Compare exam structure, fees, and pass rates. The CPA Exam has four sections; CFA Level I is the first stage of the CFA Program.
| Exam facts | CPA Exam | CFA Level I |
|---|---|---|
| Purpose | The U.S. CPA examination requires three Core sections and one chosen Discipline section. Candidates must pass each section, and application costs and licensure requirements depend on the jurisdiction. | The first CFA Program exam tests the terms, concepts and formulas that underpin investment analysis. Its two timed sessions cover the foundation for the later CFA Program levels. |
| Base registration fee | $268.59 New York exam fee per section, not the complete exam. Each section application adds $96; an initial education evaluation costs $96. Candidates need four sections. | $1,140 Early registration price for exams from February 2026 onward, excluding local taxes. Standard registration is $1,490; the one-time enrollment fee was removed for these exam windows. |
| Published pass rate | Reported by section AICPA publishes section-level pass rates, not one aggregate rate for completing all four sections. Do not average the section rates to estimate a candidate's probability of completing the exam. | 43% All 28,145 candidates worldwide sitting Level I in the August 2026 testing window; first-time candidates passed at 49% · August 2026 |
| Exam time | 4 × 4h Each of the four sections has a four-hour testing period; they are separate exam appointments. | 4h 30m Two 135-minute testing sessions, excluding the optional break and administrative time. |
| Question format | 4 exam sections Computer-based multiple-choice questions and task-based simulations. Core: AUD, FAR and REG. Choose one Discipline: BAR, ISC or TCP. Question counts vary by section. | 180 questions Computer-based multiple-choice examination, with 90 questions in each session and three answer choices per question. |
| Explore | CPA Exam exam guide | CFA Level I exam guide |
The CPA examination is part of an accounting licensure pathway whose requirements depend on the jurisdiction. CFA Level I tests the terms, concepts, and formulas underpinning investment analysis and provides a foundation for later CFA Program levels. These are different professional directions. This comparison explains their commitments; passing either exam does not substitute for the other pathway's requirements.
The CPA Exam requires three Core sections—AUD, FAR, and REG—and one chosen Discipline, with four hours per section across separate appointments. CFA Level I is a single examination with two 135-minute sessions and 180 multiple-choice questions. Comparing 16 hours across the CPA examination with 4 hours 30 minutes for Level I describes different units. It does not compare the complete CPA and CFA credential pathways.
The listed CPA fee of $268.59 is New York's fee for one section, with separate section-application and initial education-evaluation charges. Candidates need four sections. CFA Level I's listed $1,140 is an early registration price for one Level I examination; standard registration is $1,490 and local taxes are excluded. The smaller displayed CPA number does not mean the complete CPA examination costs less than one Level I registration.
AICPA reports CPA section results, not a single rate for completing all four sections. Do not average or multiply the section rates to estimate completion probability. CFA Level I's August 2026 rate of 43% includes all candidates in that window; its first-time rate is 49%. These figures describe different populations and periods. Use them as context, rather than as a claim that one professional route is easier or more suitable.