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
View Quick Start Guide for Level I |
Pass Level I CFA exam
View Quick Start Guide for Level II |
Pass Level II CFA exam
View Quick Start Guide for Level III |
| Pass Rate | 43% | 45% | 56% |
Keep Track of Important Exam Dates
December 2019 Exam Calendar (Level I Only)
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Admission tickets available
Mid-November 2019
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Level I December exam date
Americas, EMEA, and Asia Pacific: 7 December 2019
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Religious alternate exam date
8 December 2019
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Exam results available
End of January 2020
June 2020 Exam Calendar (Levels I, II, and III)
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June 2020 exam registration opens
8 August 2019
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Early registration fee deadline
2 October 2019
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Standard registration fee deadline
12 February 2020
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Final (late) registration fee deadline
11 March 2020
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Religious alternate date requests are due
16 March 2020
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Exam Day: Asia Pacific (Levels II and III); Americas and EMEA (all levels)
6 June 2020
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Exam Day: Asia Pacific (Level I only)
7 June 2020
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Religious alternate exam date (Americas and EMEA, all levels)
7 June 2020
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Religious alternate exam date (Asia Pacific, all levels)
8 June 2020
Review Exam Costs and Registration Fees
Registration costs vary depending on when you decide to register for the exam, find out more about registration periods below. Please note, there is a one-time enrollment fee of USD450 the first time you register for the Level I exam.
Other 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. Find the nearest test center and register for an exam closest to you.
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.
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