How to Obtain a CFA® Charter

CFA exam / HOW TO OBTAIN CFA CHARTER

5 Most Important Steps to Obtain the CFA Charter

1. Meet the CFA exam requirements

   Before you can even register for your CFA exam, you need to meet the eligibility criteria based on education or work experience. The simplest way is to have a bachelor’s degree (or be within 23 months of graduation), but work experience paths are also available.

2. Pass all 3 levels of the CFA exam

   You must successfully complete level 1, level 2, and level 3 of the CFA exam — in that exact order. Each level requires serious preparation (300+ hours per level plus Practical Skills Modules) and builds on the knowledge from the previous one.

3. Accumulate qualified work experience

   You need 4,000 hours of relevant professional work experience earned over at least 36 months. This can be full-time or part-time, and includes many types of investment-related work.

4. Apply for CFA Institute regular membership

   Once you’ve passed all exams and gathered your work experience, you apply for regular membership. This includes submitting reference letters, selecting your local CFA society, signing agreements, and paying membership fees.

5. Activate your membership and officially earn your CFA designation

   After your application is reviewed and approved, you activate your membership by paying an annual fee and signing required documents. Only then can you officially use the CFA designation and call yourself a CFA charterholder.

How to Obtain the CFA Charter (with Key Takeaways)

1️. Meet CFA Exam Requirements

• CFA exam requirements include either education, work experience, or a combination of both.
• If you have a bachelor’s degree (or equivalent), you can register for the level 1 CFA exam right away.
• Undergraduate students within 23 months of graduation are also eligible.
• Alternatively, you can qualify via work experience: 4,000 hours of professional work over a minimum of 3 years.
• Work experience doesn’t have to be investment-related – leadership, problem-solving, and business skills count too.
• Paid internships and family business work (if paid) may also count toward the prerequisites for the CFA.
• You need a valid international passport to register for the exam.
• CFA exams are conducted only in English.
• Residents of certain countries (like North Korea or Cuba) may be restricted from participation.
• Before registering, you must fill out a Professional Conduct Statement form.
• You’ll pay the registration fees for each exam.

2️. Pass All 3 Levels of CFA Exam

• The 3 CFA exam levels must be taken in order: level 1 → level 2 → level 3.
• You may not register for the next level until you pass the previous one.
• You can attempt each exam level up to 6 times if needed.
• Most candidates spend about 300 study hours per level, plus 10-15 hours for the required Practical Skills Modules.
• The quickest way to complete all 3 levels is 12 months (though it’s very demanding).
• Common fast-track paths include 12, 15, or 18-month timelines depending on exam windows.
• Preparation time before your level 1 exam is not included in the fast-track timelines.
• You should plan your CFA exam prep carefully to fit your personal situation and schedule.
• Digital badges are issued for passing each level. They are useful for showcasing your progress even before obtaining your CFA charter.

3️. Accumulate Qualified Work Experience

• After passing all 3 exams, you need 4,000 hours of qualified investment-related work experience before you can become a CFA charterholder.
• The work experience can be full-time or part-time, including remote work.

4️. Apply for CFA Institute Regular Membership

• To officially earn your CFA designation, you must become a regular member of CFA Institute.
• Membership requires submitting references, applying to a local CFA society, and paying annual fees.
• CFA Institute membership costs USD 299 per year, plus society fees.
• Membership approval may take up to 10 business days for CFA Institute and up to 30 calendar days for local societies.
• You can apply for membership after passing level 1 if you meet the membership criteria.

5️. Activate Your Membership
and Officially Earn Your CFA Designation

• Once your application is approved, you activate your membership by the annual paying fee and signing the Membership Agreement.
• The full membership period spans from 1 July to 30 June. If you join later than July, you pay less for your first year.
• Only after activation can you officially use the CFA designation and call yourself a CFA charterholder.

PUBLISHED: June 13, 2025

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