The CFA® exam includes a series of three exams: Levels I, II, and III. Given that there are various different exams and registration dates, you must make sure to register for the correct exam on time. To help you keep track of all the important information and dates, we’ve compiled some of the most frequently asked questions regarding the CFA exam.
To become a CFA® Charterholder, you must pass all three levels of the CFA exam in order. Earning the CFA charter demonstrates that you have attained a specialized degree of knowledge and skills in investment analysis and decision-making in the field of investment. You must also agree to follow a code of ethics and standards set by the CFA Institute, become a member of the CFA® Institute, hold the equivalent of a bachelor’s degree, and have at least 48 months of professional work experience in investment decision-making.
Taking the CFA Exam (Levels I, II, & III)
The exams are offered annually at test centers around the world on the first Saturday in June. The Level I exam is also offered in December.
-They must be passed sequentially.
-They are only available in English.
-You can take the exams as many times as you need to until you pass.
-The tests increase in complexity according to level. Level I tests basic knowledge of the standards and some analysis, Level II tests how to apply those standards to typical situations and involves more complex analysis along with valuing assets, and Level III tests how to synthesize and apply the standards in a portfolio management and compliance context.
CFA Exam Exam Schedule
- February 2024: Levels 1 and 3, with registration already open since May 16, 2023.
- May 2024: Levels 1 and 2, with registration open since August 15, 2023.
- August 2024: All levels, with registration opening on November 14, 2023.
- November 2024: Levels 1 and 2, with registration opening on February 8, 2024.
- February 2024: Level 1 exams from February 19-25, and Level 3 exams from February 15-18.
- May 2024: Level 1 exams from May 15-21, and Level 2 exams from May 22-26.
- August 2024: Level 1 exams from August 20-26, Level 2 exams from August 27-31, and Level 3 exams from August 16-19.
- November 2024: Level 1 exams from November 13-19, and Level 2 exams from November 20-24.
- Early Registration Deadline: Varies by exam date, starting from July 13, 2023, for the February 2024 exams to April 16, 2024, for the November 2024 exams.
- Final Registration Deadline: Ranges from November 8, 2023, for February exams to August 7, 2024, for November exams.
- Scheduling Deadline: Set approximately two months before each exam window, ensuring candidates secure their preferred test center and date.
- Rescheduling Deadline: Allows candidates to adjust their exam date within the same window, subject to deadlines ranging from January 17, 2024, for February exams to October 17, 2024, for November exams.
The CFA Institute has transitioned to computer-based testing for all levels, offering greater flexibility and more frequent testing opportunities. Candidates are encouraged to register early to take advantage of lower fees and to ensure they have ample time for preparation.
For more detailed information on registration fees, specific deadlines, and preparation resources, candidates should refer to the official CFA Institute website or the provided article link for comprehensive guidance.
Planning your CFA exam journey well in advance can significantly impact your study strategy and success rate. Mark these dates and deadlines in your calendar to stay on track with your CFA certification goals.
CFA Exam Fees
CFA Program fees include a one-time enrollment fee and a registration fee for each exam. The CFA® Institute registration fee also covers some study materials and mock exams for you to use in preparing for each exam. Various scholarships are available.
There are substantial early bird discounts, so depending on when you apply, the enrollment fee can be discounted. To get the best deal you will need to apply 9 months before the exam date. Note that you will also need a valid, international travel passport to confirm your identity. You can also reduce the cost of your preparation for the CFA® exam with great discounts on the best prep courses available.
It is essential for you to take a CFA® Review course to prepare yourself for this challenging set of exams. The CFA® Institute recommends at least 300 hours of study and about 6 months of preparation for each exam.
The CFA® exam registration fee includes the cost of:
- An eBook containing the complete curriculum
- An interactive study planner to keep you on track
- Practice tests on various topics
- Mock exams
- A mobile app for study that can access all of the above
Q: Are there any discounts available for CFA exam fees?
A: Yes, the CFA Institute offers early bird discounts for those who register for the exam well in advance. To avail of the best discount, you should apply approximately 9 months before the exam date.
Q: What are the requirements for CFA exam registration?
A: Along with the enrollment and registration fees, you will need a valid, international travel passport to confirm your identity during the registration process.
Q: Can I get financial assistance for the CFA exam fees?
A: Various scholarships are available to help reduce the cost of the CFA exam fees. These scholarships are intended to make the CFA Program more accessible to eligible candidates.
Q: Is it necessary to take a CFA Review course?
A: While not mandatory, enrolling in a CFA Review course is highly recommended to prepare effectively for the challenging exams. The CFA Institute suggests dedicating at least 300 hours of study and about 6 months of preparation for each exam level.
Q: How can I reduce the cost of preparing for the CFA exam?
A: You can reduce your preparation costs by taking advantage of discounts on the best prep courses available. These discounts are often offered by prep course providers to CFA candidates.
Q: How long does it typically take to complete the CFA Program?
A: The average time to complete the CFA Program is approximately 4 years, although this can vary depending on individual circumstances, including study time, exam success, and professional commitments.
Q: How much study time is recommended for each CFA exam?
A: The CFA Institute recommends at least 300 hours of study for each exam level, spread over approximately 6 months of preparation time to ensure a thorough understanding of the material.