CFP vs CFA Level I

170

180 multiple-choice questions (90 per session, two sessions)

Two 3-hour sessions in one day

Two 135-minute sessions

Pass/fail only. CFP Board does not publish a fixed passing percentage; the cutoff is set through a criterion-referenced standard-setting process.

CFA Institute does not publish a fixed passing percentage. The Minimum Passing Score is maintained from one administration to the next through equating unless a significant change prompts the Board of Governors to reset it.

Bachelor's degree (any discipline) from an accredited institution. May be completed up to 5 years after passing the exam; completion of CFP Board-registered education coursework (or equivalent via transcript review or an accelerated path for certain existing credentials/degrees) covering the 8 Principal Knowledge Topic domains, including a capstone financial-plan-development course; and clearance under CFP Board's Fitness Standards (background/ethics review). Full certification (beyond sitting the exam) also requires a work-experience requirement of 6,000 hours under the Standard Pathway or 4,000 hours under the Apprenticeship Pathway.

To enroll in the CFA Program a candidate must meet one of: (1) a completed bachelor's (or equivalent) degree from an accredited institution, (2) be in the final year of a bachelor's degree program with the Level I exam window falling within 23 months of expected graduation, or (3) have a combination of professional work experience and/or higher education totaling at least 4,000 hours accrued over a minimum of 36 consecutive months. Candidates must also hold a valid international travel passport and agree to abide by the CFA Institute Code of Ethics and Professional Conduct Program.

Aspiring and practicing financial planners and advisors, including career-changers and students, pursuing the CFP mark, a voluntary certification administered by CFP Board.

Aspiring and early-career investment professionals (equity/credit analysts, portfolio management associates, risk and research staff) seeking the foundational body of knowledge for the CFA charter. It also draws career-changers entering investment management who need a broad, rigorous grounding in finance, accounting, and quantitative methods.