Hi, in this article, we will be looking at CFA Home, everything about it. CFA program is a postgraduate professional certification offered to investment and financial professionals worldwide by the American-based CFA Institute.
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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 Costs
Registration costs vary depending on when you decide to register for the exam. Please note, there is a one-time enrollment fee of USD 450 the first time you register for the Level I exam. Take care when scheduling your computer-based exam appointment, as there is a USD 250 rescheduling fee if you wish to reschedule your exam appointment in your exam window.*
All fees shown are net of any local VAT, Goods and Services Tax (GST) or any other sales tax payable by the candidate in their country of residence. Where CFA® Institute is required to add sales tax at the local statutory rate, this will be added to the fees shown during the payment/checkout process.
*We recognize that in some locations, the uncertainty surrounding COVID-19 is making it difficult to finalize exam schedules, navigate travel restrictions, and secure seating in your preferred location. To help alleviate these inconveniences, we have reduced the USD 250 fee for exam changes to USD 25 for all exams in 2025/2026.
$450 One-Time Enrollment Fee
There is a one-time enrollment fee when you register for CFA Program and the Level I exam. This fee will not be applied to subsequent exams. All fees must be paid in US dollars.
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