CFA exam is one of the most acclaimed certifications in the world. In the article below, Shiksha has presented all the details about the CFA exam 2025 including the cost of the exam, CFA curriculum and syllabus, the difficulty level of the CFA exam, etc.
CFA programme
Chartered Financial Analyst (CFA) is a globally recognized profession. The CFA certification is offered by the 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.
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There is a 90% more chance of getting best college recommendations by sharing preferences.The CFA exam is a global test which is administered by Prometric and the British Council. The CFA exam date 2025 for Level 1 February exam is scheduled to be conducted from February 17, 2025, to February 23, 2025. The Level 3 CFA 2025 exam will be held from February 13, 2025, to February 16, 2025. 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.
Q: How tough is the CFA exam? What are important preparation tips for the CFA exam?
Q: Can I self-study for the CFA exam?
Yes, of course you can self-study for the CFA exam. Many students prefer to choose this option for preparation because of the flexibility it offers. The CFA insitute provides an official curriculum for each level of the exam. It serves as a comprehensive guide and primary source of study material. You can follow the curriculum independently and study at your own pace.
Besides the CFA Institute curriculum, there are number of other resources available for the CFA study material. These may include guides, sample papers, video lectures, tutorials, etc. You can utilize these resources to supplement your self study efforts and reinforce your understanding of the important topics of the CFA syllabus.
Create an effective study plan that outlines your study schedule, goals and progress. This will help you stay organised and improve time management. You can also engage with online forums and communities and various social media groups dedicated to CFA preparation. These platforms provide the opportunity to connect with fellow candidates, seek clarification, share insights and access additional study resources.
While self-studying is a viable option, keep in mind that the CFA exams are rigorous and the material can be complex. Ensure that you allocate sufficient time, maintain discipline and monitor your progress regularly.
Q: What is the mode of CFA exam?
The CFA (Chartered Financial Analyst) exams are conducted in a computer-based testing (CBT) format. The transition from paper-based exams to computer-based exams was implemented by CFA Institute to provide a more efficient and secure testing experience for candidates.
Under the CBT format, candidates take the exams on a computer at designated testing centers. The exams are administered over multiple sessions, with each session focusing on specific topics. The CFA Level I exam consists of multiple-choice questions, while the Level II and Level III exams include item-set questions (also known as vignettes) and constructed response (essay) questions.
The CBT format offers several advantages, such as immediate exam results, standardized navigation tools, the ability to mark and review questions, and an enhanced exam security system. Additionally, candidates have the flexibility to choose their preferred exam date within the available testing window.
It's important to note that while the CFA exams are computer-based, they still maintain the same level of rigor and depth in assessing candidates' knowledge and skills in finance and investment management.
Latest: Major changes made in CFA program fee
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. 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 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
Q: Is 65 score enough for passing the CFA exam?
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.
Q: Which level of CFA is the hardest?
The Level 3 CFA Exam is considered by many CFA charterholders as the most challenging due to the amount of time and consideration required to successfully complete the constructed responses. Only about 56% of CFA candidates pass the exam, despite the fact that the Level 3 CFA Exam typically has the highest pass rates of any CFA Exam.
Q: What are the affordable CFA colleges in India?
It is estimated that joining CFA colleges in India can be affordable as most of the colleges have a total tuition fee of less than INR 1 lakh. Listed below are some of the colleges along with their total tuition fees:
| Low-cost Colleges | Total Tuition Fee |
|---|---|
| IMS ProSchool, Pune | INR 20,000 - INR 40,000 |
| IMS Proschool, Chennai | INR 20,000 - INR 40,000 |
| IMS Proschool, Navi Mumbai | INR 20,000 - INR 40,000 |
| IMS Proschool, Andheri West | INR 32,000 - INR 40,000 |
| IIKMFE Financial Education | INR 70,000 |
Q: What is the weightage of the CFA Level I exam?
The Level I exam covers a broad range of topics, and the weightings can vary slightly from one exam to another. The approximate weightings were as follows:
- 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%
Q: Which is the easiest pathway in CFA exam Level 3?
No pathway will be easier than the other. Each pathway is designed in a way that they are at par with each other. This does not mean that the CFA pass rate will be also be the same between each as many factors influence pass rate such as quality of the cohort, mix of the cohort, difficulty of the given set of questions in a given window, demographic factors, etc.
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
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:
| 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 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:
| Specifications |
Fee in USD |
Fee in INR |
|---|---|---|
| Early registration fee |
USD 940 |
77,193.83 |
| Standard registration fee |
USD 1,250 |
1,02,651.38 |
| One-time enrollment fee |
USD 350 |
28,574 |
| Rescheduling fee |
USD 250 |
20,410 |
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:
Changes in CFA Pricing (Effective From 2026)
Check out the table below to know the new CFA pricing:
| Levels | CFA program fee 2025 | CFA program fee 2026 |
|---|---|---|
| CFA One-Time Enrollment Fee | USD 350 | USD 0 |
| CFA Level 1 Early Bird Registration Fee | USD 990 | USD 1,140 |
| CFA Level 1 Registration Fee (Standard) | USD 1,290 | USD 1,490 |
| CFA Level 2 Early Bird Registration Fee | USD 990 | USD 1,140 |
| CFA Level 2 Registration Fee (Standard) | USD 1,290 | USD 1,490 |
| CFA Level 3 Early Bird Registration Fee | USD 1,090 | USD 1,240 |
| CFA Level 3 Registration Fee (Standard) | USD 1,390 | USD 1,590 |
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.
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With over 7 years of editorial experience, Saumya has been a writer at Shiksha for over four years. With a bachelor's degree in English literature from Delhi University, she loves to write. A true Delhiite and her l... Read Full Bio
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Student Forum
Anything you would want to ask experts?Answered 2 months ago
Here are some practical tips to help you perform your best on the CFA exam.
- Financial Statement Analysis: Questions on this topic are based on International Financial Reporting Standards (IFRS) unless otherwise noted. If a question references U.S. GAAP, this will be explicitly stated.
- No penalty for g
A
Contributor-Level 10
Answered 2 months ago
Follow the steps mentioned below to learn how to fill out the CFA application form
- Visit the official website of the CFA institute
- Click on the application link or copy https://login.cfainstitute.org/LoginApplication.
- Create a login account with the candidate’s email ID.
- The candidate will be asked to e
A
Contributor-Level 10
Answered 2 months ago
CFA Charter Holders have the distinct advantage of applying their skills in several professional roles. They can work in areas like wealth management, hedge funds, fixed income, insurance and equity research.
A
Contributor-Level 10
Can you share some tips to prepare for CFA exam?