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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.
Prepare for Exams

2022 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 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 41% 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.


Select Exam Criteria

Level I November Exam Dates
15 – 21 November 2022
November 2022Level I
Level II November Exam Dates
22 – 26 November 2022
November 2022Level II
Level I February Exam Dates
14–20 February 2023
February 2023Level I
Level III February Exam Dates
21–23 February 2023
February 2023Level III
Level I May Exam Dates
16–22 May 2023
May 2023Level I
Level II May Exam Dates
23–27 May 2023
May 2023Level II
  • 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

  • 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

  • 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.

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 of USD 350 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.

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

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.

Understand Exam Grading (PDF)

Interpret Exam Results

View Historical Pass Rates (PDF)

Prepare for Exams

Take the Next Step in Your Career

Enroll and register for the CFA exam.

Don't delay; complete your registration to access study materials and candidate resources to begin the CFA Program today.

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