FAQs for Those Interested in the CFA Program

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General

What is the CFA Program? I thought it was an exam.

The CFA Program is an educational program that tests your mastery of a body of knowledge through a series of exams. If you pass these three exams and meet other requirements, you earn a CFA charter.

What is a CFA charter?

The CFA charter is the designation you earn when you successfully complete the CFA Program. When you earn a charter, you become a CFA charterholder.

What is a candidate?

A candidate is a person enrolled in the CFA Program.

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Exams

How many exams will I have to take?

There are three levels of exams. You have to pass one exam to move on to the next one. If you fail a level, you can retake the exam. There is no limit to the number of times you can take an exam.

Do I have to take the exams in three years?

No. You do not have to complete the CFA Program within a specified time frame, and there is no limit to the number of times you can take an exam. You do not need to repeat an exam level that you already have passed, regardless of the time that elapses between exams.

When are the exams held?

Exams are held in June (all levels) and December (Level I only).

Where are the exams held?

Exams are held in locations around the world in June (all levels) and December (Level I only).

If I pass the Level I exam in December, can I register for the Level II exam held the following June?
Yes. But remember that your preparation time will be shorter. It's important to consider your personal and
professional demands before registering for an exam.

What is the format for the exams?

Each exam includes morning and afternoon sessions. The Level I questions are all multiple choice. The Level II questions are all item set (or “mini case”) questions. The Level III exams contain essay questions in the morning session and item set questions in the afternoon session.

Why doesn’t CFA Institute offer the exam in languages other than English?
In order to ensure fair, global consistency both in administering the exam questions and grading candidate responses, we offer the exams only in one language.

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Requirements

What are the requirements to enter the CFA Program?

View the requirements.

Can you help me to determine if my degree is comparable to a U.S. bachelor's degree?

Generally, applicants must have reached a level of study that qualifies them for acceptance to university graduate programs in the countries where they earned their undergraduate degrees. If you need assistance to determine whether or not your degree is comparable to a U.S. bachelor’s degree, we suggest that you contact your college or university with your inquiry.

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Cost

How much does the CFA Program cost?

Program costs include a one-time enrollment fee and a registration fee for each exam you take. View the fee schedule.

I live outside the United States. Will I have to pay any additional import fees when the CFA Program curriculum is shipped to me?

Maybe. Customs and import requirements vary from country to country, and unfortunately we cannot provide detailed information that will apply to all candidates. If your local regulations require you to pay an import fee, you will be contacted by the shipping company (UPS, FedEx, or DHL) with additional information.

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Studying

How do I prepare for the exams?

We recommend that you spend at least 250 hours preparing for each exam level. This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background. We have a number of tools to help you study.

Where can I view past exams?

Many actual exam questions are embedded in the curriculum and included in the online sample exams. We do, however, take great care to eliminate past questions that are no longer consistent with the current curriculum and question-formatting conventions. We also provide free sample questions for each exam level to allow you to get a sense of the rigor.

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Membership

If I become a candidate in the CFA Program, am I also a member of CFA Institute?

No. The CFA Institute membership application process is separate from enrollment for the CFA Program.

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