Most candidates complete the CFA Program in around two to four years. If you pass every exam first time and sit the earliest available exam windows, it's possible to complete all three levels in as little as 18 to 24 months. For most people, though, balancing study alongside a full-time job means taking a little longer.
How quickly you complete the CFA Program depends on several factors, including how much time you can dedicate to studying, when you choose to sit each exam, and whether you pass each level first time.
CFA Program timeline at a glance
| Typical completion time | 2 to 4 years |
| Fastest possible timeline | 18 to 24 months |
| Number of exam levels | 3 |
| Recommended study time | Around 300 hours per level |
| Best suited to | Finance and investment professionals |
What affects how long it takes to complete the CFA Program?
Although it's possible to complete the CFA qualification in under two years, most candidates take between two and four years. That's because success depends on much more than simply booking the next available exam.
You'll need to commit to regular study
CFA Institute recommends around 300 hours of study for each level. For many working professionals, that equates to around six months of consistent study before each exam. The exact amount of time you'll need depends on your previous knowledge, your study routine, and how quickly you learn new concepts.
Most candidates study alongside a full-time job
The CFA qualification is designed for professionals already working in finance and investment. Juggling work, family life, and other commitments often means spreading your studies over a longer period.
You might choose to take your time
Not everyone wants to move straight from one exam to the next. Some candidates deliberately leave extra time between levels to reinforce their knowledge, build confidence, or fit studying around busy periods at work.
Practical Skills Modules are part of the journey
Alongside the exams, you'll also need to complete the required Practical Skills Module (PSM) for each level. While these don't usually add months to your timeline, they're an important part of your overall study plan.
What is the CFA Program?
The CFA Program is a globally recognised professional qualification for investment and finance professionals. It develops advanced knowledge in areas such as investment analysis, portfolio management, ethics, economics, financial reporting, and quantitative methods.
To become a CFA charterholder, you'll need to:
Each level builds on the last, progressing from core investment principles to applying complex concepts in real-world investment scenarios.
What is the minimum realistic timeline?
If everything goes to plan, you can complete all three exam levels in around 18 to 24 months.
A typical accelerated route looks like this:
- Register for and pass Level I at the earliest available exam window.
- Progress to Level II at the next available opportunity.
- Sit Level III at the first available exam window after passing Level II.
- Complete the required Practical Skills Module for each level before your results are released.
- Meet the professional work experience requirements if you haven't already done so.
This timeline assumes you pass every exam first time and maintain a consistent study schedule throughout.
How often can you sit each CFA exam?
Your overall timeline is also influenced by how often each exam is available.
Planning your studies around these exam windows can help you maintain momentum. Missing a sitting, postponing an exam, or needing to retake a level can all extend the time it takes to complete the qualification.
Suggested study plan by level
Although everyone's schedule is different, the recommended study time is broadly the same across all three levels.
| CFA level | Recommended study time | Typical exam windows |
|---|
| Level I | Around 300 hours | Four per year |
| Level II | Around 300 hours | Three per year |
| Level III | Around 300 hours | Two per year |
Many candidates spread these hours across around six months, giving themselves enough time to learn the content, practise exam questions, and revise thoroughly before exam day.
What can speed up or slow down your CFA journey?
You may complete the CFA Program more quickly if you:
- Pass each exam first time.
- Start studying well before your exam.
- Follow a structured study plan.
- Study consistently every week.
- Register early and secure your preferred exam window.
- Use expert tuition and high-quality study materials.
Your journey may take longer if you:
- Need to retake an exam.
- Have demanding work or family commitments.
- Delay registering for an exam.
- Take planned breaks between levels.
- Struggle to maintain a consistent study routine.
Remember, completing the CFA qualification as quickly as possible isn't the goal. Choosing a realistic study schedule that fits your life is far more likely to lead to success.
Register early to stay on track
Once you've decided to start the CFA Program, it's worth registering as early as possible.
Early registration gives you more time to prepare, helps you secure your preferred exam window, and allows you to build a realistic study plan from day one.
If you're studying alongside a full-time job, giving yourself plenty of preparation time can make the workload much more manageable and help reduce the pressure as exam day approaches.
Ready to start your CFA journey?
Whether you're aiming to complete the CFA Program as quickly as possible or looking for a study schedule that fits around your career, Kaplan can help you achieve your goals.
Our expert tutors, flexible study options, realistic learning plans, and comprehensive study materials are designed to help you prepare confidently for every level of the CFA Program. From Level I through to Level III, you'll have the support you need to stay motivated and exam ready.
Explore our CFA courses to find the learning option that's right for you and take the next step towards becoming a CFA charterholder.
FAQs
Can you complete the CFA Program in two years?
Yes. If you pass every exam first time and sit the earliest available exam windows, it's possible to complete all three levels in around 18 to 24 months.
How many hours should I study for each CFA exam?
CFA Institute recommends around 300 hours of study for each level. The exact amount you'll need depends on your previous experience, your study habits, and how much time you can dedicate each week.
Can I work full time while studying for the CFA Program?
Yes. Most CFA candidates study while working full time. A realistic study plan and a consistent weekly routine can help you balance your studies with your career.
Is there a time limit to complete the CFA Program?
There is no overall time limit for passing all three levels of the CFA Program. You can progress at a pace that works for your career, your personal commitments, and your learning style.