PUBLISHED: Jan 25, 2021

CFA® Exams in 2022,
All Levels

CFA exam / CBT IN 2022





Computer-Based CFA Exams as of 2021

In 2022, the CFA exam is intended to take place 4 times for level 1 – in February, May, August, and November. For level 2 and level 3, it's going to be twice. Feb and Aug is saved for level 2, and May and Nov – for level 3 candidates.

Of course, all exams will be computer-based and there'll be no single date when candidates are told to sit their exam. Instead, exam windows will be given for every month and level. You will be asked to self-schedule your CFA exam date via a dedicated platform within the exam window you choose.

When the CFA exam moved to computer-based testing in 2021, it was supposed to take place 4 times for level 1 (Feb, May, Aug, and Nov) and twice for both level 2 (May and Aug) and level 3 (May and Nov). The COVID-19 pandemic made it necessary for CFA Institute to open more exam windows. However, as a rule, the 2022 calendar is going to apply in the future:

CFA EXAM 2021 2022
Feb L1* L1 L2
May L1* L2 L3 L1 L3
Aug L1* L2 L3 L1 L2
Nov L1* L2 L3 L1 L3

* In 2021, due to the COVID-19 pandemic, there's a total of 6 level 1 CFA exam windows open: in Feb, March, May, July, Aug, and Nov. For level 2 and level 3, as shown above in the table, exams are available in May, Aug, and Nov.


  1. February 2022 Level 1 CFA Exam
  2. Level 1 CFA Exam in 2022
  3. Level 2 and Level 3 CFA Exams in 2022

February 2022 Level 1 CFA Exam

The Feb 2022 level 1 CFA exam registration is most likely to open in mid-June 2021.

After you register for your exam, you must self-schedule it using the so-called ProScheduler available on a dedicated platform.

More dates and details for the Feb 2022 CFA exam to come when the registration opens.



More about Level 1 exam? See here


4 Level 1 CFA Exam Windows
in 2022

For nearly 20 years, the level 1 exam was held twice a year, in June and December. Since 2021, the level 1 CFA exam has moved to computer-based testing and now it's available more often. As of 2022, it's intended to be held 4 times a year: in February, May, August, and November.

LEVEL 1 EXAM:
4 TIMES A YEAR FROM 2022

February

May

August

November



However, even though the level 1 exam will be available 4 times per year, you will be able to register only twice a year! That’s because CFA Institute wants to stick to the official rule of 6 months minimum between exams (which basically means you cannot register for the adjacent level 1 exams). So:

  • if you take your level 1 exam in February & fail you can retake in August
  • if you take your level 1 exam in May & fail you can retake in November
  • if you take your level 1 exam in August & fail you can retake in February
  • if you take your level 1 exam in November & fail you can retake in May

The rule of 6 months also works between levels. So, if you take your level 1 exam:

  • in February 2022 & pass you can take your level 2 exam in August 2022
  • in May 2022 & pass you can take your level 2 exam in February 2023
  • in August 2022 & pass you can take your level 2 exam in February 2023
  • in November 2022 & pass you can take your level 2 exam in August 2023

Level 2 and Level 3 CFA Exams
in 2022

In the past, level 2 and level 3 CFA exams were organized once a year, in June. Now, with CBT introduced also for level 2 and level 3 candidates, the accessibility of the exams gets doubled. In 2022, level 2 and level 3 exams will alternate each quarter. So: level 2 will take place in February, level 3 in May, level 2 in August, and level 3 in November.

LEVEL 2 EXAM IN 2022

February

August


More about Level 2 exam? See here


LEVEL 3 EXAM IN 2022

May

November


More about Level 3 exam? See here


Of course, the rule of 6 months between levels applies. So:

  • if you take your level 2 exam in February 2022 & pass you can take your level 3 exam in November 2022
  • if you take your level 2 exam in August 2022 & pass you can take your level 3 exam in May 2023

Also note that:

  • if you take your level 2 exam in February 2022 & fail you can retake already in August 2022
  • if you take your level 2 exam in August 2022 & fail you can retake already in February 2023
  • if you take your level 3 exam in May 2022 & fail you can retake already in November 2022
  • if you take your level 3 exam in November 2022 & fail you can retake already in May 2023