CFA exam / CFA 2020 dates & schedule





CFA 2020 Exam Dates & Schedule


IMPORTANT: Due to COVID pandemic, CFA Institute has made the decision to postpone the June 2020 CFA Exam administration globally. Read more here




Below we present all CFA exam dates every candidate should find useful. Because the CFA calendar is full of important dates, we arranged our CFA exam schedule into categories. See which one you’re currently most interested in.



CFA 2020: Detailed Exam Schedule

June 2020

level 1, level 2, level 3

December 2020

level 1 only


START: 8 Aug 2019 | 5 Feb 2020

registration for CFA JUNE 2020 | CFA DEC 2020 exam opens

CFA scholarship deadlines

CFA registration deadlines

some additional CFA 2020 dates

CFA Institute study materials availability

exam admission tickets availability

substitution deadlines

CFA EXAM DATE: 6/7* June 2020 | 5 Dec 2020

CFA test day (NOTE: *7 June: Asia Pacific Level I CFA candidates only!)

FINISH: 28 July 2020 | 26 Jan 2021

CFA results available

Note: all the deadlines end at 11:59 p.m. ET unless stated otherwise.



CFA Scholarship Deadlines

15 September 2019

Access Scholarship for *CFA 2020* exams; for *CFA 2021* exams, see below

8 Feb 2020 | not yet given

Student Scholarships for CFA JUNE 2020 | CFA DEC 2020 exams

1 Feb 2020 | 1 Sept 2020

Women's Scholarships for CFA JUNE 2020 | CFA DEC 2020 exams (LIMITED! HURRY!)

Remember: if you want to apply for CFA Access Scholarship, the deadline expires in mid-September of the year before the exam you wish to take. That is why Access Scholarship application deadline for CFA 2020 exams passed. However, as of mid-April 2020 you can apply for Access Scholarship for June CFA 2021 exams (levels 1, 2, 3) and December CFA 2021 exam (level 1). The deadline expires in mid-September 2020:

15 September 2020

Access Scholarship for *CFA 2021* exams (START: mid-April 2020)

CFA Registration Deadlines

2 Oct 2019 | 25 March 2020

early registration for JUNE 2020 | DEC 2020 exam (registration fee: USD 700)

20 Feb 2020 | 19 Aug 2020

standard registration for JUNE 2020 | DEC 2020 exam (registration fee: USD 1000)

11 March 2020 | 9 Sept 2020

final registration for JUNE 2020 | DEC 2020 exam (registration fee: USD 1450)

Note that the second CFA registration deadline is the best with its most attractive price relative to the timing of payment. If you wait till the final registration deadline, you’ll defer your registration fee payment about a month but you will pay over USD 400 more.

Also note that newcomers to the CFA Program have to pay one-time program enrolment fee of USD 450. The amount is the same regardless of the CFA registration deadline you choose.


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CFA Institute study materials availability

upon registration

CFA Curriculum (e-book format) + Practice Questions + Mock Exams

You will receive an electronic version of your CFA Curriculum upon registration for free. Upon registration or at a later date, you may also purchase a printed version for USD 150 + costs of shipping and customs. You may also choose to print your e-book by yourself.

Practice Questions and Mock Exams are available after logging into the CFA Institute website and they are free of charge for all registered candidates.

Exam admission tickets availability

May 2020 | Nov 2020


Your exam admission ticket will be available in your CFA account about 4 weeks before the exam date. You must carefully check all the data written in the ticket and make sure it is correct. Notify CFA Institute in case of any inaccuracies. Before the exam, print out your admission ticket (check if all information is visible!) and bring it with you! Otherwise, you will not be admitted to the testing room and you will forfeit your registration fee.

Note that before you are allowed to view your admission ticket, you will be asked to agree to all kinds of terms and conditions. It is important that you read the CFA exam policies which explain everything you need to know about the exam other than the required material.

Substitution deadlines

19 Aug | 21 Sept

disability accommodations requests for: standard | final DEC 2020 registration

21 Sept 2020

religious alternate date requests to sit the exam on 6 Dec 2020

not yet given

test centre change requests (NOTE: deadlines pass at 12 Noon ET!)

CFA exam date is fixed. If, however, it is unsuitable to you for religious reasons, you may submit your religious alternate date request. Also, the disabled may count on support if needed. If your impairment prohibits you from sitting for the exam like other candidates, you may ask for necessary adaptation. You need to document your disability and fill in some forms available at the CFA Institute website. CFA Institute also offers a possibility of change to all those who need to alter their test centre location, e.g. as a result of moving to another city.

