Information About CFA®, 9 Short Facts
- What Does CFA Stand For?
- CFA Exam Information, 9 Facts
- Everything About CFA Exam in Detail
- About CFA Exam in Short
WHAT DOES CFA STAND FOR?
CFA® stands for Chartered Financial Analyst® and it is a prestigious financial designation recognized worldwide for its value. When you earn the CFA Charter – you can use the "CFA" letters with your name as a title, e.g., Sam Sample, CFA.
To get your CFA designation, you need to pass the CFA exam, which consists of 3 parts (levels), and meet the CFA charterholder requirements.
INFO about CFA EXAM
- 9 facts -
- CFA exam is a global financial standard. It is a coveted credential to have in your résumé if you seek a career in finance.
- CFA exam is a series of 3 exams (levels). To become a CFA charterholder, you need to complete the 3 levels of the CFA exam with success.
- CFA exam pass rates are rather low. The 10-year average level 1 CFA exam pass rate is now 41%.
- CFA exam is quite costly. You need to pay at least USD 1140 to take your exam unless you are awarded a scholarship.
- CFA exam tests you on 10 topics that cover the fundamentals of investment tools, asset valuation, portfolio management, and wealth planning. Plus, the Code of Ethics and Standards of Professional Conduct are of the utmost importance.
- CFA exam consists of two exam sessions with an optional break. Testing time is approx. 4.5 hours.
- CFA exam is taken in English. Fluency in English is of great help.
- CFA exam can be quite hard. Successful CFA candidates study roughly 300 hours. Those who passed admit that.
- CFA exam is the type of exam you need to plan for and plan carefully!
Everything About CFA Exam in Detail
- CFA exam is a global financial standard.
- CFA exam is a series of 3 exams.
- CFA exam pass rate for level 1 is ca. 41%.
The CFA designation is respected worldwide and it is called the golden standard of financial certification. After completing the CFA® Program, candidates gain impressive knowledge about finance and an ethical grounding.
The boost in salary for those who succeed is big. It's even up to 50-70% and already passing your level 1 CFA exam can boost your salary.
As of 2023, CFA Institute is going to award digital badges for passing level 1 and level 2 CFA exams to increase the recognition of the concrete levels of the CFA Charter among employers. The badges will also be offered retrospectively to past candidates who were successful at various levels. This helps candidates showcase their achievements.
The CFA exam consists of the level 1 CFA exam, the level 2 CFA exam, and the level 3 CFA exam. You need to pass all 3 levels to get your CFA Charter.
In 2021, CFA exams moved from traditional paper-based to computer-based testing (CBT). Starting in 2022, CFA exams are available 4 times a year for level 1: in February, May, August, and November. Level 2 is held 3 times a year and level 3 – 2 times a year. You can always find the exact CFA exam dates on our blog.
There are from 150 to 250 thousand candidates a year.
The average level 1 pass rate is around 41%. The pass rate grows a bit for level 2 and level 3 – to roughly 46% and over 51%, respectively. However, the recent CFA exam pass rates are often lower than they were before CBT.
The pass rates show that roughly every second CFA candidate doesn't pass their CFA exam. Moreover, passing the CFA exam at the first attempt is not very common. That is why it is worth starting your CFA exam prep sooner than the majority of CFA candidates.
- CFA exam cost can be as high as USD 1590 for the 2026 CFA exams.
- CFA exam tests you on 10 topics.
The earlier you register for the exam, the less you pay for it. Thanks to the 2026 CFA exam pricing changes, there's no more enrollment fee for newcomers to the Program. But the registration fees grow as of 2026 and you need to pay a registration fee every time you want to take your CFA exam (all levels, incl. retakes). You can choose the registration fee for early birds, which is lower, or the higher standard registration.
In 2026, the early fee for the level 1 exam is USD 1140 and the standard fee is USD 1490.
Starting in 2025, the fees depend on the exam level and are higher. The 2026 level 1 & level 2 early registration fee is USD 1140 and the standard registration fee is USD 1490. For level 3 in 2026 the fees are USD 1240 and USD 1590, respectively. Check the current CFA fees and deadlines on our blog.
In the registration fee, access to the CFA Program curriculum is included.
In 2026, the minimum CFA exam cost (all 3 levels) is up to USD 3520. The cost of USD 3520 allows for no retakes and assumes 3 early registration fees.
