The CFA exam is the three-level program run by CFA Institute that leads to the Chartered Financial Analyst® charter, one of the most respected credentials in investment management. Each level builds on the last, and all three are known for low pass rates.
Here’s how the levels work, recent pass rates, what you need to qualify, and how to study. Test yourself with the free CFA exam practice test.
Key takeaways
- Level I: 180 multiple-choice questions in two sessions of 2 hours 15 minutes each.
- Level I pass rates in 2026 were 45% (February) and 39% (May).
- Plan on about 300+ study hours per level.
- You need 4,000 hours of qualifying work experience over at least 36 months to earn the charter.
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
What Is the CFA Exam?
The CFA Program tests investment analysis and portfolio management, with a heavy emphasis on ethics. Candidates must pass all three levels, meet the work-experience requirement and join CFA Institute to use the CFA designation.
More on What Is the CFA Exam →CFA Exam Levels and Format
| Level | Format | Focus |
|---|---|---|
| Level I | 180 multiple-choice questions, 3 answer choices each | Knowledge and comprehension of tools and concepts |
| Level II | Item sets (vignettes with multiple-choice questions) | Application and analysis, especially valuation |
| Level III | Item sets and constructed-response (essay) questions, plus a chosen pathway | Portfolio management and synthesis |
Since 2025, Level III candidates choose a pathway: Portfolio Management, Private Wealth or Private Markets. Levels I and II also require completing online Practical Skills Modules.
More on CFA Exam Levels and Format →CFA Exam Pass Rates
CFA pass rates are famously low. For Level I in February 2026, 45% of candidates passed; in May 2026, 39% passed. First-time candidates generally do better than those who deferred or are retaking. Levels II and III historically pass in a similar range, roughly 40–55%.
More on CFA Exam Pass Rates →CFA Exam Requirements
- 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.
More on CFA Exam Requirements →How to Study for the CFA Exam
- 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.
More on How to Study for the CFA Exam →Free practice test
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Go to the USA CFA Exam practice test →USA CFA Exam FAQs
How many questions are on CFA Level I?
180 multiple-choice questions with three answer choices each, split into two sessions of 2 hours 15 minutes.
Full answer →What is the CFA Level I pass rate?
In 2026 the Level I pass rate was 45% in February and 39% in May.
Full answer →How long does it take to become a CFA charterholder?
Most candidates take about 2.5 to 4 years to pass all three levels, plus meeting the 4,000-hour work experience requirement.
Full answer →Is the CFA harder than the CPA?
They test different skills. The CFA focuses on investment analysis and portfolio management, and it has lower pass rates; the CPA focuses on accounting, audit and tax.
Full answer →How many hours should I study for the CFA exam?
CFA Institute and most candidates suggest about 300 hours or more per level.
Full answer →Official sources
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.