CFA Exam Cycle Options
What will my path to earning the charter look like now?
The last paper-based test will be offered in December 2020. Starting in 2021, computer-based testing begins for all levels. In 2022, the Level I exam will be offered each quarter. Level II and Level III exams will alternate each quarter.
The following exam cycle calendar shows the exam testing windows for each level, as well as pathing diagrams, to help you map your journey in the CFA Program.
Candidates will not be able to register for adjacent windows. For example, a Level I candidate who takes the February 2021 administration and does not pass may not sit again until the August administration. Or, a Level II candidate who passes the exam during the August administration will not be able to sit for Level III until the May 2022 administration.