2021 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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Question Format | Multiple choice questions | Vignette-supported multiple choice questions | Vignette-supported constructed response 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 |
Level Advancement | Meet CFA Program enrollment requirements | Pass Level I CFA exam | Pass Level II CFA exam |
Pass Rate | 43% | 45% | 56% |
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. Exam windows vary by market based on appointment availability at the time of scheduling. All deadlines are 11:59 p.m. ET. For the latest information on upcoming exams, please visit our CFA Exam Updates page.
Note that registration for a computer-based exam is a two-step process. You must first register for your exam; then schedule your actual exam appointment. If you do not see your preferred location, please check back. We are continually adding appointment availability. Learn more about computer-based testing.
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Registration Window Opens
20 August 2020Level I
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Registration Window Opens
20 August 2020Level III
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Registration Window Opens
20 August 2020Level I
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Registration Window Opens
20 August 2020Level II
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Scheduling Window Opens
3 November 2020Level I
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Scheduling Window Opens
3 November 2020Level II
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Registration Window Opens
19 January 2021Level III
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Scheduling Window Opens
19 January 2021Level I
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Registration Window Opens
19 January 2021Level I
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Scheduling Window Opens
19 January 2021Level III
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Scheduling Window Opens
2 February 2021Level I
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Scheduling Window Opens
2 February 2021Level II
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Scheduling Window Opens
2 February 2021Level III
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Registration Window Opens
2 February 2021Level II
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Early Registration Deadline
11 February 2021Level I
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Early Registration Deadline
11 February 2021Level II
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Early Registration Deadline
11 February 2021Level III
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Scheduling Deadline
10 March 2021Level I
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Scheduling Deadline
10 March 2021Level II
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Scheduling Deadline
10 March 2021Level III
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Pay by Invoice Deadline
10 March 2021Level I
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Early Registration Deadline
10 March 2021Level I
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Rescheduling Deadline
16 April 2021Level I
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Rescheduling Deadline
16 April 2021Level II
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Rescheduling Deadline
16 April 2021Level III
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Registration Closes
20 April 2021Level I
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Registration Closes
4 May 2021Level I
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Registration Closes
4 May 2021Level II
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Registration Closes
4 May 2021Level III
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Early Registration Deadline
4 May 2021Level I
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Early Registration Deadline
4 May 2021Level II
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Early Registration Deadline
4 May 2021Level III
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Pay by Invoice Deadline
4 May 2021Level I
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Pay by Invoice Deadline
4 May 2021Level II
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Pay by Invoice Deadline
4 May 2021Level III
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Scheduling Deadline
11 May 2021Level I
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May Level I CFA Exam Window
18 - 24 May 2021Level I
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Scheduling Deadline
23 May 2021Level I
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Scheduling Deadline
23 May 2021Level II
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Scheduling Deadline
23 May 2021Level III
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May Level III CFA Exam Window
25 May - 1 June 2021Level III
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May Level II CFA Exam Window
25 May - 1 June 2021Level II
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Rescheduling Deadline
22 June 2021Level I
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July Level I CFA Exam Window
18 - 24 July 2021Level I
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Rescheduling Deadline
22 July 2021Level I
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Rescheduling Deadline
22 July 2021Level II
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Rescheduling Deadline
22 July 2021Level III
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Registration Closes
10 August 2021Level I
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Registration Closes
10 August 2021Level II
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Registration Closes
10 August 2021Level III
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August Level I CFA Exam Window
24 - 30 August 2021Level I
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Scheduling Deadline
25 August 2021Level I
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Scheduling Deadline
25 August 2021Level II
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Scheduling Deadline
25 August 2021Level III
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August Level II CFA Exam Window
31 August - 4 September 2021Level II
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August Level III CFA Exam Window
1 - 8 September 2021Level III
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Rescheduling Deadline
14 October 2021Level I
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Rescheduling Deadline
14 October 2021Level II
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Rescheduling Deadline
14 October 2021Level III
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November Level I CFA Exam Window
16 - 22 November 2021Level I
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November Level III CFA Exam Window
23 - 25 November 2021Level III
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November Level II CFA Exam Window
26 - 30 November 2021Level II
CFA Program Costs
Registration costs vary depending on when you decide to register for the exam. Please note, there is a one-time enrollment fee of USD 450 the first time you register for the Level 1 exam. Take care when scheduling your computer-based exam appointment, as there is a USD 25 rescheduling fee if you wish to reschedule your exam appointment in your exam window.*
*We recognize that in some locations, the uncertainty surrounding COVID-19 is making it difficult to finalize exam schedules, navigate travel restrictions, and secure seating in your preferred location. To help alleviate these inconveniences, we have reduced the USD 250 fee for exam changes to USD 25 for all exams in 2021.
$450 One-Time Enrollment Fee
There is a one-time enrollment fee when you register for CFA Program and the Level I exam. 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.
Early Registration Fee
USD 700Standard Registration Fee
USD 1,000Early Registration Fee
USD 700Standard Registration Fee
USD 1,000Early Registration Fee
USD 700Standard Registration Fee
USD 1,000Early Registration Deadline
USD 700Standard Registration Fee
USD 1,000Exams 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.
Take the Next Step in Your Career
Enroll and register for the CFA exam.