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Exam Dates, Cost, and Registration 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.
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2021 CFA Exam Information

Exams That Evolve in Complexity

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. For details on computer-based exams, visit our CBT information page.

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 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

View Quick Start Guide for Level III

View Level III 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 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.


Select Exam Criteria

Level I November Exam Dates
16 - 22 November 2021
November 2021Level I
Level III November Exam Dates
23 - 25 November 2021
November 2021Level III
Level II November Exam Dates
26 - 30 November 2021
November 2021Level II
Level I February Exam Dates
15–21 February 2022
February 2022Level I
Level II February Exam Dates
22–26 February 2022
February 2022Level II
Level I May Exam Dates
17–23 May 2022
May 2022Level I
Level III May Exam Dates
24–26 May 2022
May 2022Level III
Level I August Exam Dates
23 – 29 August 2022
August 2022Level I
Level II August Exam Dates
30 August – 3 September 2022
August 2022Level II
Level III August Exam Dates
30 August – 6 September 2022
August 2022Level III
  • Registration Window Opens

    20 July 2021Level I

  • Registration Window Opens

    20 July 2021Level III

  • Registration Closes

    20 July 2021Level I

  • Registration Closes

    20 July 2021Level II

  • Registration Closes

    20 July 2021Level III

  • Scheduling Window Opens

    20 July 2021Level I

  • Scheduling Window Opens

    20 July 2021Level III

  • Scheduling Deadline

    23 August 2021Level I

  • Scheduling Deadline

    23 August 2021Level II

  • Scheduling Deadline

    23 August 2021Level III

  • Rescheduling Deadline

    16 October 2021Level I

  • Rescheduling Deadline

    23 October 2021Level III

  • Registration Closes

    26 October 2021Level I

  • Registration Closes

    26 October 2021Level II

  • Rescheduling Deadline

    26 October 2021Level II

  • Registration Window Opens

    26 October 2021Level I

  • Registration Window Opens

    26 October 2021Level II

  • Scheduling Window Opens

    26 October 2021Level I

  • Scheduling Window Opens

    26 October 2021Level II

  • Early Registration Deadline

    1 November 2021Level I

  • Early Registration Deadline

    4 November 2021Level III

  • CFA Exam Dates

    16 - 22 November 2021Level I

  • Scheduling Deadline

    17 November 2021Level I

  • Scheduling Deadline

    17 November 2021Level II

  • CFA Exam Dates

    23 - 25 November 2021Level III

  • CFA Exam Dates

    26 - 30 November 2021Level II

  • Registration Window Opens

    1 December 2021Level III

  • Scheduling Window Opens

    1 December 2021Level III

  • Rescheduling Deadline

    15 January 2022Level I

  • Rescheduling Deadline

    22 January 2022Level II

  • Early Registration Deadline

    1 February 2022Level I

  • Early Registration Deadline

    1 February 2022Level II

  • Early Registration Deadline

    1 February 2022Level III

  • Pay by Invoice Deadline

    1 February 2022Level I

  • Pay by Invoice Deadline

    1 February 2022Level II

  • Pay by Invoice Deadline

    1 February 2022Level III

  • Registration Closes

    8 February 2022Level I

  • Registration Closes

    8 February 2022Level III

  • CFA Exam Dates

    15–21 February 2022Level I

  • Scheduling Deadline

    16 February 2022Level I

  • Scheduling Deadline

    16 February 2022Level III

  • CFA Exam Dates

    22–26 February 2022Level II

  • Rescheduling Deadline

    16 April 2022Level I

  • Rescheduling Deadline

    23 April 2022Level III

  • Registration Closes

    3 May 2022Level I

  • Registration Closes

    3 May 2022Level II

  • Registration Closes

    3 May 2022Level III

  • CFA Exam Dates

    17–23 May 2022Level I

  • CFA Exam Dates

    24–26 May 2022Level III

  • Scheduling Deadline

    25 May 2022Level I

  • Scheduling Deadline

    25 May 2022Level II

  • Scheduling Deadline

    25 May 2022Level III

  • Rescheduling Deadline

    23 July 2022Level I

  • Rescheduling Deadline

    30 July 2022Level II

  • Rescheduling Deadline

    30 July 2022Level III

  • CFA Exam Dates

    23 – 29 August 2022Level I

  • CFA Exam Dates

    30 August – 6 September 2022Level III

  • CFA Exam Dates

    30 August – 3 September 2022Level 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 I exam. Take care when scheduling your computer-based exam appointment, as there is a USD 250 rescheduling fee if you wish to reschedule your exam appointment in your exam window.*

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.

*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 700
Early registration period closes for Level I on 1 November 2021 at 11:59 p.m. ET. Level III early registration closes on 4 November.
Registration is Closed

Standard Registration Fee

USD 1,000
Standard registration period applies from 2 November 2021 through 8 February 2022 at 11:59 p.m. ET and is available for Level I and Level III.
Enroll and Register

Early Registration Fee

USD 700
Early registration period for Level I and Level II applies from 26 October 2021 through 1 February 2022 at 11:59 p.m. ET.  Early registration for Level III opens 1 December 2021.
Enroll and Register

Standard Registration Fee

USD 1,000
Standard registration period applies from 2 February 2022 through 3 May 2022 at 11:59 p.m. ET and is available for Level I, Level II, and Level III.
Unavailable at this Time

Exams Offered Internationally

We host exams at CFA Institute testing centers located in most major cities around the world. 

Find a Test Center

Master the Material with Helpful Resources

CFA Program

Learning Ecosystem

Access an online learning program with the complete curriculum, custom lessons, personalized study plans, mock exams and more. 

CFA Program

Exam Prep Providers

Get extra study support through our expert exam prep providers. 

CFA Program

Study Resources and Tips

Prepare with helpful educational content and test taking strategies.

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.

Understand Exam Grading (PDF)

Interpret Exam Results

View Historical Pass Rates (PDF)

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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.

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