CFA 2025-26: Nov Exam Dates, August Registration Date (Nov 11), Syllabus, Pass Rate, Results

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.

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. 

The CFA Level I exam comprises a total of 180 multiple-choice questions to be answered in two sessions of 135 minutes each. There are 90 MCQ questions for each session. The first session includes topics such as professional standards, financial reporting, and quantitative methods, while the second session includes questions about corporate finance, fixed income, derivatives, alternative investments, and portfolio management. This exam is given twice a year, once in June and once in December.

The registration fee for the CFA programme exam is USD 1140 for early registration and USD 1490 for standard registration. The one-time enrollment fee used to be USD 350, but now has been scrapped. 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.

Now, the CFA candidates residing in India can also pay the CFA fee through EMIs. CFA Institute has partnered with education loan provider Eduvanz to offer EMI (Equated Monthly Installment) option for candidates who are interested in registering for the CFA programme (interest rate to be applied). This EMI payment option can only be availed by applicants residing in India, using the “Pay by Invoice” option during the checkout process, and submitting the invoice along with the EMI payment method. The “Pay by invoice” option is available up to 40 days before the close of registration. However, availability of EMI payment is subject to approval and documentation requirements of Eduvanz.

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.

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.

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:

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. 

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. 

CFA hall ticket can be downloaded by following the steps mentioned below:

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

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

CFA admit card is a mandatory document which is to be carried to the alloted CFA exam centre. The admit card will be the ticket to enter the exam centre to take the 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. 

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.

Pursuing the Chartered Financial Analyst (CFA) designation is a significant step in the field of finance and investment. To pursue the CFA programme, candidates must hold a valid bachelor's degree (or equivalent) from an accredited institution. Alternatively, they can qualify through a combination of education and work experience.

Candidates then need to enroll in the CFA programme by filling the CFA registration form. The CFA programme consists of three levels: Level I, Level II, and Level III. Each level has a separate exam. Prepare for each level by studying the CFA Institute's curriculum. 

Aspirants need to pass all the three exam levels in sequential order to become a  CAF charterholder. The CFA exam levels are known for their rigor. The minimum passing score for each level is determined by the CFA Institute and can vary from year to year.

Students need to acquire at least four years of relevant work experience before they can be awarded the CFA charter. The work experience should be in areas like investment management, financial analysis, or portfolio management. 

The minimum duration to complete the CFA program depends on the candidate and their ability to progress through the CFA exam levels. They should meet the work experience required also.