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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. Exam windows vary by market based on appointment availability at the time of scheduling. All deadlines are 11:59 p.m. ET. CFA Institute reserves the right to prematurely close registration and scheduling dates 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 III May Exam Dates
25 May - 1 June 2021
May 2021Level III
Level II May Exam Dates
25 May - 1 June 2021
May 2021Level II
Level I May Exam Dates
18 - 24 May 2021
May 2021Level I
Level I July Exam Dates
18 - 26 July 2021
July 2021Level I
Level I August Exam Dates
13 - 30 August 2021
August 2021Level I
Level II August Exam Dates
31 August - 4 September 2021
August 2021Level II
Level III August Exam Dates
1 - 8 September 2021
August 2021Level III
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
  • Registration Window Opens

    20 August 2020Level I

  • Registration Window Opens

    20 August 2020Level III

  • Scheduling Window Opens

    3 November 2020Level I

  • Scheduling Window Opens

    3 November 2020Level II

  • Scheduling Window Opens

    19 January 2021Level III

  • Registration Window Opens

    2 February 2021Level II

  • Scheduling Window Opens

    2 February 2021Level I

  • Scheduling Window Opens

    2 February 2021Level II

  • Scheduling Window Opens

    2 February 2021Level III

  • Early Registration Deadline

    4 May 2021Level I

  • Early Registration Deadline

    4 May 2021Level II

  • Early Registration Deadline

    4 May 2021Level III

  • Registration Window Opens

    13 May 2021Level I

  • Registration Window Opens

    13 May 2021Level II

  • Scheduling Window Opens

    13 May 2021Level I

  • Scheduling Window Opens

    13 May 2021Level II

  • CFA Exam Dates

    18 - 24 May 2021Level I

  • Scheduling Deadline

    23 May 2021Level I

  • Scheduling Deadline

    23 May 2021Level II

  • Scheduling Deadline

    23 May 2021Level III

  • CFA Exam Dates

    25 May - 1 June 2021Level III

  • CFA Exam Dates

    25 May - 1 June 2021Level II

  • Rescheduling Deadline

    22 June 2021Level I

  • CFA Exam Dates

    18 - 26 July 2021Level I

  • Rescheduling Deadline

    22 July 2021Level I

  • Rescheduling Deadline

    22 July 2021Level II

  • Rescheduling Deadline

    22 July 2021Level III

  • Early Registration Deadline

    10 August 2021Level I

  • Early Registration Deadline

    10 August 2021Level II

  • Registration Closes

    10 August 2021Level I

  • Registration Closes

    10 August 2021Level II

  • Registration Closes

    10 August 2021Level III

  • Pay by Invoice Deadline

    10 August 2021Level I

  • Pay by Invoice Deadline

    10 August 2021Level II

  • CFA Exam Dates

    13 - 30 August 2021Level I

  • Scheduling Deadline

    25 August 2021Level I

  • Scheduling Deadline

    25 August 2021Level II

  • Scheduling Deadline

    25 August 2021Level III

  • CFA Exam Dates

    31 August - 4 September 2021Level II

  • CFA Exam Dates

    1 - 8 September 2021Level III

  • Rescheduling Deadline

    14 October 2021Level I

  • Rescheduling Deadline

    14 October 2021Level II

  • Rescheduling Deadline

    14 October 2021Level III

  • Registration Closes

    1 November 2021Level I

  • Registration Closes

    1 November 2021Level II

  • 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

  • Rescheduling Deadline

    15 January 2022Level I

  • Rescheduling Deadline

    22 January 2022Level II

  • CFA Exam Dates

    15–21 February 2022Level I

  • CFA Exam Dates

    22–26 February 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 1 exam. Take care when scheduling your computer-based exam appointment, as there is a USD 25 rescheduling fee if you wish to reschedule your exam appointment in your exam window.*

*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 Deadline

USD 700
Early registration period applies from 20 August 2020 through 4 May 2021 at 11:59 p.m. ET and is available for Level I, Level II, and Level III.
Registration is Closed

Standard Registration Fee

USD 1,000
Standard registration period applies from 5 May 2021 through 10 August 2021 at 11:59 p.m. ET and is available for Level I, Level II, and Level III.
Enroll and Register

Early Registration Fee

USD 700
Early registration period applies from 13 May 2021 through 10 August 2021 at 11:59 p.m. ET and is available for Level I and Level II.
Enroll and Register

Standard Registration Fee

USD 1,000
Standard registration period applies from 11 August 2021 through 1 November 2021 at 11:59 p.m. ET and is available for Level I and Level II.
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.

Interpret Exam Results (PDF)

View Historical Pass Rates (PDF)

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Take the Next Step in Your Career

Enroll and register for the CFA exam.



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