CFA requirements: who can sit, and who can be chartered
The CFA is a global charter with one set of rules from the CFA Institute, and no state boards. To sit Level I you need a bachelor’s degree or 4,000 hours of work experience and/or higher education. Work experience matters later, when you apply for the charter itself.
To sit the exams
You are eligible to register for Level I if you meet any one of these:
- A bachelor’s degree or equivalent already completed.
- Final-year student. You can register while within about 23 months of graduating, but you must have finished the degree before sitting Level II.
- 4,000 hours of professional work experience, higher education, or a combination of the two, accumulated over at least three sequential years.
You also need a valid passport to register and to be admitted at the test center. There is no requirement to work in finance, and no time limit on completing the program.
Order and attempts
The three levels must be passed in succession. You get up to six attempts at each level, and at most two attempts per level in a calendar year. Unlike some certifications, there is no overall deadline: passed levels never expire, and you can take as long as you need to finish the program.
To earn the charter
Passing Level III does not make you a charterholder by itself. You must also have 4,000 hours of qualifying professional experience, built up over at least 36 months, and join CFA Institute as a regular member, which includes attesting to its Code of Ethics and Standards of Professional Conduct.
The experience can be earned before, during or after the exams, so many candidates finish the exams first and become charterholders once the hours are verified.
The route, step by step
Create a CFA Institute account and confirm you meet one of the eligibility routes. Early registration saves $350 per level.
Plan on 300 or more hours of study per level. Levels I and II are offered several times a year; Level III only in February and August.
Level III adds a specialized pathway: Portfolio Management, Private Wealth or Private Markets.
Submit your work experience for verification and become a regular member of CFA Institute.
Common questions
Do I need a degree to start the CFA?
No. A bachelor’s degree is one route to eligibility, but 4,000 hours of work experience and/or higher education over at least three years also qualifies.
Do I need finance experience to sit the exams?
No. You can sit all three levels before you have the work experience. You only need it, and the membership, to be awarded the charter.
Do my passed levels expire?
No. Passed levels stay passed, and there is no deadline for finishing the program, though each level has a six-attempt limit.
Can I take the CFA outside the US?
Yes. The exam is administered at Prometric test centers worldwide, and there are no country-specific licensing rules.
Next step
Registration fees for every level, early and standard.
→The next windows and their registration deadlines.
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