CFA (Chartered Financial Analyst)

In addition to passing all three levels of the CFA exams, candidates must complete at least 4,000 hours of qualified professional work experience. This experience must be earned over a minimum of 36 months and involve evaluating or applying financial, economic, or statistical data. You do not need to complete this work experience before taking the exams.

The CFA exams are notoriously difficult, and the Level 1 exam typically has a pass rate hovering around 35% to 45%. The pass rates for Level 2 and Level 3 are generally slightly higher but still require hundreds of hours of dedicated study. Candidates often spend over 300 hours preparing for each individual level.

The CFA Level 1 exam is currently offered four times a year (February, May, August, and November). Level 2 is typically offered twice a year in the spring and late summer, while Level 3 is offered twice a year as well. This computer-based testing format allows candidates more flexibility than the old paper-based system.