About the Exam and How to Use This Guide
Key Takeaways
The CFA Institute Sustainable Investing Certificate exam has 100 multiple-choice questions with 2 hours 20 minutes (140 minutes) of exam time, taken at a Prometric test center or online.
Registration costs USD 890; candidates must schedule within five months and sit the exam within six months of registering, and rescheduling costs USD 30 (not allowed within 72 hours of the appointment).
Results are reported as Pass or Did Not Pass; CFA Institute sets a minimum passing score through modified Angoff standard setting and equating but does not publish it.
A candidate who fails can re-register at a reduced USD 690 fee, but two failed attempts within six months trigger a six-month wait from the first failed appointment.
The curriculum has eight topic areas, with ESG analysis, valuation and integration carrying the largest weight at 20–30%.
About the Exam and How to Use This Guide
The Sustainable Investing Certificate from CFA Institute tests foundational knowledge of how environmental, social and governance (ESG) factors are analyzed and integrated into investment decisions. It was previously called the Certificate in ESG Investing—a qualification originally developed by the CFA Society of the UK—and was renamed in 2025. This guide is an independent study resource by OpenExamPrep; it is not affiliated with or endorsed by CFA Institute.
1. Official Exam Facts
| Item | Official detail (CFA Institute) |
|---|---|
| Format | 100 multiple-choice questions, delivered in English |
| Exam time | 2 hours 20 minutes (140 minutes) of exam content; the appointment also includes about 20 minutes for confirmation, the non-disclosure agreement and a tutorial, plus a short optional survey |
| Delivery | In-person at Prometric test centers (limited locations) or online proctored testing using Prometric's ProProctor software |
| Registration fee | USD 890 (local taxes may apply), including the digital curriculum and learning tools |
| Scheduling window | Schedule within 5 months of registering and sit the exam within 6 months |
| Rescheduling | USD 30 fee; not permitted within 72 hours of the appointment |
| Refunds | Full refund within 14 days of paying for an initial registration; non-refundable afterwards |
| Results | "Pass" or "Did Not Pass" on screen at the end of the exam, emailed within 24 hours; score report and digital badge in the CFA Institute account within 14 days |
| Passing score | A minimum passing score (MPS) set through the modified Angoff method and maintained across exam versions by equating; not published |
| Retakes | Each later attempt costs a reduced USD 690; two failed attempts within six months require waiting six months from the first failed appointment; no retakes after passing |
| Study time | CFA Institute recommends 100+ hours |
| Optional test drive | A 30-minute, USD 30 exam simulation with 10–12 mock questions to try the test-center or online experience |
Two scoring details matter for strategy. First, there is no minimum score per topic: strong performance in one area can offset weakness in another, and the pass decision depends only on the total score. Second, an exam may include unscored items used to gather statistics, so treat every question as if it counts. Candidates who do not pass receive a score report showing their performance by topic in quartile bands, which helps target a retake.
2. Topic Areas and Weights
CFA Institute publishes eight topic areas with weight ranges. The 2026 curriculum combined the former "Introduction to ESG Investing" and "The ESG Market" chapters into one introductory topic.
| Official topic area | Weight | Where it is covered in this guide |
|---|---|---|
| Overview of ESG investing and the ESG market | 8–15% | Chapters 1–2 |
| Environmental factors | 8–15% | Chapters 3–4 |
| Social factors | 8–15% | Chapter 5 |
| Governance factors | 8–15% | Chapter 6 |
| Engagement and stewardship | 5–10% | Chapter 7 |
| ESG analysis, valuation and integration | 20–30% | Chapters 8–9 |
| ESG integrated portfolio construction and management | 10–20% | Chapters 10–11 |
| Investment mandates, portfolio analytics and client reporting | 5–10% | Chapter 12 |
With 100 questions, a 20–30% weight means roughly 20 to 30 questions on analysis, valuation and integration, while engagement and mandates each account for roughly 5 to 10.
3. A 100-Hour Study Plan
| Phase | Hours | Focus |
|---|---|---|
| Foundations | 15 | Chapters 1–2: definitions, materiality, frameworks, market and stakeholders |
| E, S and G factors | 30 | Chapters 3–6: climate, nature, social and governance issues and their financial effects |
| Stewardship | 8 | Chapter 7: codes, engagement, escalation and voting |
| Analysis and valuation | 22 | Chapters 8–9: data, frameworks, DCF and multiple adjustments, credit, sovereign and alternatives |
| Portfolios and mandates | 15 | Chapters 10–12: strategies, optimization, indexes, labelled bonds, mandates, regulation and reporting |
| Review and practice | 10+ | Timed practice questions and weak-area review |
Pacing: 140 minutes for 100 questions is 1.4 minutes per question. Aim to finish a first pass with 15–20 minutes to spare and use the remainder for flagged items.
4. How to Use This Guide
Each section begins with the learning focus, teaches the concepts with tables and worked examples, and ends with practice questions and key takeaways. Regulations in sustainable finance change quickly; where a rule has changed since the curriculum was written—for example, the EU's 2026 Omnibus I amendments to sustainability reporting and due diligence, or the UK Stewardship Code 2026—this guide explains both the curriculum concept and the current position. Check the CFA Institute curriculum for your registration year, and use the free practice questions on OpenExamPrep to test yourself under timed conditions.
A candidate registered for the Sustainable Investing Certificate on 1 March. Under CFA Institute's policy, what is the latest point by which the exam must be sat?
Within three months, by 1 June, with scheduling required in the first month
Within six months of registering, having scheduled within the first five months
Within twelve months of registering, with no separate deadline for scheduling the appointment
At any time, because the registration fee includes unlimited access to exam appointments
A candidate fails the exam in January and again in April. What does the retake policy require?
The candidate may register again immediately at the full USD 890 fee for a third attempt
The candidate is permanently barred from the certificate after two unsuccessful attempts within one calendar year
The candidate must wait until six months after the January appointment before registering again, and later attempts cost USD 690
The candidate must complete the CFA Program Level I exam before attempting the certificate again
Which statement about the exam's passing standard is accurate?
Candidates must score at least 70% overall and at least 50% in every topic area to pass
The passing score is the average score of all candidates who sat the exam in the same month
Results are reported only as a numerical percentage, which candidates compare with a published cut score
CFA Institute sets a minimum passing score by standard setting and equating but does not publish it, and there is no per-topic minimum
Sections you finish are checked off in the contents.