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

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:
  • October 26, 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

 

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Registration and CFA® Exam Dates

August 2022

Level I August Exam Dates:
  • August 23–29, 2022
Registration and Scheduling Windows Open:
  • October 26, 2021
Early Registration Deadline:
  • February 1, 2022
Registration Closes:
  • May 3, 2022
Scheduling Deadline:
  • May 25, 2022
Rescheduling Deadline:
  • July 23, 2022

 

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Registration and CFA® Exam Dates

November 2022

CFA Institute® has not yet announced the November 2022 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:

 

View Level I Packages

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 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 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:

    2021 Exam Results

    February Exam:
    • April 13, 2021
    May Exam:
    • July 27, 2021
    July Exam:
    • September 14, 2021
    August Exam:
    • October 14, 2021
    November Exam:
    • Approximately 8-10 weeks after the exam window has closed


    2022 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

    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

    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

     

     

    Registration and CFA® Exam Dates

    August 2022

    Level II August Exam Dates:
    • August 30–September 3, 2022
    Registration and Scheduling Windows Open:
    • October 26, 2021
    Early Registration Deadline:
    • February 1, 2022
    Registration Closes:
    • May 3, 2022
    Scheduling Deadline:
    • May 25, 2022
    Rescheduling Deadline:
    • July 30, 2022

     

    Register for the CFA Exam

    Registration and CFA® Exam Dates

    November 2022

    CFA Institute® has not yet announced the November 2022 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:

    View Level II Packages

    Exam Format

    Level II

    In 2022, there will be three Level II exam windows; the first in February, 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 approximately 2 hours and 12 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 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:

    2021 Exam Results

    May Exam:
    • August 3, 2021
    August Exam:
    • October 21, 2021
    November Exam:
    • Approximately 8-10 weeks after the exam window has closed


    2022 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

    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

    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

    Registration and CFA® Exam Dates

    August 2022

    Level III August Exam Dates:
    • August 30–September 6, 2022
    Registration and Scheduling Windows Open:
    • December 1, 2021
    Early Registration Deadline:
    • February 1, 2022
    Registration Closes:
    • May 3, 2022
    Scheduling Deadline:
    • May 25, 2022
    Rescheduling Deadline:
    • July 30, 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 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 12 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 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:

    2021 Exam results

    May Exam:
    • August 10, 2021
    August Exam:
    • November 2, 2021
    November Exam:
    • Approximately 10 weeks after the exam window has closed


    2022 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

    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.

     

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