CFA exam date

6/7* June 2020 | 5 Dec 2020


* June 2020 CFA candidates sit their exam on 6 June 2020, apart from Asia Pacific Level I candidates who'll take their exam on 7 June 2020. Religious alternate exam date is 7 June (8 June for Asia Pacific, all levels).


CFA exam is held twice a year, in June and in December.

June is when candidates of all levels take their CFA test. CFA level 1 exam date and CFA level 2 exam date are the same and in 2020 it’s 6 June for the majority of candidates (exceptions: Asia Pacific L1 or all religious requests). Level 3 test is also on 6 June with the same exceptions as for level 1 and level 2 exams.

December exam is held only for level 1 candidates and in 2020 you can sit the CFA test on 5 December (religious alternate date is 6 Dec 2020).

Typical CFA Exam Day Schedule

The CFA test consists of two sessions. First, there's a 3-hour morning session taking place from 9 a.m. to 12 p.m. Then, there's a break followed by a 3-hour afternoon session that starts at 2 p.m. and ends at 5 p.m. Both sessions are obligatory.


CFA exam day schedule morning session afternoon session
check-in 8.00 a.m. 1.00 p.m.
doors closed,
announcements begin
8.30 a.m. 1.30 p.m.
CFA test starts 9.00 a.m. 2.00 p.m.
CFA test ends 12.00 p.m. 5.00 p.m.

If you are late more than half an hour after the exam starts, you will not be admitted. Also, you must not leave the testing room before the end of the session.



CFA results availability

28 July 2020 | 26 Jan 2021


You will wait about 60 days for your CFA level 1 and CFA level 2 result and about 90 days for your CFA level 3 result. Pass rates vary across levels:
CFA level 1 pass rate (December 2019): 42%
CFA level 1 pass rate (June 2019): 41%
CFA level 2 pass rate (June 2019): 44%
CFA level 3 pass rate (June 2019): 56%
CFA level 1 pass rate (December 2018): 45%
CFA level 1 pass rate (June 2018): 43%
CFA level 2 pass rate (June 2018): 45%
CFA level 3 pass rate (June 2018): 56%



CFA 2021: New Dates & Facts

The year 2020 is the last year when the CFA level 1 exam is organized twice, in June and in December. As of 2021, level 1 candidates will have 4 months to choose from: February, May, August, and November.

The registration for the February 2021 level 1 exam will open on 16 June 2020. The exact CFA level 1 exam date is not yet known. But as soon as it is announced, we’ll have it updated for you! The good news is that the results will be available sooner, i.e. in less than 7-8 weeks. All these changes stem from transitioning the CFA level 1 exam to computer-based testing from 2021.

February 2021 CFA Level 1 Exam

START: 16 June 2020

registration for CFA FEB 2021

CFA EXAM DATE: not yet given

CFA test delivered on computer for the first time!

FINISH: sooner

CFA results are expected sooner than in the past

CFA Level 1 Moves to Computer-Based Testing

Together with the 2021 transition of CFA level 1 exam to computer-based testing, there’s a number of crucial changes to the exam itself:

  • CFA level 1 will be held 4 times a year: in Feb, May, Aug, and Nov.
  • There will be many more proctored test-centers around the world (over 400!).
  • You’ll be able to self-schedule your exam within the exam window (up to 7 days).
  • There will be fewer multiple-choice questions in your exam, 90 per one exam session.
  • The total testing time also decreases from 6 to 4.5 hours.
  • Some new types of exam questions may be expected due to the digital environment of the exam.
  • CFA results are said to be available sooner, i.e. in less than 7-8 weeks.

So, basically, there’s no longer going to be one single date when candidates are told to sit their exam. Instead, there’s an exam window of up to 7 days and you can decide when you want to take your exam. The exam window will be available in Feb, May, Aug, and Nov. Finally, the exam itself will be shorter and there will be fewer questions. You can read more about CFA 2021 level 1 exams here.

NEW CFA EXAM DAY SCHEDULE IN 2021

Feb 2021 CFA Level 1 Exam Day Time
pledge, tutorial, and survey 30 minutes
SESSION 1 135 minutes
BREAK 30 minutes
SESSION 2 135 minutes
WHOLE EXAM DAY 5.5 hrs

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