Last updated: March 10, 2022

CFA exam / Level 1 / CBT DATES & EXPERIENCE


In 2022, level 1 CBT CFA exam dates are available to candidates in Feb, May, Aug, and Nov. These are the 4 level 1 CFA exam windows when you can schedule your level 1 exam after you register, i.e. pay the registration fee.

Read on to find out about the milestones of level 1 CFA exam and go here for specific 2022 CFA exam dates .


CFA EXAM IN THE CBT FORMAT

In 2021, CFA Institute introduced computer-based testing (CBT) for all levels of the CFA exam, which means that all CFA exams are now delivered on computers in many proctored test centers around the world. Owing to the COVID-19 pandemic, in 2021 more exam dates were available to candidates of all levels than previously expected. There were:

  • 6 CFA exam windows for level 1 in Feb, March*, May, July, Aug, and Nov + an online (OPT) exam in April*
  • 3 CFA exam windows for level 2 in May, Aug, and Nov,
  • 3 CFA exam windows for level 3 in May, Aug, and Nov.

* The March and April 2021 exam windows were open only for select candidates whose exams had been postponed.

In 2022, there will be 4 level 1 CFA exam windows, which is what was intended for CBT exams from the very beginning.


Learn more about 2022 & 2023 CFA exams


2022 LEVEL 1 CBT CFA EXAMS

Level 1 CFA exam Registration window Scheduling window Exam window
February 2022 13 May - 26 Oct 13 May - 17 Nov 15-21 Feb
May 2022 20 July - 8 Feb 20 July - 16 Feb 17-23 May
August 2022 26 Oct - 3 May 26 Oct - 25 May 23-29 Aug
November 2022 1 Feb - 9 Aug 1 Feb - 17 Aug 15-21 Nov

ALL LEVELS, ALL AVAILABLE EXAM WINDOWS



As an example, you can find all July 2021 level 1 exam dates from registration to results chronologically ordered below. Further, we also elaborate on the key level 1 CBT CFA exam dates. Note that although the specific dates for all 2022 CFA exams vary, the description of how it all works is the same as for the July exam.


LEVEL 1 CBT CFA EXAM DATES

July 2021 Level 1 CFA Exam
CFA EXAM WINDOW 18-26 July 2021
REGISTRATION STARTS 19 Jan 2021
SCHEDULING STARTS 19 Jan 2021
EARLY REGISTRATION ENDS 10 March 2021
REGISTRATION CLOSES 20 Apr 2021
SCHEDULING CLOSES 11 May 2021
RESCHEDULING CLOSES 17 June 2021 (changed from 22 June!)*
RESULTS RELEASED 14 Sept 2021

*Yep, sometimes CFA Institute changes deadlines unexpectedly by either extending them or making them shorter.

NOTE: All the deadlines end at 11:59 p.m.


LEVEL 1 CBT CFA EXAM
DATES EXPLAINED


  1. CFA EXAM WINDOW:
  2. Computer-based testing (CBT) for CFA exam means that the exam is delivered on computers in many proctored test centers around the world. The test centers are usually either with Prometric or British Council.

    The exact length of the exam window depends on the test center you choose and the geographic region you live in and it may be shorter than indicated, so read your test center info carefully when registering for and scheduling your CFA exam.

  3. REGISTRATION/SCHEDULING STARTS:
  4. First, you need to register for your level 1 CFA exam, which means you need to pay due fees.

    The level 1 CFA exam fees paid at registration are: USD 700 or USD 1000, depending on when you register. Also, if you're a newcomer to CFA Program, you'll need to pay a one-time enrollment fee of USD 450.

    After you register, you're bound to self-schedule your exam within the exam window available in your area. The scheduling window usually opens together with the registration window. Mind the scheduling deadline, though!

  5. EARLY REGISTRATION FEE:
  6. There's a special registration fee for early birds and it's $700. Mind the deadline if you want to register sooner and pay less for your level 1 CFA exam.

    Please note that for computer-based exams, the early registration deadline is also the Pay-by-Invoice deadline.

  7. STANDARD FEE & REGISTRATION DEADLINE:
  8. The standard registration fee is $1000. It applies from the early registration deadline until the registration closes altogether. In the past, there was also the so-called late or final registration fee, which was even higher but it's been dropped for computer-based exams.

  9. SCHEDULING THE EXAM:
  10. After you register, you're bound to self-schedule your exam within the exam window available for the level 1 CFA exam in your area. To this end, you'll need to use the so-called ProScheduler via a dedicated platform.

    Importantly, scheduling is free of charge and the scheduling period is longer than the registration period.

  11. HOW TO RESCHEDULE CFA EXAM?
  12. A new CFA exam fee, called rescheduling fee, has been introduced for computer-based exams. It means that you can still change your CFA exam date and/or test center after you register for and schedule your CFA exam. You may change the date and/or test center as many times as you want but every change is going to cost you money.

