CFA | CFA® Exam Details

The CFA® Program consists of a series of three examinations (Levels I, II, and III) that must be taken in succession.

The Level I CFA exam consists of basic knowledge and comprehension questions focused on investment tools, while the Level II exam requires more complex analysis and focus on valuing assets. The Level III exam combines all the concepts and analytical methods in a number of applications for effective portfolio management and wealth planning.

A minimum of 300 hours of preparation per CFA 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 curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.

Level I

Level I August Computer-Based Exam Dates:
13 – 30 August 2021

Registration opens:
20 August 2020

Scheduling opens:
3 November 2020

Early registration deadline:
2 February 2021

Registration closes:
22 April 2021

Scheduling deadline:
28 May 2021

Re-scheduling deadline:
24 July 2021

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Level I November Computer-Based Exam Dates:
16 – 22 November 2021

Registration opens:
20 August 2020

Scheduling opens:
2 February 2021

Early registration deadline:
4 May 2021

Registration closes:
20 July 2021

Scheduling deadline:
15 August 2021

Re-scheduling deadline:
16 October 2021

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Level I February Computer-Based Exam Dates:
15 – 21 February 2022

Registration and scheduling windows open:
13 May 2021

Early registration deadline:
10 August 2021

Registration closes:
1 November 2021

Scheduling deadline:
17 November 2021

Re-scheduling deadline:
15 January 2022

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Level I May Computer-Based Exam Dates:
17 – 23 May 2022

Registration and scheduling windows open:
20 July 2021

Early registration deadline:
1 November 2021

Registration closes:
1 February 2022

Scheduling deadline:
16 February 2022

Re-scheduling deadline:
16 April 2022

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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.

2021 Level I >

2022 Level I >

Level II

Level II August Computer-Based Exam Dates:
31 August – 4 September 2021

Registration opens:
20 August 2020

Early registration deadline:
2 February 2021

Registration closes:
22 April 2021

Scheduling deadline:
28 May 2021

Re-scheduling deadline:
31 July 2021

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Level II November Computer-Based Exam Dates:
26 – 30 November 2021

Registration opens:
2 February 2021

Early registration deadline:
4 May 2021

Registration closes:
20 July 2021

Scheduling deadline:
15 August 2021

Re-scheduling deadline:
26 October 2021

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Level II February Computer-Based Exam Dates:
22 – 26 February 2022

Registration and scheduling windows open:
13 May 2021

Early registration deadline:
10 August 2021

Registration closes:
1 November 2021

Scheduling deadline:
17 November 2021

Re-scheduling deadline:
22 January 2022

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In 2022, there will be two Level II exam windows — February and August. For 2021 only, the exam windows are 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.

2021 Level II >

2022 Level II >

Level III

Level III August Computer-Based Exam Dates:
1 – 8 September 2021

Registration closes:
22 April 2021

Scheduling deadline:
28 May 2021

Rescheduling deadline:
1 August 2021

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Level III November Computer-Based Exam Dates:
23 – 25 November 2021

Registration opens:
20 August 2020

Early registration deadline:
4 May 2021

Registration closes:
20 July 2021

Scheduling deadline:
15 August 2021

Re-scheduling deadline:
23 October 2021

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Level III May Computer-Based Exam Dates:
24 – 26 May 2022

Registration and scheduling windows open:
20 July 2021

Early registration deadline:
1 November 2021

Registration closes:
1 February 2022

Scheduling deadline:
16 February 2022

Re-scheduling deadline:
23 April 2022

Register for the CFA Exam >

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

 

  • Format: Computer-based. 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.

2021 Level III >

2022 Level III >


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