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CFA Institute to Offer Level I CFA® Exam Four Times Per Year in 2022

By: Kaplan Schweser
March 5, 2021
Level 1 CFA Exam Format Changes

CFA Institute has announced changes to the dates and format of the Level I CFA exam effective in 2022. This article has all the information you need to understand what this means for candidates.

What Are All the Changes to the Level I CFA® Exam in 2022?

  • There will be four sittings of the Level I exam.
  • Each quarter, in the second month (February, May, August, and November) there will be an exam window that candidates can test within.

Why Are the Level I Dates Changing?

CFA Institute had planned for four seatings In 2021. However, CFA added more seatings for Level I of the exam in 2021 because of the June 2020 postponements and December 2020 cancellations related to the Covid-19 pandemic. CFA Institute will, therefore, return to the planned February, May, August, and November seatings in 2022.

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How Will the Changes to the Level I Exam Affect Preparation?

The biggest question is how these changes will affect preparing for the exam. The short answer is that it shouldn’t. The volume of information in the curriculum is not being reduced, and the consistent pass rate of 41-43% over the last several sittings shows that the Institute is committed to upholding a rigorous standard of testing. It would be a mistake to think that a more frequent computer-based exam with fewer questions will be in some ways easier to pass.

The ideal approach will still require a significant time commitment and question practice. Kaplan CFA level I study materials offer adaptive question banks and exam-focused reviews. These will be valuable tools in ensuring that happens.

What Isn’t Changing?

As noted in the previous section, how you prepare for the exam won’t change. Other aspects of the exam that will remain the same are:

  • The 10 exam topics
  • Passing rates and calculations
  • Registration fee (although there will be a $250 rescheduling fee for students who need to retake the exam)

What About Level II and Level III?

The Level II exam will be offered three times in 2022 and the Level III exam will be offered twice a year in 2022.  Continue learning about Level II and Level III Exam changes in 2022

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