Computer-based Testing Coming in 2021
Exams That Evolve in Complexity
| Level I | Level II | Level III | |
|---|---|---|---|
| Exam Structure | 240 multiple choice questions | 20–30 vignettes supporting 120 multiple choice questions | 20–30 vignettes supporting a variable number of constructed response and multiple choice questions |
| Exam Length | Morning session: 3 hours; 120 questions
Afternoon session: 3 hours; 120 questions |
Morning session: 3 hours; 10–15 vignettes supporting 60 questions
Afternoon session: 3 hours; 10–15 vignettes supporting 60 questions |
Morning session: 3 hours; 8–15 vignettes supporting constructed response questions
Afternoon session: 3 hours; 10–15 vignettes supporting 60 multiple choice questions |
| 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
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Registration Window Opens
16 June 2020Level I
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Scheduling Window Opens
16 June 2020Level I
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Exam Registration Opens
29 July 2020Level II
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Exam Registration Opens
29 July 2020Level III
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Early Registration Deadline
13 August 2020Level I
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Standard Registration Deadline
19 August 2020Level I
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Final Registration Deadline
9 September 2020Level I
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Early Registration Deadline
23 September 2020Level II
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Early Registration Deadline
23 September 2020Level III
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Registration Closes
3 November 2020Level I
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Scheduling Deadline
22 November 2020Level I
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Exam Day
5 December 2020Level I
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Rescheduling Deadline
25 January 2021Level I
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Standard Registration Deadline
17 February 2021Level II
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Standard Registration Deadline
17 February 2021Level III
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CFA Exam Window
23 Feb - 1 Mar 2021Level I
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Final Registration Deadline
17 March 2021Level II
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Final Registration Deadline
17 March 2021Level III
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Exam Day
5 June 2021Level II
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Exam Day
5 June 2021Level III
Review Exam Costs and Registration Fees
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.
Early Registration Fee
USD 700Early registration period applies from 5 February 2020 through 25 March 2020 and is available for Level I only.
Standard Registration Fee
USD 1,000Standard registration period applies from 26 March 2020 through 19 August 2020 and is available for Level I only.
Late Registration Fee
USD 1,450Late registration period applies from 20 August 2020 through 9 September 2020 and is available for Level I only.
Early Registration Fee
USD 700Standard Registration Fee
USD 1,000Other Important Exam Registration Details
Enrollment Fees and Payment Information
In addition to the exam registration fees, there is an additional one-time enrollment fee of USD450 that is applied the first time you register. All fees must be paid in US dollars. For more information on enrollment fees and payment options, visit our policies page.
Alternate Dates and Disability Accommodations
If you have a religious obligation or belief that prevents you from taking the exam on the scheduled day, we offer alternate dates. We also accommodate for other special needs or health disabilities. For more information on alternate dates or disability accommodations, visit our policies page.
Exams 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
Access an online learning program with the complete curriculum, custom lessons, personalized study plans, mock exams and more.
Exam Prep Providers
Get extra study support through our expert exam prep providers.
Study Resources and Tips
Prepare with helpful educational content and test taking strategies.
Form a Plan with Our Exam Readiness Checklist
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Months Prior to the Exam
Address the items below several months before your first exam:
- Review all testing policies
- Confirm your valid passport
- Print your exam admission ticket
- Check for test center conditions
- Plan your transportation
- Review the Rules of Procedure
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Weeks Prior to the Exam
Consider these tasks during the weeks leading up to your exam:
- Select comfortable clothing for exam day
- Plan your lunch
- Review how to fill out exam answer sheets
- Review the typical exam day schedule
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The Day of the Exam
Have the following things ready to go on exam day:
- Have your printed exam admission ticket
- Carry your passport with you
- Have an approved calculator, TI BA II Plus or HP 12C
- Have No. 2 pencils or approved writing instrument
- Review the items allowed on your desk
- Review other items allowed in testing room
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
Ready to earn a charter and join the ranks of elite investment professionals? If you are registering for the Level I exam for the first time, you must enroll in CFA Program as part of exam registration. Follow the below link to create an account, and we will connect you with everything you need to prepare.
