CFA vs CFP: Comparing CFA Level I and the CFP Exam
Choose the CFA path if you want to analyze investments and manage portfolios, starting with the broad CFA Level I exam. Choose the CFP if you want to advise individuals and families on their whole financial picture, including tax, retirement, estate and risk management planning. The CFP exam is a single 170-question exam taken after CFP Board's education requirement, while CFA Level I is a 180-question exam in two sessions.
CFA Level I vs Certified Financial Planner at a glance
| Dimension | CFA Program Level I | CFP Certification Exam |
|---|---|---|
| Administered by | CFA Institute | CFP Board; delivered by Prometric |
| Focus | Investment analysis and portfolio management | Personal financial planning for individuals and families |
| Content areas | Ethics, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Finance, Equities, Fixed Income, Derivatives and Risk Management, Alternatives, Portfolio Construction | Personal financial planning, tested through scenario-based questions; content is based on CFP Board's 2021 Practice Analysis |
| Questions | 180 three-choice multiple-choice questions | 170 multiple-choice questions applying knowledge to scenarios |
| Total time | 4 hours 30 minutes in two 135-minute sessions | 6 hours of testing in a 7-hour appointment, two 3-hour sections |
| Delivery | Prometric and British Council test centers | 265+ Prometric test centers across the U.S. |
| Fee | US$1,140 early, US$1,490 standard | US$825 early, US$925 standard, US$1,025 late (October 2026 exam) |
| Test windows | Four a year, usually February, May, August and November | Three a year: March, July and October, in 8-day windows |
| Results | Pass/fail with a topic summary, about 5-7 weeks after the exam | Pass/fail by secure email within four weeks after the window closes |
| Retakes | Max 6 attempts per level, at most 2 per calendar year | Max 5 attempts lifetime, 3 in any 24 months |
Choose CFA Level I if
- You want an investment role such as research, analysis or portfolio management.
- You want deep coverage of financial statement analysis, equities, fixed income and derivatives.
- You want more scheduling options: Level I is offered in four windows a year.
- You want a shorter exam day: 4 hours 30 minutes of testing instead of 6 hours.
Choose Certified Financial Planner if
- You want to advise individuals and families on planning across tax, retirement, estate and risk management.
- You have completed, or plan to complete, a CFP Board Registered Program or an equivalent education path.
- You plan to practice in the U.S., where the exam is delivered at 265+ Prometric centers.
- You prefer a scenario-based exam that tests how you apply planning knowledge to a client's situation.
Which is harder, the CFA or the CFP?
They are demanding in different ways. CFA Level I tests broad investment knowledge in 180 three-choice questions over 4 hours 30 minutes. The CFP exam tests applied planning judgment in 170 scenario-based questions over 6 hours of testing. CFP Board reported pass rates of 67% in March 2026 and 66% in July 2026.
Should a financial advisor get the CFA or the CFP?
An advisor who works with individuals on their full financial plan usually aligns better with the CFP, since CFP certification centers on personal financial planning for individuals and families. An advisor focused on selecting securities and building portfolios may get more from the CFA Program's investment depth. Pick the credential that matches the work you do most.
What do you need before taking the CFP exam?
CFP Board's exam is for candidates who have completed a CFP Board Registered Program or met the education requirement another way. The exam is one part of CFP Board's certification process. See cfp.net for the full list of requirements.
How long are the CFP exam and CFA Level I?
The CFP exam has 6 hours of testing within a 7-hour appointment that includes check-in and a scheduled lunch break. CFA Level I runs 4 hours 30 minutes, split into two 135-minute sessions of 90 questions each.
Can I practice for both on KomFi Academy?
Yes. KomFi Academy has separate CFA Level I and CFP topics with practice questions that include full explanations, plus flashcards and a glossary. You can start on the free Basic tier, and Pro unlocks each topic's full question bank.
Practice both free
Sign up free and start practicing →
Sources: CFA Institute: Level I exam, CFA Institute: CFA Program policies, CFP Board: Exam requirement, CFP Board: Exam candidate handbook, CFP Board: Exam statistics.