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CFA Institute Certifications exams

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Exams
2
Questions
236

Question sets

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Certification paths

How the certifications fit together

CFA Charter Path

Complete all three levels in sequence to pursue the Chartered Financial Analyst designation.

  • CFA Program Level ICFA-L1180 multiple-choice questions across two 135-minute sessions.
  • CFA Program Level IICFA-LEVEL-222 vignette item sets with 88 multiple-choice questions, two 132-minute sessions.
  • CFA Program Level IIICFA-LEVEL-311 item sets and 11 essay sets, two 132-minute sessions, with one of three specialized pathways.

What changed

The timeline

  1. 1947-06-11

    CFA Program origins established: Analyst societies formed a national federation, and the CFA Program leadership model later became a formal CFA credential path.

  2. 1963

    First CFA Program exam: The inaugural CFA® Program exam was taken by 284 candidates across 25 locations.

  3. 1969

    First Standards of Professional Conduct issued: CFA Program standards were introduced, anchoring ethics as a core exam and profession requirement.

  4. 2004

    Institute became CFA Institute: Organization name changed to CFA Institute to reflect global mission.

  5. 2021-2026

    Program modernization and expansion: Shift to computer-based testing; Sustainable Investing Certificate relaunched/recognized and reached strong first-cycle adoption.

  6. 2023

    Major CFA Program enhancements: CFA Institute announced six enhancements, the largest change set since program launch, and added three specialist pathway options at Level III.

  7. 2025-02

    Level III practical requirements expanded: A Practical Skills Module is required at each level, with Level III PSM reporting requirement applying from February 2025.

  8. 2026

    Current exam operations and maintenance cadence: Level I offered each quarter, Level II three times, Level III twice per year; Level I/II/III curriculum errata are published and updated monthly with 2026 year notices.

  9. May 5, 2026

    Ethics updated across all CFA Program levels

  10. May 5, 2026

    Level I equities curriculum updated

  11. May 26, 2026

    Level I Quant Methods prerequisite reading retired

  12. May 26, 2026

    Level I topic families renamed

  13. May 26, 2026

    Level II corporate topic renamed to Corporate Finance

  14. May 26, 2026

    Python PSMs enhanced at Levels I and II

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View CFA-LEVEL-2