III’s new specialized pathways in Private Markets and Private Wealth
If cost is a factor, consider registering for the 2025 exam windows to take advantage of the lower pricing before these changes go into effect.
Learn more about CFA Exam Registration, Cost and Fees.
When are CFA Exams Held?
The 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 cfa test date within a chosen window.
*updated schedule of Level 1, Level 2, and Level 3 exams per CFA Institute
Learn more about CFA Exam Dates, Registration and Scheduling Deadlines.
CFA Pass Rates and Exam Results
The CFA Institute 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. The pass rates below are current as of July 2025:
| Year | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| 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 | 44.2% | 48.3% | 48.5% |
| 2025 | 45% | 54% | 49% |
| Average | 41% | 46% | 55% |
The passing percentage typically increases as you progress through each CFA Exam level. You must pass the previous level before taking the next exam.
Learn more about the CFA Exam Pass rates, Scoring and Exam results.
Why Should You Consider Taking the CFA Exam?
Since the program began, nearly 200,000 professionals in 160 markets worldwide have completed their CFA Exam. Charterholders have a better opportunity to be hired at a global 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). Completing 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.
How Hard is the CFA Exam?
The CFA examination is one of the toughest financial certifications worldwide, combining low pass rates, a vast syllabus, and rigorous question formats. Most candidates find Levels I and II especially demanding. Check this page: How Hard Is the CFA Exam? A Realistic Look at Exam Difficulty for more information.
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?
The CFA exam is divided into two sessions, morning and afternoon, each lasting about 2 hours and 12 minutes. While exact times may vary slightly by location, candidates are typically expected to arrive at the testing center between 8 and 8:30 a.m. local time. An optional 30-minute break is offered between sessions.
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.
References
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.
