CFA Exam 2026 Level 1, 2, 3 - Dates (Out), Registration (Open), Syllabus, Preparation Tips
About CFA Exam 2026
CFA Exam 2026: The Chartered Financial Analyst Institute has opened the CFA Level 1 May 2026 registration till February 12, 2026. Similarly, CFA Level 2 May 2026 registration window is open till Feb 12, 2026, while CFA Level 3 August 2026 registration window is open till May 6, 2026. Candidates can register for all the three CFA levels online from the official website - cfainstitute.org. CFA Level 1 May 2026 exams are scheduled to be held from May 12 to 18, 2026, while CFA Level 3 exams will be conducted from August 13 to 17, 2026. The CFA Level 2 May 2026 exams will be held from May 19 to 23, 2026.
The CFA level 1 registrations and CFA level II registration are open all throughout the year. The CFA institute conducts CFA exams throughout the year in different windows for all the three levels. The CFA exams are held in online mode. The institute announces the CFA exam dates on its official website - CFA level 1 exams are conducted three times a year in May, August, November. CFA level 2 exams are conducted three times a year in May, August, and November. CFA level 3 exams are conducted twice year in the months of February and August.
Around 40,000 candidates appear in CFA from India every year according to the institute. Registrations for CFA course remain open throughout the year, however, candidates are required to schedule their test only after completing the required hours of study.
What is CFA?
The Chartered Financial Analyst (CFA) program is offered by the CFA Institute for students and working professionals interested in the investment management profession. The CFA programme is divided into three levels - CFA Level 1, CFA Level 2 and CFA Level 3. CFA Institute conducts separate exams for the three levels in different time windows, multiple times a year. The exams are conducted in online mode at designated exam centres. Aspiring candidates who meet the eligibility requirements must complete CFA online registration and schedule their exams before the deadline to appear for a particular level. The CFA exam results are typically announced five to seven weeks after the exam.
CFA Exam - Course Overview
Each level of CFA has certain subjects that candidates need to study. Each level of the CFA program focuses on investment tools, wealth planning, portfolio management and asset valuation. Usually, students are recommended to give at least 300 hours to each level of the CFA program. Candidates who complete the CFA course and meet the 4,000 hours of work experience requirement can join the institute as a regular member. On completion, the charter holders get the right to use the CFA designation and are accepted by the CFA Institute.
CFA Charterholders can apply to work in senior and executive positions in the areas of investment management, asset and risk management, and banking sectors.
CFA Exams 2026 - Highlights
| Particulars | CFA Level 1 | CFA Level 2 | CFA Level 3 |
|---|---|---|---|
| Frequency of exams | Three times a year | Three times in a year | Twice a year |
| Eligibility | Meet the CFA eligibility requirements | Pass Level I CFA exam | Pass Level II CFA exam |
| Question types | MCQs only | Vignette-supported MCQs | Descriptive-type essay questions and MCQs |
| Availability of result | 60 days after exam | 60 days after exam | 90 days after exam |
| 10-year average pass percentage | 41% | 45% | 52% |
How to become a CFA Charter holder
Becoming a CFA Charterholder can be a defining moment for a finance professional given the value and importance of CFA. Here is a detailed look into the steps to become a CFA charter holder.
- Pass CFA Exams: CFA is a three part exam with three levels - CFA Level 1, Level 2 and Level 3. It is a mandatory requirement to pass all three CFA exams along with the applicable practical skills modules.
- Get the Qualified Work Experience: CFA program requires candidates to complete 4,000 hours of work experience to become a charter holder. Candidates can complete the specified work experience before, during or after the participating in CFA program. Work experience of aspirants should be directly related to the investment decision-making process or creating a work product that adds value to the process.
- Submit Reference Letters: Professionals looking to get CFA membership will also have to submit 2-3 professional references along with their work experience. The professional references will be asked to comment on the work experience and professional character of the applicants.
- Apply for CFA Charter Holder: After completing all the above three steps, professionals can apply to become a CFA charter holder. The application of candidates will be reviewed and once approved, candidates will have earned their CFA charter holder.
CFA Course Fees
The CFA course fees includes various components such as enrolment fee, registration fee, rescheduling fee and The total cost of CFA course is around 3.80 lakhs. This does not include study material costs. Candidates can also purchase study materials provided by the institute. The CFA Intitute provides an exam prep pack for CFA level 1 which costs USD 299. The CFA Institute also partners with exam prep providers to provide training learning resources to students.
