CFA® Exam Details
The CFA® Program consists of a series of three examinations (Levels I, II, and III) that must be taken in succession.
A minimum of 300 hours of preparation per CFA Program exam level is recommended, although some candidates will need more or less time, depending on their individual backgrounds and experience. Candidates have a total of six maximum attempts per CFA exam level and can take as much time as needed to complete the program.
The CFA Program curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.
Select Your CFA Exam Level
Registration and CFA® Exam Dates
November 2022
Level I November Exam Dates:
- November 15–21, 2022
Registration and Scheduling Windows Open:
- February 1, 2022
Early Registration Deadline:
- May 3, 2022
Registration Closes:
- August 9, 2022
Scheduling Deadline:
- August 17, 2022
Rescheduling Deadline:
- October 15, 2022
Registration and CFA® Exam Dates
February 2023
Level I February Exam Dates:
- February 14-20, 2023
Registration and Scheduling Windows Open:
- May 10, 2022
Early Registration Deadline:
- August 9, 2022
Registration Closes:
- November 8, 2022
Scheduling Deadline:
- November 16, 2022
Rescheduling Deadline:
- January 13, 2023
Registration and CFA® Exam Dates
May 2023
Level I May Exam Dates:
- May 16-22, 2023
Registration and Scheduling Windows Open:
- August 9, 2022
Early Registration Deadline:
- November 2, 2022
Registration Closes:
- January 31, 2023
Scheduling Deadline:
- February 15, 2023
Rescheduling Deadline:
- April 14, 2023
Registration and CFA® Exam Dates
August 2023
CFA Institute® has not yet announced the August 2023 registration and exam schedule. Please check back soon for the latest information.
Registration and CFA® Exam Dates
November 2023
CFA Institute® has not yet announced the November 2023 registration and exam schedule. Please check back soon for the latest information.
Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
All CFA exams are only offered in a computer-based format.
Level I
Candidates concentrate on the tools and concepts related to investment valuation and portfolio management, as well as an overview of how these processes fit within the guidelines of the CFA Institute Code of Ethics and Standards of Professional Conduct. There are four Level I exam windows each year—February, May, August, and November.
Master these concepts with a comprehensive Level I study package:
Exam Format
2022 Level I
- Format: Computer-based and multiple-choice
- Questions:
- 180 equally weighted questions
- Session 1: 90 questions
- Session 2: 90 questions
- Each session is 2 hours and 15 minutes long
Our CFA Level I study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
Topic Weights by Level
Level I
For the Level I exam, the topics are weighted as follows:
- Quantitative Methods: 8-12%
- Economics: 8-12%
- Financial Statement Analysis: 13-17%
- Corporate Issuers: 8-12%
- Equity Investments: 10-12%
- Fixed Income: 10-12%
- Derivatives: 5-8%
- Alternative Investments: 5-8%
- Portfolio Management and Wealth Planning: 5-8%
- Ethical and Professional Standards: 15-20%
These topic weights were used to develop a Level I study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.
Exam Results Available:
2022 Exam Results
February Exam:
- April 12, 2022
May Exam:
- July 7, 2022
August Exam:
- Approximately 8-10 weeks after the exam window has closed
November Exam:
- Approximately 8-10 weeks after the exam window has closed
2023 Exam Results
February Exam:
- Approximately 8-10 weeks after the exam window has closed
May Exam:
- Approximately 8-10 weeks after the exam window has closed
August Exam:
- Approximately 8-10 weeks after the exam window has closed
November Exam:
- Approximately 8-10 weeks after the exam window has closed
CFA® Exam Requirements
Candidate Eligibility Requirements
To be eligible to enter the CFA® Program, you must accomplish the following:
- Have a U.S. bachelor’s (or equivalent) degree
- or select an exam window that is 11 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for level II.
