CFA Exam 2026: Cost, Curriculum and Difficulty Level
Chartered Financial Analyst Exam 2026 ( CFA Exam )
Result - 19 Mar '26
CFA exam is one of the most acclaimed finance certifications around the globe. In the article below, Shiksha has presented all the details about the CFA exam 2026, including the cost of the exam, CFA curriculum and syllabus, the difficulty level of the CFA exam, etc.
CFA programme
CFA 2026: Chartered Financial Analyst (CFA) is a globally recognized profession in the field of finance. The CFA certification is offered by the prestigious CFA Institute and is one of the most sought-after programme for investment and finance professionals. The CFA programme aims to grant ‘The CFA charter’ to investment and finance professionals to help them further their career goals. It covers a broad range of financial aspects, including investment management, financial analysis, stocks, bonds, and derivatives.
The CFA exam is a test conducted across the globe, which is administered by Prometric and the British Council. The CFA exam date 2026 for the February Level 1 will be conducted from February 2 to February 8. The Level 2 CFA exam is scheduled to be held from January 29, 2026, to February 1, 2026. The institute has also announced the CFA exam date for the May 2026 and August 2026 sessions. In the article below, Shiksha has presented all the details about the CFA exam including the cost of the CFA exam, CFA curriculum and syllabus, the difficulty level of the CFA exam, etc.
- What is the CFA Exam?
- CFA Eligibility Criteria 2026
- CFA Level 1
- CFA Level 2 Exam Pattern
- CFA 2026 Exam Difficulty Level
- What Does Taking the CFA Exam 2026 Cost?
- CFA Preparation 2026
What is the CFA Exam?
The CFA exam is divided into three levels: Level 1, Level 2, and Level 3. It is conducted multiple times a year and has a different difficulty level. The medium of the CFA exam is English. The CFA Institute conducts the exam globally. Candidates need to fulfil the CFA eligibility criteria for each level before appearing for the exam.
The CFA Level 1 exam is conducted quarterly. CFA level 2 exam is conducted thrice in each calendar year, whereas the CFA level 3 exam is conducted twice in each calendar year. The CFA exam is conducted in the computer-based test mode. Candidates who wish to acquire the CFA certification need to appear for all three levels of the exam as per the sequence. A candidate who completes all three levels is declared as a ‘CFA charter holder’.
Also Read:
Commonly asked questions
Each level of the CFA exam has its own criteria and passing score. CFA institute sets a MPS which changes with each cycle for the newly registered candidates. Some years test takers will receive an overall CFA score of 65% and fail, and in some years they may receieve a score of 62% and pass. The scoring plays a role in deciding the overall pass score in CFA exam. In general, an overall score of 70% and above will help you pass the CFA exam.
CFA programme is a rigorous one. Students should have a good preparation plan to clear CFA Level 2 exam. Students should devote at least 300 hours on an average for each level of the CFA exam
Passing score of CFA exam is also called the Minimum Passing Score (MPS). It is set by CFA Institute is set by CFA Institute Board of Governors after each exam. This ensures fairness to the candidates, and the difficulty level is taken into consideration when setting the minimum score.
CFA Eligibility Criteria 2026
Candidates need to fulfil the following eligibility criteria to appear for the CFA exam:
- The candidate should hold a bachelor’s degree in any stream or equivalent
- Candidates in the final year of the bachelor’s degree can also apply for the CFA exam provisionally
- They must hold a professional work experience of four years or a combination of work experience and college totaling at least four years
- They must hold an international travel passport
CFA Level 1
The CFA level 1 exam is conducted in the computer-based test mode. The exam has 180 questions in the MCQ format. The CFA exam is split into two sessions as follows:
- First session (2 hours, 15 minutes): 90 multiple-choice questions
- Second session (2 hours, 15 minutes): 90 multiple-choice questions
CFA Level 1 Curriculum
The CFA level 1 curriculum has a total of 10 topics. These topics are grouped under two sections. Check out the table below to know the sectional weightage of the topics of CFA Level 1:
| Section |
Topic |
Weightage |
|---|---|---|
| 1
|
Ethical and Professional Standards |
15% to 20% |
| Quantitative Methods |
6% to 9% |
|
| Economics |
6% to 9% |
|
| Financial Statement Analysis |
11% to 14% |
|
| Corporate Issuers |
6% to 9% |
|
| 2
|
Portfolio management |
8%-12% |
| Equity Investments |
11% to 14% |
|
| Fixed Income |
11% to 14% |
|
| Derivatives |
5% to 8% |
|
| Alternative Investments |
7% to 10% |
Also Read: What to expect of CFA Level 1 exam 2026
Commonly asked questions
| Topic | Weightage |
|---|---|
| Ethical and Professional Standards | 5% |
| Quantitative Methods | 5% |
| Economics | 10% |
