CFA 2026: November Result 2025 Date (OUT), Registration, Syllabus, Eligibility, Pass Rate

The CFA Institute has made major changes in the CFA program pricing. The one-time enrollment will be scrapped for the year 2026 exams. Changes have also been made in the CFA registration fee. 

The other changes which have been introduced include the Practical Skills Module (PSM) which is mandatory to view the CFA result and the three specialized pathways which have been included in the Level 3 curriculum. 

The content from the testable portion of the exam has been reduced so that candidates can concentrate on the content that is highly relevant in the rapidly changing global economy and financial markets. This allows to establish the base knowledge that is needed to begin studying for the exam. It also keeps study time to 300 hours at each level while maintaining the rigor of the Program. The curriculum was updated from February 2024 exam onwards.

The Level II curriculum for the CFA exam has not changed much. It has gone through the same review to improve the instructional design, all current topics have been maintained. The Level III candidates will have the opportunity to choose to be tested on a specialization. The core of the curriculum will remain the same, but candidates will have the opportunity to focus a percentage of their Level III effort on one of three specialised paths: portfolio management, private markets, or private wealth management.

No pathway will be easier than the other. Each pathway is made in a way that they are at par with each other. This does not mean that CFA pass rate will be also be the same between each as many factors influence pass rate such as quality of group, difficulty of questions in a given window, geographical factors, etc.

Yes, three scholarships can be availed by the students for thw CFA programme. These are:

• Access Scholarship: This scholarship is for the students who may not be able to afford the CFA programme fee
• Student Scholarship: This scholarship is for the students who are currently attending an affiliated university
• Professor Scholarship: This scholarship is for the full-time college or university professors, administrators or department heads. 

Students who have already registered for an exam and are awaiting results will not be eligible to avail any of the above mentioned scholarships. 

Candidates should note that although the CFA admit card can be downloaded on the phone, it is not advisable. The candidates have to carry a coloured printout of the CFA admit card to the exam centre, hence, they will have to download the same on a desktop or a laptop. The last date to download the admit card will be the exam day. 

Before downloading the CFA admit card, students should check the information printed on it. 

For the Level 1 exam candidates, the CFA Institute will only release a pass or fail result. There will be no detailed result breakdown in any specific section or cores. They will only receive a performance band, if they pass the exam.

On the other hand, CFA level 2 and 3 candidates will receive a pass or fail result along with the detailed breakdown of the CFA result and scorecard. Along with the performance band, they can check how they did in the sections and core areas.

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.

The CFA institute has introduced the specialised pathways because:

• Career discovery
• Mastering a specific field 
• Choosing which field aligns best with interests and aspirations of the students
• Credentialing. Passing a challenging exam for the role will benefit the candidates by benefiting their clients and their employers.

Cracking the CFA exam is not a cakewalk, and it is not easy to grab one of the most prestigious financial recognitions, the CFA Charter. Students need to have a really strong strategy to crack this exam. Be versed with the CFA syllabus. Knowing the syllabus for the entrance exam is the first step towards CFA exam preparation.

It is important to divide the study time so that the students can cover the complete CFA syllabus. Therefore, the students can analyse the area of their strength and then allocate the time required for each section.

Understand the exam pattern. Going through the previous year question papers and sample papers will help the students figure out the exam pattern. Once they become familiar with the type of questions, they will take less time to solve questions.

Time management: The CFA exam is time-bound and is known for its challenging nature and it is a time-consuming one. Therefore, knowing the exam pattern adds to the skill of solving the exam faster.

No, candidates cannot change their pathway in the middle of the CFA registration process. If the candidate is taking the CFA Level 3 exam for the second time, then they have the option of changing their specialised pathway. The content for all the three pathways are available online for CFA preparation. 

Practical Skills Module in CFA exam was introduced by the CFA Institute as an additional layer in the CFA exam process. PSM or Practical Skills Module is a practical training to provide candidates with hand-on experience for the work environment and application of what they are learning in the curriculum.

