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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

CFA Exam Updates

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
Question Format Multiple choice questions Vignette-supported multiple choice questions Vignette-supported constructed response 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
Level Advancement Meet CFA Program enrollment requirements Pass Level I CFA exam Pass Level II CFA exam
Pass Rate 43% 45% 56%
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. The last paper-based exams will be offered in December 2020; exams in 2021 will be computer-based for all levels. Use the calendar to view upcoming exams and other important dates leading up to the exam. Exam windows vary by market based on appointment availability at the time of scheduling. All deadlines are 11:59 p.m. ET. 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.


Select Exam Criteria

Level III May Computer-Based Exam Window
25 May - 1 June 2021
May 2021Level III
Level II May Computer-Based Exam Window
25 May - 1 June 2021
May 2021Level II
Level I December Exam Date
5 December 2020: Select "All Levels Exam Day" link for more information
December 2020Level I
Level I February Computer-Based Exam Dates
16 February - 1 March 2021
February 2021Level I
Level I May Computer-Based Exam Window
18 - 24 May 2021
May 2021Level I
Level I August Computer-Based Exam Dates
24 - 30 August 2021
August 2021Level I
Level II August Computer-Based Exam Dates
31 August - 4 September 2021
August 2021Level II
Level I November Computer-Based Exam Window
16 - 22 November 2021
November 2021Level I
Level III November Computer-Based Exam Window
23 - 25 November 2021
November 2021Level III
  • Registration Window Opens

    20 August 2020Level I

  • Registration Window Opens

    20 August 2020Level II

  • Registration Window Opens

    20 August 2020Level III

  • Scheduling Window Opens

    20 August 2020Level I

  • Scheduling Window Opens

    20 August 2020Level II

  • Scheduling Window Opens

    20 August 2020Level III

  • Registration Window Opens

    20 August 2020Level I

  • Registration Window Opens

    20 August 2020Level II

  • Registration Window Opens

    20 August 2020Level I

  • Registration Window Opens

    20 August 2020Level III

  • Registration Closes

    28 October 2020Level I

  • Early Registration Deadline

    3 November 2020Level I

  • Early Registration Deadline

    3 November 2020Level II

  • Early Registration Deadline

    3 November 2020Level III

  • Scheduling Window Opens

    3 November 2020Level I

  • Scheduling Window Opens

    3 November 2020Level II

  • All Levels Exam Day

    5 - 6 DecemberLevel I

  • Scheduling Deadline

    14 December 2020Level I

  • Rescheduling Deadline

    25 January 2021Level I

  • Pay by Invoice Deadline

    2 February 2021Level I

  • Pay by Invoice Deadline

    2 February 2021Level II

  • Scheduling Window Opens

    2 February 2021Level I

  • Scheduling Window Opens

    2 February 2021Level III

  • Early Registration Deadline

    2 February 2021Level I

  • Early Registration Deadline

    2 February 2021Level II

  • February Level I CFA Exam Window

    16 February - 1 March 2021Level I

  • Registration Closes

    23 February 2021Level I

  • Registration Closes

    23 February 2021Level II

  • Registration Closes

    23 February 2021Level III

  • Scheduling Deadline

    10 March 2021Level I

  • Scheduling Deadline

    10 March 2021Level II

  • Scheduling Deadline

    10 March 2021Level III

  • Rescheduling Deadline

    16 April 2021Level I

  • Rescheduling Deadline

    16 April 2021Level II

  • Rescheduling Deadline

    16 April 2021Level III

  • Pay by Invoice Deadline

    4 May 2021Level I

  • Pay by Invoice Deadline

    4 May 2021Level III

  • Early Registration Deadline

    4 May 2021Level I

  • Early Registration Deadline

    4 May 2021Level III

  • Registration Closes

    4 May 2021Level I

  • Registration Closes

    4 May 2021Level II

  • May Level I CFA Exam Window

    18 - 24 May 2021Level I

  • Scheduling Deadline

    23 May 2021Level I

  • Scheduling Deadline

    23 May 2021Level II

  • May Level II CFA Exam Window

    25 May - 1 June 2021Level II

  • May Level III CFA Exam Window

    25 May - 1 June 2021Level III

  • Rescheduling Deadline

    22 July 2021Level I

  • Rescheduling Deadline

    22 July 2021Level II

  • Registration Closes

    10 August 2021Level I

  • Registration Closes

    10 August 2021Level III

  • August Level I CFA Exam Window

    24 - 30 August 2021Level I

  • Scheduling Deadline

    25 August 2021Level I

  • Scheduling Deadline

    25 August 2021Level III

  • August Level II CFA Exam Window

    31 August - 4 September 2021Level II

  • Rescheduling Deadline

    14 October 2021Level I

  • Rescheduling Deadline

    14 October 2021Level III

  • November Level I CFA Exam Window

    16 - 22 November 2021Level I

  • November Level III CFA Exam Window

    23 - 25 November 2021Level III

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 1 exam. Take care when scheduling your computer-based exam appointment, as there is a USD 25 rescheduling fee if you wish to reschedule your exam appointment in your exam window.*

*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.

Early Registration Fee

USD 700
Early registration period applies from 20 August 2020 through 3 November 2020 at 11:59 p.m. ET and is available for Level I, Level II, and Level III. 
Registration is Closed

Standard Registration Fee

USD 1,000
Standard registration period applies from 4 November 2020 through 23 February 2021 at 11:59 p.m. ET and is available for Level I, Level II, and Level III.
Enroll and Register

Early Registration Fee

USD 700
Early registration period applies from 20 August 2020 through 2 February 2021 at 11:59 p.m. ET and is available for Level I and Level II.
Enroll and Register

Standard Registration Fee

USD 1,000
Standard registration period applies from 3 February 2021 through 4 May 2021 at 11:59 p.m. ET and is available for Level I and Level II.
Unavailable at this Time

Early Registration Deadline

USD 700
Early registration period applies from 20 August 2020 through 4 May 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 5 May 2021 through 10 August 2021 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

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 (PDF)

View Historical Pass Rates (PDF)

Prepare for Exams

Take the Next Step in Your Career

Enroll and register for the CFA exam.



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