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. There is no limit to the number of times you can take each exam, and you can take as much time as you need to complete the program.

The CFA Program curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.

Registration and CFA® Exam Dates

December 2020

Level I December CFA® Exam Day:

  • December 5, 2020

Registration deadline:

  • August 19, 2020

Register for the CFA Exam »

All June Level I candidates have the option of registering for one of the next two exam administrations: December 2020 or February 2021. You can re-register for your exam by following instructions per CFA Institute.

Registration and CFA® Exam Dates

February 2021

Level I February Computer Based Exam Dates:

  • February 23 - March 1, 2021

Registration and scheduling windows open:

  • June 16, 2020

Early registration deadline:

  • August 13, 2020

Registration closes:

  • December 7, 2020

Scheduling deadline:

  • December 14, 2020

Rescheduling deadline:

  • January 25, 2021

Register for the CFA Exam »

Registration and CFA® Exam Dates

May 2021

Level I May Computer Based Exam Dates:

  • May 18 - 24, 2021

Registration and scheduling windows open:

  • August 20, 2020

Early registration deadline:

  • November 3, 2020

Registration closes:

  • February 23, 2021

Scheduling deadline:

  • March 10, 2021

Rescheduling deadline:

  • April 16, 2021

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Registration and CFA® Exam Dates

August 2021

Level I August Computer Based Exam Dates:

  • August 24 - 30, 2021

Registration opens:

  • August 20, 2020

Scheduling opens:

  • November 3, 2020

Early registration deadline:

  • February 2, 2021

Registration closes:

  • May 4, 2021

Scheduling deadline:

  • May 23, 2021

Rescheduling deadline:

  • July 22, 2021

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Registration and CFA® Exam Dates

November 2021

Level I November Computer Based Exam Dates:

  • November 16 - 22, 2021

Registration opens:

  • August 20, 2020

Scheduling opens:

  • Febraury 2, 2021

Early registration deadline:

  • May 4, 2021

Registration closes:

  • August 10, 2021

Scheduling deadline:

  • August 25, 2021

Rescheduling deadline:

  • October 14, 2021

Register for the 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 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.

Master these concepts with a comprehensive Level I study package:
View 2021 Level I Packages »

Exam Format

December 2020 Level I

  • Format: multiple-choice
  • Questions:
    • 240 equally weighted questions
    • Morning Session: 120 questions; Afternoon Session: 120 questions
    • Each question has 3 answer choices
    • On average, 1.5 minutes should be allocated for each question

2021 Level I

  • Format: Computer-based and multiple-choice
  • Questions:
    • 180 equally weighted questions
    • Morning session: 90 questions
    • Afternoon session: 90 questions
    • Each session is 2 hours and 15 minutes long

Learn more about the 2021 CFA exam changes »

Our Level I study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
2020 Level I »

Topic Weights by Level

Level I

  • Ethical and Professional Standards: 15%
  • Quantitative Methods: 10%
  • Economics: 10%
  • Financial Reporting Analysis: 15%
  • Corporate FInance: 10%
  • Equity Investments: 11%
  • Fixed Income: 11%
  • Derivatives: 6%
  • Alternative Investments: 6%
  • Portfolio Management and Wealth Planning: 6%

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.
2020 Level I »

Exam results available:

December 2020 Exam:

  • January 2021

Requirements

Candidate Eligibility Requirements

To be eligible to enter the CFA® Program, you must:

  • Have a U.S. bachelor’s (or equivalent) degree
    • or be in the final year of your bachelor’s degree program at the time of registration
    • or have four years of qualified, professional work experience (does not have to be investment related)
    • or a combination of work and college experience that totals at least four years. Part-time positions do not qualify, and the four-year total must be accrued prior to enrollment
  • 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

To enter into the CFA Program, candidates must pay a one-time 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.

CFA Program exam fees range from $620 to $1,610, depending on your CFA Program exam level and when you register.

Registration and Level II CFA® Exam Dates

All June 2020 Level II candidates have the option of registering for one of the next three exam administrations: December 2020, May 2021, or August 2021. You can re-register for your exam by following instructions per CFA Institute.

December 2020 CFA® Exam registration closes:

  • August 19, 2020

Re-registration closes for currently enrolled candidates:

  • October 20, 2020

December 2020 CFA® Examination day:

  • EMEA and AMER: December 5, 2020
  • APAC: December 6, 2020

Register for the CFA Exam »

Registration and Level II CFA® Exam Dates

May 2021

Level II May Computer Based Exam Dates:

  • May 25, 2021 - May 29, 2021

Registration opens:

  • August 20, 2020

Early registration deadline:

  • November 3, 2020

Registration closes:

  • February 23, 2021

Register for the CFA Exam »

Registration and Level II CFA® Exam Dates

August 2021

Level II August Computer Based Exam Dates:

  • August 31, 2021 - September 4, 2021

Registration opens:

  • August 20, 2020

Early registration deadline:

  • February 2, 2021

Registration closes:

  • May 4, 2021

Register for the 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 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 »

Level II CFA Exam Format

Level II

Beginning in 2021, there will be two Level II exam windows each year; the first in May and the second in August. Additionally, all CFA® exams in 2021 and beyond will be offered in a computer-based format. The December 2020 CFA exam is the last to be offered in print format.

