CFA Exam Dates – Check out Now.

Below are the Dates for all levels of CFA Exams.

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.

2021 CFA Exam Information

Get the latest information on what’s new about this year’s CFA exam.

Exam Registration, Scheduling, and Deferrals

Test Center Updates

Learn More About Computer-Based Exams

Charting your Journey through the CFA Program (PDF)

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.

LEVEL ILEVEL IILEVEL III
LEVEL REQUIREMENTMeet CFA Program enrollment requirementsPass Level I CFA examPass Level II CFA exam
QUESTION FORMATMultiple choice questionsVignette-supported multiple choice questionsVignette-supported essay questions and vignette-supported multiple choice questions
EXAM RESULTS AVAILABILITYWithin 60 days of taking the examWithin 60 days of taking the examWithin 90 days of taking the exam
10 YEAR AVERAGE PASS RATE42%45%54%
DETAILSView 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 IIIView Level III Details

CFA program is a postgraduate professional certification offered to investment and financial professionals worldwide by the American-based CFA Institute.