Below are the Dates for all levels of CFA Exams.
Passing the three exams marks true mastery of the curriculum and is the most important task required to earn the CFA® charter. On average, candidates report investing over 300 hours of study in advance of successfully passing each level.
2025/2026 CFA Exam Information
Get the latest information on what’s new about this year’s CFA exam.
Exam Registration, Scheduling, and Deferrals
Learn More About Computer-Based Exams
Charting your Journey through the CFA Program (PDF)
Exams That Evolve in Complexity
Each level of the curriculum builds on the prior level and becomes increasingly complex. The chart below explains the differences between each exam so you can prepare accordingly.
| LEVEL I | LEVEL II | LEVEL III | |
|---|---|---|---|
| LEVEL REQUIREMENT | Meet CFA Program enrollment requirements | Pass Level I CFA exam | Pass Level II CFA exam |
| QUESTION FORMAT | Multiple choice questions | Vignette-supported multiple choice questions | Vignette-supported essay questions and vignette-supported multiple choice questions |
| EXAM RESULTS AVAILABILITY | Within 60 days of taking the exam | Within 60 days of taking the exam | Within 90 days of taking the exam |
| 10 YEAR AVERAGE PASS RATE | 42% | 45% | 54% |
| DETAILS | View Quick Start Guide for Level I View Level I Details | View Quick Start Guide for Level II View Level II Details | View Quick Start Guide for Level IIIView Level III Details |
CFA program is a postgraduate professional certification offered to investment and financial professionals worldwide by the American-based CFA Institute.
Did You Know : Top 15 Free Online Learning Platforms
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Harvard Extension School offers a selection of free online courses. While some courses are free, others may require payment for a certificate.
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Stanford Online offers a variety of free courses in different disciplines, including computer science, engineering, and business.
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Did you know : International Scholarships 2024
There are several international scholarships available for South Africans to study abroad. Here are a few examples:
- Mastercard Foundation Scholarship Program: This program provides fully funded scholarships to study at selected universities in Africa, Europe, and North America. It is open to African students, including South Africans, who are committed to giving back to their communities.
- Commonwealth Scholarships: The Commonwealth Scholarship Commission offers scholarships for postgraduate study in the UK for citizens of Commonwealth countries, including South Africa. The scholarships cover tuition fees, travel costs, and a living allowance.
- Fulbright Foreign Student Program: The Fulbright program offers scholarships for South Africans to study at U.S. universities for a Master’s or PhD degree. The scholarship covers tuition, travel, living expenses, and health insurance.
- Erasmus+ Programme: The Erasmus+ programme offers scholarships for South Africans to study in Europe for a Master’s or PhD degree. The scholarship covers tuition fees, travel, and living expenses.
- Australia Awards Scholarships: The Australian government offers scholarships for South Africans to study at Australian universities. The scholarship covers tuition fees, travel costs, and a living allowance.
These are just a few examples of the many international scholarships available to South Africans. It is important to research the eligibility requirements and application deadlines for each scholarship program.