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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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CFA Exam Information

Get the latest information on what’s new about this year’s CFA exam.

Exam Registration, Scheduling and Deferrals

Test Center Updates

Learn More About the Exam

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. 

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 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

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 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.


Select Exam Criteria

Level I May Exam Dates
16–22 May 2023
May 2023Level I
Level II May Exam Dates
23–27 May 2023
May 2023Level II
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
15–28 February 2024
February 2023Level 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

    14 November 2022Level I

  • Registration and Scheduling Opens

    14 November 2022Level II

  • Registration and Scheduling Opens

    14 November 2022Level III

  • Deadline to register with invoice payment option*

    17 December 2022Level I

  • Deadline to register with invoice payment option*

    17 December 2022Level II

  • Registration Closes

    31 January 2023Level I

  • Registration Closes

    31 January 2023Level II

  • Registration and Scheduling Opens

    31 January 2023Level I

  • Registration and Scheduling Opens

    31 January 2023Level II

  • Early Registration Deadline

    1 February 2023Level I

  • Early Registration Deadline

    1 February 2023Level II

  • Early Registration Deadline

    1 February 2023Level III

  • Scheduling Deadline

    15 February 2023Level I

  • Scheduling Deadline

    15 February 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

  • Rescheduling Deadline

    14 April 2023Level I

  • Rescheduling Deadline

    21 April 2023Level II

  • 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

  • CFA Exam Dates

    16–22 May 2023Level I

  • Registration and Scheduling Opens

    16 May 2023Level I

  • Registration and Scheduling Opens

    16 May 2023Level III

  • CFA Exam Dates

    23–27 May 2023Level II

  • 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*

    24 June 2023Level I

  • Deadline to register with invoice payment option*

    24 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

  • 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 - 2 September 2023Level II

  • CFA Exam Dates

    29 August - 5 September 2023Level III

  • Deadline to register with invoice payment option*

    21 September 2023Level I

  • Deadline to register with invoice payment option*

    21 September 2023Level III

  • 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

  • CFA Exam Dates

    18 - 22 November 2023Level II

  • Scheduling Deadline

    21 November 2023Level I

  • Scheduling Deadline

    21 November 2023Level III

  • Rescheduling Deadline

    17 January 2024Level III

  • Rescheduling Deadline

    18 January 2024Level I

  • CFA Exam Dates

    15–18 February 2024Level III

  • CFA Exam Dates

    19–25 February 2024Level 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 900
Early registration period applies from 14 November 2022 through 1 February 2023 at 11:59 p.m. ET and is available for Level I, Level II, and Level III.
Registration is Closed

Standard Registration

USD 1,200
Standard registration period applies from 2 February 2023 through 9 May 2023 at 11:59 p.m. ET and is available for Level I, Level II, and Level III.
Enroll and Register

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.
Enroll and Register

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.
Unavailable at this Time

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.
Unavailable at this Time

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. For more information on enrollment fees and payment options, visit our policies page.

Rescheduling Fee

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

New for 2023!

For candidates residing in India:

CFA Institute has partnered with education loan provider Eduvanz to offer EMI (Equated Monthly Installment) to candidates who reside in India. To choose this option: Select “Pay by Invoice” as your method of payment during checkout and submit your invoice along with the EMI payment method.*

For more information, read more here.

*Availability of EMI payment is subject to approval and documentation requirements of Eduvanz.

Disclaimer: THE EMI option does not constitute any financial or investment advice by CFA Institute, or any provision of any financial or brokerage services by CFA Institute. Eduvanz is an independent third-party education loan provider which is neither related to nor an agent of CFA Institute, and CFA Institute shall not be liable for any acts or omissions of Eduvanz. Once the applicant successfully avail of the EMI option, all EMI payments (and any refund of fees) will be solely as per terms of documentation between the applicant and Eduvanz, and CFA Institute shall neither be a party to such documentation nor be liable for or in respect of any EMI payments, refunds, or defaults in any manner whatsoever.

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)

Prepare for Exams

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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