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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. 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.

Select Your CFA Exam Level

Registration and CFA® Exam Dates

August 2021

Level I August Computer-Based Exam Dates:
  • August 13–30, 2021
Registration Opens:
  • August 20, 2020
Scheduling Opens:
  • November 3, 2020
Early Registration Deadline:
  • February 11, 2021
Registration Closes:
  • April 22, 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:
  • February 2, 2021
Early Registration Deadline:
  • May 4, 2021
Registration Closes:
  • July 20, 2021
Scheduling Deadline:
  • August 15, 2021
Rescheduling Deadline:
  • October 16, 2021

 

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Registration and CFA® Exam Dates

February 2022

Level I February Computer-Based Exam Dates:
  • February 15–21, 2022
Registration and Scheduling Windows Open:
  • May 13, 2021
Early Registration Deadline:
  • August 10, 2021
Registration Closes:
  • November 1, 2021
Scheduling Deadline:
  • November 17, 2021
Rescheduling Deadline:
  • January 15, 2022

 

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Registration and CFA® Exam Dates

May 2022

Level I May ComputerBased Exam Dates:
  • May 17–23, 2022
Registration and Scheduling Windows Open:
  • July 20, 2021
Early Registration Deadline:
  • November 1, 2021
Registration Closes:
  • February 1, 2022
Scheduling Deadline:
  • February 16, 2022
Rescheduling Deadline:
  • April 16, 2022

 

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.

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. For 2021 only, CFA Institute added an additional exam window in July.

Master these concepts with a comprehensive Level I study package:

 

View Level I Packages

Exam Format

    2021 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

    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.

     

    Level I Study Packages

    Topic Weights by Level

    Level I

    For the 2021 Level I exams, the topics are weighted as follows:

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

    For the 2022 Level I exams, the topics are weighted as follows: 

    • Quantitative Methods: 8-12%
    • Economics: 8-12%
    • Financial Reporting and Analysis: 13-17%
    • Corporate Issuers: 8-12%
    • Equity Investments: 10-12%
    • Fixed Income: 10-12%
    • Derivatives: 5-8%
    • Alternative Investments: 5-8%
    • Portfolio Management: 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.

     

    Level I Study Packages

    Exam Results Available:

    December 2020 Exam:

    • January 28, 2021

    February 2021 Exam:

    • April 13, 2021

    May 2021 Exam:

    • Approximately 8-10 weeks after the exam window has closed

    July 2021 Exam:

    • Approximately 8-10 weeks after the exam window has closed

    August 2021 Exam:

    • Approximately 8-10 weeks after the exam window has closed

    November 2021 Exam:

    • Approximately 8-10 weeks after the exam window has closed

    February 2022 Exam:

    • Approximately 8-10 weeks after the exam window has closed

    May 2022 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

    To enter into the CFA Program, candidates must pay a one-time registration fee of $450 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 $700 to $1,000, depending on your CFA Program exam level and when you register.

    Registration and CFA® Exam Dates

    August 2021

    Level II August Computer-Based Exam Dates:
    • August 31 – September 4, 2021
    Registration and Scheduling Windows Open:
    • August 20, 2020
    Early Registration Deadline:
    • February 2, 2021
    Registration Closes:
    • April 22, 2021
    Scheduling Deadline:
    • May 23, 2021
    Rescheduling Deadline:
    • July 22, 2021

     

    Register for the CFA Exam

    Registration and CFA Exam Dates

    November 2021

    Level II November Computer-Based Exam Dates:
    • November 26 – 30, 2021
    Registration and Scheduling Windows Open:
    • February 2, 2021
    Early Registration Deadline:
    • May 4, 2021
    Registration Closes:
    • July 20, 2021
    Scheduling Deadline:
    • August 15, 2021
    Rescheduling Deadline:
    • October 26, 2021


    Register for the CFA Exam

    Registration and CFA® Exam Dates

    February 2022

    Level II February Computer-Based Exam Dates:
    • February 22–26, 2022
    Registration and Scheduling Windows Open:
    • May 13, 2021
    Early Registration Deadline:
    • August 10, 2021
    Registration Closes:
    • November 1, 2021
    Scheduling Deadline:
    • November 17, 2021
    Rescheduling Deadline:
    • January 22, 2022

     

     

    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:

    View Level II Packages

    Exam Format

    Level II

    In 2022, there will be two Level II exam windows in each year; the first in February and the second in August. For 2021 only, the exam windows are May, August, and 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 approximately 2 hours and 15 minutes long

