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.
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 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 5-7 weeks of taking the exam and completion of your Practical Skills Module Within 5-7 weeks of taking the exam Within 6-8 weeks of taking the 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

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
22 - 28 August 2023
August 2023Level I
Level II August Exam Dates
29 August - 2 September 2023
August 2023Level II
Level III August Exam Dates
29 August - 5 September 2023
August 2023Level III
Level I November Exam Dates
11 - 17 November 2023
November 2023Level I
Level II November Exam Dates
18 - 22 November 2023
November 2023Level II
Level III February Exam Dates
15–18 February 2024
February 2024Level III
Level I February Exam Dates
19–25 February 2024
February 2024Level I
Level I May Exam Dates
15–21 May 2024
May 2024Level I
Level II May Exam Dates
22-26 May 2024
May 2024Level II
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

  • Registration and Scheduling Opens

    31 January 2023Level I

  • Registration and Scheduling Opens

    31 January 2023Level II

  • Deadline to register with invoice payment option*

    25 March 2023Level I

  • Deadline to register with invoice payment option*

    25 March 2023Level II

  • Deadline to register with invoice payment option*

    25 March 2023Level III

  • Registration Closes

    9 May 2023Level I

  • Registration Closes

    9 May 2023Level II

  • Registration Closes

    9 May 2023Level III

  • Early Registration Deadline

    10 May 2023Level I

  • Early Registration Deadline

    10 May 2023Level II

  • Registration and Scheduling Opens

    16 May 2023Level I

  • Registration and Scheduling Opens

    16 May 2023Level III

  • Scheduling Deadline

    24 May 2023Level I

  • Scheduling Deadline

    24 May 2023Level II

  • Scheduling Deadline

    24 May 2023Level III

  • Deadline to register with invoice payment option*

    29 June 2023Level I

  • Deadline to register with invoice payment option*

    29 June 2023Level II

  • Early Registration Deadline

    13 July 2023Level I

  • Early Registration Deadline

    13 July 2023Level III

  • Rescheduling Deadline

    21 July 2023Level I

  • Rescheduling Deadline

    28 July 2023Level II

  • Rescheduling Deadline

    28 July 2023Level III

  • Registration Closes

    8 August 2023Level I

  • Registration Closes

    8 August 2023Level II

  • Registration and Scheduling Opens

    15 August 2023 Level I

  • Registration and Scheduling Opens

    15 August 2023 Level II

  • Scheduling Deadline

    16 August 2023Level I

  • Scheduling Deadline

    16 August 2023Level II

  • CFA Exam Dates

    22 - 28 August 2023Level I

  • CFA Exam Dates

    29 August - 5 September 2023Level III

  • CFA Exam Dates

    29 August - 2 September 2023Level II

  • Deadline to register with invoice payment option*

    29 September 2023Level I

  • Deadline to register with invoice payment option*

    29 September 2023Level III

  • Early Registration Deadline

    12 October 2023Level I

  • Early Registration Deadline

    12 October 2023Level II

  • Rescheduling Deadline

    13 October 2023Level I

  • Rescheduling Deadline

    20 October 2023Level II

  • Registration Closes

    8 November 2023Level I

  • Registration Closes

    8 November 2023Level III

  • CFA Exam Dates

    11 - 17 November 2023Level I

  • Registration and Scheduling Opens

    14 November 2023Level I

  • Registration and Scheduling Opens

    14 November 2023Level II

  • Registration and Scheduling Opens

    14 November 2023Level III

  • CFA Exam Dates

    18 - 22 November 2023Level II

  • Scheduling Deadline

    21 November 2023Level I

  • Scheduling Deadline

    21 November 2023Level III

  • Deadline to register with invoice payment option*

    28 December 2023 Level I

  • Deadline to register with invoice payment option*

    28 December 2023 Level II

  • Rescheduling Deadline

    17 January 2024Level III

  • Rescheduling Deadline

    18 January 2024Level I

  • Early Registration Deadline

    23 January 2024Level I

  • Early Registration Deadline

    23 January 2024Level II

  • Early Registration Deadline

    23 January 2024Level III

  • Registration Closes

    6 February 2024Level I

  • Registration Closes

    6 February 2024Level II

  • Registration and Scheduling Opens

    8 February 2024Level I

  • Registration and Scheduling Opens

    8 February 2024Level II

  • Scheduling Deadline

    14 February 2024Level I

  • Scheduling Deadline

    14 February 2024Level II

  • CFA Exam Dates

    15–18 February 2024Level III

  • CFA Exam Dates

    19–25 February 2024Level I

  • 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

  • Rescheduling Deadline

    15 April 2024Level I

  • Early Registration Deadline

    16 April 2024Level I

  • Early Registration Deadline

    16 April 2024Level II

  • Rescheduling Deadline

    22 April 2024Level II

  • Registration Closes

    14 May 2024Level I

  • Registration Closes

    14 May 2024Level II

  • Registration Closes

    14 May 2024Level III

  • CFA Exam Dates

    15-21 May 2024Level I

  • Scheduling Deadline

    21 May 2024Level I

  • Scheduling Deadline

    21 May 2024Level II

  • Scheduling Deadline

    21 May 2024Level III

  • CFA Exam Dates

    22-26 May 2024Level II

  • Deadline to register with invoice payment option*

    28 June 2024 Level I

  • Deadline to register with invoice payment option*

    28 June 2024 Level II

  • Rescheduling Deadline

    18 July 2024Level III

  • Rescheduling Deadline

    22 July 2024Level I

  • Rescheduling Deadline

    29 July 2024Level II

  • Registration Closes

    7 August 2024Level I

  • Registration Closes

    7 August 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

  • Rescheduling Deadline

    10 October 2024Level I

  • Rescheduling Deadline

    17 October 2024Level II

  • CFA Exam Dates

    13-19 November 2024Level I

  • CFA Exam Dates

    20-24 November 2024Level II

*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 900
Early registration period applies from 31 January 2023 through 10 May 2023 at 11:59 p.m. ET and is available for Level I and Level II.
Registration is Closed

Standard Registration

USD 1,200
Standard registration period applies from 11 May 2023 through 8 August 2023 at 11:59 p.m. ET and is available for Level I and Level II.
Enroll and Register

Early Registration Fee

USD 940
Early registration period applies from 16 May 2023 through 13 July 2023 at 11:59 p.m. ET and is available for Level I and Level III.
Enroll and Register

Standard Registration

USD 1,250
Standard registration period applies from 14 July 2023 through 8 November 2023 at 11:59 p.m. ET and is available for Level I and Level III.
Unavailable at this Time

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