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Exam Information

All CFA exams are administered on a computer through one of our global exam delivery partners, Prometric and British Council. Here is some helpful information when thinking about your journey as a CFA Program candidate. 

Exam Administrations

Exam administrations will typically be offered in the following cadence (please refer to the Exam Calendar for specific deadlines by level):
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Candidates are permitted to take the exam a maximum of two times per calendar year (when applicable), but not in consecutive windows or windows that are less than six months apart. There is a maximum of six attempts per exam level.

Scheduling an Exam Appointment

Registering for your CFA exam is a two-step process.
  
  • Step 1: Register for your CFA exam.
  • Step 2: After you complete the registration process and your payment is processed, you will see the “schedule your exam” option in your CFA Program tile. This will take you to the Prometric scheduling tool where you will be presented with available testing centers with dates and times. Appointments are available on a first-come, first-served basis and not all test centers will have weekend appointments. You must complete this step by the scheduling deadline. If you do not receive a confirmed date and time, you are not yet successfully scheduled for an exam.

Learn more about our planned Test Center Locations.

Testing Accommodations

If you need testing accommodations, be sure to submit your request by the deadline for your exam administration window. Even if you are a returning CFA candidate who has been granted accommodations in the past, you must submit a request form each time you register.

Read more about our testing accommodations process and pre-approved items allowed into the testing room for your comfort.

Exam Format and Software

All questions are written by a team of experienced CFA charterholders and all questions come directly from the curriculum and are reviewed to be sure they are consistent with the expectations set in the Learning Outcome Statements.

  • The Level I exam is in a multiple-choice format.
  • For the Level II and Level III exams, there are 11 question sets (item sets only at Level II; item sets and essays at Level III) for each session, for a total of 22 on the exam.

Learn more about the exam structure by viewing the details at each level. Learn how hardware/software at the test centers may impact your exam-day experience.

Familiarize yourself with the software features of the exam in this tutorial before your scheduled exam date. Don’t make the mistake of exiting your exam early! Only when you are ready to submit your exam should you click the “Finish Test” button in the upper right corner.

What to Expect on Exam Day

Exam Day Logistics

Please watch a video from our testing vendor, Prometric, to learn what the exam day experience may look like. For those testing at British Council centers, your experience will be similar.

  • Arrive 30 minutes before your scheduled appointment time. If you arrive late for your appointment you may be refused admission.
  • Bring your valid international travel passport and approved calculator(s).
  • Leave your belongings at home, in your car, or in the designated personal belongings area the test center.
  • Dress comfortably.
  • You may work through the exam at your own pace. See the exam breakdown below.
  • Listen for testing personnel to give you instructions, such as how to request to take a break.

 

Exam Breakdown

 Exam Page  Time Allotted on Screen
 Section: Introduction – Candidate Pledge & Exam Software Tutorial  19 minutes
 Section (1 of 6): Exam Content Session 1*  135 minutes
 Section (2 of 6): Break Introduction/Optional Break  31 minutes
 Section (3 of 6): Exam Content Session 2 Introduction  1 minute
 Section (4 of 6): Exam Content Session 2*  135 minutes
 Section (5 of 6): Survey Introduction  1 minute
 Section (6 of 6): Survey  8 minutes
 Section: Finish  1 minute

*The time allotted for content sessions in the Level II and Level III exams will be two equal sessions of 132 minutes.

Exam Security

Exams will be delivered in proctored exam centers with robust security measures in place. Each test center will closely monitor candidates for cheating in any form. We have strict cyber-security measures in place, and we work continuously with our IT experts to thoroughly identify any potential risks and solutions. Your test center may deploy Digital Video Recording (DVR or CCTV) within the interior of the test center to monitor the environment. Where allowed by law, this includes audio recordings within the reception/locker/personal belongings, proctor/security check-in and testing areas.

Proctor Assistance

During the normal course of the exam, you may need assistance from proctors. Proctors will come to workstations as quickly as possible to assist. If able, we encourage you to continue working on their exam until a proctor has assisted. Our exam writers have designed the exam to account for minor disruptions or pauses in order for candidates to still have adequate time to respond to all questions.


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