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GAPICTInternational Testing Centre
ProfessionalOwned by CFA Institute

CFA Program

Chartered Financial Analyst (CFA) Program exams

Three-level investment management exams leading to the CFA charter, with test centres in Pakistan.

Facts checked 21 October 2026

Duration
About 4h 30m
Delivered through
Prometric
Results
Levels I and II: 5-7 weeks; Level III: 6-8 weeks, after the exam and completion of the Practical Skills Module.

Not yet available at GAPICT

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Overview

The CFA Program has three exam levels covering investment analysis and portfolio management. Each level is a computer-based exam taken at a test centre during set windows. Candidates must also complete a Practical Skills Module before results are released.

Who it is for

  • Investment analysts and portfolio managers
  • Finance graduates aiming for investment roles
  • Banking, asset management and research professionals
  • Students who meet CFA Institute enrolment requirements

Versions

Level I

Multiple choice. Windows in February, May, August and November.

Level II

Vignette-supported multiple choice. Windows in February, May, August and November.

Level III

Vignette-supported essay and multiple choice, with a choice of three specialised pathways. Window in August per the scheduling table.

Where it is accepted

  • Progress towards the CFA charter
  • Investment management, research and banking careers
  • Professional development in finance

Always check the current requirements of the university, employer, regulator or visa authority you are applying to.

Test format

CFA Program sections
SectionWhat it involves
Level IMultiple-choice questions. Two sessions of 135 minutes.
Level IIVignette-supported multiple choice. Two sessions of 132 minutes.
Level IIIVignette-supported essay and multiple choice. Two sessions of 132 minutes.

Total time: About 4.5 hours of exam time per level, plus tutorial, optional break and survey

Scores and validity

Scoring
Pass/fail. CFA Institute publishes 10-year average pass rates (Level I 41%, Level II 45%, Level III 52%).
Validity
Passed levels count towards the CFA charter. Charter requirements (work experience, membership) are set by CFA Institute.

How long results take is shown at the top of this page.

Fees

Fees are set by the test owner, were checked on 21 October 2026, and can change. Confirm the price when you book. GAPICT never takes exam fees.

On test day

Identification

A valid, original, machine-readable international travel passport. The name must match your CFA account exactly. National ID cards are not accepted.

Arrive early, bring only what the test owner allows, and expect identity checks and a photo at check-in. Read our test day guide and exam day FAQs.

How to book

Exam seats for CFA Program are booked and paid on the test owner's own system. Delivered through: Prometric.

  1. 1

    Register and pay on cfainstitute.org, then schedule your test centre appointment from your CFA Institute account before the scheduling deadline.

  2. 2

    Create or sign in to your account on the official booking site.

  3. 3

    Choose your exam, then a test centre, date and time.

  4. 4

    Pay the exam fee to the test owner and keep your confirmation email.

  5. 5

    Check the ID rules and arrive early on test day.

Book on official CFA Program website (opens in a new tab)

You book and pay with Prometric (ProScheduler) or the exam sponsor. Changes close to the test date usually cost a fee, set by the sponsor.

GAPICT cannot take bookings for this exam. Exam seats are booked and paid on the test owner's system.

Need help booking?

We can walk you through the test owner's registration, step by step.

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GAPICT's status with these organisations

CFA Program FAQs

Where can I sit the CFA exam in Pakistan?
CFA Institute's test centre list names Islamabad, Karachi, Lahore and Multan.
Can I defer my exam?
From February 2027 exams, paid deferrals end. If you miss your exam you forfeit the fee and must register again.
Do I need a passport?
Yes. A valid international travel passport is required to register and to sit the exam.
How many times can I sit Level I in a year?
No more than twice in a calendar year, and not in consecutive windows or windows six months or less apart.

Sources

Facts on this page were checked against these official sources on 21 October 2026. If anything here differs from the test owner's website, the owner's website is correct.

CFA Program and related names are trademarks of their owners and are used here only to describe the test. GAPICT is independent of CFA Institute, is not endorsed by it, and is not currently an authorised centre for this test.

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