EXAM NOTICE

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

GETTING STARTED

Exam Registration Fees and Deadlines

All registration deadlines end at 11:59 pm ET.

Dec 2020 Exam (Level I)

Payment Deadline

Enrolment Fee

Exam Fee

Total Fees

​Early Registration Fee Deadline​

​​25 March 2020

USD 450

USD 700

USD 1,100

Standard registration fee deadline

18 August 2020

USD 450

USD 1,000

USD 1,450

​Final (late) registration fee deadline

09 September 2020

USD 450

USD 1,450

USD 1,900

*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, 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

240 multiple choice questions

20–30 vignettes supporting 120 multiple choice questions

20–30 vignettes supporting a variable number of constructed response and multiple choice questions

Exam Length

Morning session: 3 hours; 120 questions

Afternoon session: 3 hours; 120 questions

Morning session: 3 hours; 10–15 vignettes supporting 60 questions

Afternoon session: 3 hours; 10–15 vignettes supporting 60 questions

Morning session: 3 hours; 8–15 vignettes supporting constructed response questions

Afternoon session: 3 hours; 10–15 vignettes supporting 60 multiple choice questions

Question Format

Multiple choice questions

Vignette-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

Meet CFA Program enrollment requirements

Pass Level I CFA exam

Pass Level II CFA exam

Pass Rate

43%

45%

56%

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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