Chartered Financial Analyst
The CFA charter is a graduate level investment credential built around three sequential exams covering investment analysis, portfolio management, and ethics. Charterholders must also log qualifying investment work experience and join CFA Institute as members.
Issued by CFA Institute · Official page
Who can apply
- To enroll: a completed bachelor's degree, or be an undergraduate whose Level I exam window is 23 months or less before graduation (and within 11 months of graduation to sit Level II), or have 4,000 hours of combined work experience and higher education over at least three sequential years (1,000 hours per year of higher education).
- A valid international travel passport is required to sit for the exam.
- To earn the charter: pass all three levels plus the Practical Skills Modules.
- At least 4,000 hours of relevant investment work experience completed over a minimum of 36 months, which can be done before, during, or after the program.
- Become a regular CFA Institute member, with two or three professional references depending on local society membership.
Exam
- Exam
- CFA Program Level I, Level II, and Level III exams
- Format
- Computer-based at testing centers. Level I is multiple choice; Level II uses vignette-supported multiple choice item sets; Level III combines item sets and constructed response (essay) questions and lets candidates choose one of three specialized pathways.
- Questions
- Data unavailable
- Time
- 4.5 hours per level, in two content sessions (135 minutes each at Level I, 132 minutes each at Levels II and III)
Exams are usually offered in February, May, August, and November. Extra time is allotted for a tutorial, a break, and a survey.
Official fees
| Fee | Amount | Notes | Source |
|---|---|---|---|
| One-time program enrollment fee | $0 | CFA Institute eliminated the former USD 350 enrollment fee starting 29 April 2025. | Official page |
| Level I exam registration, early | $1,140 | Pricing for exams seated February 2026 and later. | Official page |
| Level I exam registration, standard | $1,490 | Pricing for exams seated February 2026 and later. | Official page |
| Level II exam registration, early | $1,140 | Pricing for exams seated February 2026 and later. | Official page |
| Level II exam registration, standard | $1,490 | Pricing for exams seated February 2026 and later. | Official page |
| Level III exam registration, early | $1,240 | Pricing for exams seated February 2026 and later. | Official page |
| Level III exam registration, standard | $1,590 | Pricing for exams seated February 2026 and later. | Official page |
| Rescheduling fee | $250 | Applies when rescheduling within your exam window. | Official page |
Only fees published by the issuer or regulator are listed. Blank amounts mean no official figure was available to verify.
Renewal and continuing education
- Cycle
- Data unavailable
- Requirement
- Charterholders must remain CFA Institute members to use the designation. Annual dues were not stated on the pages reviewed.
Timeline
CFA Institute states it takes three to four years to complete all three levels and recommends about 300 hours of study per level.
Related careers
| Occupation | National median wage |
|---|---|
| Financial and investment analysts | $102,740 |
| Personal financial advisors | $105,070 |
| Financial managers | $166,570 |
Sources
- CFA Institute: CFA Program, accessed October 18, 2026
- CFA Institute: CFA Exam Dates and Fees, accessed October 18, 2026
- CFA Institute press release: pricing changes for CFA Program, accessed October 18, 2026
- CFA Institute store: CFA Program Level I Registration, accessed October 18, 2026
- CFA Institute: CFA Program Policies, accessed October 18, 2026
- CFA Institute: How to become a CFA charterholder, accessed October 18, 2026
- CFA Institute: CFA Exam Information, accessed October 18, 2026
Verification notes
Per level fees come from the CFA Institute press release and match the dates and fees page totals (USD 3,520 to 4,570 for all three levels, from USD 1,140 per exam); the interactive fee table itself did not render. The CFA Institute store lists Level I and II registration at USD 1,340 and Level III at USD 1,440, which likely reflects a registration period between early and standard, but this was not confirmed. Question counts per level and annual membership dues were not stated, so they are null.
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