Short answer
Most candidates take about 2.5 to 4 years to pass all three levels, plus meeting the 4,000-hour work experience requirement.
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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