Who awards the CFA charter?
CFA Institute, a global association of investment professionals, runs the CFA Program and awards the charter. Only CFA Institute sets the exams, grades them and decides who may use the designation. Training companies, including EduFite, are independent of it.
What do you have to do to earn it?
CFA Institute lists three steps:
- Pass the three exams. Level I, Level II and Level III, in order. Each level also requires one Practical Skills Module before the result is released.
- Complete qualifying work experience. At least 4,000 hours of relevant work, completed in no fewer than 36 months. The work must either be part of the investment decision-making process or produce work that informs it. It can be done before, during or after the exams.
- Become a regular member of CFA Institute. The application asks for two to three professional references and documentation of the work experience.
Only after all three steps can you write "CFA" after your name.
What do the three levels test?
CFA Institute describes the levels in three words each:
- Level I, learn and describe. 180 multiple-choice questions on the tools and concepts of investment analysis. See CFA Level I explained.
- Level II, analyze and evaluate. Item sets: a short case (a vignette) followed by multiple-choice questions. See CFA Level II explained.
- Level III, integrate and apply. Item sets plus constructed-response (essay) questions, with a choice of three specialized pathways: Portfolio Management, Private Markets or Private Wealth. See CFA Level III explained.
Each level is a separate 4.5-hour computer-based exam taken at a test center.
Who can enroll?
To register for Level I you need a valid international passport, the ability to take the exam in English, residence in a participating country, and one of the following: a bachelor's degree, an undergraduate place where your Level I exam window is 23 months or less before your graduation month, or 4,000 hours of work experience and/or higher education gathered over at least three sequential years. The details are in CFA exam fees and registration.
How much does it cost?
CFA Institute states that, based on exam fees, completing all three levels costs USD 3,520 to 4,570, a figure it says is correct from the 2026 exams. The range depends on whether you register in the early or the standard period. Study materials from CFA Institute are included in the exam fee; third-party prep is extra.
How long does it take?
CFA Institute puts it at three to four years for the three levels, including its recommended study time of 300 hours per level. Exams are offered several times a year, but each level has its own windows and there are limits on how often you may sit. See CFA exam dates.
Is the charter worth pursuing?
That depends on the career you want. The charter is built for investment work: research, portfolio management, wealth management, risk and related roles. It is a long commitment, and many candidates do not pass every level at the first attempt. Is the CFA worth it? weighs the cost against the benefits, and the comparisons with the FRM®, the MBA, the CMA® and ACCA show where each credential fits.
If you want to see what Level I questions feel like before you decide, the free 30-question mini mock is a quick test.
Frequently asked questions
What does CFA stand for?
CFA stands for Chartered Financial Analyst. The designation is awarded by CFA Institute.
How many exams are in the CFA Program?
Three: Level I, Level II and Level III. Each is a separate 4.5-hour computer-based exam, and you must pass them in order.
Do I need work experience before I sit the exams?
No. CFA Institute says the 4,000 hours of relevant work experience, completed in no fewer than 36 months, can be gained before, during or after the exams. You need it before you can become a member and use the designation.
How much does the CFA Program cost?
CFA Institute states that, based on exam fees, all three levels cost USD 3,520 to 4,570, correct from the 2026 exams. The range depends on early or standard registration.
How long does it take to become a CFA charterholder?
CFA Institute says three to four years to complete all three levels, including about 300 hours of study per level.
Sources
- CFA Institute: CFA Program overview
- CFA Institute: CFA Program exam information
- CFA Institute: CFA Program policies (registration requirements)
- CFA Institute: CFA exam dates and fees
Figures that change by year were read from these pages on 19 October 2026. Fees, dates and rules can change: check the source before you register.
FRM® is a trademark of the Global Association of Risk Professionals (GARP). CMA® is a trademark of the Institute of Management Accountants (IMA). EduFite is not affiliated with GARP or IMA.