“For the safety of our global community, CFA Institute has made the decision to postpone the June 2020 CFA Exam administration.”


Exam Registration Fees and Deadlines

February 2021 Exam (Level I)

All registration deadlines end at 11:59 pm ET.

Payment Deadline

Enrolment Fee

Exam Fee

Total Fees

​Early Registration Fee Deadline​

13 August 2020

(Registration is closed)

USD 450

USD 700

USD 1,100

Standard registration fee deadline

7 December 2020

USD 450

USD 1,000

USD 1,450

*A one-time program enrollment fee  is required when you register for your first Level I CFA®​​​ Program exam. You must also pay the exam registration fee (see above for deadlines).

For the most updated exam fees and deadlines for the May, August, and November 2021 exams, please visit CFA Institute’s Exam Overview

Exams That Evolve in Complexity

Each level of the curriculum builds on the prior level and becomes increasingly complex. The chart below explains the differences between each exam so you can prepare accordingly. 

Level I

Level II

Level III

Exam Structure

Multiple choice questions

Vignettes supported multiple choice questions

Vignette-supported constructed response questions and vignette-supported multiple choice questions

Exam Results Availability

Within 60 days of taking the exam

Within 60 days of taking the exam

Within 90 days of taking the exam

Level Advancement

Pass Level I CFA exam

Pass Level II CFA exam

Pass Rate




Entrance Requirements

To enroll in the CFA® Program and register for your first Level I exam, you must have:

Undergraduate education: A bachelor’s (or equivalent) degree or be in the final year of your bachelor’s degree program (you must have completed your bachelor’s degree program in order to register for the Level II exam), or

Work experience: Four years of professional work experience (does not have to be investment related), or

A combination of professional work experience and education that totals at least four years (part-time positions do not qualify, and the four-year total must be accrued prior to enrollment).

Register for An Exam

Ready to register for the CFA Program exam? Enrol and register today.

Before registering for the Level I Exam, you must enrol in the CFA Program® and become a CFA candidate.

The exam registration fee covers the cost of

  • The eBook (contains the complete curriculum you need to study)
  • Topic-based practice tests
  • Mock exams​
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