We’re using cookies, but you can turn them off in Privacy Settings.  Otherwise, you are agreeing to our use of cookies.  Accepting cookies does not mean that we are collecting personal data. Learn more in our Privacy Policy.

×

Exam Information, Dates and Fees

Passing the three exams marks true mastery of the curriculum and is the most important task required to earn the CFA® charter. On average, candidates report investing over 300 hours of study in advance of successfully passing each level. We host exams at test centers in most major cities around the world. Find a test center.

Enroll and Register

Prepare for Exams

Exams That Evolve in Complexity

CFA Program includes a series of three exams: Levels I, II, and III. Each level of the curriculum builds on the prior level and becomes increasingly complex. The chart below explains the differences between each exam so you can prepare accordingly. 

Learn more about the study tools and resources you will have access to as part of CFA Program

Level I Level II Level III
Level Requirement Meet CFA Program enrollment requirements Pass Level I CFA exam and meet CFA Program enrollment requirements Pass Level II CFA exam and meet CFA Program enrollment requirements
Question Format Multiple choice questions Vignette-supported multiple choice questions

Vignette-supported essay and multiple choice questions. Choose one of three specialized pathways.

Exam Results Availability Within 5-7 weeks of taking the exam and completion of your Practical Skills Module Within 5-7 weeks of taking the exam  and completion of your Practical Skills Module Within 6-8 weeks of taking the exam and completion of your Practical Skills Module (beginning with Feb 2025 exam)
10 Year Average Pass Rate 41% 45% 52%
Details View Quick Start Guide for Level I 

View Level I Details
View Quick Start Guide for Level II

View Level II Details

View Quick Start Guide for Level III

View Level III Details

Use the CFA Exam Calendar to Keep Track of Important Exam Dates

For a printable PDF of the CFA Exam Calendar, click here.

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 more information on Registration and Scheduling 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.

*For candidates who reside in India, read more about the Equated Monthly Installment option offered by Eduvanz


Select Exam Criteria

Level I August Exam Dates
20 - 26 August 2024
August 2024Level I
Level III August Exam Dates
16 August - 19 August 2024
August 2024Level III
Level II August Exam Dates
27 August - 31 August 2024
August 2024Level II
Level I November Exam Dates
13 - 19 November 2024
November 2024Level I
Level II November Exam Dates
20 - 24 November 2024
November 2024Level II
Level III Exam Dates
13-16 February 2025
February 2025Level III
CFA Level I Exam Dates
17-23 February 2025
February 2025Level I
CFA Level 1 Exam Dates
14-20 May 2025
May 2025Level I
CFA Level II Exam Dates
21-25 May 2025
May 2025Level II
CFA Level III Exam Dates
15-19 August 2025
August 2025Level III
CFA Level 1 Exam Dates
20-26 August 2025
August 2025Level I
CFA Level II Exam Dates:
27-31 August 2025
August 2025Level II
CFA Level II Exam Dates
19-23 November 2025
November 2025Level II
  • Registration and Scheduling Opens

