Exam dates & testing windows
Level I: February, May, August, and November. Level II: May, August, and November. Level III: February and August.
Registration deadlines & fees
CFA Institute uses tiered pricing — registering earlier is meaningfully cheaper than waiting until the standard deadline.
No separate enrollment fee since April 2025. Rescheduling within the same window: $250. Paid deferral (no-questions-asked, being phased out starting February 2027): $449. Emergency deferral (medical/hardship) processing fee: $100.
Pass rates
Ethics is the most commonly under-prepared topic relative to its weight — a weak Ethics score is one of the most common reasons otherwise well-prepared Level I candidates fail.
Full syllabus & topic weighting
Level I
| Topic Area | Exam Weight | What it tests |
|---|---|---|
| Ethics & Professional Standards | 15–20% | Standards of Practice, GIPS, duties to clients |
| Quantitative Methods | 6–9% | TVM, statistics, probability, hypothesis testing |
| Economics | 6–9% | Micro, macro, monetary policy, exchange rates |
| Financial Reporting & Analysis | 11–14% | Income statement, balance sheet, ratios, IFRS vs GAAP |
| Corporate Issuers | 6–9% | Capital structure, dividends, ESG, working capital |
| Equity Investments | 11–14% | Markets, valuation, industry analysis, DDM |
| Fixed Income | 11–14% | Bond features, duration, convexity, yield spreads |
| Derivatives | 5–8% | Options, futures, forwards, swaps, put-call parity |
| Alternative Investments | 7–10% | Private equity, hedge funds, real estate, infrastructure |
| Portfolio Management | 8–12% | IPS, CAPM, efficient frontier, risk-return trade-off |
Level II & Level III
Level II covers the same 10 topic areas as Level I in greater depth, tested through item-set vignettes rather than standalone questions — CFA Institute does not publish exact percentage weights at this level, so treat any specific number you see elsewhere with skepticism.
Level III shifts toward portfolio management and wealth planning, and — new since the 2025 curriculum changes — lets candidates choose one of three specialization pathways for part of the exam:
- Portfolio Management pathway — the traditional institutional asset-management track
- Private Wealth pathway — planning for individual and family clients
- Private Markets pathway — private equity, private credit, and real assets
Exam format
- 180 questions at Level I, split into two 2-hour-15-minute sessions (4.5 hours total) — every question is a 3-choice (A/B/C) item, no negative marking
- Level II uses item sets (vignettes with several linked questions); Level III mixes item sets with constructed-response questions
- Both sessions must be completed — missing one means your result isn't processed
- Since 2026, Level I candidates must also complete a Practical Skills Module (a choice of Python, Data Science, or Analyst Skills) before results are released — it's not scored, but it's mandatory
Retake policy
There's no limit on the number of times you can retake a level. CFA Institute requires a minimum 6-month gap between attempts at the same level, and in practice you're further bound by how often that level is offered (Level III only twice a year, for example).
Eligibility & prerequisites
To register, you need one of the following:
- A bachelor's degree (or equivalent), or be within 11 months of your final year
- 4,000+ hours of qualified professional work experience and/or higher education, completed over a minimum of three sequential years
- Any combination of professional work experience and education totaling at least 4,000 hours over three-plus years
You'll also need a valid international travel passport and reside in a CFA Institute-participating country.