CFA® FAQs Answered By a Professional Financial Analyst
Whether you’re planning on taking the Chartered Financial Analyst (CFA®) exam straight out of college or you’re making a lateral career move into becoming a CFA® charterholder, the process is far from easy. To help you learn what you need to know to pass the exam on your first try, we asked professional financial analyst Ravinder Kapur for answers to the most commonly asked CFA® questions.
Check out his answers below!
What is the CFA® exam?
The CFA® exam has three levels – Level 1, Level 2, and Level 3. An individual who passes all three levels, and also meets certain other criteria, can become a CFA® charterholder. Essentially, the CFA® qualification is the gold standard in the fields of investment analysis and portfolio management.
Accounting-minded readers can use the CFA vs CPA comparison to see which credential matches the roles they want.
What does “CFA® test” stand for?
The Chartered Financial Analyst® test is an exam conducted by the CFA® Institute. It is divided into three levels. The topics that are required to be studied for Level 1 include economics, equity investments, and quantitative methods. Level 2 covers asset valuation, and Level 3 focuses on portfolio management.
Why take the CFA® exam?
Taking the CFA® exam and passing it sets you on the path to becoming a CFA® charterholder. Individuals with this qualification have a better chance of obtaining professional work experience in a finance-related field. Additionally, they can also command higher salaries.
How long is the CFA® exam?
There are three levels to the CFA® exam. Each is a computer-based test at a Prometric center. Level I is two 135-minute sessions (4 hours 30 minutes of testing). Level II and Level III are two 132-minute sessions (4 hours 24 minutes of testing), with an optional break.
- CFA® Level I: two 135-minute sessions, 180 multiple-choice questions
- CFA® Level II: two 132-minute sessions, 22 item sets / 88 multiple-choice questions
- CFA® Level III: two 132-minute sessions, mixed item sets and constructed-response (essay) sets. Candidates choose a pathway: Portfolio Management, Private Wealth, or Private Markets
How many CFA® exams are there?
An individual who wants to gain the CFA® qualification must pass three exams – Level 1, Level 2, and Level 3. These exams must be taken in succession. You aren’t allowed to appear for a higher level unless you have passed the earlier level. Consequently, a candidate who wants to take Level 2 must first pass Level 1.
Windows usually fall in February, May, August, and November. Not every level is offered in every window. You can sit a CFA exam at most twice per calendar year, and not in consecutive windows. Confirm the live calendar on the CFA Institute dates and fees page.
Which CFA® exam is the hardest?
In many ways, Level 3 is the most difficult of the three levels. It’s important to understand that Level 1 tests your basic knowledge about investment valuation and Level 2 tries to evaluate whether you can apply this knowledge. The Level 3 exam assesses your knowledge of portfolio management and wealth planning.
Remember that each level of the exam builds on the last. So, when you’re appearing for Level 2, it’s essential that you understand what you’ve learned at the Level 1 stage of your CFA® study schedule. Similarly, you can’t pass Level 3 unless you have the knowledge you built at Levels 1 and 2.
How much do CFA® exams cost?
CFA Institute no longer charges a separate one-time enrollment fee (removed April 2025). You pay a registration fee for each level. Fees are in US dollars; local taxes may be added at checkout. Confirm the live amounts on the CFA Institute dates and fees page.
The fee depends on when you register. For 2026 exams, CFA Institute lists early registration at $1,140 for Level I and Level II ($1,240 for Level III) and standard registration at $1,490 for Level I and Level II ($1,590 for Level III). There is no late-registration tier. A $250 fee applies if you reschedule your Prometric appointment inside the same window.
To summarize, the total fee payable for all three levels at the current rate is:
Early registration for all three levels: about $3,520. Standard registration for all three levels: about $4,570. That assumes one sitting per level and no prep-course cost.
Those totals assume one sitting per level, no reschedule fee, and no third-party prep-course cost. Fees can change, so check CFA Institute before you pay.
$3,520–$4,570
Cost of All 3 Levels of CFA® Exam
How long is the CFA® Level I exam?
The CFA® Level I exam is computer-based: 180 multiple-choice questions across two 135-minute sessions (90 questions each). Plan on about 90 seconds per question. Successful candidates report more than 300 hours of study per level.
How long is the CFA® Level II exam?
The CFA® Level II exam is 4 hours 24 minutes: two 132-minute sessions. It uses 22 item sets (vignettes) with 88 multiple-choice questions. Eleven item sets appear in each session. Twenty sets are scored and two are unscored trials.
How long is the CFA® Level III exam?
The CFA® Level III exam is 4 hours 24 minutes: two 132-minute sessions. It mixes 11 item sets and 11 constructed-response (essay) sets. Each session has either 6 item sets and 5 essay sets, or 5 item sets and 6 essay sets. Candidates also choose a specialized pathway (Portfolio Management, Private Wealth, or Private Markets).
Both sessions combine vignettes with either multiple-choice items or constructed-response items. Answers must be based on the vignette, in English.
When are the CFA® exams?
CFA Program exams are offered in windows across the year (typically February, May, August, and November) at 400-plus locations. Not every level sits in every window. Confirm dates before you register.
Can I cancel CFA® exam?
Exam fees are generally nonrefundable, non-deferrable, and non-transferable if you miss your appointment. If you need to move your seat inside the same window, CFA Institute lists a $250 Prometric reschedule fee (subject to availability). Confirm the current refund and reschedule rules on the CFA Institute dates and fees page.
Do not plan on a deferral. Missed appointments typically forfeit the fee.
Here are some of the other CFA® program rules regarding canceling the exam after you have paid your registration fees:
- Registration fees cannot be transferred to a subsequent exam.
- You can register for only one exam at a time.
- Missed appointments typically forfeit the fee. Reschedule inside the same window when possible ($250 Prometric fee).
When are CFA® exam results released?
Level 1 and 2 exam results are usually available within 60 days of the exam. Level 3 results are released within 90 days.
Hopefully this makes it easier for you to prepare for the CFA® exam and pass it for the first time. If you have any more questions about the exam, feel free to leave a comment below. Thanks and good luck!
