Registration and exam dates

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May 2022
Registration open now  
Exam Dates 28-31 May 2022 Registration and scheduling opens 20 May 2022 Early registration deadline 25 May 2022 Registration closes 26 May 2022 Scheduling deadline 28-31 May 2022 Re-scheduling deadline 31 May 2022
August 2022
 
Exam Dates 28-31 May 2022 Registration and scheduling opens 28-31 May 2022 Early registration deadline 28-31 May 2022 Registration closes 28-31 May 2022 Scheduling deadline 28-31 May 2022 Re-scheduling deadline 28-31 May 2022
November 2022
 
Exam Dates 28-31 May 2022 Registration and scheduling opens 28-31 May 2022 Early registration deadline 28-31 May 2022 Registration closes 28-31 May 2022 Scheduling deadline 28-31 May 2022 Re-scheduling deadline 28-31 May 2022

Exam 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.

Session 1

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Format

Constructed response (essay) format. 8-11 essay questions with multiple parts per question.

Duration

2 hours and 15 minutes

Session 2

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Format

Item set format. Each item set will be followed by 4 or 6 multiple-choice questions. 44 total questions.

Duration

2 hours and 15 minutes

Topic weights

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 Level I Study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.

Topic weights

Exam results

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2021 exam results

Exam window Results available
February April 13, 2021
May July 27, 2021
July September 14, 2021
August September 14, 2021
November September 14, 2021

2022 exam results

Exam window Results available
August September 16, 2022

2023 exam results

Exam window Results available

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 and exam window that is 11 months of 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 acquire 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 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.