Exam Dates, Cost, and Registration Fees

2022 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 exam 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. 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.

Scheduling Window Opens

1 February 2022Level I
Scheduling Window Opens

1 February 2022Level II
Registration Closes

3 May 2022Level I
Registration Closes

3 May 2022Level II
Registration Closes

3 May 2022Level III
Registration Window Opens

10 May 2022Level I
Registration Window Opens

10 May 2022Level III
Scheduling Window Opens

10 May 2022Level I
Scheduling Window Opens

10 May 2022Level III
Scheduling Deadline

25 May 2022Level I
Scheduling Deadline

25 May 2022Level II
Scheduling Deadline

25 May 2022Level III
Rescheduling Deadline

23 July 2022Level I
Rescheduling Deadline

30 July 2022Level II
Rescheduling Deadline

30 July 2022Level III
Early Registration Deadline

9 August 2022Level I
Early Registration Deadline

9 August 2022Level III
Registration Closes

9 August 2022Level I
Registration Closes

9 August 2022Level II
Registration Window Opens

9 August 2022Level I
Registration Window Opens

9 August 2022Level II
Scheduling Window Opens

9 August 2022Level I
Scheduling Window Opens

9 August 2022Level II
Scheduling Deadline

17 August 2022Level I
Scheduling Deadline

17 August 2022Level II
CFA Exam Dates

23 – 29 August 2022Level I
CFA Exam Dates

30 August – 3 September 2022Level II
CFA Exam Dates

30 August – 6 September 2022Level III
Pay by Invoice Deadline

17 September 2022Level I
Pay by Invoice Deadline

17 September 2022Level III
Rescheduling Deadline

15 October 2022Level I
Rescheduling Deadline

22 October 2022Level II
Early Registration Deadline

2 November 2022Level I
Early Registration Deadline

2 November 2022Level II
Registration Closes

8 November 2022Level I
Registration Closes

8 November 2022Level III
CFA Exam Dates

15 – 21 November 2022Level I
Scheduling Deadline

16 November 2022Level I
Scheduling Deadline

16 November 2022Level III
CFA Exam Dates

22 – 26 November 2022Level II
Pay by Invoice Deadline

17 December 2022Level I
Pay by Invoice Deadline

17 December 2022Level II
Rescheduling Deadline

13 January 2023Level I
Rescheduling Deadline

20 January 2023Level III
Registration Closes

31 January 2023Level I
Registration Closes

31 January 2023Level II
CFA Exam Dates

14–20 February 2023Level I
Scheduling Deadline

15 February 2023Level I
Scheduling Deadline

15 February 2023Level II
CFA Exam Dates

21–23 February 2023Level III
Rescheduling Deadline

14 April 2023Level I
Rescheduling Deadline

21 April 2023Level II
CFA Exam Dates

16–22 May 2023Level I
CFA Exam Dates

23–27 May 2023Level II

CFA Program Costs

Registration costs vary depending on when you decide to register for the exam.

All fees shown are net of any local VAT, Goods and Services Tax (GST) or any other sales tax payable by the candidate in their country of residence. Where CFA® Institute is required to add sales tax 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.

February 2023
May 2023

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Early Registration Fee

USD 900

Early registration period applies from 10 May 2022 through 9 August 2022 at 11:59 p.m. ET and is available for Level I and Level III.

Registration is Closed

Standard Registration Fee

USD 1,200

Standard registration period applies from 10 August 2022 through 8 November 2022 at 11:59 p.m. ET and is available for Level I and Level III.

Enroll and Register

Early Registration Fee

USD 900

Early registration period applies from 9 August 2022 through 2 November 2022 at 11:59 p.m. ET and is available for Level I and Level II.

Enroll and Register

Standard Registration Fee

USD 1,200

Standard registration period applies from 3 November 2022 through 31 January 2023 at 11:59 p.m. ET and is available for Level I and Level II.

Unavailable at this Time

One-Time Enrollment Fee

There is a one-time enrollment fee when you register for CFA Program and the Level I exam. For 2023, the initial enrollment fee will decrease from USD 450 to USD 350. 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.

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.

Find a Prep Provider

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.

Understand Exam Grading (PDF)

Interpret Exam Results

View Historical Pass Rates (PDF)