  • Format: item set or “mini cases” - Each item set contains a vignette (with an average length of 1.5 pages)
  • Questions:
    • 21 item sets or “mini cases”
    • Morning Session: 10 item sets; Afternoon Session: 11 item sets
    • 18 item sets will have 6 multiple-choice questions and 3 item sets will have 4 multiple-choice questions
    • Exam is graded for 360 points, corresponding to the number of minutes on the exam

Our Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »

Topic Weights

Level II

  • Ethical and Professional Standards: 10-15%
  • Quantitative Methods: 5-10%
  • Economics: 5-10%
  • Financial Reporting Analysis: 10-15%
  • Corporate FInance: 5-10%
  • Equity Investments: 10-15%
  • Fixed Income: 10-15%
  • Derivatives: 5-10%
  • Alternative Investments: 5-10%
  • Portfolio Management and Wealth Planning: 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.

Level II CFA Exam results available:

December 2020 Exam:

  • January 2020

May 2021 Exam:

  • To be determined

August 2021 Exam:

  • To be determined

Requirements

Candidate Eligibility Requirements

To be eligible to enter the CFA® Program, you must:

  • Have a U.S. bachelor’s (or equivalent) degree
    • or be in the final year of your bachelor’s degree program at the time of registration
    • or have four years of qualified, professional work experience (does not have to be investment related)
    • or a combination of work and college experience that totals at least four years. Part-time positions do not qualify, and the four-year total must be accrued prior to enrollment
  • 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

To enter into the CFA Program, candidates must pay a one-time 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.

CFA Program exam fees range from $620 to $1,610, depending on your CFA Program exam level and when you register.

Registration and Level III CFA® Exam Dates

All June 2020 Level III candidates have the option of registering for one of the next three exam administrations: December 2020, May 2021, or November 2021. You can re-register for your exam by following instructions per CFA Institute.

December 2020 CFA® Exam registration closes:

  • August 19, 2020

Re-registration closes for currently enrolled candidates:

  • October 20, 2020

December 2020 CFA® Exam day:

  • EMEA and AMER: December 5, 2020
  • APAC: December 6, 2020

Register for the CFA Exam »

Registration and Level III CFA® Exam Dates

May 2021

Level III May Computer Based Exam Dates:

  • May 25, 2021 - May 27, 2021

Registration opens:

  • August 20, 2020

Early registration deadline:

  • November 3, 2020

Registration closes:

  • February 23, 2021

Register for the CFA Exam »

Registration and Level III CFA® Exam Dates

November 2021

Level III November Computer Based Exam Dates:

  • November 23, 2021 - November 25, 2021

Registration opens:

  • August 20, 2020

Early registration deadline:

  • May 4, 2021

Registration closes:

  • August 10, 2021

Register for the 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

Beginning in 2021, there will be two Level III exam windows each year; the first in May and the second in November. Additionally, all CFA® exams in 2021 and beyond will be offered in a computer-based format. The December 2020 CFA exam is the last to be offered in print format.

  • Format: Essay, item sets, and multiple choice
  • Questions:
    • Morning Session: 8-12 essay questions;
    • Afternoon Session: 8 item sets with 6 multiple-choice questions in each and 3 item sets with 4 multiple-choice questions in each.
    • Exam is graded for 360 points, corresponding to the number of minutes on the exam

Our Level III study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »

Topic Weights by Level

Level III

  • Ethical and Professional Standards: 10-15%
  • Quantitative Methods: 0%
  • Economics: 5-10%
  • Financial Reporting Analysis: 0%
  • Corporate FInance: 0%
  • Equity Investments: 10-15%
  • Fixed Income: 15-20%
  • Derivatives: 5-10%
  • Alternative Investments: 5-10%
  • Portfolio Management and Wealth Planning: 35-40%

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:

December 2020 Exam:

  • January 2020

May 2021 Exam:

  • To be determined

November 2021 Exam:

  • To be determined

Requirements

Candidate Eligibility Requirements

To be eligible to enter the CFA® Program, you must:

  • Have a U.S. bachelor’s (or equivalent) degree
    • or be in the final year of your bachelor’s degree program at the time of registration
    • or have four years of qualified, professional work experience (does not have to be investment related)
    • or a combination of work and college experience that totals at least four years. Part-time positions do not qualify, and the four-year total must be accrued prior to enrollment
  • 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

To enter into the CFA Program, candidates must pay a one-time 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.

CFA Program exam fees range from $620 to $1,610, depending on your CFA Program exam level and when you register.

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.