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.
Level I February Computer Based Exam Dates:
Registration and scheduling windows open:
Early registration deadline:
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Level I May Computer Based Exam Dates:
Registration and scheduling windows open:
Early registration deadline:
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Level I August Computer Based Exam Dates:
Registration opens:
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Level I November Computer Based Exam Dates:
Registration opens:
Scheduling opens:
Early registration deadline:
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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 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.
Master these concepts with a comprehensive Level I study package:
View 2021 Level I Packages »
December 2020 Level I
2021 Level I
Learn more about the 2021 CFA exam changes »
Our Level I study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
2020 Level I »
Level I
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.
2020 Level I »
December 2020 Exam:
Candidate Eligibility Requirements
To be eligible to enter the CFA ® Program, you must:
Enrollment and Exam Fees
To enter into the CFA Program, candidates must pay a one-time 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 $620 to $1,610, depending on your CFA Program exam level and when you register.
Level II May Computer Based Exam Dates:
Registration opens:
Early registration deadline:
Registration closes:
Level II August Computer Based Exam Dates:
Registration opens:
Early registration deadline:
Registration closes:
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 »
Level II
Beginning in 2021, there will be two Level II exam windows each year; the first in May and the second in August. Additionally, all CFA ® exams in 2021 and beyond will be offered in a computer-based format. The December 2020 CFA exam is the last to be offered in print format.
Our Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »
Level II
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.
December 2020 Exam:
May 2021 Exam:
August 2021 Exam:
Candidate Eligibility Requirements
To be eligible to enter the CFA ® Program, you must:
Enrollment and Exam Fees
To enter into the CFA Program, candidates must pay a one-time 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 $620 to $1,610, depending on your CFA Program exam level and when you register.
Level III May Computer Based Exam Dates:
Registration opens:
Early registration deadline:
Registration closes:
Level III November Computer Based Exam Dates:
Registration opens:
Early registration deadline:
Registration closes:
Level III November Computer Based Exam Dates:
Registration opens:
Early registration deadline:
Registration closes:
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
Beginning in 2021, there will be two Level III exam windows each year; the first in May and the second in November. Additionally, all CFA® exams in 2021 and beyond will be offered in a computer-based format. The December 2020 CFA exam is the last to be offered in print format.
Our Level III study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »
Level III
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.
December 2020 Exam:
May 2021 Exam:
November 2021 Exam:
Candidate Eligibility Requirements
To be eligible to enter the CFA ® Program, you must:
Enrollment and Exam Fees
To enter into the CFA Program, candidates must pay a one-time 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 $620 to $1,610, depending on your CFA Program exam level and when you register.
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.