    Importantly, the CFA exam rescheduling option applies only to the exam window you chose. It means you cannot change your CFA exam date between different exam windows. So, if you register for the Feb exam, you cannot change your CFA exam date to May or Aug using the rescheduling option.

    In 2021, the optional CFA exam rescheduling fee was down to USD 25 per re-appointment. However, it is back to the originally intended USD 250 per re-appointment in 2022.

    In 2022, the CFA exam rescheduling fee is USD 250 per re-appointment, which has always been the intended amount. In 2021, the rescheduling fee was USD 25 for each re-appointment of the CFA exam. However, the fee was reduced substantially owing to the difficult pandemic situation which made people postpone and reschedule their exams oftentimes. Now, as things start to get more predictable, the fee's going up to the original amount.

    When does the rescheduling option come in handy?

    It may happen that the optimal-for-you exam date and/or test center is already taken at the time when you schedule your exam. But you will judge it reasonable to schedule your exam anyway. After that, you can go back and check your preferred test center for seating availability at your optimal exam date. As soon as it's available to you, you'll be able to make amendments upon paying your rescheduling fee.

  13. WHEN ARE THE RESULTS RELEASED?
  14. CFA Institute has even 60 days for releasing level 1 CFA exam results. However, the level 1 CFA exam results should be available sooner for computer-based exams. Usually, the CBT level 1 results are available 6-7 weeks post-exam. As always, the Minimum Passing Score (MPS) is established after the exam by a Board of Governors (read more).


CFA EXAM & CBT EXPERIENCE

To pass your level 1 exam, there are some things you need to know. For starters, the CBT CFA exam will be divided into 2 sessions, 135 minutes each, with an optional break meanwhile. You can expect 90 multiple-choice questions in each session.

The topics you'll be tested on will be divided into 4 groups: (i) Ethics, (ii) Investment Tools, (iii) Corporate Finance and Portfolio Management, and (iv) Investment Assets. You'll find groups (i) and (ii) during SESSION 1 and groups (iii) and (iv) during SESSION 2. Questions may be shuffled within a group. Once you finish the first session you won’t be able to go back. But you can go back and forth within one session. To learn more about computer-based CFA exams, see here

Here's how your level 1 CFA exam experience may look like question-wise:


CFA Exam Topics Level 1 Weights No. of Questions
(Estimated for CBT)
Ethics 15-20% 28
Quantitative Methods 8-12% 18
Economics 8-12% 18
Financial Reporting and Analysis 13-17% 26
Corporate Finance 8-12% 16
Equity Investments 10-12% 20
Fixed Income 10-12% 20
Derivative Investments 5-8% 10
Alternative Investments 5-8% 10
Portfolio Management 5-8% 14
TOTAL 100% 180 questions

Find VIDEOS & NOTES inside
our CFA Exam Study Planner:


ALSO LEARN ABOUT OTHERS' CFA EXAM EXPERIENCE:

Here we regularly post about the CBT CFA exam experience that candidates share with us so that others can know better what to expect and avoid the mistakes that others made. Shakil wrote to us:

I took my CFA exam in November [2021] and felt fairly prepared to tackle it on test day but wanted to make sure I was familiar with the site the CBT exam was being held. I came in a couple hours early to make sure I knew where to park, where the washrooms were, and ask the very friendly test administrators some question about the testing process and materials allowed/provided for the exam - which basically aligned with the CFA Institute's policies and procedures. The first half of the exam went pretty much as expected and I was able to go to my car after to drink some water and eat a snack before heading to the washroom and back to the exam room for part two. About 40 minutes in and I realized I REALLY needed to go to the washroom which was about a 30 second walk from the exam room. The only issue was the sign out/check in procedure would take at least another 10 minutes or so out my exam since the washroom was outside the exam room. I was stuck with either going to the washroom and killing at least 15 minutes of my exam time or holding it in and being uncomfortable through the rest of it - I chose the latter. It was super distracting and probably slowed me down quite a bit through the rest of the exam. I recommend two things to all test takers. First, be mindful about how much water you drink during their break even if you do go to the washroom right before the second part as the liquids will likely take some time to go through you. And second, if you do need to step out during the exam, account for the time it'll take you to check out and back in with all the covid and security measures in place. Shakil

Sihem wrote:

Hi friends, The exam day was as stressful as when it was paper-based, I had to manage time and pass some extra time on some challenging questions. As a mother of two little daughters and a CFA level 2 retaker, it was a huge endeavor to prepare for the exam and to keep concentrating during the exam day. I'm confident and full of hope. Thank you Soleadea Team for your usual cooperation and support. With my best regards, Sihem

Don't hesitate to contact us if you want your story told, as well .

Or use the comments below .


Published: Jan 18, 2021



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