FinQuiz Editorial Additions (2026 Update)
This section is written by FinQuiz editors. The guest post below was written from the proctor’s chair of a
paper-era mock exam—BMWs and beaters in the same parking lot—and makes one argument: the CFA exam is the
great equalizer. Thirteen-plus years on, everything about the exam’s logistics has changed, and every change has
made his argument stronger.
The equalizer got more equal. The exams are now computer-based at Prometric test centers worldwide
with multiple windows per year—the same screens, the same clock, the same standard, whatever the country or the
car. Since 2025 every candidate is scored against the same Minimum Passing Score for their sitting. And the cost
barrier he doesn’t mention has an institutional answer: CFA Institute’s needs-based
Access Scholarship reduces the exam registration fee to USD 400 as of 2026 (details in the FAQ).
You still can’t buy the charter—but it now costs less to earn the right to try.
What has changed since this post was written
- “18 hours of testing” is now history: that was three roughly six-hour paper exams. Today Level I is 180 questions in two 135-minute sessions, Level II is 88 questions in two 132-minute sessions, and Level III runs two 132-minute sessions with item sets plus constructed response. Less seat time, same mountain: roughly 300 hours of preparation per level is still the standard guidance.
- His fairness point is now literal: results report a scaled score against the Minimum Passing Score (Level I: 1,000–1,900 scale, MPS 1,600)—one bar per sitting, applied to everyone. About half of candidates still fall short (2025 averages ≈44% / 42% / 50%), which is precisely why the letters mean something.
- The parking-lot scene went digital: the rented halls where he proctored have mostly given way to online practice—official mocks come with registration via the CFA Institute Learning Ecosystem, and our free 180-question mock recreates the full dress rehearsal from your desk.
- His maintenance aside still points the right way: keeping the charter still means meeting CFA Institute’s membership and professional-conduct requirements each year—check cfainstitute.org for the current specifics rather than his parenthetical.
- Housekeeping: five product links and an embedded video that had been inserted into the guest text over the years have been removed so his words stand alone, as written.
Original Guest Post (Text Unchanged)
Disclosure: The guest author does not endorse FinQuiz products. The content below is displayed with
no edits, no paraphrasing, and no reordering. Five product links and an embedded video that had been
inserted into the guest text have been removed—the words they wrapped are unchanged—and no links have
been added. The post dates from the paper-exam era of proctored halls and 18-hour totals—see the editorial
update above for today’s format.
I am proctoring a CFA mock exam as I write this and see one of the often overlooked and underappreciated aspects of the CFA.
These exams are truly the great equalizer!
Some of the candidates pulled up in BMWs and Lexus, pulling off their designer sunglasses before entering the building.
Others pulled into the parking lot in things that may once have been considered cars, but are now a loose compilation of spare parts.
Whatever your economic situation in life, you can’t BUY the charter.
While it doesn’t hurt to have a fair amount of brains, I’ve seen the brightest and most adept students fail the exam.
I’ve also seen people pass the exam who I was surprised could figure out how to walk and chew gum at the same time.
There are no free rides on the exam because of your natural intellect. It is a tough 18 hours of testing and everyone needs to put in the time studying.
As long as you treat the curriculum with respect and work hard, you will earn your charter.
I consider myself a pretty lucky guy. I was not born wealthy and I don’t have a Clooney-esque chin, but I was born in a country with a high standard of living and enough opportunities that most people take them for granted.
Others are not as fortunate, having to face political, social, or economic hardship on a daily basis.
The CFA exams do not care about this.
My citizenship or relative ease of life does not put me on the ‘short-list’ of charterholders.
The only bouncer at the velvet-roped door of the CFA is the exams, and he’ll only let you through with a passing score! Having those three little letters after your name will not ensure an easy life for the rest of your career.
You may even find yourself working longer hours because of a higher level of responsibility.
The charter is not like winning a lottery ticket, you will still have to work for your money.
What you will get from the charter however is the knowledge that you accomplished something that very few are able to do, less than one percent of all financial professionals, and that you did it on a fair and even playing field.
You will know that your hard work and perseverance, more than anything else in life, earned the charter and that no one can take it away (given you conduct yourself in an ethical manner and maintain dues/conduct statement each year).
Above all the injustice, unfairness and just plain crap luck in life there is one thing that is fair. It cannot be won or bought and you cannot talk yourself into its graces.
It is the great equalizer for financial professionals.
Good luck on your CFA Program exams!
‘til next time,
happy studyin’
Written by Joseph Hogue, CFA
FAQ (Global candidates)
Is the CFA exam still 18 hours of testing?
The 18 hours he describes was three paper exams of roughly six hours each. Today the seat time is shorter but the
mountain is the same: all three levels are computer-based at Prometric test centers—Level I is 180 questions
in two 135-minute sessions, Level II is 88 item-set questions in two 132-minute sessions, and Level III runs item
sets plus constructed response across two 132-minute sessions. What hasn’t shrunk is the preparation: roughly
300 hours of study per level is still the standard guidance, which is where the equalizing actually happens.
Can money or connections help you pass the CFA exam?
No—his central point has only gotten cleaner. Since 2025, results are reported as a scaled score against the
Minimum Passing Score for your sitting (Level I on a 1,000–1,900 scale with the MPS at 1,600), and every
candidate in a window faces the same standard. About half still don’t clear it: 2025 average pass rates were
roughly 44% at Level I, 42% at Level II, and 50% at Level III. The BMW and the “loose compilation of spare
parts” still park in the same lot, so to speak—the score report can’t see either one.
What if I can’t afford the CFA Program?
The equalizer got institutional help. CFA Institute runs a needs-based Access Scholarship with four application
windows per year aligned with the exam windows; as of 2026 an award reduces the exam registration fee to USD 400
under the Premium Registration Package. The key rule: you apply before registering for the exam, not
after. Check the scholarship pages on the CFA Institute website for current amounts and deadlines, as terms are
updated each cycle.
Are proctored mock exams like the one he describes still a thing?
The rented exam hall he was proctoring has mostly given way to screens. Official practice and mock exams now come
with your CFA Institute registration through the Learning Ecosystem—start there. If you want an extra full
dress rehearsal, FinQuiz offers one complete 180-question Level I mock (two 90-question sessions) free with any
account as an optional extra; sit it timed, in one day, phone off, and you’ve recreated his parking-lot
morning without the commute.
