a friend of my told me that it is required to receive charter within seven years of passing the first exam. Otherwise, you have to start the process all over again. is that true? thanks
DEC. 21ST 2012
No. However, if you haven’t finished passing the exams and you have a gap of more than 7 years since the last exam, you may have to pay the registration fee to re-enter the program. You can take the next level of the exam, but be warned that the material may have changed substantially since one last studied for it. If you have passed Level III, I believe you don’t have to re-register if it simply takes 7 years to get the necessary work experience.
this is news to me. Scary
The 7 year requirement was dropped several years ago, although I can’t tell you exactly when. I passed L1 in 1999 and did not clear L3 until last year after a couple of fails and several years off. Other when I first registered for L1, never had to pay anything in addition to the normal exam fee.
Yeah, I remember taking that exam.
i had a long gap between L1 and L2 and there is no such 7 year requirement. call CFA institute to verify, but they told me a few years ago that there was no expiration date. I agree with another poster though that if you took a test some years ago and are now planning to take the next level, you might need to do some review of L1 as either the material covered might have changed - and there’s a foundation you’re now expected to have that you wouldn’t - or, you might just be rusty.