Bachelor’s degree
You have completed a bachelor’s degree or equivalent program.
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Independent · account-free · source-linked
Understand eligibility, all three exam formats, required Practical Skills Modules, results, and the charter path—without creating an account.
Information reviewed 2 August 2026. Always confirm deadlines, fees, and policies with CFA Institute before acting.
Start here
You do not need to plan the whole journey at once. Make the next correct decision, then return when your stage changes.
Enrollment
CFA Institute sets the rule and evaluates candidate eligibility. Use this summary to orient yourself, then confirm against the current policy.
You have completed a bachelor’s degree or equivalent program.
You meet CFA Institute’s current exam-window timing rules for students completing a bachelor’s degree.
You have 4,000 hours of professional work experience and/or higher education accumulated over three sequential years.
Eligibility is separate from charter work experience. Passing exams does not by itself award the CFA charter.
Three exams
A practice tool is only useful when its format matches the level you are taking. These are the official structures—not a score forecast or a promise of readiness.
Foundation
180 multiple-choice questions
Two 135-minute sessions · 90 questions each
Each question has three answer choices. There is no penalty for an incorrect answer.
Analysis
22 item sets · 88 questions
Two 132-minute sessions
The exam contains 20 scored item sets and 2 unscored trial item sets, with four questions per set.
Application
11 item sets · 11 essay sets
Two 132-minute sessions
The exam mixes item sets and constructed responses. Choose Portfolio Management, Private Markets, or Private Wealth when registering.
Level III
The pathway changes part of the Level III curriculum. It does not create a different CFA charter or designation.
Portfolio construction and institutional investing
Private equity, private debt, and related assets
Planning and managing wealth for private clients
The official curriculum is approximately 65–70% common core and 30–35% pathway-specific.
At every level
After the exam
CFA Institute sets a minimum passing score for each exam through its standard-setting process. Official results report pass or fail and topic performance; a third-party readiness percentage is not an official result.
Results are generally released in 5–9 weeks, depending on level. Use CFA Institute’s current estimate for your window.
The finish line
Complete the Level I, II, and III exam sequence.
Finish the Practical Skills Module requirement at every level.
Document 4,000 hours of qualifying work experience over at least 36 months.
Submit references and satisfy CFA Institute membership requirements.
Primary sources
Dates, fees, module availability, and policies can change. These links go directly to CFA Institute.
Program structure and official registration entry point
Level formats, session lengths, and exam-day overview
Current eligibility, identification, and candidate policies
Module choices, time estimate, and result requirement
Official score reporting and minimum passing score explanation
Experience, membership, and reference requirements
No account needed
This guide does not collect your exam status, sell a readiness score, or claim to reproduce the CFA Program exams.
Choose your stage