NISM study notes. Updated Jul 2026, 8-minute read.

How to Start Your CFA Journey: A Beginner's Roadmap

Starting the CFA Program can feel overwhelming, but it breaks down into a handful of clear steps: confirm your eligibility, apply for a scholarship, register for Level I, and build a study plan. This beginner's roadmap walks you through each stage in order so you can begin your CFA journey without confusion.

Key takeaways

The first step is confirming eligibility — a degree, final-year student status, or a work-and-education combination.
A valid international passport is mandatory before you can register for any CFA exam.
Applying for a scholarship before registering can dramatically reduce enrolment and exam fees.
A one-time enrolment fee applies only to first-time Level I candidates, then per-exam fees follow.
Level I is offered in multiple computer-based windows through the year, so you can choose your start.
Plan for roughly 300 hours of study per level, spread over five to six months before the exam.

Step 1: Confirm you are eligible

Before anything else, check that you can sit Level I. CFA Institute requires one of the following: a completed bachelor's degree; final-year student status within about 11 months of graduation; or a qualifying combination of roughly 4,000 hours of work and higher-education experience. You also need a valid international passport. Most graduates, professionals and final-year students qualify. See our full CFA eligibility breakdown and verify the current rules on cfainstitute.org.

Step 2: Get your passport ready

This step trips up many first-time candidates. A valid passport is mandatory both to register and as identification at the test centre. If you do not have one, or it is expiring soon, apply or renew immediately — processing can take several weeks and you cannot sit the exam without it.

Step 3: Apply for a scholarship first

The single biggest way to reduce cost is to apply for a scholarship before you register and pay. The CFA Institute Access Scholarship can lower the enrolment and exam fee to a small nominal amount for candidates with financial need, and there are Women's, Student and other awards too. Deadlines vary by exam window and applications close before registration, so this must come early in your plan. Read the details in our CFA scholarships guide.

Step 4: Register for Level I

Once eligibility and any scholarship are sorted, create an account on cfainstitute.org and register for a Level I exam window. First-time Level I candidates pay a one-time enrolment fee of roughly US$350 plus a per-exam fee of about US$990–1,290 (approximately ₹1.5–2.5 lakh combined, depending on how early you register). Registering earlier usually means a lower fee. Our CFA exam fees and how to register for CFA guides cover this in detail — always confirm current amounts on the official site.

Step 5: Choose your exam window wisely

Level I runs in several computer-based windows across the year. Pick one that gives you a realistic runway — ideally at least five to six months of study time from registration to exam day. Do not register for a window that is only a few weeks away unless you can genuinely commit the hours. See CFA exam dates and windows for how the scheduling works.

Step 6: Build your Level I study plan

Now the real work begins. Plan for around 300 hours of study, which is roughly 12–15 hours a week over five to six months. A sensible structure looks like this:

Phase	Duration	Focus
Learning	First 3–4 months	Work through all ten topic areas of the curriculum
Practice	Following 4–6 weeks	Topic-wise question banks and item-set practice
Revision	Final 3–4 weeks	Full-length mock exams and weak-area review

Get the topic breakdown in our CFA Level I guide and study-time planning in CFA study hours.

Step 7: Practise with mock exams

Passing the CFA is as much about exam technique as knowledge. Use official mock exams alongside third-party practice questions to get comfortable with the item-set format and timing. Our CFA mock tests and practice questions guide explains why this stage is non-negotiable.

Do the scholarship and passport steps before you register — reversing the order can cost you money and a whole exam window.

Frequently asked questions

What is the first step to start the CFA?

Confirm your eligibility to sit Level I — a bachelor's degree, final-year student status within about 11 months of graduation, or a qualifying work-and-education combination — and make sure you hold a valid passport. Then apply for any scholarship before registering.

Should I apply for a scholarship before or after registering for the CFA?

Before. Scholarship applications, including the Access Scholarship, close before you register and pay. Applying first can reduce your enrolment and exam fee to a small amount, so build it into the earliest stage of your plan.

How long before the exam should I register for CFA Level I?

Choose an exam window that gives you at least five to six months of study runway, since Level I needs roughly 300 hours of preparation. Registering earlier in a window also usually secures a lower fee. Confirm windows on cfainstitute.org.

How much does it cost to start the CFA Program?

First-time Level I candidates pay a one-time enrolment fee of roughly US$350 plus a per-exam fee of about US$990–1,290 — around ₹1.5–2.5 lakh combined for Level I. Scholarships can cut this substantially. Verify current fees on the official site.

Written by Arpan Das.

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