CFA Exam

First time CFA programme applicants pay an initial one-time enrollment fee plus an exam registration fee for level 1. Returning candidates pay only the exam registration fee. All fees are in U.S. dollars. Enrollment and registration fees are nontransferable and nonrefundable.
The answer to your question is that there is no age limit, no limit on the number of attempts and no deadline to complete CFA. The only basic requirements are the applicant should be in the final year of graduation to appear for CFA level 1, have an international credit card, and a valid passport. Also, he needs to complete graduation to appear for CFA level 2 and CFA level 3. Even if you clear CFA level 1 and decide to complete level 2 and level 3 later on in 5-6 years or more, your CFA level 1 result will be valid for lifetime.

There are no exemptions but it is well-known that the CFA programme is a little difficult to pass. But with your basic concepts already in place through an MBA in Finance, it becomes a little easier to wade through the CFA curriculum. Firstly, MBA Finance more or less prepares you for CFA Level 1 very well, plus the time management skills that MBA students have, is immensely beneficial for tackling CFA exams. So we can say that doing a MBA Finance before a CFA makes your chances of passing the programme in lesser attempts. Also, after an MBA you GET considerable work experience through the placement, which is also a requirement for obtaining the CFA designation.

CFA is a designator course which you can pursue in the final year of your graduation. You will need to fulfil the following requirements for pursuing CFA. An international travel passport
Undergraduate education: A Bachelor's (or equivalent) degree or be in the final year of your Bachelor's degree programme (you must have completed your Bachelor's degree programme in order to register for the Level II exam), Work experience: Four years of professional work experience (does not have to be investment related), or A combination of professional work experience and education that totals at least four years (part-time positions do not qualify, and the four-year total must be accrued prior to enrollment).

Hi Khyati,
Doing a second LL. M. along with CFA is indeed a brave choice. The degree awarded by the CFA institute US is one of the most the toughest attainable degrees with only 38% o f the students who appear managing to clear level 1, 39% managing to clear level 2 and 46% managing to clear level 3. Also do you have 4 years relevant work experience? Because it is a mandatory requirement that CFA is Awarded on successful completion of 4 years of qualified work experience so please look into that first. Moreover, though the choice is brave its really difficult to accomplish two major courses so please read up everything before you take a decision.