CFA Fees 2026
| Fee Component | CFA level 1 | CFA level 2 | CFA level 3 |
|---|---|---|---|
| Enrolment fee | USD 350 | Nil | Nil |
| Early registration fee | USD 1140 | USD 1140 | USD 1240 |
| Standard registration fee | USD 1490 | USD 1490 | USD 1590 |
| Exam scheduling fee | Nil | Nil | Nil |
| Exam rescheduling fee | USD 250 | USD 250 | USD 250 |
CFA Historical Pass Percentage Statistics
| CFA Year | Total candidates | Pass % | Total | CFA level 1 | CFA level 2 | CFA level 3 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Pass | Fail | Pass % | Total | Pass | Fail | Pass % | Total | Pass | Fail | Pass % | ||||
| 1963 | 284 | 94% | - | - | - | 0% | - | - | - | 0% | 284 | 268 | 16 | 94% | |
| 1964 | 1,732 | 84% | 1,241 | 986 | 255 | 79% | 302 | 283 | 19 | 94% | 189 | 179 | 10 | 95% | |
| 1965 | 1,993 | 83% | 767 | 649 | 118 | 85% | 865 | 678 | 187 | 78% | 361 | 329 | 32 | 91% | |
| 1966 | 2,010 | 75% | 621 | 481 | 140 | 77% | 708 | 469 | 239 | 66% | 681 | 563 | 118 | 83% | |
| 1967 | 1,693 | 83% | 594 | 423 | 171 | 71% | 556 | 496 | 60 | 89% | 543 | 491 | 52 | 90% | |
| 1968 | 1,579 | 73% | 592 | 412 | 180 | 70% | 447 | 334 | 113 | 75% | 540 | 414 | 126 | 77% | |
| 1969 | 1,316 | 74% | 556 | 409 | 147 | 74% | 413 | 322 | 91 | 78% | 347 | 237 | 110 | 68% | |
| 1970 | 1,409 | 67% | 644 | 424 | 220 | 66% | 372 | 285 | 87 | 77% | 393 | 238 | 155 | 61% | |
| 1971 | 1,458 | 69% | 755 | 464 | 291 | 61% | 341 | 253 | 88 | 74% | 362 | 288 | 74 | 80% | |
| 1972 | 1,486 | 70% | 731 | 466 | 265 | 64% | 461 | 354 | 107 | 77% | 294 | 214 | 80 | 73% | |
| 1973 | 1,630 | 60% | 721 | 432 | 289 | 60% | 565 | 324 | 241 | 57% | 344 | 222 | 122 | 65% | |
| 1974 | 1,797 | 74% | 862 | 604 | 258 | 70% | 511 | 377 | 134 | 74% | 424 | 355 | 69 | 84% | |
| 1975 | 1,841 | 75% | 808 | 568 | 240 | 70% | 563 | 421 | 142 | 75% | 470 | 393 | 77 | 84% | |
| 1976 | 1,706 | 76% | 634 | 457 | 177 | 72% | 641 | 477 | 164 | 74% | 431 | 363 | 68 | 84% | |
| 1977 | 1,993 | 74% | 667 | 421 | 246 | 63% | 632 | 510 | 122 | 81% | 694 | 540 | 154 | 78% | |
| 1978 | 2,008 | 73% | 925 | 596 | 329 | 64% | 444 | 379 | 65 | 85% | 639 | 481 | 158 | 75% | |
| 1979 | 1,876 | 76% | 824 | 522 | 302 | 63% | 550 | 460 | 90 | 84% | 502 | 441 | 61 | 88% | |
| 1980 | 1,985 | 73% | 949 | 602 | 347 | 63% | 528 | 407 | 121 | 77% | 508 | 437 | 71 | 86% | |
| 1981 | 2,253 | 71% | 1,107 | 677 | 430 | 61% | 684 | 580 | 104 | 85% | 462 | 340 | 122 | 74% | |
| 1982 | 2,886 | 64% | 1,532 | 903 | 629 | 59% | 714 | 489 | 225 | 68% | 640 | 469 | 171 | 73% | |
| 1983 | 3,243 | 65% | 1,655 | 1,082 | 573 | 65% | 978 | 637 | 341 | 65% | 610 | 392 | 218 | 64% | |
| 1984 | 4,030 | 63% | 2,075 | 1,199 | 876 | 58% | 1,147 | 701 | 446 | 61% | 808 | 658 | 150 | 81% | |
| 1985 | 4,285 | 67% | 2,186 | 1,317 | 869 | 60% | 1,309 | 965 | 344 | 74% | 790 | 579 | 211 | 73% | |
| 1986 | 4,837 | 65% | 2,366 | 1,405 | 961 | 59% | 1,379 | 884 | 495 | 64% | 1,092 | 845 | 247 | 77% | |
| 1987 | 5,702 | 62% | 3,095 | 1,782 | 1,313 | 58% | 1,555 | 995 | 560 | 64% | 1,052 | 755 | 297 | 72% | |
