Charter timeline: when could you finish the CFA® Program, and how old will you be?

How is the result calculated?

The calculator works in months, because the exam windows are named by month. The three levels come in order, and the next level opens only after a pass at the one before. (UWorld Finance, CFA fees 2027 (secondary source)) Each exam goes into the first window of its level that is far enough after the exam before:

$T$ is the study hours of the next level, $H$ your study hours a week and $P$ the months off you plan before it; a month counts as 52/12 weeks. $G = 6$ months is the least gap between two exams. It is our own planning rule, derived from two published facts: Level I results come within five to nine weeks after the exam window closes (check the official website), and registration closes months before a window – for the August 2027 Level I window, standard registration ends on 29 April 2027 (check the official website). With windows three months apart, the next level is at least two windows away. For a retake the rule is a gap of at least six months between two attempts at the same level (check the official website), so it goes into the first window of that level at least 6 months later.

The 2027 windows in our register set the months: Level I in February, May, August and November, Level II in May, August and November, Level III in February and August. Later years are assumed to follow the same months; the calculator marks them as expected and shows no days for them.

The Level III result comes about six to eight weeks after the exam (check the official website); the calculator counts 2 months. The work experience runs on its own clock from the month your qualifying work starts: 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website).

$s$ is the start month, $h_w$ your hours a week in that work, $R$ the month of the Level III result and $C$ the earliest month to apply for the charter. Weeks of leave count as worked weeks here, so a real year takes a little longer. With a year of birth, the age shown is the one you reach in the year of $C$.

The study hours per level are Soleadea’s estimates – at least 300 for Level I, 350 to 400 for Level II and 340 to 350 for Level III; the calculator uses 375 and 345, the middle of each range. (Soleadea, study hours (secondary source)) They are planning figures, not requirements of CFA Institute.

Worked example

In October 2026 you plan Level I for the window of 11–17 May 2027 (check the official website) and 10 study hours a week. Level II needs 375 hours: $\lceil 375 / (10 \times 52/12) \rceil = 9$ months, more than the six-month minimum. The first Level II window 9 months after May 2027 is May 2028. Level III needs $\lceil 345 / (10 \times 52/12) \rceil = 8$ months, which leads to February 2029; the result follows in about April 2029, 1 year 11 months after Level I.

Your full-time job of 37.5 hours a week started in September 2026. The 4,000 hours take 25 months, but the minimum is 36, so the experience is complete in September 2029. That is later than the result: the earliest month to apply for the charter is September 2029, 2 years 11 months from now. Born in 2001, you turn 28 that year.

At 15 hours a week the exams end sooner – Level II in November 2027, Level III in August 2028, the result in October 2028 – but the date stays September 2029, because the work experience sets it. With one retake at Level II instead, the exams move to May 2028, November 2028 and August 2029, and the result in October 2029 sets the date.

Which Level I window gets you through the exams fastest?

February. Level III runs only in February and August, so from a February start each level fits six months after the one before. Every other start adds at least three months. The table assumes 15 study hours a week – enough for Level II and Level III to fit in six months each at our planning figures – and a pass at every first attempt.

A prep provider, QuintEdge, describes the same February–August–February sequence and puts the Level III result about 14 months after the start. (QuintEdge, how long the CFA Program takes (secondary source)) UWorld, another prep provider, says candidates take more than four years on average, without naming a source for the average. (UWorld Finance, becoming a charterholder (secondary source)) Below 14.5 hours a week, Level II no longer fits in six months at our figures, and the calendar stretches.

What does the timeline mean for you?

A date several years away can feel heavy, especially next to a job, a family or a move. It helps to see that most of the timeline is not yours to speed up: the windows are fixed, results take weeks, and the work experience has a minimum period. What you control is one exam at a time. Some practical steps:

1. Choose a Level I window that leaves time at the hours you can keep, and turn it into weekly targets with the Level I study planner.
2. Start a simple log of your work now – dates, employer, duties. If the experience sets your date, the exams do not need to be rushed.
3. Keep a reserve for one retake: at least six months, and you pay the full registration fee again, with no discount for retakers (check the official website). The Level I cost calculator shows the fee scenario with a retake.
4. Put the Practical Skills Module into each level’s plan: at least one Practical Skills Module at each level, completed before that level’s results are released – otherwise the result is voided (check the official website).
5. Check the dates on CFA Institute’s website every time you register; later windows here are expected months only.

Which timeline mistakes are common?

• Expecting Level III four times a year. It runs in February and August, so a missed or failed Level III often costs six months or more.
• Planning the next level for the next window. Results and registration deadlines usually rule it out; plan two windows ahead.
• Counting the charter from the Level III result. Without the work experience and an accepted membership application, passing Level III does not make you a charterholder.
• Treating the earliest month as the plan. It assumes every week goes as planned. Add a buffer before you tell an employer a date.

The stages, fees and windows in detail are on the Level I to charter path page.

Study aid only – not legal, financial or careers advice. The tool runs in your browser and stores nothing.

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