Is passing CFA Level I enough? What it gives you and what only the charter does
Many people sit Level I with no plan to go further. Others start it intending to finish and find the road long. Either way the question arises: is passing Level I worth it on its own? This guide sets out what Level I gives you, what it does not, and how to decide your next step.
What passing Level I is
Level I is the first of three exams. It tests knowledge and comprehension across the whole curriculum, with 180 multiple-choice questions on ten topics. Passing it shows you have covered that ground and can answer under time pressure. The Level I pass rate has averaged about 41%, so it is not a trivial hurdle. See the pass rates.
What it does not give you
Passing Level I does not make you a charterholder, and does not allow you to use the letters after your name. The charter also requires passing Levels II and III, at least 4,000 hours of qualifying work experience over a minimum of 36 months, and membership of CFA Institute. See what the CFA charter is. Employers who require the charter will still look for it.
What you can say about it
CFA Institute sets rules on the wording. After passing Level I, write "Passed Level I of the CFA Program". If you are registered for an upcoming exam or awaiting results, you can also write "CFA Program candidate". You must not imply you have earned any part of the charter, or will by a future date, so "CFA (expected 2028)" is not allowed. See how to put the CFA on your CV.
Where Level I alone can help
- Early in a career, as evidence of commitment to investment topics when you have little experience.
- Moving into finance from another field, as a way to show you have learned the vocabulary and methods.
- Studying for it as learning, since the curriculum covers ethics, quantitative methods, economics, financial statement analysis, corporate finance, equities, fixed income, derivatives, alternatives and portfolio management in one sequence.
- Deciding whether to continue. It is the cheapest way to find out whether you like the material and can sustain the study load.
How much weight an employer gives a passed Level I varies by role and market, so look at job descriptions in the field you want to enter.
What continuing costs
Levels II and III each mean another registration fee, about 300 more hours, and the work experience. The exam fees for all three levels come to USD 3,520 if you always register early and USD 4,570 at the Standard price. See how much the CFA costs and how long it takes.
How to decide
- Check the jobs you want. Do the descriptions ask for the charter, prefer it, or ignore it?
- Ask whether your employer will pay. Support changes the arithmetic.
- Count the hours realistically, for two more levels.
- Consider the alternatives, such as a master's degree or more experience.
- Notice whether you enjoyed it. Candidates who like the subject tend to continue.
You do not have to decide on the day you pass. Level II has windows three times a year, and the next one will come. See the exam dates, and for a way to weigh the decision, is the CFA worth it.
Common questions
Is CFA Level I enough on its own?
It has value as a first step and as evidence of your commitment, but it is not the charter. Only passing all three levels and meeting the work experience and membership requirements earns it.
Can I put CFA Level I on my CV?
Yes, as "Passed Level I of the CFA Program", or "CFA Program candidate" if you are registered for an upcoming exam or awaiting results. Do not put CFA after your name.
Do employers value Level I?
It varies by role and market. Look at job descriptions in your field to see whether they mention it.
Do I have to take Level II straight after Level I?
No. Level II is offered three times a year, so you can choose the window that suits you, subject to the entry and timing rules.
Sources
- CFA Institute, The CFA Program: the three levels, the charter requirements and the guidance on describing your progress.
- CFA Institute, candidate exam results, summarised on our pass rates page.
Requirements, fees and rules change. Check the CFA Institute website.