2022 CFA Exam Information
Get the latest information on what’s new about this year’s CFA exam.
Exam Registration, Scheduling and Deferrals
Exams That Evolve in Complexity
Learn more about the study tools and resources you will have access to as part of CFA Program
Level I | Level II | Level III | |
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Level Requirement | Meet CFA Program enrollment requirements | Pass Level I CFA exam | Pass Level II CFA exam |
Question Format | Multiple choice questions | Vignette-supported multiple choice questions | Vignette-supported essay questions and vignette-supported multiple choice questions |
Exam Results Availability | Within 60 days of taking the exam | Within 60 days of taking the exam | Within 90 days of taking the exam |
10 Year Average Pass Rate | 42% | 45% | 54% |
Details | View Quick Start Guide for Level I View Level I Details |
View Quick Start Guide for Level II View Level II Details |
Use the CFA Exam Calendar to Keep Track of Important Exam Dates
CFA Program includes a series of three exams: Levels I, II, and III. Use the calendar to view upcoming exams and other important dates leading up to the exam. These dates are subject to change as conditions warrant. Each exam is administered within an exam window, while the exam dates available to each candidate may vary based on appointment availability at the time of scheduling. All deadlines are 11:59 p.m. ET. CFA Institute reserves the right to close registration and scheduling dates earlier than previously announced as conditions warrant. For the latest information on upcoming exams, please visit our CFA Exam Updates page.
Note that exam registration is a two-step process. You must first register for your exam; then schedule your actual exam appointment. Learn more about computer-based testing.
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Scheduling Window Opens
26 October 2021Level I
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Scheduling Window Opens
26 October 2021Level II
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Scheduling Window Opens
1 December 2021Level III
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Registration Window Opens
1 February 2022Level I
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Registration Window Opens
1 February 2022Level II
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Scheduling Window Opens
1 February 2022Level I
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Scheduling Window Opens
1 February 2022Level II
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Registration Closes
8 February 2022Level I
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Registration Closes
8 February 2022Level III
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Scheduling Deadline
16 February 2022Level I
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Scheduling Deadline
16 February 2022Level III
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Rescheduling Deadline
16 April 2022Level I
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Rescheduling Deadline
23 April 2022Level III
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Early Registration Deadline
3 May 2022Level I
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Early Registration Deadline
3 May 2022Level II
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Registration Closes
3 May 2022Level I
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Registration Closes
3 May 2022Level II
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Registration Closes
3 May 2022Level III
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Registration Window Opens
10 May 2022Level I
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Registration Window Opens
10 May 2022Level III
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Scheduling Window Opens
10 May 2022Level I
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Scheduling Window Opens
10 May 2022Level III
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CFA Exam Dates
17–23 May 2022Level I
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CFA Exam Dates
24–26 May 2022Level III
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Scheduling Deadline
25 May 2022Level I
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Scheduling Deadline
25 May 2022Level II
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Scheduling Deadline
25 May 2022Level III
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Pay by Invoice Deadline
25 June 2022Level I
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Pay by Invoice Deadline
25 June 2022Level II
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Rescheduling Deadline
23 July 2022Level I
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Rescheduling Deadline
30 July 2022Level II
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Rescheduling Deadline
30 July 2022Level III
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Early Registration Deadline
9 August 2022Level I
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Early Registration Deadline
9 August 2022Level III
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Registration Closes
9 August 2022Level I
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Registration Closes
9 August 2022Level II
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Scheduling Deadline
17 August 2022Level I
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Scheduling Deadline
17 August 2022Level II
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CFA Exam Dates
23 – 29 August 2022Level I
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CFA Exam Dates
30 August – 6 September 2022Level III
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CFA Exam Dates
30 August – 3 September 2022Level II
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Pay by Invoice Deadline
17 September 2022Level I
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Pay by Invoice Deadline
17 September 2022Level III
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Rescheduling Deadline
15 October 2022Level I
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Rescheduling Deadline
22 October 2022Level II
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Registration Closes
8 November 2022Level I
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Registration Closes
8 November 2022Level III
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CFA Exam Dates
15 – 21 November 2022Level I
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Scheduling Deadline
16 November 2022Level I
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Scheduling Deadline
16 November 2022Level III
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CFA Exam Dates
22 – 26 November 2022Level II
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Rescheduling Deadline
13 January 2023Level I
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Rescheduling Deadline
20 January 2023Level III
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CFA Exam Dates
14–20 February 2023Level I
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CFA Exam Dates
21–23 February 2023Level III
CFA Program Costs
Registration costs vary depending on when you decide to register for the exam.
All fees shown are net of any local VAT, Goods and Services Tax (GST) or any other sales tax payable by the candidate in their country of residence. Where CFA® Institute is required to add sales tax at the local statutory rate, this will be added to the fees shown during the payment/checkout process.
For information about taxability related to online purchases from CFA Institute, please visit our Tax Policy page.
One-Time Enrollment Fee
There is a one-time enrollment fee when you register for CFA Program and the Level I exam. For 2023, the initial enrollment fee will decrease from USD 450 to USD 350. This fee will not be applied to subsequent exams. All fees must be paid in US dollars. For more information on enrollment fees and payment options, visit our policies page.
Registration Price Increase for 2023
Effective for February 2023 exams, prices will increase from USD 700 to USD 900 for early registration and from USD 1,000 to USD 1,200 for standard registration.
Rescheduling Fee
If you wish to reschedule your exam appointment within your exam window, a USD 250 rescheduling fee will apply.
Early Registration Deadline
USD 700Standard Registration Fee
USD 1,000Early Registration Fee
USD 900Standard Registration Fee
USD 1,200Exams Offered Internationally
We host exams at CFA Institute testing centers located in most major cities around the world.
Master the Material with Helpful Resources

Learning Ecosystem
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Exam Prep Providers
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Study Resources and Tips
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Understanding Your Results
Exams are graded as either "pass" or "did not pass," along with detailed performance feedback. Check out the documents below for information on pass rates, how to track your performance, and more details on how we evaluate exams.

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