CFA® Program Level I Guides
Beyond Level I: Levels II and III and the path to the charter
By PreparaioEditorial team & sourcesUpdated
Level I is the first of three exams. Next come the result and the Practical Skills Module, then Level II, then Level III with a choice of pathway, and finally the work experience and membership steps for the charter.
This guide is independent educational content. Preparaio is not affiliated with, endorsed by, or reviewed by CFA Institute. Formats, fees and rules change; check CFA Institute's pages before planning your next window.
Contents
First: the result and the PSM
CFA Institute's pages give slightly different time frames, so expect results usually about five to nine weeks after your window; August 2026 Level I results came on 24 September 2026. Results are only released once a Practical Skills Module is completed (for 2027: Financial Modeling or Python Programming Fundamentals). The report shows pass or did not pass and stays online for about a year.
How to describe your progress
CFA Institute's guidance lists wording such as "Passed Level I of the CFA® Program" or "CFA Program candidate". Using the mark with a level number as a status label, or as a noun or plural, is not permitted.
Level II at a glance
Vignette-based multiple choice in item sets around a short case, offered in May, August and November, in two sessions of 132 minutes (about 4.5 hours in total).
- Fee for the 2026–2027 windows: USD 1,140 early, USD 1,490 standard.
- Undergraduates must be within 11 months of graduation.
Level III at a glance
Item sets plus constructed-response (essay) questions, offered in February and August, also in two sessions of 132 minutes.
- Fee for the 2026–2027 windows: USD 1,240 early, USD 1,590 standard.
- Candidates admitted as undergraduates need a completed degree or 4,000 hours of work experience.
- CFA Institute puts total exam fees for all three levels at USD 3,520–4,570.
The three Level III pathways
You choose Portfolio Management, Private Markets or Private Wealth. About 65–70% of the exam is common core and 30–35% pathway content. The choice is fixed after registration; the charter is the same for every pathway.
What the charter requires
Passing Level III alone does not make you a CFA® charterholder. You also need:
- All three levels passed and the Practical Skills Modules completed.
- 4,000 hours of qualifying work experience over at least 36 months, before, during or after the program, related to the investment decision process.
- CFA Institute membership with two professional references if one is an active society member, otherwise three.
Eligibility hours are not charter hours
The 4,000 hours that can qualify you for Level I may mix work and study, and the work need not be investment-related. Charter hours must come from work related to the investment decision process. Keep a record of roles, dates and tasks from the start.
If you did not pass
Published Level I pass rates were between 39% and 45% per window from November 2025 to August 2026, so retakes are common. Use the topic results to set priorities and plan around the attempt rules: at most two per calendar year, not in consecutive windows and not in windows less than six months apart, at most six per level.
Frequently asked questions
How soon can I take Level II?
Level II runs in May, August and November; check the registration deadlines for your window early. With more than 300 study hours reported per level, several months between levels is realistic.
Do I need work experience before Level II?
Not for the charter: it can be gained before, during or after the program.
Can I switch my Level III pathway later?
No, not after registration. The charter is the same for all three pathways.
Am I a charterholder once I pass Level III?
Not yet. You also need the qualifying experience, CFA Institute membership and the references.
Sources & currency
- Exam version
- CFA® Program Level I, curriculum 2027 (from February 2027) (valid from )
- Editorial check
- Source check by the Preparaio editorial team ()
- Author
- Preparaio RedaktionEditorial team, fact-checking against official primary sources
- Reviewed by
- Source-checked by PreparaioSource comparison with the exam providers' own pages
- Fact-check status
- Checked against official primary sources ()
- Content version
- 2026-10-28
How we check: Every exam-relevant fact is compared with the exam providers' official pages (g.a.s.t./TestDaF-Institut, BAMF, ETS, IELTS Partners, telc). The check is editorial, supported by AI and automated test gates; it is not a review by certified examiners.
The hard exam facts in this article were verified against the official primary sources linked below on the date shown. This is not a review by an examination body and does not replace information from your test centre. Fees, dates and local procedures are set by the test centres themselves.
Official primary sources
- Charter requirements — CFA Institute · cfainstitute.org · official primary source · checked on
- Practical skills modules — CFA Institute · cfainstitute.org · official primary source · checked on
- Enrollment requirements — CFA Institute · cfainstitute.org · official primary source · checked on
- Exam results — CFA Institute · cfainstitute.org · official primary source · checked on
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