Exam Dates, Cost, and Registration Fees

CFA Exam Updates

Get the latest updates and answers to your questions.

Find the latest information on upcoming CFA exams

View COVID procedures for the December 2020 exam

Learn more about the computer-based exams

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
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	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. The last paper-based exams will be offered in December 2020; exams in 2021 will be computer-based for all levels. 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. 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.

Registration Window Opens

20 August 2020Level I
Registration Window Opens

20 August 2020Level II
Registration Window Opens

20 August 2020Level III
Scheduling Window Opens

20 August 2020Level I
Scheduling Window Opens

20 August 2020Level II
Scheduling Window Opens

20 August 2020Level III
Registration Window Opens

20 August 2020Level I
Registration Window Opens

20 August 2020Level II
Registration Window Opens

20 August 2020Level I
Registration Window Opens

20 August 2020Level III
Registration Closes

28 October 2020Level I
Early Registration Deadline

3 November 2020Level I
Early Registration Deadline

3 November 2020Level II
Early Registration Deadline

3 November 2020Level III
Scheduling Window Opens

3 November 2020Level I
Scheduling Window Opens

3 November 2020Level II
All Levels Exam Day

5 - 6 DecemberLevel I
Scheduling Deadline

14 December 2020Level I
Rescheduling Deadline

17 January 2021Level I
Pay by Invoice Deadline

2 February 2021Level I
Pay by Invoice Deadline

2 February 2021Level II
Scheduling Window Opens

2 February 2021Level I
Scheduling Window Opens

2 February 2021Level III
Early Registration Deadline

2 February 2021Level I
Early Registration Deadline

2 February 2021Level II
February Level I CFA Exam Window

16 February - 1 March 2021Level I
Registration Closes

23 February 2021Level I
Registration Closes

23 February 2021Level II
Registration Closes

23 February 2021Level III
Scheduling Deadline

10 March 2021Level I
Scheduling Deadline

10 March 2021Level II
Scheduling Deadline

10 March 2021Level III
Rescheduling Deadline

16 April 2021Level I
Rescheduling Deadline

16 April 2021Level II
Rescheduling Deadline

16 April 2021Level III
Pay by Invoice Deadline

4 May 2021Level I
Pay by Invoice Deadline

4 May 2021Level III
Early Registration Deadline

4 May 2021Level I
Early Registration Deadline

4 May 2021Level III
Registration Closes

4 May 2021Level I
Registration Closes

4 May 2021Level II
May Level I CFA Exam Window

18 - 24 May 2021Level I
Scheduling Deadline

23 May 2021Level I
Scheduling Deadline

23 May 2021Level II
May Level II CFA Exam Window

25 May - 1 June 2021Level II
May Level III CFA Exam Window

25 May - 1 June 2021Level III
Rescheduling Deadline

22 July 2021Level I
Rescheduling Deadline

22 July 2021Level II
Registration Closes

10 August 2021Level I
Registration Closes

10 August 2021Level III
August Level I CFA Exam Window

24 - 30 August 2021Level I
Scheduling Deadline

25 August 2021Level I
Scheduling Deadline

25 August 2021Level III
August Level II CFA Exam Window

31 August - 4 September 2021Level II
Rescheduling Deadline

14 October 2021Level I
Rescheduling Deadline

14 October 2021Level III
November Level I CFA Exam Window

16 - 22 November 2021Level I
November Level III CFA Exam Window

23 - 25 November 2021Level III

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.

May 2021
August 2021
November 2021

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Early Registration Fee

USD 700

Early registration period applies from 20 August 2020 through 3 November 2020 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 4 November 2020 through 23 February 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 20 August 2020 through 2 February 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 3 February 2021 through 4 May 2021 at 11:59 p.m. ET and is available for Level I and Level II.

Unavailable at this Time

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 and Level III.

Enroll and Register

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 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.

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Master the Material with Helpful Resources

Learning Ecosystem

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Exam Prep Providers

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Study Resources and Tips

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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 (PDF)

View Historical Pass Rates (PDF)