2025 CFA® Exam Dates & Schedule

CFA exam / 2025 dates & schedule

Below we present the nearest 2025 CFA exam dates, including the Feb 2025 (level 1 + level 3), May 2025 (level 1 + level 2), and Aug 2025 (all levels) sittings. Because the CFA exam calendar is full of important dates, we arranged our CFA exam schedule into categories:

2025 CFA Exam Dates:
DETAILED SCHEDULE

NOTE: All the deadlines end at 11:59 p.m. ET unless stated otherwise.

2025 CFA EXAM DATES, LEVELS:
1, 2, 3

CFA Exam Date	Feb 2025	May 2025	Aug 2025
LEVEL 1	17-23 Feb	14-20 May	20-26 Aug
LEVEL 2	n/a	21-25 May	27-31 Aug
LEVEL 3	13-16 Feb	n/a	15-19 Aug

MORE 2025 CFA exam dates

ALL LEVELS

IMPORTANT:

1. As of 2021, all levels of the CFA exam are moved to computer-based testing.
2. LEVEL 1 CFA exams are held 4 times a year > in Feb, May, Aug, and Nov.
3. LEVEL 2 CFA exams are held 3 times a year > in May, Aug, and Nov.
4. LEVEL 3 CFA exams are held 2 times a year > in Feb and Aug.

CFA Exam Registration Opens

The CFA exam registration usually opens on the same date for all the levels available in a given exam window (Feb, May, Aug, or Nov). As a rule, as soon as CFA Institute opens exam registration, the exam scheduling window also gets open.

When CFA exam registration is open, at first the early registration fee applies, which is lower than the standard registration fee applicable past the early registration fee deadline and before the registration closes. Also, when you want to take your CFA exam, applying for a scholarship is worth considering. CFA Institute offers different kinds of scholarships to CFA candidates.

All the important dates, including scholarship, registration, and scheduling deadlines, are provided below.

CFA Institute Scholarship Deadlines

*2025* Access Scholarship Dates

As of 2025, CFA Institute offers a new Access Scholarship with 4 application windows per year and the registration fee of USD 400.

For the 2024 CFA exams, there were 2 application windows, in Sept/Oct 2023 & Jan/Feb 2024, and the fee was down to USD 300. Now, all this changes for the Access Scholarships awarded after 1 Sept 2024. Keep coming back for updates and set up your CFA Institute account if you want to apply for your Access Scholarship. Mind the dates:

CFA exam	scholarship application window	scholarship result
May 2025	8 Aug 2024 - 26 Aug 2024	23 Sept 2024
Aug 2025	6 Nov 2024 - 25 Nov 2024	3 Jan 2025
Nov 2025	12 Feb 2025 - 3 March 2025	TBD

The deadlines end at 11:59 p.m. EDT.

Other Scholarships in *2025*

There are also other CFA Institute scholarships such as Student Scholarships and Professor Scholarships. If you're a student, check with your school whether you can apply.

Unfortunately, as of 2025 CFA Institute no longer offers Women's Scholarship.

CFA Exam Registration Deadlines

* For the 2025 CFA exams, registration fees go up again. Importantly, not only standard registration fee is higher than the early registration fee but also level 3 candidates need to pay more than level 1 & level 2 exam takers.

HIGHER 2025 CFA exam registration fees:

• Level 1 early registration fee is USD 990.
• Level 1 standard registration fee is USD 1290.
• Level 2 early registration fee is USD 990.
• Level 2 standard registration fee is USD 1290.
• Level 3 early registration fee is USD 1090.
• Level 3 standard registration fee is USD 1390.

Note that as of 2023 newcomers to the CFA Program have to pay a one-time program enrolment fee of USD 350 (USD 100 less than the previous enrolment fee). The amount is the same regardless of the CFA exam registration deadline you choose.

Scheduling & Rescheduling Deadlines

The registration for the CFA exam is a 2-step process: first you register for your exam and pay the registration fee, then you must schedule your exam day within your chosen exam window or you won't be able to take your exam. Appointments are made on a first-come, first-served basis.

You may also re-schedule your CFA exam before the rescheduling deadline if you pay the rescheduling fee of USD 250 (for each rescheduling!). The rescheduling option enables you to alter your exam day or test center location within your exam window. The change is possible based on seating availability. If there is no free spot at a given time – you should check regularly for seating availability. Mind, though, that every actual rescheduling costs USD 250. Moreover, be sure to get familiar with test center information (options may vary from center to center, e.g., the length of the exam window may differ).

