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. Candidates have a total of six maximum attempts per CFA exam level and can take as much time as needed 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
May 2025
Level I May Exam Dates:
- May 14-20, 2025
Registration and Scheduling Windows Open:
- August 8, 2024
Early Registration Deadline:
- October 16, 2024
Registration Closes:
- February 6, 2025
Scheduling Deadline:
- February 11, 2025
Rescheduling Deadline:
- April 14, 2025
Registration and CFA® Exam Dates
August 2025
Level I August Exam Dates:
- August 20-26, 2025
Registration and Scheduling Windows Open:
- November 6, 2024
Early Registration Deadline:
- January 29, 2025
Registration Closes:
- May 6, 2025
Scheduling Deadline:
- May 13, 2025
Rescheduling Deadline:
- July 21, 2025
Registration and CFA® Exam Dates
November 2025
Level I November Exam Dates:
- November 12-18, 2025
Registration and Scheduling Windows Open:
- February 12, 2025
Early Registration Deadline:
- April 9, 2025
Registration Closes:
- August 5, 2025
Scheduling Deadline:
- August 12, 2025
Rescheduling Deadline:
- November 1, 2025
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:
Exam Format
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 CFA Level I study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
Topic Weights by Level
Level I
For the 2025 Level I exams, the topics are weighted as follows:
- Quantitative Methods: 6-9%
- Economics: 6-9%
- Corporate Issuers: 6-9%
- Financial Statement Analysis: 11-14%
- Equity Investments: 11-14%
- Fixed Income: 11-14%
- Derivatives: 5-8%
- Alternative Investments: 7-10%
- Portfolio Management: 8-12%
- 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.
Exam Results Available:
2024 Exam Results
February Exam:
- April 4, 2024
May Exam:
- June 26, 2024
August Exam:
- October 8, 2024
November Exam:
- January 14, 2025
2025 Exam Results
February Exam:
- April 3, 2025
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 23 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 Registration Fees
For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.
Registration and CFA® Exam Dates
May 2025
Level II May Exam Dates:
- May 21-25, 2025
Registration and Scheduling Windows Open:
- August 8, 2024
Early Registration Deadline:
- October 16, 2024
Registration Closes:
- February 6, 2025
Scheduling Deadline:
- February 11, 2025
Rescheduling Deadline:
- April 14, 2025
Registration and CFA® Exam Dates
August 2025
Level II August Exam Dates:
- August 27-31, 2025
Registration and Scheduling Windows Open:
- November 6, 2024
Early Registration Deadline:
- January 29, 2025
Registration Closes:
- May 6, 2025
Scheduling Deadline:
- May 13, 2025
Rescheduling Deadline:
- July 28, 2025
Registration and CFA® Exam Dates
November 2025
Level II November Exam Dates:
- November 19-23, 2025
Registration and Scheduling Windows Open:
- February 12, 2025
Early Registration Deadline:
- April 9, 2025
Registration Closes:
- August 5, 2025
Scheduling Deadline:
- August 12, 2025
Rescheduling Deadline:
- November 8, 2025
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:
Exam Format
Level II
Each year, there are three Level II exam windows: the first in May, 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 2 hours and 12 minutes long.
Our CFA Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
Topic Weights by Level
Level II
For the 2025 Level II exams, 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.
Exam Results Available:
2024 Exam Results
MAY EXAM:
- July 2, 2024
AUGUST EXAM:
- October 10, 2024
NOVEMBER EXAM:
- January 16, 2025
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 23 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 Registration Fees
For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.
Registration and CFA® Exam Dates
August 2025
Level III August Exam Dates:
- August 15-19, 2025
Registration and Scheduling Windows Open:
- November 6, 2024
Early Registration Deadline:
- January 29, 2025
Registration Closes:
- May 6, 2025
Scheduling Deadline:
- May 13, 2025
Rescheduling Deadline:
- July 14, 2025
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.
New for the 2025 Level III exams, CFA Institute is introducing specialized pathways. This will impact every candidate looking to sit for the Level III exam in 2025 and beyond. Each pathway was developed to give you more options to learn content directly related to your interests and career goals. The three specialized pathways are:
- Private Wealth
- Private Markets
- Portfolio Management (traditional path)
You can learn more about the specialized pathways here.
Master these concepts with a comprehensive Level III study package »
Level III CFA Exam Format
Level III
Each year, there are two Level III exam windows: the first in February and the second in August.
- Format: Vignettes/item sets with multiple choice or constructed response questions.
- Exam Structure:
- Session 1: 5 or 6 constructed response (essay) questions and 5 or 6 item sets
- Session 2: 5 or 6 constructed response (essay) questions and 5 or 6 item sets
- Duration: Each session is 2 hours and 12 minutes long.
Our CFA 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
For the 2025 CFA Level III exams, the topics are weighted as follows:
- Asset Allocation: 15–20%
- Portfolio Construction: 15–20%
- Performance Measurement: 5–10%
- Derivatives and Risk Management: 10–15%
- Ethical and Professional Standards: 10–15%
- Pathways: 30–35%
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:
2024 Exam Results
February Exam:
- April 11, 2024
August Exam:
- October 17, 2024
2025 Exam Results
February Exam:
- April 22, 2025
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 23 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 Registration Fees
For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.
Still Have Questions? Make an Appointment
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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.
