The CFA® Program consists of a series of three examinations (Levels 1, 2, and 3) that must be taken in succession.
A minimum of 300 hours of preparation per CFA Program exam level is recommended, although some candidates will need more or less time, depending on their individual backgrounds and experience. Candidates have a total of six maximum attempts per CFA® exam level and can take as much time as needed to complete the program.
The CFA® Program curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
All CFA exams are only offered in a computer-based format.
Candidates concentrate on the tools and concepts related to investment valuation and portfolio management, as well as an overview of how these processes fit within the guidelines of the CFA Institute Code of Ethics and Standards of Professional Conduct. There are four Level I exam windows each year—February, May, August, and November.
Master these concepts with a comprehensive Level 1 study package:
Our CFA Level 1 study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
For the 2025 Level 1 exams, the topics are weighted as follows:
These topic weights were used to develop a Level 1 study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.
To be eligible to enter the CFA® Program, you must accomplish the following:
For 2025 CFA® exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA® Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
For 2026 CFA® exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA® Institute will no longer charge a one-time $350 enrollment fee.
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
Candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level 1 curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct.
Master these concepts with a comprehensive Level 2 study package:
Each year, there are three Level 2 exam windows: the first in May, the second in August, and the third in November.
Our CFA Level 2 study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
For the 2025 Level 2 exams, the topics are weighted as follows:
These topic weights were used to develop a Level 2 study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.
To be eligible to enter the CFA® Program, you must:
For 2025 CFA® exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA® Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
For 2026 CFA® exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA® Institute will no longer charge a one-time $350 enrollment fee.
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™(CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
Candidates are required to demonstrate a higher level of understanding of the materials tested at Levels I and II, as well as display effective knowledge of the entire portfolio management process.
New for the 2025 Level III exams, CFA Institute is introducing specialized pathways. This will impact every candidate looking to sit for the Level III exam in 2025 and beyond. Each pathway was developed to give you more options to learn content directly related to your interests and career goals. The three specialized pathways are:
You can learn more about the specialized pathways here.
Master these concepts with a comprehensive Level 3 study package »
Each year, there are two Level 3 exam windows: the first in February and the second in August.
Our CFA Level 3 study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »
For the 2025 CFA Level 3 exams, the topics are weighted as follows:
These topic weights were used to develop a Level 3 study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.
To be eligible to enter the CFA® Program, you must:
For 2025 CFA® exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA® Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
For 2026 CFA® exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA® Institute will no longer charge a one-time $350 enrollment fee.
Effective preparation requires a study schedule that covers the entire CFA Program curriculum and practice that resembles exam content. Our Packages create a study plan adaptive to your schedule and include integrated study tools that provide practice of key concepts of the curriculum.