| 1988 | 7,091 | 59% | 3,927 | 2,174 | 1,753 | 55% | 1,946 | 1,163 | 783 | 60% | 1,218 | 864 | 354 | 71% | |
| 1989 | 8,064 | 62% | 4,149 | 2,237 | 1,912 | 54% | 2,484 | 1,590 | 894 | 64% | 1,431 | 1,133 | 298 | 79% | |
| 1990 | 8,760 | 64% | 4,415 | 2,658 | 1,757 | 60% | 2,522 | 1,594 | 928 | 63% | 1,823 | 1,360 | 463 | 75% | |
| 1991 | 9,868 | 62% | 4,950 | 3,087 | 1,863 | 62% | 3,002 | 1,618 | 1,384 | 54% | 1,916 | 1,436 | 480 | 75% | |
| 1992 | 10,518 | 65% | 5,002 | 2,928 | 2,074 | 59% | 3,503 | 2,258 | 1,245 | 64% | 2,013 | 1,658 | 355 | 82% | |
| 1993 | 12,809 | 59% | 6,588 | 3,616 | 2,972 | 55% | 3,679 | 2,061 | 1,618 | 56% | 2,542 | 1,936 | 606 | 76% | |
| 1994 | 15,413 | 52% | 8,445 | 4,087 | 4,358 | 48% | 4,418 | 2,109 | 2,309 | 48% | 2,550 | 1,859 | 691 | 73% | |
| 1995 | 19,517 | 52% | 11,341 | 5,750 | 5,591 | 51% | 5,518 | 2,535 | 2,983 | 46% | 2,658 | 1,860 | 798 | 70% | |
| 1996 | 24,600 | 58% | 14,381 | 7,627 | 6,754 | 53% | 7,098 | 4,596 | 2,502 | 65% | 3,121 | 1,999 | 1,122 | 64% | |
| 1997 | 30,642 | 55% | 16,833 | 8,847 | 7,986 | 53% | 8,493 | 5,011 | 3,482 | 59% | 5,316 | 3,119 | 2,197 | 59% | |
| 1998 | 38,689 | 60% | 21,744 | 12,855 | 8,889 | 59% | 10,295 | 6,433 | 3,862 | 62% | 6,650 | 3,895 | 2,755 | 59% | |
| 1999 | 45,143 | 60% | 23,199 | 14,757 | 8,442 | 64% | 13,496 | 7,329 | 6,167 | 54% | 8,448 | 5,015 | 3,433 | 59% | |
| 2000 | 53,345 | 55% | 27,625 | 14,314 | 13,311 | 52% | 16,036 | 8,636 | 7,400 | 54% | 9,684 | 6,274 | 3,410 | 65% | |
| 2001 | 65,707 | 54% | 36,317 | 17,726 | 18,591 | 49% | 17,897 | 8,322 | 9,575 | 46% | 11,493 | 9,410 | 2,083 | 82% | |
| 2002 | 76,231 | 47% | 43,882 | 19,106 | 24,776 | 44% | 22,163 | 10,418 | 11,745 | 47% | 10,186 | 5,924 | 4,262 | 58% | |
| 2003A | 67,279 | 49% | 32,027 | 13,478 | 18,549 | 42% | 22,232 | 10,432 | 11,800 | 47% | 13,020 | 8,816 | 4,204 | 68% | |
| 2003B | 20,657 | 40% | 20,657 | 8,214 | 12,443 | 40% | - | ||||||||
| 2004A | 61,559 | 40% | 24,211 | 8,262 | 15,949 | 34% | 23,896 | 7,649 | 16,247 | 32% | 13,452 | 8,669 | 4,783 | 64% | |
| 2004B | 19,566 | 36% | 19,566 | 7,128 | 12,438 | 36% | - | ||||||||
| 2005A | 58,908 | 48% | 22,915 | 8,138 | 14,777 | 36% | 24,891 | 13,938 | 10,953 | 56% | 11,102 | 6,083 | 5,019 | 55% | |
| 2005B | 21,127 | 34% | 21,127 | 7,276 | 13,851 | 34% | - | ||||||||
| 2006A | 63,249 | 52% | 26,467 | 10,602 | 15,865 | 40% | 20,499 | 9,751 | 10,748 | 48% | 16,283 | 12,314 | 3,969 | 76% | |
| 2006B | 28,082 | 39% | 28,082 | 10,905 | 17,177 | 39% | - | ||||||||
| 2007A | 71,897 | 42% | 33,599 | 13,294 | 20,305 | 40% | 25,521 | 10,156 | 15,365 | 40% | 12,777 | 6,399 | 6,378 | 50% | |
| 2007B | 37,573 | 39% | 37,573 | 14,831 | 22,742 | 39% | - | ||||||||
| 2008A | 92,081 | 42% | 44,063 | 15,311 | 28,752 | 35% | 33,449 | 15,243 | 18,206 | 46% | 14,569 | 7,720 | 6,849 | 53% | |
| 2008B | 49,797 | 35% | 49,797 | 17,612 | 32,185 | 35% | - | ||||||||
| 2009A | 104,116 | 45% | 45,682 | 21,034 | 24,648 | 46% | 38,998 | 15,892 | 23,106 | 41% | 19,436 | 9,597 | 9,839 | 49% | |