    8 February 2024Level I

  • Registration and Scheduling Opens

    8 February 2024Level II

  • Deadline to register with invoice payment option*

    4 April 2024 Level I

  • Deadline to register with invoice payment option*

    4 April 2024 Level II

  • Deadline to register with invoice payment option*

    4 April 2024 Level III

  • Early Registration Deadline

    16 April 2024Level I

  • Early Registration Deadline

    16 April 2024Level II

  • Registration and Scheduling Opens

    9 May 2024Level I

  • Registration and Scheduling Opens

    9 May 2024Level III

  • Registration Closes

    14 May 2024Level I

  • Registration Closes

    14 May 2024Level II

  • Registration Closes

    14 May 2024Level III

  • Scheduling Deadline

    21 May 2024Level I

  • Scheduling Deadline

    21 May 2024Level II

  • Scheduling Deadline

    21 May 2024Level III

  • Early Registration Deadline

    9 July 2024Level I

  • Early Registration Deadline

    9 July 2024Level III

  • Rescheduling Deadline

    17 July 2024Level III

  • Rescheduling Deadline

    21 July 2024Level I

  • Rescheduling Deadline

    28 July 2024Level II

  • Registration Closes

    7 August 2024Level I

  • Registration Closes

    7 August 2024Level II

  • Registration and Scheduling Opens

    8 August 2024Level II

  • Registration and Scheduling Opens

    8 August 2024Level I

  • Early Registration Deadline

    16 October 2024Level II

  • Scheduling Deadline

    13 August 2024Level I

  • Scheduling Deadline

    13 August 2024Level II

  • CFA Exam Dates

    16-19 August 2024Level III

  • CFA Exam Dates

    20-26 August 2024Level I

  • CFA Exam Dates

    27-31 August 2024Level II

  • Deadline to register with invoice payment option*

    28 September 2024Level III

  • Deadline to register with invoice payment option*

    28 September 2024Level I

  • Early Registration Deadline

    16 October 2024Level I

  • Rescheduling Deadline

    14 October 2024Level I

  • Rescheduling Deadline

    21 October 2024Level II

  • Registration Closes

    7 November 2024Level III

  • Registration Closes

    7 November 2024Level I

  • Scheduling Deadline

    12 November 2024Level III

  • Scheduling Deadline

    12 November 2024Level I

  • CFA Exam Dates

    13-19 November 2024Level I

  • CFA Exam Dates

    20-24 November 2024Level II

  • Deadline to register with invoice payment option*

    28 December 2024Level I

  • Deadline to register with invoice payment option

    28 December 2024Level II

  • Rescheduling Deadline

    18 January 2025Level I

  • Rescheduling Deadline

    18 January 2025Level III

  • Registration Closes

    6 February 2025Level II

  • Registration Closes

    6 February 2025Level I

  • Scheduling Deadline

    11 February 2025Level II

  • Scheduling Deadline

    11 February 2025Level I

  • Rescheduling Deadline

    14 April 2025Level II

  • Rescheduling Deadline

    14 April 2025Level I

  • CFA Level I Exam Dates

    12-18 November 2025Level I

*Please see our payment methods page for more details.

CFA Program Costs

Registration costs vary depending on when you decide to register for the exam.

All fees shown are net of any local Value-Added Tax (VAT), Goods and Services Tax (GST), Sales Tax or any similar tax payable by the candidate in their country of residence. Where CFA Institute is required to collect such taxes 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.

Early Registration Fee

USD 940
Early registration period applies from 14 November 2023 through 23 January 2024 at 11:59 p.m. ET and is available for Level I, Level II, and Level III.

Standard Registration

USD 1,250
Standard registration period applies from 24 January 2024 through 14 May 2024 at 11:59 p.m. ET and is available for Level I, Level II, and Level III.

Early Registration Fee

USD 940

Early registration period applies from 8 February 2024 through 16 April 2024 at 11:59 p.m. ET and is available for Level I and Level II.

Standard Registration

USD 1,250

Standard registration period applies from 17 April 2024 through 7 August 2024 at 11:59 p.m. ET and is available for Level I and Level II.

Enroll and Register

Early Registration Fee - Level l

USD 990

Early registration period applies from 9 May 2024 through 9 July 2024 at 11:59 p.m. ET and is available for Level I and Level III.

Early Registration Fee - Level lll

USD 1,090

Early registration period applies from 9 May 2024 through 9 July 2024 at 11:59 p.m. ET and is available for Level I and Level III.

Standard Registration Fee - Level l

USD 1,290

Standard registration period applies from 10 July 2024 through 7 November 2024 at 11:59 p.m. ET and is available for Level I and Level III.

Enroll and Register

Standard Registration Fee - Level lll

USD 1,390

Standard registration period applies from 10 July 2024 through 7 November 2024 at 11:59 p.m. ET and is available for Level I and Level III.

Enroll and Register

One-Time Enrollment Fee

There is a one-time enrollment fee of USD 350 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. 

Rescheduling Fee

If you wish to reschedule your exam appointment within your exam window, a USD 250 rescheduling fee will apply.

Payment Methods

See the different payment methods CFA Institute accepts. For candidates residing in India, you may find more information on the Equated Monthly Installment plan offered by Eduvanz.

 

Take the Next Step in Your Career

Enroll and register for the CFA exam.

Don't delay; complete your registration to access study materials and candidate resources to begin the CFA Program today.

Enroll and Register
Register
Share on Facebook Share on Weibo Share on Twitter Share on LinkedIn