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

• a bachelor’s (or equivalent) degree or be a final-year student OR
• 4 years of professional work experience (full-time, investment-related or not) OR
• a combination of professional work experience and education totaling 4 years.

To become a CFA charterholder, you must have:

• all 3 levels of the exam completed AND
• at least 48 months of relevant investment-related work experience (full-time jobs only).

Summing up, as far as eligibility for the CFA exam goes, you need to have an undergraduate degree or 4 years 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 years in whatever field,
• you are in an undergraduate school and have already gained some work experience in a full-time job and the total number of years of your education + work experience is 4.

If you meet the 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 possible way to handle the exams is 2 years. This time accounts for intensive preparation before all the 3 levels and assumes you’ll pass each of the exams at the first attempt. Also, it’s a very strict and challenging scenario. There will be no time for procrastination – you’ll need to work like crazy!

The idea is to take your level 1 exam in December after roughly 4 months of preparation (ca. 300 study hrs, i.e. almost 20 hrs a week). With the 2-year plan in mind, it’s best to take a couple of weeks off to recharge the batteries after level 1 and start your level 2 prep in early January. Don’t wait for the results to follow this plan. Instead, study the L2 topics that have much in common with L1 topics like Ethics or Corporate Finance. Level 2 exam is harder than level 1 so you can definitely use an extra month of prep (again ca. 300 study hrs, i.e. 15 hrs a week). Take your level 2 exam in June. Wait for the results and take time off until January (after almost 9 months of hard work you surely need it!). The level 3 exam is also in June. Once again, you’ll need to arrange around 300 study hrs. But if you’re still following the plan, 5 months should do just fine to get ready for your last exam.

To become a CFA charterholder in just 2 years, you need to follow the 2-year plan strictly and successfully (it cannot be done if you need to retake any of the exams).

Note that to make it work for you within the scope of 2 years, 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 48 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.