The CFA exam, explained
Three exams, 300 or more hours of study for each, and between $3,520 and $4,570 in CFA Institute fees before any prep. The CFA is the global charter for investment professionals, and a new curriculum applies from February 2027. This is the whole process, in the order you will meet it.
The three levels
Each level is a separate computer-based exam, and you must pass them in order. Level I tests breadth, Level II tests application through vignettes, and Level III adds essays and a specialized pathway.
| Level | Format | Offered | Fee, early or standard | Pass rate, 10-year avg |
|---|---|---|---|---|
| Level I | 180 multiple-choice questions | Feb, May, Aug, Nov | $1,140 or $1,490 | About 40% |
| Level II | 22 vignettes, 88 questions | May, Aug, Nov | $1,140 or $1,490 | About 45% |
| Level III | 11 item sets and 11 essay sets | Feb, Aug | $1,240 or $1,590 | About 51% |
Fees are for one attempt. Pass rates are ten-year averages from CFA Institute.
What changes in 2027
The 2027 curriculum applies to every exam from the February 2027 window, with the biggest changes at Level I. Paid deferrals also end with that cycle, and early registration for May 2027 closes on October 14, 2026.
What the 2027 changes mean for youThe path, start to charter
A bachelor's degree, or 4,000 hours of work and/or study over at least three years. Registering early saves $350 per exam.
Choose a window, register by the deadline, then schedule at Prometric. Levels I and II run several times a year; Level III only in February and August.
Choose Portfolio Management, Private Wealth or Private Markets. Essays are marked by hand, so results take a little longer.
4,000 hours of qualifying work experience over at least three years, and regular membership of CFA Institute. This can be earned before, during or after the exams.
Study strategy
Candidates who deferred passed at 25 to 34% in recent official results, against 45 to 59% for first-timers. Register for a window you are ready for.
Each level recommends 300 or more hours. Count back four to six months from your window, because early registration closes before your studying really starts.
Mock exams are the closest thing to the real exam, and a failed attempt costs $1,140 to $1,490. Make sure your prep includes enough of them.
Everything else on the CFA
Kaplan Schweser, UWorld, Mark Meldrum and AnalystPrep compared on price and mock exams.
→Eligibility for the exams and for the charter.
→Every fee, plus realistic totals for all three levels.
→The official numbers, and the first-timer against deferrer gap.
→Every window through 2027, with registration deadlines.
→What each level looks like, and how it is scored.
→Level I, II and III side by side.
→The 2027 curriculum, new fees and the end of deferrals.
→Six head-to-head comparisons of the four main providers.
→The low-cost options, and where saving money backfires.
→The official curriculum, free lectures and communities.
→Account, fee, conduct statement and Prometric, in order.
→ID, calculator and pacing for two long sessions.
→Two global credentials for two different careers.
→What our CFA pages are based on, and how affiliate money is handled.
→Common questions
How long does it take to get the CFA?
There is no overall time limit and passed levels never expire. You get up to six attempts per level, and each level recommends 300 or more hours of study.
Do I need a degree or finance experience?
No. A bachelor’s degree is one route, but 4,000 hours of work experience and/or higher education over at least three years also qualifies. You need work experience for the charter itself, not to sit the exams.
What is the CFA pass rate?
Recent official results have ranged from 39% to 50% by level. First-time candidates pass at roughly 45 to 59%, while those who deferred pass at 25 to 34%.
Can I take the CFA outside the US?
Yes. The CFA is administered globally by CFA Institute, with the same requirements everywhere and exams at Prometric test centers worldwide.