CFA Program Candidate Resources

Learning Ecosystem

An online, adaptive study tool to help you prepare for your exam.

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Curriculum and Exam Topics

Explore core curriculum topics across the CFA Program Levels I, II & III.

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CFA Program Scholarships

Scholarships are available for qualified students. We also offer a Women’s Scholarship.

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CFA Program Candidate Membership

CFA Program Candidate Membership which is available to individuals studying (or who have studied) the CFA Program.

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About the CFA Exams

Passing the three exams marks true mastery of the curriculum and is the most important task required to earn the CFA® charter. On average, candidates report investing over 300 hours of study in advance of successfully passing each level.

	Level I	Level II	Level III
Level Requirement	Meet CFA Program enrolment requirements	Pass Level I CFA exam and meet CFA Program enrolment requirements	Pass Level II CFA exam and meet CFA Program enrolment requirements
Question Format	Multiple choice questions	Vignette-supported multiple choice questions	Vignette-supported essay and multiple choice questions. Choose one of three specialized pathways.
Exam Results Availability	Within 5-7 weeks of taking the exam and completion of your Practical Skills Module	Within 5-7 weeks of taking the exam and completion of your Practical Skills Module	Within 6-8 weeks of taking the exam and completion of your Practical Skills Module (beginning with Feb 2025 exam)
10 Year Average Pass Rate	41%	45%	52%
Details	View Quick Start Guide for Level I	View Quick Start Guide for Level II	View Quick Start Guide for Level III

Research Challenge

The CFA Institute Research Challenge is a global competition that provides university students with hands-on intensive training in financial analysis and professional ethics.

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