Completing one PSM is mandatory for the students in order to view and download the CFA result. Candidates have to dedicate at least 15-20 hours to complete on PSM. A PSM uses a combination of videos, multiple-choice questions, guided practice, and case studies to develop practical skills of the students. 

PSM was introduced at the Level 1 and 2 February 2024 exams onwards and will be applicable from 2025 for the Level 3 exams. 

CFA application fee is:

No, the CFA application form can only be filled online on the official website CFA Institute. There is no option to submit the CFA form in offline mode. Candidates will have to create an account on CFA website once the registrations begin and fill the CFA registration form through that candidate account. Candidates must also note that no other website hosts the CFA application form other than the official website of CFA Institute. The CFA registration fee can be paid online through Credit cards, such as American Express, Diner’s Club, Discover, JCB, MasterCard, UnionPay, or Visa or offline through wire transfer, ACH, check money order, or postal order. Receipt of payment of the fees will be emailed to the candidates.

Candidates have to simply follow the instructions to pay the fee. Candidates must note that fee payment is mandatory for CFA form filling. Until the fee is paid successfully, the form will not be accepted. Thus, candidates must check the fee payment acknowledgement slip after making the payment.

Students can register for Level 2 of CFA exam after they have passed Level 1 of exam. Likewise, students need to pass Level 2 to apply for Level 3 exam. Hence, there is no way to apply for multiple CFA exam levels at the same time. There is a provision for rescheduling the exam after registering for it. 

It is important to know that students must meet CFA eligibility requirements for each level and pay exam registration fee

The CFA exam is conducted in various cities across the world. Some of the cities in India where the CFA exam is conducted are listed below:

Candidates who have already applied for the CFA exam have the option of deferring or delaying their CFA exam to the next exam window. Students who are unable to take the exam for any reason which cannot be avoided, can request for a deferral. But, the deferral will be approved by the CFA institute and only then it will be allowed. 

Students also need to pay a deferral fee of 250 US dollars if the deferral is approved. Once approved, candidates will also be required to submit the supporting documents, such as a medical certificate in case of an illness.

The CFA Institute will review the deferral request and assess the validity of the reasons given. If they find the request to be genuine then the candidate may be granted the deferral.

The CFA exam is conducted in the computer-based test mode across the world. Students will now have an exam window of around ten days and they can self schedule their CFA Level 1 exam date on the official website as per their preference. The exact length of the scheduling window will vary as per the number of CFA Level 1 Exam Centres.

Given below are the steps on how to schedule your exam and choose the centre:

1. Register for the exam
2. Schedule the exam appointment
3. View the test centre options along with available seating
4. Choose your preferred test centre location as per the planned CBT test centre locations
5. Once the location is confirmed keep checking daily for new appointments that could be added.

New appointments might take up to ten business days. Candidates must note that the seats are available on a first-come, first-serve basis.

• Go to CFA Institute website, cfainstitute.org
• Log in to candidate portal using username and password.
• Go to section for downloading admit card and click on admit card link
• Download admit card in PDF format and print it out.

Candidates should bring a coloured copy of CFA admit card to exam centre on the exam day. 

Students should contact CFA Institute, if there error in CFA admit card. To avoid issues on exam day, students should get errors rectified. Students have to submit supporting documents to get rectifications.

CFA admit card is a mandatory document which is to be carried to alloted CFA exam centre. Admit card will be ticket to enter the exam centre to take CFA exam. Students should paste a recent coloured passport-size photograph on the admit card on the space provided. 

Without the admit card, students will not be allowed to take the CFA exam. The admit card can be downloaded online from the candidate portal. 

To take up CFA program, students have to appear for CFA exam. They can do so by filling CFA application form. They also need to meet CFA exam eligibility criteria. Students have to pass all 3 levels of CFA exam to become CFA charterholder.

There is no fixed time limit on validity of CFA Registration. Students will get access to digital curriculum after their registration is complete. It is refundable within 14 days of payment. 
Students who want to appear for CFA exam, can register on website of CFA Institute by filling registration form. The students must note that there is no option for offline form filling.