CFA eligibility, the passport rule and the spacing rule: check them before you register

A shortened first name costs a candidate her exam fee. The spacing rule costs another his momentum. Both are in the policies page, and both are cheaper to check on a quiet evening than on exam morning.

Who can register for Level I?

CFA Institute's policies give three routes.

For Level II, final-year students must be within 11 months of graduation, and you must have passed Level I.

Omar, in the book, was a final-year student. His graduation was in June 2027, so he checked the 23-month rule before registering, chose the November 2026 window and registered with his name exactly as printed on his passport.

Why does the passport matter so much?

CFA Institute requires an international travel passport to sit the exam. Without one, you cannot sit. Register with your name exactly as it appears on your passport, and check that the passport will still be valid on exam day.

A candidate in the book registered with a shortened version of her name. On exam day it did not match her passport, and she could not sit. The fee could not be refunded or moved. If your account name differs even by a letter, correct it before the deadline. Appendix D of CredenTrek For CFA has a message template for exactly this.

What are the attempt and spacing rules?

You may sit each level up to six times. You may sit the exam no more than twice in a calendar year, and never in consecutive windows or windows six months apart or less.

Level I is offered four times a year, usually in February, May, August and November. Level II is offered three times and Level III twice. Plan any retake around the rule. At Level I, a failed attempt usually means waiting two windows, though the six-month test uses actual exam dates, so check CFA Institute's dates page for your windows.

The lesson is simple: a narrow fail can set you back most of a year. Huda, in the book, worked in a bank's credit team and studied twelve hours a week. She chose Level I in May, Level II in May the following year and Level III a year later, and her plan left room for one retake at each level without breaking the spacing rule.

What is the practical skills module?

At each level you must complete one practical skills module to receive your exam result. The modules build applied skills, such as financial modelling or Python, and the same module cannot be used at two levels. Finish it before the exam, so your result is not delayed. Nabil, in the book, finished his in February and received his result six weeks after the exam. Results wait for the module, so a late module means a late result.

Which documents should you prepare?

• Proof of your degree, enrolment or work and education hours
• A valid international travel passport
• Your name exactly as on your passport, in your CFA Institute account
• Your decision record, with windows that respect the spacing rule
• A plan for your practical skills module at this level

Read CFA Institute's eligibility and policies pages before you pay, and check the passport rule, the attempt and spacing rules and the skills module requirement for your level. The cost and registration guide follows with fees and deadlines. Chapter 4 of CredenTrek For CFA has the full checklist.