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 | |
|---|---|---|---|
| Level Requirement | Meet CFA Program enrollment requirements | Pass Level I CFA exam and meet CFA Program enrollment requirements | Pass Level II CFA exam and meet CFA Program enrollment requirements |
| Question Format | Multiple choice questions | Vignette-supported multiple choice questions | Vignette-supported essay and multiple choice questions. Choose one of three specialized pathways. |
| Exam Results Availability | Within 5-7 weeks of taking the exam and completion of your Practical Skills Module | Within 5-7 weeks of taking the exam and completion of your Practical Skills Module | Within 6-8 weeks of taking the exam and completion of your Practical Skills Module (beginning with Feb 2025 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
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 more information on Registration and Scheduling 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.
*For candidates who reside in India, read more about the Equated Monthly Installment option offered by Eduvanz
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Registration and Scheduling Opens
9 May 2024Level I
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Registration and Scheduling Opens
9 May 2024Level III
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Early Registration Deadline
9 July 2024Level I
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Early Registration Deadline
9 July 2024Level III
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Registration Closes
7 August 2024Level I
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Registration Closes
7 August 2024Level II
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Registration and Scheduling Opens
8 August 2024Level I
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Registration and Scheduling Opens
8 August 2024Level II
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Early Registration Deadline
16 October 2024Level II
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Scheduling Deadline
13 August 2024Level I
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Scheduling Deadline
13 August 2024Level II
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Deadline to register with invoice payment option*
28 September 2024Level I
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Deadline to register with invoice payment option*
28 September 2024Level III
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Early Registration Deadline
16 October 2024Level I
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Rescheduling Deadline
14 October 2024Level I
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Rescheduling Deadline
21 October 2024Level II
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Registration and Scheduling Opens
06 November 2024Level I
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Registration and Scheduling Opens
06 November 2024Level II
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Registration and Scheduling Opens
06 November 2024Level III
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Registration Closes
7 November 2024Level III
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Registration Closes
7 November 2024Level I
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Scheduling Deadline
12 November 2024Level III
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Scheduling Deadline
12 November 2024Level I
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CFA Exam Dates
13-19 November 2024Level I
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CFA Exam Dates
20-24 November 2024Level II
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Deadline to register with invoice payment option*
28 December 2024Level I
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Deadline to register with invoice payment option
28 December 2024Level II
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Rescheduling Deadline
18 January 2025Level III
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Rescheduling Deadline
18 January 2025Level I
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Early Registration Deadline
29 January 2025Level III
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Early Registration Deadline
29 January 2025Level I
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Early Registration Deadline
29 January 2025Level II
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Registration Closes
6 February 2025Level II
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Registration Closes
6 February 2025Level I
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Scheduling Deadline
11 February 2025Level II
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Scheduling Deadline
11 February 2025Level I
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Registration Closes
06 May 2025Level III
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Deadline to register with invoice payment option*
27 March 2025Level II
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Deadline to register with invoice payment option*
27 March 2025Level III
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Deadline to register with invoice payment option*
27 March 2025Level I
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Rescheduling Deadline
14 April 2025Level II
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Rescheduling Deadline
14 April 2025Level I
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Registration Closes
06 May 2025Level II
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Registration Closes
06 May 2025Level I
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Scheduling Deadline
13 May 2025Level II
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Scheduling Deadline
13 May 2025Level III
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Scheduling Deadline
13 May 2025Level I
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Rescheduling Deadline
21 July 2025Level I
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Rescheduling Deadline
28 July 2025Level II
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Rescheduling Deadline
14 July 2025Level III
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CFA Level I Exam Dates
12-18 November 2025Level 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 940Standard Registration
USD 1,250Early Registration Fee
USD 940Early registration period applies from 8 February 2024 through 16 April 2024 at 11:59 p.m. ET and is available for Level I and Level II.
Standard Registration
USD 1,250Standard registration period applies from 17 April 2024 through 7 August 2024 at 11:59 p.m. ET and is available for Level I and Level II.
Early Registration Fee - Level l
USD 990Early registration period applies from 9 May 2024 through 9 July 2024 at 11:59 p.m. ET and is available for Level I and Level III.
Early Registration Fee - Level lll
USD 1,090Early registration period applies from 9 May 2024 through 9 July 2024 at 11:59 p.m. ET and is available for Level I and Level III.
Standard Registration Fee - Level l
USD 1,290Standard registration period applies from 10 July 2024 through 7 November 2024 at 11:59 p.m. ET and is available for Level I and Level III.
Standard Registration Fee - Level lll
USD 1,390Standard registration period applies from 10 July 2024 through 7 November 2024 at 11:59 p.m. ET and is available for Level I and Level III.
Early Registration Fee - Level I and Level II
USD 990Early registration period applies from 8 August 2024 through 16 October 2024 at 11:59 p.m. ET and is available for Level I and Level II.
Standard Registration Fee - Level l and II
USD 1,290Standard registration period applies from 17 October 2024 through 6 February 2025 at 11:59 p.m. ET and is available for Level I and Level II.
Early Registration Fee Level I and Level II
USD 990Early registration period applies from 6 November 2024 through 29 January 2025 at 11:59 PM ET and is available for Level I and Level II.
Early Registration Fee Level III
USD 1,090Early registration period applies from 6 November 2024 through 29 January 2025 at 11:59 PM ET and is available for Level III.
Standard Registration Fee Level I and Level II
USD 1,290Standard Registration Fee Level III
USD 1,390Standard registration period applies from 30 January 2025 through 6 May 2025 at 11:59 PM ET and is available for Level III.
One-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.
Rescheduling Fee
If you wish to reschedule your exam appointment within your exam window, a USD 250 rescheduling fee will apply.
Payment Methods
See the different payment methods CFA Institute accepts. For candidates residing in India, you may find more information on the Equated Monthly Installment plan offered by Eduvanz.
Take the Next Step in Your Career
Enroll and register for the CFA exam.
Don't delay; complete your registration to access study materials and candidate resources to begin the CFA Program today.
