If you want to sit for the the Chartered Financial Analyst (CFA) exam, you first need to register for the exam with the CFA Institute. Online registration is the only way to register for the CFA exam, as the CFA Institute doesn’t accept applications by mail.
The CFA exam registration process can be quick and easy, but only if you’ve prepared ahead of time. Follow this step-by-step guide to understand how to register for the CFA exam and get it scheduled.
Contents
- 1 Step 1: Check Your CFA Exam Eligibility
- 2 Step 2: Online Registration for the CFA Exam
- 3 Step 3: Schedule and Pay for Your CFA Exam
- 4 Your CFA Exam Registration is Complete: What’s Next?
- 5 How Long Does It Take To Review My CFA Membership Application?
- 6 Bottom Line
Step 1: Check Your CFA Exam Eligibility
To enroll in the CFA program and register for the CFA Level 1 exam, you must have an international travel passport and meet one of the following education or work experience requirements:
Satisfy the CFA Education Requirements
The CFA institute actually outlines two ways that you can meet the CFA education requirements. The most straightforward path is by completing a bachelor’s degree from a college or university.
The CFA Institute website has a list of accredited universities and an online search tool that allows you to check if your school is on the list. If you’re unsure whether your degree meets the CFA requirements, reach out to your college or university and ask.
You can also meet the CFA education requirements as an undergrad if you’re a “Final Year Student”. Undergrad students can apply AND sit for the Level 1 exam as long as the exam date is within 11 months of the month you’re scheduled to graduate.
The “Final Year Student” rule only applies to the Level 1 exam: You’ll need to complete your degree program before moving on to CFA Level 2.
Satisfy the CFA Work Experience Requirements
Your work experience can be an alternative to the academic requirement for entry. The CFA Institute requires a minimum of 4,000 hours of relevant work experience.
You can also apply for alternating work experience and education accrued over 36 months. Just check and make sure the dates of your professional work experience don’t overlap with the dates for schooling.
The CFA Institute will ask you to describe your job responsibilities. Relevant work experience lies in economics, statistics, finance, and accounting. Your responsibilities may involve teaching or applying economic, statistical, and financial data. Supervising these roles can also suffice.
Step 2: Online Registration for the CFA Exam
Visit the CFA Institute website and apply to take the CFA exam. For first-timers, you’ll need to create an account before proceeding with the process. Creating an account is simple, requiring you to enter your email address and some minor information about yourself. Remember to use your official names (names on your academic or identification documents) when creating an account.
Next, complete each of the following steps to complete your CFA exam registration:
- After creating the account, select the “My Enrollment” tab on the top left-hand side of your screen. You will see your current exam status. You’ll know the exam cycles available, for instance, February or November, and the prices.
- If you have deferred an exam, you might pay an extra fee. The adjusted price is also displayed.
- You’ll then select your country and mailing address. When entering your passport information, ensure that the name you used to register your account matches that on your passport. Your passport must be valid on the examination day, so you must check the expiration date.
- Read the privacy notice and candidate agreement and accept the terms and conditions. Once you’ve accepted the terms and conditions, you’ll see a summary of your registration status – indicating the chosen exam cycle and the prices. First-time registrants will also pay a one-time enrollment fee.
- The next page is about the CFA exam application fee payment. Once the payment is received, you can continue with scheduling your exam. The CFA Institute accepts payment by credit card, Ali Pay, or invoice. Paying by invoice may delay your exam registration process since you’ll only be allowed to continue when the payment is received.
Step 3: Schedule and Pay for Your CFA Exam
After your CFA registration is complete, you can finally schedule your exam. This step allows you to book the exam dates based on your selected cycle and location. You’ll see the available testing centers and times for your specific level.
For best results, you can search for your country and city. This gives you exam centers within a 200-mile radius. Select your preferred exam center and time, then complete registration and receive an email with details.
CFA Registration Fees
CFA fees range from $900 – $1,200 per exam section, depending on how early you register:
- Early Registration (6-9 months before the exam) – $900
- Standard Registration (4-6 months before the exam) – $1,200
Your CFA Exam Registration is Complete: What’s Next?