- or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
- Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
- Be prepared to take the exams in English
- Have a valid international travel passport (required for enrollment and exam registration)
Enrollment and Exam Fees
For 2022, CFA Program exam fees range from $700 to $1,000, depending on your exam level and when you register. To enter into the CFA Program, 2022 candidates must pay a one-time $450 registration fee in addition to the required enrollment fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.
Beginning with the 2023 exam cycle, the cost of the one-time enrollment fee will decrease from $450 to $350. The cost to register for each individual exam will increase from $700 to $900 for early registration, and from $1,000 to $1,200 for standard registration.
Because these changes in pricing will be implemented beginning with the February 2023 exams, candidates sitting for exams in May, August, and November 2022 will not be affected by the new pricing.
Registration and CFA® Exam Dates
November 2022
Level II November Exam Dates:
- November 22–26, 2022
Registration and Scheduling Windows Open:
- February 1, 2022
Early Registration Deadline:
- May 3, 2022
Registration Closes:
- August 9, 2022
Scheduling Deadline:
- August 17, 2022
Rescheduling Deadline:
- October 22, 2022
Registration and CFA® Exam Dates
May 2023
Level II May Exam Dates:
- May 23-27, 2023
Registration and Scheduling Windows Open:
- August 9, 2022
Early Registration Deadline:
- November 2, 2022
Registration Closes:
- January 31, 2023
Scheduling Deadline:
- February 15, 2023
Rescheduling Deadline:
- April 21, 2023
Registration and CFA® Exam Dates
August 2023
CFA Institute® has not yet announced the August 2023 registration and exam schedule. Please check back soon for the latest information.
Registration and CFA® Exam Dates
November 2023
CFA Institute® has not yet announced the November 2023 registration and exam schedule. Please check back soon for the latest information.
Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
Level II
Candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level I curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct.
Master these concepts with a comprehensive Level II study package:
Exam Format
Level II
In 2022, there will be three CFA Level II exam windows: the first in February, the second in August, and the third in November.
In 2023, there will be three Level II exam windows: the first in May, the second in August, and the third in November.
- Format: Computer-based, multiple-choice questions using item sets or “mini-cases.” Each item set contains a vignette (with an average length of 1.5 pages). Each item set will be followed by 4 or 6 multiple-choice questions.
- Questions:
- 88 equally weighted multiple-choice questions
- Session 1: 44 multiple-choice questions
- Session 2: 44 multiple-choice questions
- Each session is 2 hours and 12 minutes long.
Our CFA Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
Topic Weights by Level
Level II
For Level II of the CFA exams, the topics are weighted as follows:
- Quantitative Methods: 5–10%
- Economics: 5–10%
- Financial Statement Analysis: 10–15%
- Corporate Issuers: 5–10%
- Equity Investments: 10–15%
- Fixed Income: 10–15%
- Derivatives: 5–10%
- Alternative Investments: 5–10%
- Portfolio Management and Wealth Planning: 10–15%
- Ethical and Professional Standards: 10–15%
These topic weights were used to develop a Level II study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.
Exam Results Available:
2022 Exam Results
February Exam:
- April 19, 2022
August Exam:
- Approximately 8-10 weeks after the exam window has closed
November Exam:
- Approximately 8-10 weeks after the exam window has closed
2023 Exam Results
February Exam:
- Approximately 8-10 weeks after the exam window has closed
August Exam:
- Approximately 8-10 weeks after the exam window has closed
November Exam:
- Approximately 8-10 weeks after the exam window has closed
CFA® Exam Requirements
Candidate Eligibility Requirements
To be eligible to enter the CFA® Program, you must:
- Have a U.S. bachelor’s (or equivalent) degree
- or select an exam window that is 11 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for level II.
- or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
- Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
- Be prepared to take the exams in English
- Have a valid international travel passport (required for enrollment and exam registration)
Enrollment and Exam Fees
For 2022, CFA Program exam fees range from $700 to $1,000, depending on your exam level and when you register. To enter into the CFA Program, 2022 candidates must pay a one-time $450 registration fee in addition to the required enrollment fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.
