Exam Details for the CFA Exam 2025

The CFA® Program includes a structured sequence of three exams—Levels I, II, and III—that must be completed in order.

Candidates are advised to dedicate at least 300 hours of study per exam level, though the actual time required varies based on individual experience and background. Each candidate is allowed up to six attempts per exam level and can progress through the program at their own pace.

To ensure relevance in the evolving investment landscape, the CFA Program curriculum undergoes yearly updates, incorporating the latest industry trends and complexities.

Level I: Foundation of Investment Knowledge

Exam Frequency: Four times a year (February, May, August, November)

Duration: 4 hours 30 minutes total (split into two sessions of 2 hours 15 minutes each)

Number of Questions: 180 multiple-choice questions (90 per session)

Focus: Basic investment concepts, ethical and professional standards
Ethics & Professional Standards

Quantitative Methods (Time Value of Money, Probability, Statistics)

Economics (Microeconomics, Macroeconomics, International Trade)

Financial Reporting & Analysis (Financial Statements, Accounting Concepts)

Corporate Finance (Capital Budgeting, Cost of Capital)

Equity & Fixed Income Investments

Derivatives & Alternative Investments

Portfolio Management & Wealth Planning
Recommended 300+ hours of study

Focus on understanding fundamental concepts

Use practice exams and CFA Institute’s Learning Ecosystem

Ethics section is critical—heavily tested across all levels
To be eligible to enter the CFA® Program, you must:

Have a U.S. bachelor’s (or equivalent) degree

or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for Level II.

or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.

Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)

Be prepared to take the exams in English

Have a valid international travel passport (required for enrollment and exam registration)
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.

Level II: Application of Investment Analysis

Exam Frequency: Three times a year (May, August, November)

Duration: 4 hours 30 minutes total (split into two sessions of 2 hours 15 minutes each)

Number of Questions: 88 multiple-choice questions (case-study style)

Focus: Applying investment tools and valuation techniques
Ethics & Professional Standards

Financial Statement Analysis (Advanced accounting topics, Ratio Analysis)

Equity & Fixed Income Valuation (Discounted Cash Flow, Relative Valuation)

Derivatives & Alternative Investments (Options, Futures, Commodities, Private Equity)

Portfolio Management (Risk Analysis, Asset Allocation)
Recommended 300+ hours of study

Questions are based on case studies (vignettes)—applying knowledge to scenarios

Candidates should focus on valuation methods and financial analysis

Ethics remains crucial for success
To be eligible to enter the CFA® Program, you must:

Have a U.S. bachelor’s (or equivalent) degree

or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for Level II.

or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.

Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)

Be prepared to take the exams in English

Have a valid international travel passport (required for enrollment and exam registration)
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.

Level III: Portfolio Management & Wealth Planning

Exam Frequency: Twice a year (February, August)

Duration: 4 hours 30 minutes total (split into two sessions of 2 hours 15 minutes each)

Question Format:

- Morning session: Constructed-response (essay-style) questions

- Afternoon session: Item sets (vignette-based multiple-choice)

Focus: Portfolio management strategies and client wealth planning
Ethics & Professional Standards

Portfolio Management & Wealth Planning (Asset Allocation, Risk Tolerance)

Fixed Income & Equity Strategies (Active vs Passive Investing)

Alternative Investments & Derivatives (Hedge Funds, Commodities, Swaps)

Performance Measurement & Attribution
Recommended 300+ hours of study

Heavy focus on portfolio management, risk analysis, and asset allocation

Practice writing structured responses for the essay section

Ethics is still a core component
To be eligible to enter the CFA® Program, you must:

Have a U.S. bachelor’s (or equivalent) degree

or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for Level II.

or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.

Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)

Be prepared to take the exams in English

Have a valid international travel passport (required for enrollment and exam registration)
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.

Exam Details for the CFA Exam 2025

Level I: Foundation of Investment Knowledge

To be eligible to enter the CFA® Program, you must:

Have a U.S. bachelor’s (or equivalent) degree

or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for Level II.

or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.

Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)

Be prepared to take the exams in English

Have a valid international travel passport (required for enrollment and exam registration)

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