| 2009B | 44,209 | 34% | 44,209 | 14,884 | 29,325 | 34% | - | ||||||||
| 2010A | 111,731 | 42% | 46,863 | 19,656 | 27,207 | 42% | 43,406 | 16,995 | 26,411 | 39% | 21,462 | 9,881 | 11,581 | 46% | |
| 2010B | 46,785 | 36% | 46,785 | 17,009 | 29,776 | 36% | - | ||||||||
| 2011A | 115,027 | 43% | 48,068 | 18,881 | 29,187 | 39% | 44,175 | 19,009 | 25,166 | 43% | 22,784 | 11,567 | 11,217 | 51% | |
| 2011B | 49,380 | 38% | 49,380 | 18,736 | 30,644 | 38% | - | ||||||||
| 2012A | 119,446 | 43% | 49,445 | 18,968 | 30,477 | 38% | 45,247 | 19,194 | 26,053 | 42% | 24,754 | 12,870 | 11,884 | 52% | |
| 2012B | 48,981 | 37% | 48,981 | 18,106 | 30,875 | 37% | - | ||||||||
| 2013A | 118,142 | 42% | 47,502 | 18,078 | 29,424 | 38% | 44,874 | 19,311 | 25,563 | 43% | 25,766 | 12,607 | 13,159 | 49% | |
| 2013B | 45,693 | 43% | 45,693 | 19,469 | 26,224 | 43% | - | ||||||||
| 2014A | 118,683 | 46% | 47,005 | 19,592 | 27,413 | 42% | 44,796 | 20,644 | 24,152 | 46% | 26,882 | 14,535 | 12,347 | 54% | |
| 2014B | 47,175 | 44% | 47,175 | 20,589 | 26,586 | 44% | - | ||||||||
| 2015A | 125,443 | 46% | 51,134 | 21,303 | 29,831 | 42% | 46,841 | 21,509 | 25,332 | 46% | 27,468 | 14,664 | 12,804 | 53% | |
| 2015B | 52,315 | 43% | 52,315 | 22,274 | 30,041 | 43% | - | ||||||||
| 2016A | 137,791 | 46% | 58,677 | 25,093 | 33,584 | 43% | 50,230 | 23,321 | 26,909 | 46% | 28,884 | 15,606 | 13,278 | 54% | |
| 2016B | 59,627 | 43% | 59,627 | 25,807 | 33,820 | 43% | - | ||||||||
| 2017A | 151,853 | 47% | 63,283 | 27,158 | 36,125 | 43% | 56,939 | 26,919 | 30,020 | 47% | 31,631 | 17,173 | 14,458 | 54% | |
| 2017B | 68,086 | 43% | 68,086 | 29,583 | 38,503 | 43% | - | ||||||||
| 2018A | 179,241 | 46% | 79,507 | 34,547 | 44,960 | 43% | 64,216 | 28,872 | 35,344 | 45% | 35,518 | 19,920 | 15,598 | 56% | |
| 2018B | 77,245 | 45% | 77,245 | 34,651 | 42,594 | 45% | - | ||||||||
| 2019A | 196,768 | 45% | 83,656 | 34,585 | 49,071 | 41% | 74,735 | 32,954 | 41,781 | 44% | 38,377 | 21,380 | 16,997 | 56% | |
| 2019B | 73,688 | 42% | 73,688 | 30,628 | 43,060 | 42% | - | ||||||||
| 2020B | 55,678 | 52% | 26,212 | 12,806 | 13,406 | 49% | 18,136 | 10,025 | 8,111 | 55% | 11,330 | 6,290 | 5,040 | 56% | |
| 2021 February | 28,683 | 44% | 28,683 | 12,510 | 16,173 | 44% | - | ||||||||
| 2021 May | 80,674 | 36% | 26,005 | 6,506 | 19,499 | 25% | 33,066 | 13,300 | 19,766 | 40% | 21,603 | 9,088 | 12,515 | 42% | |
| 2021 July | 28,849 | 22% | 28,849 | 6,468 | 22,381 | 22% | - | ||||||||
| 2021 August | 29,360 | 29% | 16,026 | 4,211 | 11,815 | 26% | 10,565 | 3,064 | 7,501 | 29% | 2,769 | 1,169 | 1,600 | 42% | |
| 2021 November | 62,403 | 37% | 28,170 | 7,607 | 20,563 | 27% | 18,047 | 8,290 | 9,757 | 46% | 16,186 | 6,989 | 9,197 | 43% | |
| 2022 February | 30,691 | 39% | 18,992 | 6,801 | 12,191 | 36% | 11,699 | 5,132 | 6,567 | 44% | - | ||||
| 2022 May | 31,787 | 42% | 19,403 | 7,315 | 12,088 | 38% | - | 12,384 | 6,047 | 6,337 | 49% | ||||
| 2022 August | 45,087 | 41% | 19,103 | 7,032 | 12,071 | 37% | 15,608 | 6,317 | 9,291 | 40% | 10,376 | 5,032 | 5,344 | 48% | |