There's a way to reduce your CFA exam cost and it's a scholarship awarded by CFA Institute based on an online application. CFA exam scholarships can cut the registration fee down to USD 400 or USD 600, depending on the kind of scholarship.
There are 10 CFA exam topics:
- Quantitative Methods,
- Economics,
- Corporate Issuers,
- Financial Statement Analysis,
- Equity Investments,
- Fixed Income,
- Derivatives,
- Alternative Investments,
- Portfolio Management, and
- Ethics.
At levels 1 and 2, you are tested on all the 10 topics. In the level 3 exam, there is no more Financial Statement Analysis, Quantitative Methods, and Corporate Issuers. Read more about level 1 CFA topics and level 2 CFA topics.
- CFA exam has two exam sessions.
- CFA exam is taken in English.
- CFA exam prep requires ca. 300 study hours.
- CFA exam prep requires perfect planning.
Each CFA exam level consists of 2 sessions with an optional break meanwhile. The total testing time is approx. 4.5 hrs (2 x 135 minutes for level 1 or 2 x 132 minutes for level 2 and level 3). The number of level 1 CFA test questions is 2 x 90 multiple-choice questions. For level 2, there are 2 x 44 questions formed into 11 item sets and for level 3 it's a mix of open-ended (essay) questions and item sets (like for level 2) per each exam session. You can read more about the CFA exam day experience under computer-based testing if you like.
The CFA exam is taken in English. So, to be able to take the exam and prepare for it, you need to have a good command of written English.
It is said that an average CFA candidate needs 300 hours to prepare well for each level of the CFA exam. You'll do best if – apart from regular study hours – you'll also schedule some systematic review sessions. That's what you'll find in our CFA exam study planner.
To pass your CFA exam, you need to plan out your preparation carefully. We devised the best way for successful CFA exam prep with study planning lying at the heart of it. We give you an advanced CFA Exam Study Planner with study lessons, videos, practice questions, printable notes (e-books), formulas app, mocks, etc. inside.
Join us now for free:
AVAILABLE FOR ALL LEVELS
Everything About CFA Exam in Short
About the CFA exam: The CFA exam consists of 3 exams (levels) and you need to be well prepared for each exam because pass rates are rather low. After you invest in your CFA exam, you want to make sure that you spend the recommended number of study hours well and plan for 300+ study & review hours to pass your exam. On the exam day, you need to do your best over the 4.5 hours of testing. You'll be tested in English on the topics included in your exam curriculum. Passing all the 3 levels of the CFA exam is one of the prerequisites for a CFA Charter.
About Soleadea:
Our CFA Exam Study Planner is available to candidates of all levels at groundbreaking Pay-What-You-Can prices. You decide how much you want to pay for our services. After you activate your account, you get unlimited access to our Study Planner 4.0 with study lessons inside, various level 1 study materials & tools, regular review sessions, and a holistic growth approach to your preparation. Join
Here’s a sample level 1 CFA exam study schedule as displayed in our Study Planner:
PLAN VIEW of CFA EXAM STUDY PLANNER:
FIND your Study Plan in the PLAN tab View all the weeks of your CFA exam prep, see how much you’ve done and how much is still ahead of you, as well as customize your schedule using your Study Plan personalization options and the DRAG & DROP for both topics and study weeks.
STUDY VIEW of CFA EXAM STUDY PLANNER:
CFA Exam Study Planner: STUDY View You will be asked to focus on your current week of studying. You will know what to study (left-hand menu) and how much to study (benchmark study times). Here, you'll also find your study lessons, including videos, tests, PDFs, etc. At the end of the week, your hard work will be evaluated (hit the SUM UP button).
PROGRESS VIEW of CFA EXAM STUDY PLANNER:
CFA Exam Study Planner: PROGRESS View You will be able to see your progress by topics and weeks. Each week your Chance to Pass score will go up or down.
REVIEW VIEW of CFA EXAM STUDY PLANNER:
CFA Exam Study Planner: REVIEW View To learn, you must review. Use the special view of your Study Planner to review your study lessons, rewatch videos, revise formulas, etc.
AVAILABLE FOR ALL LEVELS
Read Also:
- Level 1 CFA Exam Study Materials
- When to Start Preparing for CFA Exam?
- How to Obtain CFA Charter?
- How to Create Study Plan in 8 Steps
- TIPS on HOW to SUCCEED in EXAM