About the CFA® Exam

The CFA® Exams

The CFA® Program includes exams in three levels, which must be passed sequentially. The Level I exam is conducted in June and December, while Level II and Level III are administered just once a year in June. Candidates may register for only one exam at a time and must wait to receive their results before registering for the next level.

  • The Level I exam consists of multiple choice questions only.
  • The Level II exam consists of case study item set questions only, with six multiple choice questions per item set.
  • The Level III exam morning session consists of essay questions and the afternoon session is composed of item set questions.

The CFA exams are a serious challenge and at least 250 to 300 hours of studying time for each Level should be planned.

Pass Rates

All candidates who sit the CFA exam are given an approximate breakdown of their results by topic, whether or not they have been successful.

June 2016 exam pass rates:

  • Level I: 43%
  • Level II: 46%
  • Level III: 54%

Entry Requirements

In order to enrol on the CFA Program you need:

  • a bachelor’s degree (or equivalent) OR
  • to be in the final year of a degree programme* OR
  • to have four years of professional work experience OR
  • to have a combination of university and work that totals four years

* It is possible to enrol for Level I if you are in the final year of a degree course, though you will need to have received the degree before progressing to Level II. As well as the academic or work experience you must sign a statement of professional conduct and pay the exam fees to CFA Institute.

Requirements for Becoming a CFA Charterholder

In order to receive the CFA charterholder status, the following must have been achieved:

  • A pass at all three levels of the CFA exam
  • 48 months of relevant work experience
  • Membership of CFA Institute.

The work experience can be gained before, during or after studying for the exams. This experience can be in a wide range of activities, including financial, economic or statistical analysis as part of the investment decision-making process, supervising staff who are performing these activities or teaching the skills involved.At least 50 percent of time must be spent in these activities and part-time roles are excluded. Job titles themselves are less important than the nature of the activity when assessing work experience.

Program Enrolment

A one-time enrolment fee of $450 is required when you first register for the Level I exam. You must also pay the exam registration fee (see below for deadlines).

Exam Registration

All registration deadlines end at 11:59 pm ET.

June 2017 Exam (Levels I, II, and III)


Early registration fee



Deadline passed



(ended 21 September 2016)



Standard registration fee



US$ 930



(ends 15 February 2017)



Late registration fee



US$ 1,380



(ends 15 March 2017)


About Program Enrolment and Exam Registration Fees

The one-time program enrolment fee and the exam registration fee are payable in US dollars only and the fees are non-transferable and non-refundable. For more information please see the CFA Institute website at www.cfainstitute.org.

It is not necessary to be registered with CFA Institute prior to enrolling with LSEG Academy, though if you are in any doubt over your eligibility as a candidate we strongly recommend that you seek clarification from CFA Institute before committing to course fees. CFA Institute registration and fees page can be found through this link.

Disclaimer: CFA Institute does not endorse, promote or warrant the accuracy or quality of the products or services offered by London Stock Exchange Group Academy and / or Quartic Training Ltd. CFA® Program is a trademark owned by CFA Institute.