Pass All 3 Levels of CFA Exam
After successful enrollment with the CFA Institute and exam registration, you then need to pass all 3 sections of the CFA exam. As you take the CFA exam, keep in mind that every level has two sessions. An optional 30-minute break is provided between the sessions.
The CFA exams levels are:
- Level 1
- Level 2
- Level 3
CFA Exam Level 1 Overview
People usually regard Level 1 as the most manageable level of all the CFA exam levels due to the introductory level of the exam content. Most topics may revolve around economics, and each question is allocated a maximum of 1.5 minutes. Your answering speed will determine how far you can go.
CFA Level 1 Exam Dates
The CFA Level 1 exam is administered four times each year – February, May, August, and November. Considering the 6-month rule, you can only sit for the Level 1 exam twice within a single year.
CFA Exam Level 2 Overview
Level 2 has half as many questions as those coming in Level 1. However, the questions in Level 2 require much more in-depth answers. The topics are broad, and you must study a lot of material before sitting for the exam.
CFA Level 2 Exam Dates
CFA Level 2 is administered three times each year. Until 2022, the exam was scheduled for February, August, and November. However, starting in 2023 the Level 2 exam will be available in May, August, and November of each year.
CFA Exam Level 3 Overview
The biggest challenge for this level is answering the essay-format questions presented in the first session. You can research materials on how to answer essay-format questions before taking on this exam. The second session will not be a challenge because the format of the questions resembles the ones you took in Level 2.
The average time to complete all three levels of the CFA is four years. However, if you’re committed enough it’s possible to do it in under two years.
Find the Right CFA Study Materials
To pass the CFA exam you need to study smarter, not harder. Even if you have a strong foundation in financial analysis, using study materials dedicated to helping you pass the CFA exam is pretty much a requirement.
Thankfully there are lots of great resources to choose from, some of which are completely free.
Obtain Your CFA Charter
Once you complete all the examination levels, you’re finally eligible to obtain your CFA charter. However, earning the right to use the CFA charter can be challenging. It involves several more requirements which everyone must fulfill.
- The Ethics Pledge
- Work experience requirements
- References
The Ethics Pledge
Every charter holder must take the CFA Code of Ethics & Standards of Professional Conduct seriously. This may seem like a quick step to get over the registration process, but it is crucial.
You’ll need to read through the ethics pledge and accept the terms and conditions during the registration process. Don’t just accept without reading through because it has many crucial points you cannot overlook. It shows that the CFA Institute upholds high levels of ethics and professionalism.
Work Experience Requirements
Depending on how you registered for the CFA Level 1 exam, you may have already completed this requirement.
To become a CFA charter holder, you’ll need to complete at least 4,000 hours of relevant work experience. You must earn the experience over a minimum period of 36 months. Relevant work experience includes fields in accounting, economics, and investment (the list is not exhaustive).
References
The CFA Institute also requires you to obtain references that support your work experience and professional conduct. Depending on who you obtain them from, you’ll need two or three professional references for this step.
- Two references, as long as one or both of them are registered with the local CFA society you plan to register with
- Three references, if none of them are registered with the local CFA society you plan to register with
It’s good to select professional references who understand your professional conduct and how you can influence the decision-making process. These should be people you’ve partnered or worked in a professional capacity.
However, you can also select other people, provided they can give comments about your professionalism. You could apply for the CFA membership early if your work experience was approved before passing your CFA exams.
How Long Does It Take To Review My CFA Membership Application?
Reviewing your application for CFA membership can take ten business days or less when applying to be a regular member. Remember that the local society you’re applying to must also review your application. The review can therefore take up to one month.
The CFA Institute will send you a confirmation email with details of the local society so you can track when the review is complete.
After you’ve earned your CFA charter, you need continued membership with the CFA Institute. The membership is renewable annually with a fee of $275. If you fail to renew the membership, you lose the right to use your charter.
The CFA Institute allows members to reactivate their membership anytime if it has expired. It also doesn’t mandate members to renew their membership with their local society. You can let membership with the local association expire but still maintain your charter.
Bottom Line
The biggest hurdle is meeting the CFA Institute’s requirements. Once you meet them, the CFA exam registration process is simple. You’ll need to study thoroughly to pass the exams.
