2025 CFA Exam Dates
Here are all the 2025 CFA exam dates:
- level 1 – FEB 17-23, MAY 14-20, AUG 20-26, NOV 12-18
- level 2 – MAY 21-25, AUG 27-31, NOV 19-23
- level 3 – FEB 13-16 and AUG 15 -19.
The FEB 2026 CFA exam window will be available as of 29 April 2025.
The 2025 study plans are available now.
Changed CFA Exam Calendar
Currently, CFA Institute makes 4 level 1 CFA exam windows, 3 level 2 CFA exam windows, and 2 level 3 CFA exam windows available to CFA candidates.
All CFA exams are computer-based and there's no single date when candidates are told to sit their exam. Instead, you are asked to self-schedule your CFA exam date within the exam window you choose via a dedicated platform.
In 2022, CFA Institute made some shifts and additions to the CFA exam calendar. The idea was to make the level 2 exam more available and to speed up the release of level 3 results (which has always been more time-consuming than for level 1 and level 2). The details are given in the table below. If no further changes are introduced, the 2023 schedule is going to apply in the future:
| CFA EXAM | 2022 | 2023 | 2024/2025 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Feb | L1 | L2 | L1 | L3 | L1 | L3 | |||
| May | L1 | L3 | L1 | L2 | L1 | L2 | |||
| Aug | L1 | L2 | L3 | L1 | L2 | L3 | L1 | L2 | L3 |
| Nov | L1 | L2 | L1 | L2 | L1 | L2 | |||
As of 2022, there are 4 level 1 CFA exam windows (Feb, May, Aug, and Nov). The level 2 CFA exam takes place 3 times a year, whereas the level 3 exam is held twice per annum. The Nov level 2 exam window is a new addition to the CFA exam schedule. In 2022, the last level 3 CFA exam was moved from Nov to Aug. In 2023, there will be further movements for level 2 and level 3 exams, namely the first 2023 level 2 CFA exam will take place in May, while the level 3 exam will be held as soon as Feb.
Here are the nearest dates for all 4 CFA exam windows:
- Feb 2025 Level 1 CFA Exam Dates
- Feb 2025 Level 3 CFA Exam Dates
- May 2025 Level 1 CFA Exam Dates
- May 2025 Level 2 CFA Exam Dates
- Aug 2025 Level 1 CFA Exam Dates
- Aug 2025 Level 2 CFA Exam Dates
- Aug 2025 Level 3 CFA Exam Dates
- Nov 2025 Level 1 CFA Exam Dates
- Nov 2025 Level 2 CFA Exam Dates
- 6 Months Rule for Level 1 Exam
- 6 Months Rule for Level 2 & Level 3 Exams
Feb 2025 Level 1 CFA Exam Dates
The Feb 2025 level 1 CFA exam window is from 17 to 23 February. Registration opens on 9 May 2024 and closes on 7 Nov 2024.
After you register for your exam, you must self-schedule your exam appointment using the so-called ProScheduler available on a dedicated platform. The scheduling window opens on 9 May and closes on 12 Nov. You can find more dates and details for the Feb 2025 level 1 CFA exam here .
| FEB 2025 | CFA Exam Window | Registration Dates | Scheduling Dates |
|---|---|---|---|
| Level 1 | 17-23 Feb 2025 | from 9 May to 7 Nov 2024 |
from 9 May to 12 Nov 2024 |
| Level 3 | 13-16 Feb 2025 | from 9 May to 7 Nov 2024 |
from 9 May to 12 Nov 2024 |
Feb 2025 Level 3 CFA Exam Dates
Some of the level 1 and level 3 Feb CFA exam dates are the same and some differ.
So, the Feb 2025 level 3 CFA exam registration also opens on 9 May 2024 and closes on 7 Nov 2024. Moreover, the scheduling window also opens on 9 May and closes on 12 Nov. However, the Feb 2025 level 3 exam window is from 13 to 16 February. You can find more dates and details for the Feb 2025 level 3 CFA exam here .
