CFA Cheat Sheet 2026: One-Page Review of Must-Know Facts

Exam Format at a Glance

Before you memorize a single formula, you need the exact mechanics of what you're sitting for. The CFA Program is delivered by CFA Institute through Prometric testing centers, and each level has a distinct question structure - this isn't a "study more, format doesn't matter" situation. Confusing the Level I format with Level II or III costs candidates real points on exam day.

Notice the progression: Level I rewards breadth and speed on standalone questions, Level II demands you read a case (vignette) and extract multiple answers from it, and Level III adds written constructed-response questions where you must show your work, not just pick an answer. For a full breakdown of how these differences affect study strategy, see the CFA Study Guide 2026: How to Pass on Your First Attempt.

Domain Weights: Where the Points Live

The 2026 Level I blueprint splits the exam into ten domains, and the weight ranges tell you exactly where to spend your study hours. Treat this table as your allocation budget, not just background trivia.

Four domains - Ethical and Professional Standards, Financial Statement Analysis, Equity Investments, and Fixed Income - together anchor roughly half the exam's weight. If your review time isn't skewed toward these four, you're studying against the grain of the blueprint. For domain-by-domain topic breakdowns, including sub-topics tested within each area, review the CFA Exam Domains 2026: Complete Guide to All 10 Content Areas.

Fees, Registration Windows, and Deadlines

CFA Institute uses a single fee schedule with no member/nonmember split - everyone pays the same registration price, and the only variable is timing. For 2026, Level I and Level II each cost USD 1,140 during early registration or USD 1,490 at the standard rate. Level III costs USD 1,240 early or USD 1,590 standard. The old one-time enrollment fee has been eliminated, so your total cost is simply the per-attempt exam fee.

Because pricing and testing windows shift each cycle, don't rely on memory alone - confirm your specific registration deadline against the current calendar in CFA Exam Dates 2026: Testing Windows, Deadlines & Scheduling before you commit to a study timeline.

Eligibility and Charter Requirements

Getting into Level I is more flexible than most candidates assume, but earning the full charter is a longer road. To sit Level I, you need one of the following: a bachelor's degree, standing within 23 months of your expected graduation date, or 4,000 hours of combined professional work experience and higher education accumulated over at least three sequential years.

Passing all three levels is only part of the charter. You also need 4,000 hours of qualifying work experience completed over at least 36 months, professional references, and active CFA Institute membership. None of these substitute for each other - a candidate who passes Level III but hasn't logged the required work experience is not yet a charterholder. Full documentation requirements are detailed in CFA Requirements 2026: Eligibility, Prerequisites & How to Qualify.

Test-Day Logistics and Calculator Rules

All three levels are computer-based and administered in person at Prometric testing centers - there is no remote or take-home option. Two logistics items catch candidates off guard every cycle:

• Passport requirement: a valid international travel passport is the only accepted form of ID, regardless of your home country's normal identification standards.
• Calculator restriction: only the TI BA II Plus family or the HP 12C family is approved. Bringing any other model, including otherwise "financial" calculators, means you won't be permitted to use it.

You also won't receive your score until you complete the required Practical Skills Module - this is a mandatory step in the process, not an optional add-on. Build time for it into your post-exam checklist so results aren't delayed unnecessarily.

Pass Rates and Scoring Mechanics

CFA Institute does not publish a fixed passing percentage. Instead, the minimum passing score is set by the CFA Institute Board of Governors for each administration, which means "70% to pass" style rules of thumb are not accurate. The most recent official figures available as of July 2026 show a 39% pass rate for May 2026 Level I, 43% for May 2026 Level II, and 50% for February 2026 Level III.

These numbers matter for calibrating your effort, not for panic. A sub-50% pass rate at every level tells you this exam rewards structured, domain-weighted preparation over last-minute cramming. For historical trends and what drives pass-rate movement between administrations, see CFA Pass Rate 2026: What the Data Shows, and for a deeper look at how the scoring threshold actually works, read CFA Passing Score 2026: Exactly What You Need to Pass.

If you're still deciding whether this workload fits your schedule, How Hard Is the CFA Exam? Complete Difficulty Guide 2026 breaks down the difficulty curve level by level.

One-Week Priority Review Plan

In the final stretch before any level, generic techniques like spaced repetition only help if they're pointed at the right material. Here's how to allocate a last review week specifically around the Level I blueprint's weight ranges.

This isn't a substitute for months of preparation - it's a compression exercise for the final week, weighted toward the domains that carry the most points. Run a full timed mock through our practice test platform to see how this allocation holds up under real exam conditions.

After You Pass: Membership and Career Paths

The charter itself has no fixed expiration date, but using the CFA marks professionally requires staying an active CFA Institute member and submitting an annual Professional Conduct Statement. Continuing professional learning is encouraged by CFA Institute but is not mandatory to retain the marks.

Charterholders are typically recruited by asset managers, hedge funds, investment banks, wealth management firms, and corporate finance teams - the credential signals depth in equity analysis, fixed income, and portfolio construction that generalist finance degrees don't guarantee. If you're weighing the investment of time and money against career outcomes, Is the CFA Certification Worth It? Complete ROI Analysis 2026 and CFA Salary Guide 2026: Complete Earnings Analysis cover the return side in detail, while CFA Jobs maps out which roles most commonly require or prefer the charter.

For readers who still want the foundational definitions before diving into logistics - what the letters stand for, how the designation is structured, and how it differs from other finance credentials - the primer at What Is CFA? and the overview at CFA Certification are good companion reads to this cheat sheet.

FAQ