| Financial Reporting and Analysis | 5% |
| Corporate Finance | 5% |
| Portfolio Management | 15% |
| Equity Investments | 10% |
| Fixed Income | 10% |
| Derivatives | 10% |
| Alternative Investments | 10% |
The Level I exam covers:
- Ethics and Professional Standards: 15%
- Quantitative Methods: 10%
- Economics: 10%
- Financial Reporting and Analysis: 15%
- Corporate Finance: 10%
- Equity Investments: 11%
- Fixed Income: 10%
- Derivatives: 6%
- Alternative Investments: 6%
- Portfolio Management and Wealth Planning: 6%
- Quantitative Review: 1%
The average pass rate in India is 35% to 45%. Check the table below to know the CFA pass rate in India for Level 1:
| Year | Pass Rate in India |
|---|---|
| 2019 | 32% |
| 2020 | 46% |
| 2021 | 19% |
| 2022 | 33% |
| 2023 | 35% |
| 2024 | 43% |
| 2025 | 46% |
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CFA Level 2 Exam Pattern
The CFA level 2 consists of vignettes and accompanying multiple-choice questions. The duration of the CFA exam level 2 is four hours and 24 minutes. This is also split into two sessions:
- First session: (2 hours, 12 minutes): 11 item sets and 44 MCQs
- Second session: (2 hours, 12 minutes): 11 item sets and 44 MCQs
Hence, there is a total of 22 item sets and 88 MCQs. Out of the 22 vignettes or item sets, 20 are scored and two questions are not scored. The MCQs can be answered only after referring to the information in the vignettes. Hence, the items in Level 2 are not free-standing.
Also Read: What to expect of CFA Level 2 2026 exam
CFA Level 2 Curriculum
The CFA level 2 curriculum also has a total of 10 topics. These topics are grouped under two sections. Check out the table below to know the sectional weightage of the topics of CFA Level 2:
| Section |
Topic |
Weightage |
|---|---|---|
| 1 |
Ethical and Professional Standards |
10% to 15% |
| Quantitative Methods |
5% to 10% |
|
| Economics |
5% to 10% |
|
| Financial Statement Analysis |
10% to 15% |
|
| Corporate Issuers |
5% to 10% |
|
| 2 |
Portfolio management |
10% to 15% |
| Equity Investments |
10% to 15% |
|
| Fixed Income |
5% to 10% |
|
| Derivatives |
5% to 10% |
|
| Alternative Investments |
10% to 15% |
CFA Level 3
The CFA level 3 exam consists of item sets and essays based on the item sets. The Level 3 CFA exam has vignettes, essay type questions (constructed responses) as well as multiple-choice questions. In this level too, students need to answer the questions based on the information provided in the vignettes.
The total duration of level 3 CFA exam is 4 hours and 24 minutes split into two equal sessions.
- Session 1: (2 hours 12 minutes): 6 item sets and 5 essay sets or item sets and 6 essay sets
- Session 2: (2 hours 12 minutes): 6 item sets and 5 essay sets or item sets and 6 essay sets
CFA Level 3 Curriculum
The CFA level 3 curriculum also has a total of 7 topics. Check out the table below to know the sectional weightage of the topics of CFA Level 3:
| Topic |
Weightage |
Number of questions |
|---|---|---|
| Ethical and Professional Standards |
10% to 15% |
17-24 |
| Economics |
5% to 10% |
8-13 |
| Portfolio management |
35% to 40% |
36-45 |
| Equity Investments |
10% to 15% |
17-24 |
| Fixed Income |
15% to 20% |
24-30 |
| Derivatives |
5% to 10% |
8-13 |
| Alternative Investments |
5% to 10% |
8-13 |
CFA Exam: Structure Changes for 2026
For the CFA Level 3 exam, the CFA Institute has made a few changes. It has introduced two new specialized pathways, i.e. Private Wealth and Private Markets. Hence, the students will be offered three pathways in the level 3 exams including Portfolio Management. Each section will have a core curriculum, with specialized content for its respective pathway. Candidates can choose the sections that align best with their interests and goals.
Also Read: CFA Level 3 specialized pathways
CFA 2026 Exam Difficulty Level
If one has a finance or accounting background with few years of experience, passing the CFA exam is not that difficult. CFA is not an accounting or finance programme but the curriculum covers this area as a foundation for investment analysis. If one has a non-accounting and non-finance background, the challenge will be bigger as one will require to first understand reading and analysing financial statements and basic knowledge of accounting standards. The vast curriculum is quite a challenge for many students as that requires early preparation of about 300 to 400 hours per level. Commitment and hard work will ensure that the CFA programme is completed as returns and recognition after passing all three levels of the CFA program are quite good. It is worth investing three years of life into a globally acclaimed investment programme.
According to the CFA Institute, the following is what a CFA candidate can expect:
An average of four years to complete the programme, six months of preparation for each exam and 300 hours minimum of study time=10 to hours per week (although candidates report studying 322 hours on average) making a sincere and internalized commitment to completing the programme is a prerequisite for success.
