CFA® Program Requirements: Your Eligibility for CFA® Charter

To register for your level 1 CFA exam, you must have:

• a bachelor’s (or equivalent) degree or be a final-year student (max. 11 months to go) OR
• 4,000 hours of professional work experience (full-time, investment-related or not) OR
• a combination of professional work experience and education totaling 4,000 hours (education and work cannot overlap).

To become a CFA charterholder, you must have:

• all 3 levels of the exam completed AND
• at least 4,000 hours of relevant investment-related work experience, completed in a minimum of 36 months (full-time and part-time jobs, as well as remote work arrangements – before, during, or after your participation in the CFA^® Program – qualify).

Summing up, as far as eligibility for the CFA exam goes, you need to have an undergraduate degree or 4,000 hours of work experience. The combo of education and experience is also possible. So, basically the following scenarios make you eligible for registering for your level 1 CFA exam:

• you’re in the last year of your undergraduate studies (and about to become a bachelor, or equivalent, before you register for your level 2 exam),
• you have your bachelor’s (or equivalent) degree (doesn’t matter whether you go to a graduate school now, later, or never),
• you have no degree but you worked professionally full-time for 4,000 hours in whatever field,
• you are in an undergraduate school and have already gained some work experience in a full-time job and your education + work experience is 4,000 hours (not overlapping).

If you meet the entrance requirements for candidates and you register for your level 1 exam, you’re on the right track to becoming a CFA charterholder. Now, you need to take and pass all the 3 levels of CFA exam:

• level 1 CFA exam,
• level 2 CFA exam, and
• level 3 CFA exam.

This order is not random. You start with level 1 and continue with level 2 only if you pass level 1. The level 3 exam cannot be taken unless you pass the other two exams. That is why you can't register for your next exam before you know whether you passed or failed the one you’ve just taken. Which doesn’t mean you cannot study for your next exam before you register.

The quickest CFA exam path is now 12 months. It takes into consideration CFA Institute's official rule of 6 months minimum between exams. Moreover, it assumes that you’ll pass each level of your CFA exam at the first attempt. If you seek this path, know this – it’s a very strict and challenging scenario. There will be no time for procrastination – you’ll need to work like crazy!

To become a CFA charterholder in 12 months, i.e. by following the quickest path there is, you need to pass all 3 levels of your CFA exam at the first attempt (no retakes allowed).

Actually, now with the compured-based CFA exams held more frequently, you can pass all 3 CFA exams within 12 to 18 months:

Of course, you need to factor in preparation before your level 1 exam, which has been excluded from the calculations above. Most of candidates prepare for their level 1 exam approx. 5-4 months but we encourage you to make an informed decision. See here when & how to prepare for your CFA exam.

Note that to make it work for you within 12-18 months, you need to meet the entrance requirements before you actually decide to register for your level 1 exam and start your preparation. Also, you’ll already need to have the required 4,000 hours (gathered in at least 36 months) of investment-related work experience before you complete your level 3 exam if you want to become a CFA charterholder right after you pass the last level of your CFA exam. You can find all the CFA charterholder requirements detailed below .

Your work experience qualifies for CFA Program purposes if:

• it is related to the investment decision-making process,
• accrued before, during, or after participation in the CFA Program (full-time jobs only),
• adequately described in your membership application.

You can apply to become a regular member of CFA Institute already when you pass your level 1 CFA exam. It is recommended that you also join your local society when you become a CFA Institute regular member. Society membership is open to CFA charterholders, but also to candidates and other individuals as long as they meet eligibility requirements.