CFA Institute study materials availability

You will get free access to the digital version of your CFA Program Curriculum upon registration for your exam. After registration, you may also purchase a printed version for around USD 299 + the costs of shipping and customs. You may also choose to print the whole or parts by yourself.

Our printable notes for your CFA exam readings are a nice option if you want to have some printed study materials. They are in the form of e-books that you can print out and add your own notes and examples to it (we've left some dedicated space). You'll find them inside your personalized study plan .

CFAI. Practice Questions and Mock Exams are available after logging into your CFA Institute account and they are free of charge for all registered candidates. Moreover, if you opt for the full version of your CFA exam study plan at Soleadea, you'll also find lots of practice questions and tests, including mocks, inside your study schedule

CFA exam date

As of 2021, for all CFA exams there's computer-based testing. Exams are composed of two sessions with an optional break in between. Each exam session lasts approx. 2 hours and 15 minutes.

For the LEVEL 1 CFA exam, you can expect 90 multiple-choice questions per session. That makes it a total of 180 questions. You'll have 1.5 minutes per question on average.

For the LEVEL 2 CFA exam, you can expect 44 multiple-choice questions per session, arranged into 11 item sets (each topped by a vignette followed by 4 multiple-choice questions). That makes it a total of 88 questions (22 item sets). You'll have ca. 3 minutes per question on average.

For the LEVEL 3 CFA exam, you can expect both open-ended (constructed response) questions and item sets (like for level 2). Altogether, there will be 11 constructed-response (essay) sets with a variable number of items/questions to be answered and 44 multiple-choice questions arranged into 11 item sets with 4 questions each. In both sessions, you'll have a mix of essay questions and item sets (example given in the table below). For both essay and item sets, the total number of points possible to score will be stated (for each item set, it's ca. 3 minutes per question on average, time for essays can vary).

CFA EXAM DAY SCHEDULE

CFA Exam Duration	LEVEL 1	LEVEL 2	LEVEL 3
pledge, tutorial, and survey	30 min	30 min	30 min
SESSION 1	2 h 15 min	2 h 12 min	2 h 12 min
no. of questions	90 questions	44 questions formed into 11 item sets	6 essay sets + 5 item sets
BREAK (optional)	30 min	30 min	30 min
SESSION 2	2 h 15 min	2 h 12 min	2 h 12 min
no. of questions	90 questions	44 questions formed into 11 item sets	5 essay sets + 6 item sets
WHOLE TESTING TIME	4 h 30 min	4 h 24 min	4 h 24 min
WHOLE EXAM DAY	ca. 5.5 hrs	ca. 5.5 hrs	ca. 5.5 hrs

CFA exam results availability

For computer-based CFA exams – results should be available approx. 5 to 7 weeks post-exam for level 1 and level 2, and 6 to 8 weeks post-exam for level 3. CFA Institute emphasizes that the same MPS procedure is still in place.

CFA exam pass rates tend to vary across levels.

Here are the most recent CFA exam pass rates:
level 1 pass rate (Nov 2024): coming soon
level 2 pass rate (Nov 2024): coming soon
level 1 pass rate (Aug 2024): 44%
level 2 pass rate (Aug 2024): 47%
level 3 pass rate (Aug 2024): 48%
level 1 pass rate (May 2024): 46%
level 2 pass rate (May 2024): 59%
level 1 pass rate (Feb 2024): 44%
level 3 pass rate (Feb 2024): 49%
level 1 pass rate (Nov 2023): 35%
level 2 pass rate (Nov 2023): 44%
level 1 pass rate (Aug 2023): 37%
level 2 pass rate (Aug 2023): 44%
level 3 pass rate (Aug 2023): 47%
level 1 pass rate (May 2023): 39%
level 2 pass rate (May 2023): 52%
level 1 pass rate (Feb 2023): 38%
level 3 pass rate (Feb 2023): 48%
more CFA exam pass rates

Overwhelmed with all the CFA exam dates? Set up your account at Soleadea – we'll notify you about the most important deadlines***

*** ACCESS SCHOLARSHIP DEADLINE | REGISTRATION DEADLINES | CFA EXAM DATE (CHECKLISTS)

Published in 2018

Read Also:

• 2024+ CFA Program Changes
• CFA Exam Registration
• How to Be Motivated to Study for CFA Exam