CFA Institute is headquartered in Charlottesville, Virginia and was formerly known as the Association for Investment Management and Research. It awards the Chartered Financial Analyst designation and administers the CFA exam, which has three levels that must be passed within 1.5 to 4 years on average. Candidates must also have 48 months of professional work experience to become a CFA charter holder. The CFA exam is offered in June and December, with Levels I, II, and III consisting of multiple choice and essay questions lasting 6 hours each.