1.3 Eligibility, Registration, Passport, and PSM
Key Takeaways
- Level I registration requires meeting CFA Program eligibility through degree status, undergraduate timing, or qualifying work and education experience.
- Every CFA Program candidate must have a valid international travel passport to sit for the exam.
- Candidates must complete at least one Practical Skills Module at each level to receive exam results.
- Attempt limits and window spacing should be checked before choosing a registration plan.
Administrative readiness is exam readiness
CFA Level I preparation begins before the first formula. You must be eligible to register, able to prove identity, able to sit in an authorized test environment, and able to complete the Practical Skills Module. These requirements are not study trivia. They affect whether you can test and whether you receive results.
CFA Institute gives several ways to be eligible for Level I registration. A candidate may have a bachelor's degree or equivalent. An undergraduate student may register if the selected exam window is 23 months or fewer before the graduation month. A candidate may also qualify with 4,000 hours of work experience and/or higher education over at least three sequential years by the registration date.
For the combined work and education route, education and work dates cannot overlap for the hour calculation. The source brief says to assume higher education counts as 1,000 hours per year. That makes recordkeeping important. Do not estimate casually if your eligibility depends on a combination path.
| Requirement | Current fact |
|---|---|
| Eligibility | Degree, eligible undergraduate timing, or 4,000 qualifying hours over at least three sequential years. |
| Passport | A valid international travel passport is required to sit. |
| PSM | At least one Practical Skills Module is required at each level to receive results. |
| Requirement | Candidate action |
|---|---|
| Eligibility | Confirm before paying fees. |
| Passport | Check name match and expiration early. |
| PSM | Schedule 10 to 20 hours before result release pressure. |
| Attempt rule | Planning action |
|---|---|
| Six maximum attempts per level. | Track attempts and avoid casual registrations. |
| Twice per calendar year when applicable, with spacing limits. | Plan retake timing before selecting a window. |
Passport control
The identification rule is simple but unforgiving: CFA Program candidates must have a valid international travel passport to sit for the exam. Other IDs may be useful in daily life, but the passport rule controls CFA Program exam admission. The name on your passport should match registration records according to CFA Institute instructions.
Check the passport before registration if possible. Renewal timelines, name changes, damaged documents, and expired passports can become expensive problems. Build a passport checkpoint into your study calendar at 180 days, 90 days, and 30 days before the exam window.
Practical Skills Module
The Practical Skills Module is not optional if you want results. Candidates must complete at least one PSM at each level to receive exam results. PSM time is commonly described as 10 to 20 hours. You may start the PSM after registration, so do not leave it as a final-week surprise.
Treat the PSM as applied learning, not a box to click. It can connect curriculum knowledge to practical workflows. A candidate who schedules it during a lighter review week usually protects both exam study and result access. A candidate who ignores it may create anxiety after the exam when the main test is already finished.
Registration sequence
First, confirm eligibility. Second, confirm passport status and name. Third, choose a window that fits work, family, study hours, and retake spacing. Fourth, register during the fee period you intend to use. Fifth, schedule the appointment and protect the PSM on the calendar.
The most common administrative error is assuming that content knowledge will solve logistics. It will not. Put registration, passport, PSM, appointment, and policy checks in the same planner as readings and mocks. The CFA Program rewards disciplined preparation in both areas.
A Level I candidate has finished studying but has not completed a Practical Skills Module. What is the most accurate consequence?
Which identification document is required for a CFA Program candidate to sit for the exam?
An undergraduate student wants to register for Level I. Which timing condition is relevant under current eligibility rules?