Who can take Level I of the CFA® Program — and how often

You need to meet one of three conditions. The route only decides whether you may register for a window; the exam is the same. For undergraduates the rule tightens later: Level II requires being within 11 months of graduation, Level III a completed degree or 4,000 hours of work experience.

Each year of higher education counts as 1,000 hours, and work and study periods may not overlap. The work does not have to be investment-related, and paid internships count.

CFA Institute may ask for proof of education or experience. If you cannot provide it, it may cancel your registration, withhold or void results and open a conduct investigation, so keep your documents ready.

You need a valid international travel passport. On exam day it must be original, unexpired and machine-readable, and your names must match your account exactly; only small variations such as accents, ü as ue, hyphens or reversed order are tolerated. For Germany a few alternatives exist, such as the Vorläufiger Reisepass. Other exceptions must be requested at least 30 days before the exam.

You may sit each level at most six times across all accounts, and a partially completed exam counts. Per calendar year you get at most two attempts, not in consecutive windows and not in windows less than six months apart. The official pages word the six-month rule slightly differently, so check the exact dates before booking a retake.

Level I runs four times a year, usually in February, May, August and November, but a retake cannot be in the next window. From February 2027 there is no paid deferral: if you do not sit, your fees are forfeited and you register again. Choose a window you can genuinely prepare for.