CFA Exam Information
Get the latest information on what’s new about this year’s CFA exam.
Exams That Evolve in Complexity
Learn more about the study tools and resources you will have access to as part of CFA Program
Level I | Level II | Level III | |
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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% | 52% |
Details | View Quick Start Guide for Level I View Level I Details |
View Quick Start Guide for Level II View Level II 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.
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Registration and Scheduling Opens
14 November 2022Level I
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Registration and Scheduling Opens
14 November 2022Level II
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Registration and Scheduling Opens
14 November 2022Level III
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Deadline to register with invoice payment option*
17 December 2022Level I
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Deadline to register with invoice payment option*
17 December 2022Level II
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Registration Closes
31 January 2023Level I
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Registration Closes
31 January 2023Level II
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Registration and Scheduling Opens
31 January 2023Level I
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Registration and Scheduling Opens
31 January 2023Level II
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Early Registration Deadline
1 February 2023Level I
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Early Registration Deadline
1 February 2023Level II
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Early Registration Deadline
1 February 2023Level III
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Scheduling Deadline
15 February 2023Level I
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Scheduling Deadline
15 February 2023Level II
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Deadline to register with invoice payment option*
25 March 2023Level I
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Deadline to register with invoice payment option*
25 March 2023Level II
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Deadline to register with invoice payment option*
25 March 2023Level III
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Rescheduling Deadline
14 April 2023Level I
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Rescheduling Deadline
21 April 2023Level II
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Registration Closes
9 May 2023Level I
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Registration Closes
9 May 2023Level II
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Registration Closes
9 May 2023Level III
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Early Registration Deadline
10 May 2023Level I
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Early Registration Deadline
10 May 2023Level II
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CFA Exam Dates
16–22 May 2023Level I
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Registration and Scheduling Opens
16 May 2023Level I
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Registration and Scheduling Opens
16 May 2023Level III
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CFA Exam Dates
23–27 May 2023Level II
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Scheduling Deadline
24 May 2023Level I
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Scheduling Deadline
24 May 2023Level II
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Scheduling Deadline
24 May 2023Level III
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Deadline to register with invoice payment option*
24 June 2023Level I
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Deadline to register with invoice payment option*
24 June 2023Level II
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Early Registration Deadline
13 July 2023Level I
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Early Registration Deadline
13 July 2023Level III
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Rescheduling Deadline
21 July 2023Level I
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Rescheduling Deadline
28 July 2023Level II
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Rescheduling Deadline
28 July 2023Level III
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Registration Closes
8 August 2023Level I
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Registration Closes
8 August 2023Level II
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Scheduling Deadline
16 August 2023Level I
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Scheduling Deadline
16 August 2023Level II
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CFA Exam Dates
22 - 28 August 2023Level I
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CFA Exam Dates
29 August - 2 September 2023Level II
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CFA Exam Dates
29 August - 5 September 2023Level III
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Deadline to register with invoice payment option*
21 September 2023Level I
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Deadline to register with invoice payment option*
21 September 2023Level III
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Rescheduling Deadline
13 October 2023Level I
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Rescheduling Deadline
20 October 2023Level II
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Registration Closes
8 November 2023Level I
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Registration Closes
8 November 2023Level III
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CFA Exam Dates
11 - 17 November 2023Level I
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CFA Exam Dates
18 - 22 November 2023Level II
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Scheduling Deadline
21 November 2023Level I
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Scheduling Deadline
21 November 2023Level III
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Rescheduling Deadline
17 January 2024Level III
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Rescheduling Deadline
18 January 2024Level I
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CFA Exam Dates
15–18 February 2024Level III
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CFA Exam Dates
19–25 February 2024Level I
CFA Program Costs
Registration costs vary depending on when you decide to register for the exam.
All fees shown are net of any local Value-Added Tax (VAT), Goods and Services Tax (GST), Sales Tax or any similar tax payable by the candidate in their country of residence. Where CFA Institute is required to collect such taxes 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 900Standard Registration
USD 1,200Early Registration Fee
USD 900Standard Registration
USD 1,200Early Registration Fee
USD 940Standard Registration
USD 1,250One-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.
New for 2023!
For candidates residing in India:
CFA Institute has partnered with education loan provider Eduvanz to offer EMI (Equated Monthly Installment) to candidates who reside in India. To choose this option: Select “Pay by Invoice” as your method of payment during checkout and submit your invoice along with the EMI payment method.*
For more information, read more here.
*Availability of EMI payment is subject to approval and documentation requirements of Eduvanz.
Disclaimer: THE EMI option does not constitute any financial or investment advice by CFA Institute, or any provision of any financial or brokerage services by CFA Institute. Eduvanz is an independent third-party education loan provider which is neither related to nor an agent of CFA Institute, and CFA Institute shall not be liable for any acts or omissions of Eduvanz. Once the applicant successfully avail of the EMI option, all EMI payments (and any refund of fees) will be solely as per terms of documentation between the applicant and Eduvanz, and CFA Institute shall neither be a party to such documentation nor be liable for or in respect of any EMI payments, refunds, or defaults in any manner whatsoever.
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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.

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