CFA Exam Policies, Requirements and Eligibility Before You Start
CFA Institute’s policies and procedures are designed to protect the integrity of the CFA Program and ensure a fair testing process for all candidates. During registration, all candidates must confirm that they have read, understood and agreed to comply with the current program policies.
This is also an important starting point for new candidates. Beyond exam dates and fees, you need to understand the requirements related to education, work experience, passport, exam language and limitations under the sanctions compliance policy.
Policy matters
Eligibility and compliance are required foundations before you officially begin the CFA journey.
Program Integrity
Why should candidates carefully review CFA exam policies?
CFA Institute states that the program’s policies and procedures are intended to protect the integrity of the CFA Program and ensure fairness for all candidates. These policies are updated periodically, and agreeing to comply with them is a required part of the registration process.
What new candidates should understand first
Before preparing for Level I, you should determine whether you meet the entry requirements, especially the criteria related to degree status, time remaining before graduation, or the number of qualifying professional work experience hours.
Risks of inaccurate information
CFA Institute may request evidence to verify education and/or work experience eligibility. If a candidate cannot provide appropriate documentation, the current registration may be cancelled, exam results may be withheld or voided, and the case may be referred for review under the professional conduct process.
CFA exam registration requirements and eligibility pathways
To become a CFA candidate, you need to enroll in the CFA Program and register for the Level I exam. Under current guidance, candidates must meet one of the three eligibility pathways below.
Pathway 1Hold a bachelor’s degree
Candidates have completed a bachelor’s degree or equivalent program and have been awarded a degree by an appropriate college or university.
Pathway 2Be an undergraduate student
Candidates may register if their Level I exam date is within 23 months or less before their graduation month. To sit for Level II, candidates must be within 11 months after graduation; to sit for Level III, candidates must have completed a bachelor’s degree or accumulated 4,000 hours of professional work experience.
Pathway 3Have completed professional work experience
Candidates may qualify with a combination of 4,000 hours of work experience and/or higher education, accumulated over a minimum of 36 months by the Level I registration date. Education time and work experience time cannot overlap.
When combining education and work experience to meet the 4,000-hour / 36-month requirement, CFA Institute guidance allows higher education to be counted at 1,000 hours per year of education. Professional Work Experience
What does professional work experience mean?
CFA Institute describes professional work experience as work that requires specialized knowledge, education or advanced skills; it must also involve the application of professional-level judgment and important business skills.
Leadership and teamwork The ability to collaborate, lead and work effectively in a professional environment. Business communication Communicating information clearly in a professional business context. Critical thinking Analyzing, solving problems and making evidence-based assessments. Professional judgment Making decisions based on professional responsibility and accuracy. Analytical skills Processing facts, identifying issues and drawing reasonable conclusions. Adaptability Working flexibly in a changing and demanding environment.Important notes about work experience
- Qualifying work experience does not have to be directly related to investment.
- Paid internships or apprenticeships may be accepted.
- Experience in a self-owned or family-owned business counts only if it is professional work and the candidate is paid.
- If you do not yet hold a bachelor’s degree, you should honestly assess whether your experience has enough volume and depth to pursue the CFA Program.
Other mandatory requirements when registering for CFA
In addition to education or work experience eligibility, CFA Institute currently requires candidates to meet several other mandatory conditions related to identification documents, exam language and sanctions compliance.
Hold a valid international travel passport
CFA Institute requires candidates to have a valid international travel passport for both enrollment and exam registration. The name on the candidate’s account and registration information must also match the passport according to the program’s identification policy.
Be prepared to take the exam in English
All CFA Program exams are administered in English. CFA Institute states that candidates must have sufficient English proficiency to understand the content and take the exam.
Reside in a country or region not restricted by sanctions policy
Under the current sanctions compliance policy, CFA Institute cannot provide services in certain restricted countries or regions. The policy updated on 7 November 2025 states that CFA Institute cannot work with individuals residing in Cuba, North Korea, Crimea, Sevastopol, Donetsk or Luhansk; and from 11 November 2025, due to vendor restrictions, it can no longer accept payments from candidates residing in Iran and Syria. CFA Institute is also not currently providing products or services to residents of Russia.
In addition, CFA Institute cannot work with individuals or personnel of organizations included on sanctions lists of the United States, United Kingdom, European Union or United Nations.
Sanctions-related information may change over time, so candidates should verify this section directly against the official policy before registration. Policy Hub
CFA exam policies and testing procedures
CFA Institute maintains an official policy hub that consolidates policies related to the CFA Program and the organization’s activities. Candidates should also review the guidance on registration, scheduling and rescheduling exam appointments.
Official resources to review
Related policies candidates should know
- Scheduling an exam appointment is the second step after successful registration and payment.
- Prometric test center seats are available on a first-come, first-served basis.
- Rescheduling within the same exam window costs USD 250 and cannot be used to move to a different exam window.
- Candidates must complete scheduling before the deadline; without a confirmed date and time, the appointment is not considered successfully scheduled.
Start your CFA journey with the right eligibility and preparation roadmap
If you are preparing to enroll in the CFA Program and need to review your eligibility, policies or suitable exam pathway, Clever Academy can support you from initial orientation to a level-by-level preparation plan.