| 2022 November | 37,250 | 38% | 24,937 | 8,932 | 16,005 | 36% | 12,313 | 5,382 | 6,931 | 44% | - | ||||
| 2023 February | 31,817 | 43% | 16,959 | 6,441 | 10,518 | 38% | - | 14,858 | 7,102 | 7,756 | 48% | ||||
| 2023 May | 39,247 | 44% | 23,352 | 9,042 | 14,310 | 39% | 15,895 | 8,291 | 7,604 | 52% | - | ||||
| 2023 August | 48,398 | 42% | 23,289 | 8,713 | 14,576 | 37% | 9,074 | 3,999 | 5,075 | 44% | 16,035 | 7,585 | 8,450 | 47% | |
| 2023 November | 43,538 | 38% | 28,953 | 10,104 | 18,849 | 35% | 14,585 | 6,377 | 8,208 | 44% | - | ||||
| 2024 February | 30,551 | 46% | 16,932 | 7,415 | 9,517 | 44% | - | 13,619 | 6,734 | 6,885 | 49% | ||||
| May 2024 | 35420 | 51% | 21116 | 9666 | 11450 | 46% | 14304 | 8386 | 5918 | 59% | |||||
| 1963-2024 | 3,790,642 | 45% | 2,199,660 | 906,635 | 1,293,025 | 41% | 1,003,148 | 459,719 | 543,429 | 46% | 587,834 | 324,070 | 263,764 | 55% | |
CFA Exam 2026 Highlights
| Full Exam Name | Chartered Financial Analyst Exam |
| Short Exam Name | CFA Exam |
| Conducting Body | CFA Institute |
| Exam Level | National Level Exam |
CFA Exam Important Dates
CFA Exam Level 1 (session 2026)
CFA Exam Level 2 (session 2026)
CFA Exam Level 3 (session 2026)
Frequently Asked Questions (FAQs)
The full form of CFA is Chartered Financial Analyst. It is a three part programme that tests the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning.
A Chartered Financial Analyst (CFA®) charter is a designation offered to those candidates who have successfully completed the CFA® Program and also completed the work experience requirements.
The average pass rates in CFA for all the three levels combined is 45%. The pass rate for CFA level 1 is 41% while CFA level 2 pass rate is 46%. The CFA level 3 pass rate is 55%.
The CFA level 1 and 2 results are are released 60 days after the exam. Whereas, CFA level 3 results are declared 90 days after conducting the examination.
The CFA level 1 exams are conducted four times a year in February, May, August, and November.
CFA level 2 exams are conducted thrice a year in May, August, and November.
CFA level 3 exams are conducted twice a year in February and August.
Questions related to CFA Exam
On Question asked by student community
Well I think you forgot to mention the important part. Which is whats the goal. Exposure is a wide Answer. All are professional qualifications which give you professional experience. And the same ICWAI that you pursued also gave you professional exposure. But if my guess is that you want to
Hi,
Try preparing smartly and efficiently.
- Be very disciplined with your study schedule. The output is more when you give 2 hours daily for 7 days then 14 hours on only weekends (generally).
- Study with the sense of doing questions and clearing exams. It will help you to clear L1
Hello Sumit,
CFA exam centres are only in 7 cities in India and Pune is not one of them, however, Mumbai has centre for this exam.
In Mumbai, the exam centre is Thakur college in Kandivali east.
Sometimes when the candidates are too many, the other centres may be Nesco