Exam Dates, Cost, and Registration Fees

2021 CFA Exam Information

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

Exam Registration, Scheduling and Deferrals

Charting your Journey through the CFA Program (PDF)

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.

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.

November 2021
February 2022

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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

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.

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Study Resources and Tips

Prepare with helpful educational content and test taking strategies.

Explore Resources

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)