The CFA® Program consists of a series of three examinations (Levels I, II, and III) that must be taken in succession. The exams are offered only once annually in June, with the exception of Level I candidates, who also have the option of sitting for the exam in December.
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. There is no limit to the number of times you can take each exam, and you can take as much time as you need 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.
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.
Candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level I curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct
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.
Early registration deadline for new CFA® Program enrollments and exam registrations:
Standard registration deadline for new CFA® Program enrollments and exam registrations:
Final deadline for new CFA® Program enrollments and exam registrations:
Examination admission tickets available:
June 2020 Examination Dates
December 2019 Examination day:
December 2019 Religious Alternative Date
June 2020 Exam:
December 2019 Exam:
Candidate Eligibility Requirements
To be eligible to enter the CFA® Program, you must:
Enrollment and Exam Fees
To enter into the CFA Program, candidates must pay a one-time registration fee in addition to the required enrollment fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.
CFA Program exam fees range from $620 to $1,610, depending on your CFA Program exam level and when you register.