What Is the CFA Exam?
The Chartered Financial Analyst (CFA) exam is a globally recognized credential exam for investment and finance professionals. It is organized into three sequential levels, each testing a progressively deeper understanding of investment tools, asset valuation, portfolio management, and ethical practice. Candidates must pass Level 1, Level 2, and Level 3 in order, along with meeting work-experience requirements, to earn the CFA charter.
Who Administers the CFA Exam
The CFA Program is created and administered by the CFA Institute, a global association of investment professionals. The CFA Institute sets the curriculum, writes and grades the exams, enforces the Code of Ethics and Standards of Professional Conduct, and awards the CFA charter to candidates who complete all three levels and the experience requirement.
Exam Format
- Level 1: Multiple-choice questions covering the full breadth of the curriculum
- Level 2: Item sets pairing a vignette with multiple related questions
- Level 3: Constructed-response (essay) questions plus item sets
How the CFA Exam Is Scored
Each level uses a Minimum Passing Score (MPS) set by the CFA Institute’s Board of Governors after every administration, based on the recommendations of a panel of experts who review exam difficulty. Because the MPS is set per exam rather than as a fixed percentage, CFA Institute does not publish a single “passing percentage” that applies to every sitting. Candidates receive a pass or fail result along with a breakdown of their performance by topic area.
CFA Exam Pass Rates
Pass rates vary by level and by exam administration, and CFA Institute publishes updated figures after each sitting. As a general pattern, Level 1 and Level 2 have historically had lower pass rates than Level 3, reflecting the cumulative difficulty of the program. Because rates shift from year to year, candidates should check CFA Institute’s official site for the most current pass-rate data rather than relying on older figures.
Eligibility
Candidates generally need a bachelor’s degree (or be in the final year of a program), or a combination of professional work experience and education totaling at least four years, along with a valid international travel passport for exam registration.
Syllabus Topics
- Ethical and Professional Standards
- Quantitative Methods
- Economics
- Financial Statement Analysis
- Corporate Issuers
- Equity Investments
- Fixed Income
- Derivatives
- Alternative Investments
- Portfolio Management and Wealth Planning
Key Dates and Testing Windows
CFA Institute offers Level 1 exams multiple times per year, while Level 2 and Level 3 are offered on a more limited number of testing windows. Exact testing windows, registration deadlines, and exam-day scheduling are released by CFA Institute on an annual basis, so candidates should confirm current dates directly on the official CFA Institute website before planning their study timeline.
Registration and Fees
First-time candidates pay a one-time program enrollment fee, plus a separate registration fee for each level they sit. Registration typically opens in pricing windows, with the fee increasing as the exam date gets closer, so registering early is usually the most cost-effective option. See our full breakdown of registration steps, deadlines, and current fee structure.
Explore by Level
Each level has its own focus and question format. Dive into the details and practice questions for CFA Level 1 or CFA Level 2.
Ready to Test Yourself?
Head back to the CFA practice tests hub to try a free sample exam and see how you score.