Quick summary:
In 2026, there are five primary CFA entry requirements:
1) Meet the education and/or work experience requirement in one of the following ways: have a bachelor’s degree, or be a university student within 23 months of graduation, or have 4,000 hours of professional work experience, or have a combination of 4,000 hours of professional work experience and higher education.
2) A valid international passport, 3) English proficiency, 4) Meeting professional conduct standards, and 5) residing in a participating country.
Notably, university sophomores are now eligible for Level 1 under the updated 23-month rule.
There are currently more than 200,000 individuals CFA charterholders globally, and this number is only expected to increase. The first step of becoming a CFA charterholder is to register for CFA Level 1.
This brings up a handful of important questions:
- What are the current CFA entry requirements?
- Are there any CFA eligibility criteria or prerequisites that needs to be satisfied in order sit for a CFA exam?
- What are the requirements to become a CFA charterholder? And what potential benefits can those who earn a CFA charter expect to enjoy in the future?
If you’re considering the CFA Program, check the list below to ensure you meet the CFA Level 1 requirements prior to registration.
The 5 entry requirements required for the CFA Program
Before registering for CFA Level 1, there are 5 enrollment requirements to meet.
Note that these CFA entry requirements are self-reporting. CFA Institute cannot check these individually prior to registration due to sheer volume of candidates.
That said, CFA Institute may request for proof of education and/or work experience randomly, anytime. If you fail to provide sufficient evidence to show you met the CFA entrance requirements, this may result in:
- cancellation of a current exam registration,
- withholding of exam results,
- voiding of past exam results, and
- may lead to investigation and disciplinary action by the famously strict CFA Institute Professional Conduct Program.
Here’s a summary of 5 prerequisite CFA entry requirements:
What are the CFA education or work experience requirements?
Candidates need to meet one of the following CFA education or work experience requirements:
| Profile | How to meet CFA education or work requirements | Condition |
|---|---|---|
| Graduates | Bachelor’s degree | Degree must be completed before CFA Level 2 registration. |
| Students | Undergrad enrollment | Can register for CFA Level 1 if exam window is less than or equal to 23 months from graduation. Degree must be completed before CFA Level 2 registration. |
| Working professionals | At least 4,000 hours of paid professional work experience | Work experience must be accumulated over a minimum of 3 consecutive years. Professional work experience does not need to be investment-related but must be paid. Paid internships are also acceptable. |
| Combination | At least a combination of 4,000 hours of paid professional work experience and higher education | Work experience and higher education must be accumulated over a minimum of 3 consecutive years, with no overlapping periods. Assume that higher education takes 1,000 hours per year. |
What is the CFA Program International Passport policy?
CFA Institute requires every candidate to have a valid international travel passport in order to be able to sit for the exams.
Does the CFA exam require English language proficiency?
Yes, as CFA exams are only administered in English, candidates should be comfortable taking the exams in the English language.
What is the CFA Professional Conduct admission criteria?
Candidates can meet the Professional Conduct admission criteria by signing the Professional Conduct statement.
Which countries are eligible for the CFA Program?
Candidates should live in a participating country where CFA Institute conducts its business. See this list for countries CFA Institute does NOT operate in.
Currently this sanctioned country list includes Cuba, North Korea, or the Crimea, Sevastopol, Donetsk or Luhansk regions of Ukraine, Russia, Iran and Syria where CFA Institute is unable to administer exams in.
Creating an account with CFA Institute
Upon meeting the CFA enrollment requirements detailed above, the next step is to create an account with CFA Institute so you can register for CFA Level 1.
This is a straightforward process and necessary for sitting the exams, CFA scholarship applications and accessing all the candidate resources.
To sign up, all you need is basic user details (such as name and email address) before getting approved.
Then, you can just click on the “CFA Program” tile to register and pay the exam registration fees.
CFA enrollment and registration fees
The CFA exam fees varies by deadline and whether it is your first CFA exam.
For a first-time CFA Level 1 candidate, the exam fees include:
- A registration fee of between $1,140 and $1,590 depending upon how early the candidate registers.
- A fee of $250 in the event that the exam needs to be rescheduled.
Self scheduling a CFA exam
Due to the shift to computer-based exams, one recent change to the CFA exam entry requirements now requires all candidates to schedule their own test dates.
The good news is that this process is straightforward and no further fees are involved. Dates and times can be selected based upon region and availability. Note that three or four examination windows are normally available each year.
As this is a first-come, first-serve process, it is much better to book an exam date sooner than later. Exam slot availability may also vary depending on location.
It is also relatively simple to reschedule a CFA examination if an unexpected situation arises. However, a $250 rescheduling fee would be applied (reduced to $25 if it is pandemic-related).
Start preparing for your CFA exam sooner rather than later
The various CFA Level 1 prerequisites are probably due to the challenging nature of the CFA exams.
The recent CFA Level 1 pass rates are 43%, finally returning to the pre-COVID long term average of 41%. It therefore pays to determine your eligibility well in advance and ensure that you are prepared to pass CFA Level 1 well in advance of taking your exam.
Furthermore, note that individuals living in certain countries are prohibited from obtaining access to the CFA examination. Examples include Syria, North Korea and Cuba. Those who are in doubt should always check this list or contact CFA Institute to learn more.
Why choose to pursue a CFA charter?
Qualifying for CFA Level 1 is just the first step of the journey to earning the prestigious Chartered Financial Analyst title. However, all the study time and effort is likely to pay off in the longer term.
The advantages of obtaining a CFA charter are vast, but the main benefit is that you can cost-effectively equip yourself with a graduate level finance knowledge with global recognition, which opens up broader finance career opportunities.
Furthermore, our data-driven research has shown that CFA charterholders earn more, even after removing the work experience effect.
I hope you found the CFA Level 1 entry requirements summary above useful. Drop me a comment below if you have further questions!
Meanwhile, you may find these related articles of interest:
- Free 300Hours CFA Study Planner
- CFA Level 1 Tips: Top 10 Advice from Previous Candidates
- CFA Level 1: How to Prepare and Pass CFA in 18 Months
- CFA Level 1 Topics: What Is The Best Study Order?
- How Much Does CFA Exam Cost? A Useful Estimate
- How to Become A CFA Charterholder
- CFA Salary: How Much Does A CFA Charter Increase Your Pay By?
Hi all,
L1 enrollment requirements are bachelor’s OR 4,000 hours of professional work experience.
L2, I notice the enrollment requirements drop the “OR work experience” section and only has a Bachelor / Bachelor within 11 months.
Link – https://www.cfainstitute.org/discover/cfa-exam-august-early-bird-registration#level-ii-cfa-exam-key-facts
For context I do NOT have a bachelor, but I DO have a diploma in Finance (2 years), and I have well over the 4,000 hours of professional experience which should qualify.
Will I need to get my bachelors before signing up for L2? Or will the 4,000 work hours allow me to continue without a Bachelors?
Any feedback helps!
Hi Vcco, I’ll answer this here as well as per the other thread.
Fundamentally having a CFA charter requires a Bachelor’s degree. L1’s requirements allows candidates in first year of university to enroll as they could meet the ‘within 23 months of graduation’ criteria. If you look at L3’s requirements, you will need to have passed Level 2 and have a Bachelor’s degree by then.
So to sign up for Level 2, you will need to be within 11 months of achieving a Bachelor’s degree. Work experience alone wouldn’t work for L2 registration. Hope this helps!
cfa is which country certificate?
Hi Firnaz, CFA is a global program and recognised internationally.