Registration and exam dates

A minimum of 300 hours of preparation per CFA exam level is recommended, although some candidates will need more or less time, depending on their individual backgrounds and experience. Candidates have a total of six maximum attempts per exam level and can take as much time as needed to complete the program. The CFA curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.

August 2025 - Registrations now closed
 
Exam Dates 15-19 August 2025 Registration and scheduling opens 6 November 2024 Early registration deadline 29 January 2025 Registration closes 6 May 2025 Scheduling deadline 13 May 2025 Re-scheduling deadline 4 August 2025
February 2026
Registration open now  
Exam Dates 29 January - 1 February 2026 Registration and scheduling opens 29 April 2025 Early registration deadline 7 July 2025 Registration closes 29 October 2025 Scheduling deadline 5 November 2025 Re-scheduling deadline 18 January 2026
August 2026 - TBA
 
Exam Dates TBA Registration and scheduling opens TBA Early registration deadline TBA Registration closes TBA Scheduling deadline TBA Re-scheduling deadline TBA

Exam format

Each year, there are two Level III exam windows: the first in February and the second in August.

Computer-based. Vignettes/item sets with multiple choice or constructed response questions.


Session 1

5 or 6 constructed response (essay) questions and 5 or 6 item sets

Duration

2 hours and 12 minutes long

Session 2

5 or 6 constructed response (essay) questions and 5 or 6 item sets

Duration

2 hours and 12 minutes long

Topic weights

Level 3 Topic Weights 2025/2026

  • Asset Allocation: 15–20%
  • Portfolio Construction: 15–20%
  • Performance Measurement: 5–10%
  • Derivatives and Risk Management: 10–15%
  • Ethical and Professional Standards: 10–15%
  • Pathway (Portfolio Management, Private Markets, or Private Wealth): 30–35%

These topic weights were used to develop a Level III study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.

 

Topic weights

Exam results

Level 3 2024 Exam Results

Exam window Results available
February 11 April 2024
August 17 October 2024

Level 3 2025 Exam Results

Exam window Results available
February 22 April 2025

CFA® exam requirements

Candidate eligibility requirements

To be eligible to enter the CFA® Program, you must accomplish the following:

  • Have a U.S. bachelor’s (or equivalent) degree
  • or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for Level II.
  • or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
  • Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
  • Be prepared to take the exams in English
  • Have a valid international travel passport (required for enrollment and exam registration)

Enrolment and Fees

For 2025 CFA exams, registration fees range from USD$990 to USD$1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.

For 2026 CFA exams, registration fees range from USD$1,140 to USD$1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrolment.

You’ll need to enrol in the CFA Program to take the exams. CFA Institute describes the program as a “self-study, graduate-level” curriculum. You can start your enrolment from this CFA Institute web page. Passing all three levels of the exams will demonstrate your mastery of the CFA Program and its curriculum.