Entrance Exams

CFA (Chartered Financial Analyst) Exam

The CFA (Chartered Financial Analyst) Exam is a globally recognized and prestigious certification program for finance and investment professionals. Administered by the CFA Institute, the program comprises three levels, each with its specific focus and challenges. The CFA Exam is known for its rigor and thorough assessment of candidates’ knowledge and ability to apply financial concepts in real-world scenarios.

Here Are Thing To Know About CFA Exam:

LevelRequirementQuestion FormatExam Results Availability10-Year Average Pass Rate
IMeet CFA Program enrollment requirementsMultiple choice questionsWithin 5-7 weeks of taking the exam and completion of your Practical Skills Module41%
IIPass Level I CFA exam and meet CFA Program enrollment requirementVignette-supported multiple-choice questionsWithin 5-7 weeks of taking the exam and completion of your Practical Skills Module45%


IIIPass Level II CFA exam and meet CFA Program enrollment requirementsVignette-supported essay questions and vignette-supported multiple-choice questionsWithin 6-8 weeks of taking the exam52%


CFA Exam Levels

CFA (Chartered Financial Analyst) Exam

The CFA program is divided into three levels, each progressively building upon the knowledge and skills acquired in the previous level:

CFA Level I: This level establishes the groundwork by going over key ideas in subjects including economics, quantitative methods, ethics, and financial reporting. It establishes the foundational knowledge required of a financial specialist.

CFA Level II: Expanding on Level I, this level highlights the application of first-level concepts in real-world settings. It evaluates candidates’ aptitude for asset valuation, analysis, and practical tool use.

CFA Level III: Wealth planning and portfolio management are the main topics of this last level. It is necessary for candidates to build and maintain portfolios while upholding moral principles. This level evaluates how well information is applied in challenging real-world situations.

Exam Format

The demanding format of the CFA tests varies depending on the level. Multiple-choice questions make up Level I, item sets questions make up Level II, and constructed response (essay) questions with item sets make up Level III. These formats are intended to assess applicants’ knowledge and ability to apply concepts of increasing complexity.


A wide range of subjects that are essential to the finance and investment field are included in the CFA tests. These include corporate finance, equities and fixed-income investments, quantitative methods, economics, financial reporting and analysis, derivatives, alternative investments, portfolio management, and wealth planning.

Passing the CFA Exam

The CFA examinations are notoriously challenging and have poor pass rates. In order to pass each level, candidates must obtain a minimal passing score that is kept a secret. Getting to the next level requires passing the previous one.

CFA Exam Benefits

The CFA designation is a respectable accomplishment with several benefits. Within the finance industry, it is well-known and esteemed. Professional standards and ethical behavior are highly valued attributes of CFA charter holders. Candidates who complete the program will have in-depth knowledge and useful abilities that they may use in their finance jobs. Holders of the CFA charter frequently enjoy improved employment prospects and earning potential in a variety of financial jobs.

Test Dates and Registration Fee

Test Dates For Each Level

These dates are subject to change if conditions permit. Every exam is given during a certain exam window, and the exam dates that are available to each candidate depend on the availability of appointments at the time of scheduling. Every deadline is at 11:59 p.m. ET. If circumstances call for it, CFA Institute retains the right to end registration and schedule earlier than originally stated.



Level I
  • November 2023
  • February 2024
  • May 2024
  • August 2024
  • November 2024
Level II
  • November 2023
  • May 2024
  • August 2024
  • November 2024
Level III
  • February 2024
  • November 2024

Registration Fee

The fees displayed do not include any local sales tax, value-added tax (VAT), goods and services tax (GST), or other taxes that the applicant may be required to pay in their home country. The taxes that must be collected by CFA Institute at the local statutory rate will be added to the fees that are displayed throughout the payment and checkout process.

February 2024

May 2024

Standard Registration
Early Registration FeeStandard Registration Fee
USD 1,250
USD 940USD 1,250
The Level I and Level III registration periods are standard and run from July 14, 2023, to November 8, 2023, at 11:59 p.m. ET.
For Level I and Level II, the early registration period is open from August 15, 2023, to October 12, 2023, at 11:59 p.m. ET. Please take note that this specific registration has ended.The Level I and Level II registration periods are as follows: October 13, 2023, until February 6, 2024, at 11:59 p.m. ET.


One-Time Enrollment Fee

Enrolling in the CFA Program and taking the Level I exam requires a one-time payment of USD 350. There won’t be a charge for this exam in the future. US dollars must be used to pay any fees.

Rescheduling Fee

A rescheduling fee of USD 250 will be charged if you need to reschedule your exam appointment within your exam window.

Latest News

For now, Wall Street analysts who are concerned that AI may replace them in their jobs can relax. A study claims that ChatGPT was unable to pass the CFA exam, which is a requirement for many Wall Street finance professionals.

In a study, ChatGPT and GPT-4, two AI large language models developed by OpenAI, were tested for complicated financial reasoning using CFA-style questions by a group of JPMorgan AI researchers and university academics.

The researchers wrote “Based on estimated pass rates and average self-reported scores, we concluded that ChatGPT would likely not be able to pass the CFA level I and level II under all tested settings,” the researchers wrote.

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