The average pass rate of the Level 1 CFA exam for the past exams has been 41%. And that for Level 2 and 3 has been 43% and 42% respectively for the past 10 exams. This means, approximately 11% of the candidates pass all three levels of the CFA exam.
Also Read: CFA pass rate over the years
What Does Taking the CFA Exam 2026 Cost?
There are multiple fee payments in the CFA exam. Check out the table below to know the CFA fee:
| Levels | CFA program fee 2026 |
|---|---|
| CFA One-Time Enrollment Fee | USD 0 |
| CFA Level 1 Early Bird Registration Fee | USD 1,140 |
| CFA Level 1 Registration Fee (Standard) | USD 1,490 |
| CFA Level 2 Early Bird Registration Fee | USD 1,140 |
| CFA Level 2 Registration Fee (Standard) | USD 1,490 |
| CFA Level 3 Early Bird Registration Fee | USD 1,240 |
| CFA Level 3 Registration Fee (Standard) | USD 1,590 |
Note: The one-time enrollment fee is for Level I registration. This fee cannot be applied to the subsequent exams (Level II and III). All fee is to be paid in USD.
Also Read:
CFA Preparation 2026
The programme is so intense and requires so much of one's time and energy. CFA preparation strategy should be strong and the students appearing for the exam must follow it diligently.
Candidates appearing for the exams must develop a study strategy. In addition to the specific study skills that must be developed to pass the exams, candidates must develop a specific exam strategy that provides time management, skill assessment and taking multiple previous and sample exams. Time management relates to the time necessary for study, and also for taking the exam.
Students should try to understand the structure and schedule of the CFA exam. They should not understudy. In other words, they must spend at least 300 hours studying for each level. Students should focus on heavily weighed topics and then split the remaining time equally in the rest of the topics.
Also Read: How hard is the CFA exam: A comprehensive analysis
Students preparing for the CFA exam should consider taking a CFA preparation course. Taking a CFA prep course will help them stay on track and also monitor their progress.
CFA exams are lengthy (6 hours for each level), so time management is very important. Studying and reading the CFA syllabus is one thing, but it is equally important to put that knowledge into practice to increase the chances of success. The CFA Institute provides candidates with a lot of CFA mock exams and practice questions in their CFA preparation books, so start there. Then, students should find the topics they are weakest in and focus on reviewing those. Then they should move on to attempting CFA mock tests at least two months before the exam.
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Student Forum
Anything you would want to ask experts?Answered a week ago
No, there is no age limit to take the CFA Level 3 exam. However, students should have completed their graduation and fulfil other exam criteria.
N
Contributor-Level 6
Answered a week ago
The following are the instructions for CFA exam admit card:
- The details mentioned on the admit card should be correct
- Arrive the exam centre at least an hour before the exam
- The details should march the ones mentioned in the passport
If any of the information mentioned above needs to be corrected or upd
R
Contributor-Level 6
Answered a week ago
CFA exam is conducted four times a year. It is conducted in the months of February, May, August and November.
A
Contributor-Level 6
Answered 2 weeks ago
Students looking for global investment management courses, CFA is the best choice. CFA offers higher salaries, and CA is best for students looking to build a career in taxation and auditing in India. Top tier MBA excel in corporate leadership and networking.
R
Contributor-Level 6
Answered 2 weeks ago
Candidates who are interested in investment analysis and portfolio management, want a global career or are ready to invest in further exams can opt for CFA. But if they wnat accounting and auditing, want a strong domestic career base and also value wide options of career options they can go for CA.
Contributor-Level 10
Answered 3 weeks ago
Check the exam structure for Level 2 exam below:
| Structure | Details |
| Time Duration | Session 1: 2 hours 15 mins Session 2: 2 hours 15 mins Total: 4 hours 30 mins |
| Type of questions | MCQs and Item Sets with Vignettes |
| Number of questions | 88 MCQs 22 Item Sets |
M
Contributor-Level 6
Answered 3 weeks ago
S
Contributor-Level 6
Answered 3 weeks ago
Unlike the Level 1 exam, CFA Level 2 exam does not only have MCQs. It also consists of item set questions which will be comprised of vignettes.
N
Contributor-Level 6
Answered 3 weeks ago
No, CFA Level 1 exam only have 180 multiple choice questions. Students have to choose the correct option from the given options.
A
Contributor-Level 6
Answered 3 weeks ago
CFA Level 1 exam is conducted for a total of 4.5 hours. The exam is spread in 2 sessions. Each session duration is 2 hours and 15 minutes.
R
Contributor-Level 6
Saumya Jain is an English Literature graduate from the University of Delhi. She has over 8 years of editorial and content writing experience. At Shiksha.com, she has spent more than six years creating research, stud
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