- To enroll in Level I: a bachelor’s degree, be close enough to finishing one (per CFA Institute’s timing rules), or have the required combination of work experience and education.
- A valid international passport for exam registration.
- To earn the charter: pass all three levels, complete 4,000 hours of relevant experience over at least 36 months, and apply for membership.
Check CFA Institute for current registration deadlines and exam fees, which change by window.
USA CFA Exam: Quick Facts
- Administered by
- CFA Institute (computer-based at Prometric centers)
- Levels
- I, II and III, taken in order
- Level I format
- 180 multiple-choice questions, 3 answer choices each
- Level I time
- 4.5 hours (two 2h15m sessions)
- Level I pass rate (2026)
- 45% Feb · 39% May
- Experience
- 4,000 hours over ≥36 months
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Disclaimer: This guide is for general information and is not financial, tax, insurance or investment advice. Exam details, fees, blueprints and product terms change. Confirm with the official organization or a licensed professional. Read our editorial policy.