CFA Level 1 Requirements 2026: Who Can Take the Exam?
- Dimitri Dangeros, CFA, CAIA
- Jan 5
- 3 min read
If you are planning to enroll for the CFA Level I exam in 2026, the most important step is confirming you meet CFA Level 1 Requirements 2026 as defined by CFA Institute. In practical terms, “Who can take the exam?” comes down to (1) meeting one of the entry pathways and (2) satisfying several mandatory policy and administrative conditions (ID, conduct, sanctions, and attempt limits).
Below is a clear, official-information-only guide based on current CFA Institute policies and published program materials.
1) The three official entry pathways (Level I)
You can register for (and sit) CFA Level I if you meet at least one of these eligibility routes:
A) Bachelor’s degree (or equivalent) completed
You qualify if you have already completed a bachelor’s (or equivalent) program and received your degree.
B) Current university student within the “23-month rule”
University students can enroll and sit for Level I as long as they are within 23 months of their graduation month (from the date they sit for the Level I exam).
CFA Institute has also described this expansion as allowing students with two years remaining in their undergraduate studies to enter the program.
C) Professional work experience and/or higher education (4,000-hour rule)
You qualify via experience/education if you have a combination of 4,000 hours of work experience and/or college/university education, accumulated over a minimum of three sequential years, achieved by the time you enroll for Level I. Importantly, education and work dates cannot overlap for this pathway.
Eligibility routes at a glance CFA Level 1 Requirements 2026
Route | Who it fits | What CFA Institute emphasizes |
Bachelor’s degree completed | Graduates | Degree completed and awarded |
University student (23-month rule) | Students not yet graduated | Level I exam date must be within 23 months of graduation month |
4,000 hours work/education combo | Career changers / non-traditional candidates | 4,000 hours over 3 sequential years; no overlap between school and work dates |
2) Mandatory conditions (even if you meet an entry pathway)
Meeting an entry route is necessary—but not sufficient. CFA Institute policies impose additional “admission” conditions that determine whether you can register and be admitted on exam day.
Valid international travel passport (ID policy)
CFA Institute requires CFA Program candidates to have a valid international travel passport to sit for the exam, with candidate account name details matching the passport according to the identification policy. If the name does not match, you can be denied admission and forfeit fees.
Professional conduct and suspension status
Only individuals who meet all admission requirements—including professional conduct standards—and who are not currently suspended or prohibited from CFA Institute exam programs are eligible to register.
Exam attempt limits (relevant if you have prior attempts)
CFA Institute’s Exam Eligibility Policy limits candidates to a maximum of two attempts per calendar year (when applicable), not in consecutive windows or within less than six months apart, and a total of six attempts per exam level. If you exceed limits, you become ineligible to register for that level.
Sanctions and “where CFA Institute can do business”
CFA Institute must comply with trade sanctions laws and, as a result, may be unable to provide services to candidates in certain locations or to individuals/entities on sanctions lists.
As of the latest Sanctions Compliance Policy update, CFA Institute states it cannot conduct business with individuals residing in Cuba, North Korea, or certain regions of Ukraine (Crimea, Sevastopol, Donetsk, Luhansk), and notes additional restrictions affecting Iran and Syria payments and that it is not currently providing services to individuals residing in Russia. It also cannot do business with individuals or employees of entities on US, UK, EU, or UN sanctions lists.
3) Practical checklist for 2026 candidates
Use this as a quick “go/no-go” check before you pay registration fees:
You qualify under at least one pathway (degree, 23-month student rule, or 4,000-hour route).
You have a valid international travel passport and your CFA account name matches it.
You are not under suspension/prohibition and can comply with professional conduct requirements.
If you have attempted before: you are within attempt limits and timing rules.
You are not affected by sanctions restrictions applicable to residency, payment, or employer/entity listings.
Bottom line: Who can take CFA Level I in 2026?
You can take the exam in 2026 if you meet one of the three official entry routes (degree, within 23 months of graduation, or the 4,000-hour pathway) and you satisfy the non-negotiable administrative and policy requirements—especially passport compliance, professional conduct, sanctions restrictions, and attempt limits.
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