Beginning with the 2023 exam cycle, the cost of the one-time enrollment fee will decrease from $450 to $350. The cost to register for each individual exam will increase from $700 to $900 for early registration, and from $1,000 to $1,200 for standard registration.
Because these changes in pricing will be implemented beginning with the February 2023 exams, candidates sitting for exams in May, August, and November 2022 will not be affected by the new pricing.
Registration and CFA® Exam Dates
February 2023
Level III February Exam Dates:
- February 21-23, 2023
Registration and Scheduling Windows Open:
- May 10, 2022
Early Registration Deadline:
- August 9, 2022
Registration Closes:
- November 8, 2022
Scheduling Deadline:
- November 16, 2022
Rescheduling Deadline:
- January 20, 2023
Registration and CFA® Exam Dates
August 2023
CFA Institute® has not yet announced the August 2023 registration and exam schedule. Please check back soon for the latest information.
Level III CFA Exam Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™(CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
Level III
Candidates are required to demonstrate a higher level of understanding of the materials tested at Levels I and II, as well as display effective knowledge of the entire portfolio management process.
Master these concepts with a comprehensive Level III study package »
Level III CFA Exam Format
Level III
2022 Exams
- Format: Vignettes/item sets with multiple choice or constructed response questions.
- Exam Structure:
- Session 1: Constructed response (essay) format. 8–11 essay questions with multiple parts per question.
- Session 2: Item set format. Each item set will be followed by 4 or 6 multiple-choice questions. 44 total questions.
- Duration: Each session is 2 hours and 12 minutes long.
2023 Exams
- Format: Vignettes/item sets with multiple choice or constructed response questions.
- Exam Structure:
- Session 1: 5 or 6 constructed response (essay) questions and 5 or 6 item sets
- Session 2: 5 or 6 constructed response (essay) questions and 5 or 6 item sets
- Duration: Each session is 2 hours and 12 minutes long.
Our CFA Level III study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »
Level III CFA Exam Topic Weights
Level III
Here are the topic weights for the Level III exam:
- Economics: 5–10%
- Derivatives: 5–10%
- Fixed Income: 15–20%
- Equity Investments: 10–15%
- Alternative Investments: 5–10%
- Portfolio Management and Wealth Planning: 35–40%
- Ethical and Professional Standards: 10–15%
These topic weights were used to develop a Level III study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.
Level III CFA Exam Results Available:
2022 Exam Results
May Exam:
- July 28, 2022
August Exam:
- Approximately 10 weeks after the exam window has closed
2023 Exam Results
May Exam:
- Approximately 10 weeks after the exam window has closed
August Exam:
- Approximately 10 weeks after the exam window has closed
Level III CFA Exam Requirements
Candidate Eligibility Requirements
To be eligible to enter the CFA® Program, you must:
- Have a U.S. bachelor’s (or equivalent) degree
- or select an exam window that is 11 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for level II.
- or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
- Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
- Be prepared to take the exams in English
- Have a valid international travel passport (required for enrollment and exam registration)
Enrollment and Exam Fees
For 2022, CFA Program exam fees range from $700 to $1,000, depending on your exam level and when you register. To enter into the CFA Program, 2022 candidates must pay a one-time $450 registration fee in addition to the required enrollment fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.
Beginning with the 2023 exam cycle, the cost of the one-time enrollment fee will decrease from $450 to $350. The cost to register for each individual exam will increase from $700 to $900 for early registration, and from $1,000 to $1,200 for standard registration.
Because these changes in pricing will be implemented beginning with the February 2023 exams, candidates sitting for exams in May, August, and November 2022 will not be affected by the new pricing.
Want a Free Trial?
Effective preparation requires a study schedule that covers the entire CFA Program curriculum and practice that resembles exam content. Our Packages create a study plan adaptive to your schedule and include integrated study tools that provide practice of key concepts of the curriculum.