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

    Level II Study Packages

    Topic Weights by Level

    Level II

    For Level II of the CFA exams in 2021, the topics are weighted as follows:

    • Ethical and Professional Standards: 10–15%
    • Quantitative Methods: 5–10%
    • Economics: 5–10%
    • Financial Reporting and Analysis: 10–15%
    • Corporate Finance: 5–10%
    • Equity Investments: 10–15%
    • Fixed Income: 10–15%
    • Derivative Investments: 5–10%
    • Alternative Investments: 5–10%
    • Portfolio Management and Wealth Management: 5–15%

    For Level II of the CFA exams in 2022, the topics are weighted as follows:

    • Quantitative Methods: 5–10%
    • Economics: 5–10%
    • Financial Reporting and Analysis: 10–15%
    • Corporate Issuers: 5–10%
    • Equity Valuation: 10–15%
    • Fixed Income: 10–15%
    • Derivatives: 5–10%
    • Alternative Investments: 5–10%
    • Portfolio Management : 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.

    Level II Study Packages

    Exam Results Available:

    December 2020 Exam:

    • January 28, 2021

    May 2021 Exam:

    • Approximately 8-10 weeks after the exam window has closed

    August 2021 Exam:

    • Approximately 8-10 weeks after the exam window has closed

    November 2021 Exam:

    • Approximately 8-10 weeks after the exam window has closed

    February 2022 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

    To enter into the CFA Program, 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.

    CFA Program exam fees range from $700 to $1,000, depending on your CFA Program exam level and when you register.

    Registration and Level III CFA® Exam Dates

    August 2021

    Level III August Computer-Based Exam Dates:
    • September 1–8, 2021
    Registration and Scheduling Opens:
    • January 19, 2021
    Early Registration Deadline:
    • February 11, 2021
    Registration closes:
    • April 22, 2021
    Scheduling Deadline:
    • May 23, 2021
    Rescheduling Deadline:
    • July 22, 2021

     

    Register for the CFA Exam

    Registration and Level III CFA® Exam Dates

    November 2021

    Level III November Computer-Based Exam Dates:
    • November 23–25, 2021
    Registration Opens:
    • August 20, 2020
    Scheduling Window Opens:
    • February 2, 2021
    Early Registration Deadline:
    • May 4, 2021
    Registration closes:
    • July 20, 2021
    Scheduling Deadline:
    • August 15, 2021
    Rescheduling Deadline:
    • October 23, 2021

     

    Register for the CFA Exam

    Registration and Level III CFA® Exam Dates

    May 2022

    Level III May Computer-Based Exam Dates:
    • May 24–26, 2022
    Registration Opens:
    • July 20, 2021
    Early Registration Deadline:
    • November 1, 2021
    Registration Closes:
    • February 1, 2022
    Scheduling Deadline:
    • February 16, 2022
    Rescheduling Deadline:
    • April 23, 2022

     

    Register for the CFA Exam

    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

    In 2022, there will be two Level III exam windows each year—the first in May and the second in November. For 2021 only, CFA Institute added an additional window in August.

    • Format: Vignettes/item sets with multiple choice or constructed response questions.
    • Questions:
      • 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.
    • Each session is approximately 2 hours and 15 minutes long

    Our 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 2021 Level III exams:

    • Ethical and Professional Standards: 10–15%
    • Economics: 5–10%
    • Equity Investments: 10–15%
    • Fixed Income: 15–20%
    • Derivative Investments: 5–10%
    • Alternative Investments: 5–10%
    • Portfolio Management and Wealth Management: 35–40%

    Here are the topic weights for the 2022 Level III exams:

    • Economics: 5–10%
    • Derivatives: 5–10%
    • Fixed Income: 15–20%
    • Equity Investments: 10–15%
    • Alternative Investments: 5–10%
    • Portfolio Management : 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:

    December 2020 Exam:
    • February 17, 2021
    May 2021 Exam:
    • Approximately 10 weeks after the exam window has closed
    August 2021 Exam:
    • Approximately 10 weeks after the exam window has closed
    November 2021 Exam:
    • Approximately 10 weeks after the exam window has closed
    May 2022 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

    To enter into the CFA Program, candidates must pay a one-time registration fee of $450 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 $700 to $1,000, depending on your CFA Program exam level and when you register.

    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.

     

    Register for a Free Trial