CFA Program
CFA Institute’s three-level qualification for investment analysis and portfolio management.
Source: CFA Institute — CFA ProgramView source(opens in a new tab)Verified: 2026-09-25Updated:
- Type
- Professional Qualification
- Official body
- CFA Institute
- Typical duration
- 3–4 years
- Stages
- 3
- Maths
- High
- Study commitment
- CFA Institute recommends 300 hours of study per level
Overview
The CFA Program is awarded by CFA Institute and has three levels. CFA Institute states the program takes three to four years to complete all three levels, with a recommended study time of 300 hours per level.
Enrolment does not require a finance degree. A completed bachelor’s degree, qualifying final-stage undergraduate status, or 4,000 hours of professional work experience accrued over at least 36 months all open the door; the work experience does not need to be investment-related.
Passing the exams is not the same as holding the charter. CFA Institute requires 4,000 hours of relevant work experience completed in no fewer than 36 months, professional references and membership before the charter is awarded.
Eligibility
Completed bachelor’s degree or equivalent
- A valid international travel passport is required to enrol and to register for an exam
- All CFA Program exams are administered in English
Source: CFA Institute — CFA Program enrollment requirementsView source(opens in a new tab)Verified: 2026-09-25Updated:
Undergraduate in the final stage of a degree
- CFA Institute sets a level-specific window between the exam date and the month of graduation — check the enrollment requirements page
- A valid international travel passport is required
Source: CFA Institute — CFA Program enrollment requirementsView source(opens in a new tab)Verified: 2026-09-25Updated:
Work-experience route — 4,000 hours over at least three years
- 4,000 hours of professional work experience, or a combination of work experience and higher education totalling 4,000 hours, accrued over a minimum of 36 consecutive months
- The work experience does not need to be investment-related
- A valid international travel passport is required
Source: CFA Institute — CFA Program enrollment requirementsView source(opens in a new tab)Verified: 2026-09-25Updated:
Exam structure & syllabus
Current structure2026-01-01 – present
Level I1 paper
CFA Institute recommends 300 hours of study per level.
Level I exam
Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.
Level II1 paper
CFA Institute recommends 300 hours of study per level.
Level II exam
Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.
Level III1 paper
CFA Institute recommends 300 hours of study per level.
Level III exam
Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.
Source: CFA Institute — CFA ProgramView source(opens in a new tab)Verified: 2026-09-25Updated:
Skills & career outcomes
Skills this path uses
- Equity and fixed income analysis
- Financial statement analysis
- Quantitative methods and statistics
- Portfolio management
- Ethics and professional standards
Where it leads
- Equity research
- Portfolio management
- Investment advisory
- Credit and fixed income analysis
Connected paths: Chartered Accountant (CA), Financial Risk Manager (FRM)
Official resources
- CFA Institute — CFA ProgramOfficial websiteVerified 2026-09-25Open(opens in a new tab)
- CFA Institute — enrollment requirementsOfficial eligibilityVerified 2026-09-25Open(opens in a new tab)
- CFA Institute — how to become a charterholderOfficial websiteVerified 2026-09-25Open(opens in a new tab)
Frequently asked questions
Do I need a degree to enrol?
Not necessarily. CFA Institute lists three routes: a completed bachelor’s degree or equivalent, qualifying undergraduate student status within the stated window, or 4,000 hours of professional work experience accrued over at least 36 months — or a combination of work experience and higher education totalling 4,000 hours.
Is a passport required?
Yes. CFA Institute requires a valid international travel passport both to enrol and to register for an exam, and all exams are administered in English.
Does passing all three levels make me a charterholder?
No. In addition to passing the three exams, CFA Institute requires 4,000 hours of relevant work experience completed in no fewer than 36 months, two to three professional references, and regular membership of CFA Institute.