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CFA® Exam Information

The CFA exams (Levels I, II, and III) are offered every June at test centers around the world. The Level I exam is also offered in December. Each exam must be passed sequentially. The exams are offered in English only.

Program and Exam Fees

There is a one-time program enrollment fee when you register for the CFA Level I exam for the first time. The cost of each exam depends on when you register.

Learn more about program and exam fees and deadlines

View the CFA exam calendar

Test Center Locations

CFA Program exams are offered in over 170 cities in June and over 70 cities in December, at testing facilities around the world.

When you register, you will select a preferred test center location (usually a city). You can request to change your test center location after you register. CFA Institute assigns a specific test center venue to you considering your indicated preference and seating availability. This assignment is on your admission ticket, which you receive approximately four weeks before the exam.

Learn more about our test centers

View the June test center locations

View the December test center locations

Exam Structure

CFA exam content, learning focus, and question format increase in complexity with each level.

Learn more about the Level I exam structure

Learn more about the Level II exam structure

Learn more about the Level III exam structure

CFA Program Policies

Our exam policies and procedures exist to protect the integrity of the CFA Program and ensure the exam process is fair for all candidates. It is your responsibility to read and understand all testing policies set forth by the CFA Program.

CFA Program policies

Candidate agreement

Exam Results

Exams are scored following each exam. Results for Level I and II candidates are available within 60 days of the exam date and within 90 days for Level III candidates.

Learn more about exam results

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