- Start 5–6 months early and plan around 300+ hours per level.
- Master ethics: it appears at every level and can tip a borderline result.
- Practice timing: about 90 seconds per Level I question.
- Use varied practice questions. Our CFA practice test lets you focus on one topic area at a time.
- Take full mock exams in the final month.
Earlier in your finance career? The SIE exam is the entry point for securities licensing, and the CPA exam is the accounting equivalent.
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.