Are you considering becoming a CFA®, but trying to figure out what you actually need to do to get there has you tearing your hair out?
This is the last article you need to read about CFA® requirements—so take a deep breath! My goal is to give you a crystal-clear idea of what you need, so you can get out of the research phase and into the “doing” phase, finally.
I’ll tell you everything you need to know to get into the CFA® Program and, once you pass the exams, how to earn your charter and a six-figure salary. From education to experience, I’ll cover it all in-depth.
Key Takeaways
- Eligibility Without a Degree: You can enter the CFA® Program with professional work experience instead of a bachelor’s degree, offering flexibility to non-traditional candidates.
- Ethics and Professionalism Are Non-Negotiable: Candidates must commit to the CFA Institute’s strict Code of Ethics and Standards of Professional Conduct.
- Global Certification with Regional Limits: The CFA® Program is globally recognized, but candidates from countries under U.S. trade sanctions are not eligible to participate.
- Cost Considerations: The CFA® Program involves significant financial investment, with exam fees ranging from $3,000 to $5,000, including enrollment and membership fees. Early registration can help reduce costs.
- Time Commitment Is Critical: Preparing for each exam level requires around 300 hours of study, and completing the program typically takes 4–5 years, including gaining the required work experience.
What Are the CFA® Requirements?
Earning your CFA® designation isn’t just about passing three challenging exams (though that’s a big part of it!). The CFA Institute sets specific eligibility criteria to prepare candidates for the rigorous process.
Here’s what you need to be eligible to take the CFA® exams:
Educational Requirements
To enroll in the CFA® program, you’ll need one of the following:
- A bachelor’s degree (or equivalent program) from an accredited institution.
- Be an undergraduate student:
- To Take the Level I Exam: Be 23 months or fewer away from your graduation month.
- To Take the Level II Exam: Be 11 months or fewer away from graduation
- To Take the Level III Exam: Complete bachelor’s degree or have 4,000 hours of work experience
- Have 4,000 hours of professional work experience (or a combination of work and education, assuming that 1 year of higher education equals 1,000 hours) over a minimum of three consecutive years.
This flexible approach means even if you don’t have a traditional degree, you can still become a CFA® charterholder through professional experience. However, it’s highly recommended that unless your work experience is extremely impressive, you still pursue a bachelor’s degree, as this may be important to employers depending on the career path you choose.
Professional Conduct
Ethics and professionalism are at the heart of the CFA® Program. To apply, you’ll need to wholeheartedly dedicate yourself to the CFA Institute’s Code of Ethics and Standards of Professional Conduct. This commitment doesn’t just end when you pass the exams—it’s a lifelong responsibility as a charterholder.
Valid International Travel Passport
A valid international travel passport is required to register for the CFA® exams. I know it sounds a little weird, but the CFA® is a globally recognized certification, and they have testing centers around the world. As a result, this requirement ensures consistency in confirming candidates’ identities regardless of their location.
Have English Fluency and Live in a Participating Country
The tests are only in English at the time of writing, so candidates must possess a strong enough grasp of the language to successfully pass the difficult CFA® exams.
Also, not every country is eligible due to American trade sanctions. Review the CFA Institute’s Sanctions Compliance Policy for a full list of ineligible countries.
Breaking Down the CFA® Exam Process
The CFA® Program is divided into three levels, each building on the knowledge and skills from the previous one. Here’s what you can expect:
Level I Exam: The Foundation
The Level I exam introduces you to the basics of financial analysis, portfolio management, and the investment decision-making process. It’s a computer-based test with 180 multiple-choice questions covering topics like:
- Investment tools (think quantitative methods and financial statement analysis)
- Ethical conduct
- Securities analysis
Pro Tip: Prepare to dedicate at least 300 hours of study time to each section. Mock exams and practice questions are a must!
Level II Exam: The Deep Dive
Level II focuses on applying concepts to real-world scenarios. It’s where you’ll encounter case studies and more detailed topics like equity investments, risk management, and valuing assets. The test format includes 22 item sets and 88 corresponding multiple-choice questions, so it’s not just about memorization—you’ll need strong analytical skills.
Level III Exam: The Final Stretch
The Level III exam emphasizes portfolio management and wealth planning. This is where you’ll learn how to tailor investment strategies to meet client goals. Level III offers 11 item sets and 11 essay sets, so rather than having options to choose the correct response from, test takers will have to “fill in the blanks” in their own words to prove their knowledge completely. After passing Level III, you’re on your way to joining the ranks of CFA® charterholders.
Experience Requirements to Earn the CFA® Charter
Requirements for earning your charter are different than the requirements you need to enter the program. To officially become a CFA® charterholder, you need:
- A passing score on all three levels of the CFA® exam. In 2025, this also means participating in three Practical Skill Modules, or PSMs, which are 10-20 hour long courses on modern, relevant topics in the financial analysis space like Python programming and financial modeling.
