Last updated: December 13, 2021

CFA exam / Calendar

CFA calendar & its updates

The CFA exam calendar was changed oftentimes over the last year or two. Here you’ll find the most recent updates on the upcoming 2022 CFA exams. Also, some new information is available for 2023 CFA exams.

CFA Exam Calendar in 2022

The most recent CFA exam calendar update is about the changes to the level 2 & level 3 exams schedule that CFA Institute introduced in November 2021. A new Nov level 2 CFA exam window is now added and there is a shift between level 3 exam windows.

There are no modifications to the level 1 CFA exam calendar, which means that the level 1 exam will be available 4 times in 2022 – in Feb, May, Aug, and Nov.

2022 LVL 1





2022 LVL 1: FEB | MAY | AUG | NOV

Based on the new 2022 calendar, there will be a total of 3 level 2 CFA exam windows that will be available to CFA candidates in Feb, Aug, and Nov. Initially, the level 2 CFA exam was supposed to be held twice a year, in Feb and Aug. Now, with the new Nov level 2 CFA exam window, the level 2 exam is more accessible to those CFA candidates who pass their level 1 exam. Actually, now you can get your CFA charter in 12 to 18 months.

2022 LVL 2




NOV (new!)

2022 LVL 2: MAY | AUG | NOV (new!)

As far as the level 3 CFA exam goes, the Nov exam is now moved to Aug, which still makes it 2 exam windows for level 3 candidates. So, the 2022 level 3 CFA exams are scheduled for May and Aug, while initially they were intended to take place in May and Nov.

2022 LVL 3



AUG (moved!)

2022 LVL 3: MAY | AUG (moved!)

The resignation from the Nov level 3 exam window is dictated by the desire to speed up the release of level 3 CBT results. There are some open-ended questions in the level 3 CFA exam, which need to be graded by professionals. Thus, the grading of level 3 exams is always more time-consuming than for level 1 and level 2 exams. Plus, the grading period for the Nov CFA exam window collides with the holiday season in the USA. CFA Institute needs to allow for this human factor if it wants the level 3 results to be available sooner for the CBT exams (in the past, they were usually available 9.5 weeks post-exam).


CFA Exam Calendar in 2023

In 2023, further shifts between CFA exam windows are expected, namely the Feb level 2 CFA exam will be moved to May and the May level 3 CFA exam will be moved to Feb. This change is aimed at the possibility to offer the level 3 CFA exam twice a year, at equal intervals. Again, no changes to the level 1 exams schedule are expected.

2023 LVL 1





2023 LVL 1: FEB | MAY | AUG | NOV

2023 LVL 2

MAY (moved!)



2023 LVL 2: MAY (moved!) | AUG | NOV

2023 LVL 3

FEB (moved!)



2023 LVL 3: FEB (moved!) | AUG

Published: Dec 8, 2021

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2021 CFA Exam Calendar Updates

In 2021, CFA exam calendar was updated many times. Owing to the rapidly changing COVID-19 pandemic situation, CFA exams were postponed, new exam windows were added for candidates of all levels, and new solutions were developed such as online testing from home or CFA exam refund.

Free Deferral for Feb 2021 Candidates

Unfortunately, the pandemic situation may not be good enough for the Feb 2021 CFA exam to take place everywhere as planned. That is why the Feb exam may be canceled in some locations. However, new exam windows are made available to candidates of all levels to help the situation.

If you are concerned about health and safety issues and you'd rather take your exam at a later date – from 2 February (9am ET) to 10 February (11:59pm ET) – you can defer your Feb 2021 level 1 exam, even if it hasn't been canceled. The available level 1 exam windows include July, August, and November. Unfortunately, the May level 1 exam window is no longer available. It reached its seating capacity in many locations already around the early registration deadline, which was 3 November 2020. On 2 February, the May 2021 level 1 registration was officially closed.

To withdraw from your Feb exam, go to your CFA Institute account and follow the instructions. It may take up to 24 hours for your account to be updated and ready to allow you to register for a new exam window. Importantly, you don’t have to register for the new exam at once. However, if you already know when you'd like to take your deferred exam, don't wait too long before you re-register. Many test centers may be expected to face seating capacity problems as the exam approaches.

Online CFA Exam for Canceled Candidates

On 2 February, you may expect some new info to be released if your Feb 2021 CFA exam has been canceled. Candidates especially expect the information about the Online Proctored Testing (OPT) available as a limited option to Feb level 1 candidates whose exam gets canceled and cannot be rescheduled. If the option is available in your area, you'll be contacted by CFA Institute in mid-March (e.g. China is excluded due to government regulations).

Also, if your Feb 2021 CFA exam gets canceled and can be rescheduled, you'll get an email with the new date and time of your exam. If your exam cannot be rescheduled and OPT is not an option for you, you'll be able to defer your exam at no charge. It may take even 15 days for CFA Institute to provide more details about your re-registering options after your exam gets canceled.

March 2021 CFA Exam Window

The new March window (21-23 March 2021) is not available to everyone. It will be open for select postponed Dec 2020/Feb 2021 candidates and in particular for Feb 2021 candidates registered for their exam but unable to schedule their exam appointment because testing centers were at capacity.

That is why there are no registration dates given. To see if you are eligible to take your exam in March, you may check your CFA Institute account. Also, CFA Institute should contact you if this option is available to you.

CFA Exam Refund Request

On 29 March 2021, the application window for CFA exam refund opens. The window lasts for two weeks and closes on 12 April.

You are eligible for a refund if your CFA exam was postponed twice. If you are eligible – you should receive all relevant information from CFA Institute. Mind that your CFA exam refund may take some time. Your request may be processed even up to 120 days after the refund application window is closed.

Online Proctored CFA Exam in April

From 13 to 15 April 2021, the first online proctored level 1 CFA exam will take place for canceled Feb candidates, whose exam couldn't be rescheduled within the Feb 2021 window. There are many OPT requirements you need to meet in order to take your online proctored CFA exam and if the option is available to you, you will be contacted by CFA Institute in mid-March.

New 2021 CFA Exam Windows

Apart from the additional exam windows open to select CFA candidates in March and April, there will also be a new level 1 CFA exam window in July. It will take place from 18 to 26 July 2021. For level 2 CFA candidates, a new exam window will be available from 26 to 30 November 2021 and for level 3 – from 1 to 8 September. This new level 3 CFA exam window is classified by CFA Institute under the August exam.


Level CFA exam Registration opens Registration closes Exam window
Level 1 February 2021 17 June 2020 28 Oct 2020 16 Feb - 1 March
March 2021 n/a n/a 21 - 23 March
OPT April 2021 n/a n/a 13 - 15 April
May 2021 20 Aug 2020 2 Feb 2021 18 - 24 May
July 2021 19 Jan 2021 20 Apr 2021 18 - 26 July
August 2021 20 Aug 2020 22 Apr 2021 13 - 30 Aug
November 2021 20 Aug 2020 20 July 2021 16 - 22 Nov
Level 2 May 2021 20 Aug 2020 23 Feb 2021 25 May - 1 June
August 2021 20 Aug 2020 22 Apr 2021 31 Aug - 4 Sept
November 2021 2 Feb 2021 20 July 2021 26 - 30 Nov
Level 3 May 2021 20 Aug 2020 23 Feb 2021 25 May - 1 June
August 2021 19 Jan 2021 22 Apr 2021 1 - 8 Sept
November 2021 20 Aug 2020 20 July 2021 23 - 25 Nov


Published: Aug 22, 2020

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