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%
Details
Entrance Requirements
To enroll in the CFA® Program and register for your first Level I exam, you must have:
- An international travel passport (read the ID policy) and
- One of the following:
– 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