- 4,000 hours of professional work experience in roles related to the investment profession, completed over at least 36 months. This experience can occur before, during, or after joining the CFA® Program. Unlike the experience required to enter the program, this experience cannot be combined with the 1,000 hours given for one year of higher education. Examples include:
- Investment banking
- Private wealth management
- Commercial banking
- Asset management
- Financial analysis
- Risk management
- Your experience doesn’t need to be consecutive, so part-time or interrupted careers are fine as long as you meet the hour requirement.
- 2-3 professional references, depending on the membership status of your reference givers. If one of your references is an active member of the chapter you’re applying to, you only need 2. However, if this isn’t the case, you’ll need 3 reference letters.
Pro Tip: Network with members at your local CFA® Society. It isn’t just about needing one fewer reference letter (though that is a nice perk). It’s about connecting with people who know the industry and have connections, discovering opportunities, developing your “soft skills,” and maybe even finding a mentor.
How Much Does the CFA® Program Cost?
Let’s talk numbers. The Program isn’t cheap, but it’s an investment in your future. Here’s a breakdown:
One-time enrollment fee: $350 (only for first-time candidates).
Exam fees:
- Early registration: $990 ($1,090 for Level III)
- Standard registration: $1,290 ($1,390 for Level III)
- Retakes: $690 per exam
Membership fees: To maintain your CFA Institute membership, you’ll pay an annual fee to both the CFA Institute and your local CFA® Society. At the time of writing, the Institute fee is $299 annually, and Society fees range roughly between $125 and $250.
- When joining for the first year, your membership fees are prorated, which means you pay an amount that takes into account how early or late you join in the cycle. The cycle begins on July 1st and ends on June 30th, so if you join in July, you’ll pay the most, and if you join in May or June, you’ll pay much less.
Total: Depending on when you register for the exams and membership, expect to pay between $3,420 and $4,869 to earn your charter. Keep in mind, you’ll also want to budget for study materials, mock exams, and possibly prep courses.
Pro Tip: ALWAYS shoot for early registration, so check the CFA® exam dates and deadlines. You’ll save $300 per exam—that’s almost $1,000 total, not accounting for retakes.
Why Pursue the CFA® Charter?
Wondering if all the effort is worth it? Here are some benefits of earning the CFA® designation:
Career Opportunities
As a CFA® charterholder, you’ll be qualified for roles like:
- Portfolio manager
- Investment analyst
- Financial advisor
- Risk manager
The charter is recognized (and highly respected) around the world, making it an excellent choice if you’re aiming for an international career in a global finance hub like Hong Kong, Dubai, or Tokyo.
High Earning Potential
Earning a CFA® is a great way to work toward a six-figure salary. And if you become a top-notch CFO or portfolio or hedge fund manager, you may even be looking at seven figures in bonuses alone.
I know investing a couple thousand dollars into taking some exams may sound ludicrous, but rarely can you invest a few thousand dollars that turns into hundreds of thousands, or even millions, every year.
Networking Opportunities
The CFA Institute boasts a vast network of members worldwide. Joining this community can help you connect with investment professionals and unlock mentorship or job opportunities.
Tips for Succeeding in the CFA® Program
The CFA® exams are notoriously tough, with pass rates hovering around 40–50%. But don’t let that scare you! Here are some tips to stay on track:
- Start Early: Aim to study at least 300 hours per exam level.
- Use Mock Exams: Familiarize yourself with the format and timing.
- Stay Organized: Track your progress and stick to a study schedule.
- Seek Support: Join a study group or find a mentor who’s already a CFA® charterholder.
- Take Care of Yourself: Sleep, nutrition, exercise, and self-care are crucial for success.
Conclusion: Is the CFA® Right for You?
Pursuing the Chartered Financial Analyst designation isn’t easy—it requires commitment, discipline, and a passion for the investment industry. But hey, with such huge salary potential, if it were easy… everyone would do it.
But you’re not everyone. You’re here, chasing after your dreams.
Now that you know the CFA® requirements, you can decide if this is the right path for you. Remember, it’s not just about earning a title—it’s about building the skills and connections to thrive in the hyper-competitive finance world.
So, grab your passport, register for your first exam, and get ready for the adventure of a lifetime. You got this!
FAQs
To become a CFA® charterholder, you must have 4,000 hours of relevant professional experience in roles tied to the investment decision-making process, accumulated over at least 36 months.
Yes, you can! If you don’t have a bachelor’s degree, you can still enroll in the CFA® Program with 4,000 hours of professional experience or a combination of education and work totaling 4,000 hours.
Earning the CFA® is challenging, with pass rates for exams often below 50%. Success requires dedication, with most candidates spending over 300 hours preparing for each exam level.
On average, it takes 4–5 years to complete the CFA® Program and meet the work experience requirement to earn the charter.
The total cost varies but typically ranges from roughly $3,000 to $5,000, including exam fees, a one-time enrollment fee, and optional study materials. Membership fees add a low, ongoing expense.
