CFA Exam 2025-26: Cost, Curriculum and Difficulty Level

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. The 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:

• CFA exam pattern 2025
• When is the CFA exam 2025?

CFA Eligibility Criteria

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:

Also Read: What to expect of CFA Level 1 exam

CFA Level 2

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 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:

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:

CFA Level 3 Structure Changes for 2025

For the CFA 2025 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 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 11 exams has been 42%. 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 the three levels of the CFA exam.

Also Read: CFA pass rate over the years

What Does Taking the CFA Exam Cost?

There are multiple fee payments in the CFA exam. Check out the table below to know the CFA fee:

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 application form 2025
• CFA Deferral Policy

Changes in CFA Pricing (Effective From 2026)

Check out the table below to know the new CFA pricing: 

CFA Preparation

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 to study 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 prep course. Taking a CFA prep course will help them stay on track and also aid in monitoring 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.

Read More:

• Best preparation tips for CFA Level 1 exam
• CFA deferral policy
• CFA syllabus 2025