CFA Exam Guide 2026

The Chartered Financial Analyst (CFA) designation is the most respected credential in investment management. This guide covers everything you need to know to plan and pass the CFA program.

What Is the CFA Exam?

The CFA Program tests investment analysis, portfolio management, and professional ethics across three progressive levels. Passing all three levels, plus completing the required work experience, earns you the CFA designation.

Administered by: CFA Institute (not affiliated with Sophos Academy)

Exam Format by Level

CFA Level 1

  • Format: 180 multiple-choice questions (two 2-hour 15-minute sessions)
  • Topics: 10 topic areas including Ethics, Quantitative Methods, Financial Statement Analysis, Equity, Fixed Income, and Portfolio Management
  • Offered: February, May, August, November
  • Recommended study time: 300+ hours

CFA Level 2

  • Format: 88 multiple-choice questions in item-set format (two sessions)
  • Topics: Same 10 areas with heavier emphasis on valuation and application
  • Offered: February, August
  • Recommended study time: 300+ hours

CFA Level 3

  • Format: Essay (constructed response) + item sets
  • Topics: Portfolio management, asset allocation, private wealth, institutional investors
  • Offered: February, August
  • Recommended study time: 300+ hours

Registration and Fees

  • Enrollment fee: $350 (one-time)
  • Exam registration: $700–$1,000 per level depending on how early you register
  • Early registration saves ~$300 — register as soon as you commit to a date

Topic Weights (Level 1)

TopicWeight
Ethics and Professional Standards15–20%
Quantitative Methods6–9%
Economics6–9%
Financial Statement Analysis11–14%
Corporate Issuers6–9%
Equity Investments11–14%
Fixed Income11–14%
Derivatives5–8%
Alternative Investments7–10%
Portfolio Management8–12%

How to Start Preparing

  1. Choose your exam date and register with CFA Institute
  2. Select a prep course — see our Best CFA Prep Courses comparison
  3. Build a study schedule — see our 6-Month CFA Study Plan
  4. Take our free diagnostic practice questions to establish a baseline

Not affiliated with CFA Institute. CFA® is a registered trademark of CFA Institute.