How long does it take to get the CFA charter? The exams, the 36 months and the arithmetic
Two clocks run at once on the way to the CFA charter: the exams and the work experience. Candidates often plan only for the first. The slower of the two decides how long you wait for the letters, and for many people it is the second. This guide works through both, with the arithmetic shown.
Clock one: the exams
CFA Institute suggests around 300 hours of study per level, so about 900 hours for three. How long that takes depends on the hours you can protect each week:
| Hours a week | Weeks for 900 hours | Roughly |
|---|---|---|
| 10 | 90 | 21 months |
| 15 | 60 | 14 months |
| 20 | 45 | 10 months |
These are minimums, since they assume you pass each level first time and start the next level immediately. The windows also shape the timeline. Level I is offered four times a year, Level II three times and Level III twice. See the exam dates. Allow time between each result and the next registration deadline, and for the study each level needs.
Retakes add at least half a year
If you do not pass a level, you cannot sit in consecutive testing windows or in windows less than six months apart, and you are allowed at most six attempts per level. A single failed attempt therefore adds at least half a year to the timeline. See the retake policy.
Clock two: 4,000 hours over at least 36 months
The charter also requires at least 4,000 hours of qualifying work experience, completed over a minimum of 36 months. The hours must be directly related to the investment decision-making process, or to producing a work product that informs or adds value to it. Full-time, part-time and remote work all count, and you can earn the hours before, during or after the exams.
The 36 months is a minimum span, so you cannot compress 4,000 hours into a shorter period. If you start with no qualifying experience, the work requirement alone takes at least three years, whatever your pace through the exams. See how to become a CFA charterholder.
How the two fit together
- Already working in investments. You may have much of the experience already, so the exams are the slower clock.
- A student or career changer. The experience is the slower clock. Pass the exams while you build the hours, and you can finish both around the same time.
- Working in a related but not directly qualifying role. Read the experience rules carefully before assuming your hours count, and keep records of your employers, dates and duties.
The membership step
Once you have met the exam and experience requirements, you apply for membership, describing your job responsibilities for review. Membership and annual dues, currently USD 299 a year, start at that point.
What slows people down
- Underestimating the hours, or starting too late for the window you chose.
- Retakes, each of which costs at least six months.
- Gaps between levels, such as missing a registration deadline.
- Experience that does not qualify, discovered late.
To avoid the first, work back from your exam date. See how many hours to study.
Common questions
How long does it take to become a CFA charterholder?
At least 36 months, because the work experience requirement takes a minimum of three years. If you have no qualifying experience yet, that requirement sets the pace.
How fast can I pass all three CFA exams?
About 900 hours of study at CFA Institute's suggested 300 per level is roughly 14 months at 15 hours a week, if you pass every level first time and the windows line up.
Can I do the work experience while taking the exams?
Yes. It can be earned before, during or after the exams.
How long do I wait after failing a level?
You cannot sit in consecutive windows or in windows less than six months apart.
Sources
- CFA Institute, The CFA Program: the exam windows, study guidance, attempt limits and charter requirements.
- CFA Institute, Become a charterholder: the work experience and membership requirements.
The arithmetic in the table is ours. Requirements and windows change, so check the CFA Institute website.