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. 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 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

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
Registration Window Opens

20 July 2021Level I
Registration Window Opens

20 July 2021Level III
Registration Closes*

20 July 2021Level I
Registration Closes*

20 July 2021Level II
Registration Closes*

20 July 2021Level III
Scheduling Window Opens

20 July 2021Level I
Scheduling Window Opens

20 July 2021Level III
Early Registration Deadline

10 August 2021Level I
Early Registration Deadline

10 August 2021Level II
Scheduling Deadline**

23 August 2021Level I
Scheduling Deadline**

23 August 2021Level II
Scheduling Deadline**

23 August 2021Level III
Rescheduling Deadline

16 October 2021Level I
Rescheduling Deadline

23 October 2021Level III
Rescheduling Deadline

26 October 2021Level II
Registration Closes

26 October 2021Level I
Registration Closes

26 October 2021Level II
Early Registration Deadline

1 November 2021Level I
Early Registration Deadline

1 November 2021Level III
Pay by Invoice Deadline

1 November 2021Level I
Pay by Invoice Deadline

1 November 2021Level III
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
Registration Closes

1 February 2022Level I
Registration Closes

1 February 2022Level III
CFA Exam Dates

15–21 February 2022Level I
Scheduling Deadline

16 February 2022Level I
Scheduling Deadline

16 February 2022Level III
CFA Exam Dates

22–26 February 2022Level II
Rescheduling Deadline

16 April 2022Level I
Rescheduling Deadline

23 April 2022Level III
CFA Exam Dates

17–23 May 2022Level I
CFA Exam Dates

24–26 May 2022Level III

*Candidates who sat for the May exam and candidates who have been granted a deferral to the November exam will be able to register for the November exam after the 20 July deadline. If you qualify for this later deadline, further information will be sent to you by email in early July.

**The scheduling deadline for the November exam has been extended to 23 August due to the technical issues some candidates experienced with scheduling their exam appointments.

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 I exam. Take care when scheduling your computer-based exam appointment, as there is a USD 250 rescheduling fee if you wish to reschedule your exam appointment in your exam window.*

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.

*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.

February 2022
May 2022

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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.

Registration is Closed

Standard Registration Fee

USD 1,000

Standard registration period applies from 11 August 2021 through 26 October 2021 at 11:59 p.m. ET and is available for Level I and Level II.

Enroll and Register

Early Registration Fee

USD 700

Early registration period applies from 20 July 2021 through 1 November 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 2 November 2021 through 1 February 2022 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.

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.

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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

View Historical Pass Rates (PDF)