May 2025 Level 1 CFA Exam Dates
The May 2025 level 1 CFA exam window is from 14 to 20 May. Registration opens on 8 Aug 2024 and closes on 6 Feb 2025.
After you register for your exam, you must self-schedule your exam appointment using the so-called ProScheduler available on a dedicated platform. The scheduling window opens on 8 Aug 2024 and closes on 11 Feb 2025. You can find more dates and details for the May 2025 level 1 CFA exam here .
| MAY 2025 | CFA Exam Window | Registration Dates | Scheduling Dates |
|---|---|---|---|
| Level 1 | 14-20 May 2025 | from 8 Aug 2024 to 6 Feb 2025 |
from 8 Aug 2024 to 11 Feb 2025 |
| Level 2 | 21-25 May 2025 | from 8 Aug 2024 to 6 Feb 2025 |
from 8 Aug 2024 to 11 Feb 2025 |
May 2025 Level 2 CFA Exam Dates
Some of the level 1 and level 2 May CFA exam dates are the same and some differ.
So, the May 2025 level 2 CFA exam registration also opens on 8 Aug 2024 and closes on 6 Feb 2025. Moreover, the scheduling window also opens on 8 Aug 2024 and closes on 11 Feb 2025. However, the May 2025 level 2 exam window is from 21 to 25 May. You can find more dates and details for the May 2025 level 2 CFA exam here .
August 2025 Level 1 CFA Exam Dates
The August 2025 level 1 CFA exam window is from 20 to 26 Aug. Registration opens on 6 Nov 2024 and closes on 6 May 2025.
After you register for your exam, you must self-schedule your exam appointment using the so-called ProScheduler available on a dedicated platform. The scheduling window opens on 6 Nov 2024 and closes on 13 May 2025. You can find more dates and details for the August 2025 level 1 CFA exam here .
August 2025 Level 2 CFA Exam Dates
Some of the level 1 and level 2 August CFA exam dates are the same and some differ.
So, the August 2025 level 2 CFA exam registration also opens on 6 Nov 2024 and closes on 6 May 2025. Moreover, the scheduling window also opens on 6 Nov 2024 and closes on 13 May 2025. However, the Aug 2025 level 2 exam window is from 27 to 31 Aug. You can find more dates and details for the Aug 2025 level 2 CFA exam here .
| AUG 2025 | CFA Exam Window | Registration Dates | Scheduling Dates |
|---|---|---|---|
| Level 1 | 20-26 Aug 2025 | from 6 Nov 2024 to 6 May 2025 |
from 6 Nov 2024 to 13 May 2025 |
| Level 2 | 27-31 Aug 2025 | from 6 Nov 2024 to 6 May 2025 |
from 6 Nov 2024 to 13 May 2025 |
| Level 3 | 15-19 Aug 2025 | from 6 Nov 2024 to 6 May 2025 |
from 6 Nov 2024 to 13 May 2025 |
August 2025 Level 3 CFA Exam Dates
The Aug 2025 level 3 exam window is from 15 to 19 Aug. The Aug 2025 level 3 registration opens on 6 Nov 2024 and closes on 6 May 2025. The scheduling window also opens on 6 Nov 2024 but closes on 13 May 2025. You can find more dates and details for the Aug 2025 level 3 CFA exam here .
November 2025 Level 1 CFA Exam Dates
The November 2025 level 1 CFA exam window is from 12 to 18 Nov. Registration opens on 12 Feb 2025 and closes on 5 Aug 2025.
After you register for your exam, you must self-schedule your exam appointment using the so-called ProScheduler available on a dedicated platform. The scheduling window opens on 12 Feb and closes on 12 Aug 2025. You can find more dates and details for the Nov 2025 level 1 CFA exam here .
| NOV 2025 | CFA Exam Window | Registration Dates | Scheduling Dates |
|---|---|---|---|
| Level 1 | 12-18 Nov 2025 | from 12 Feb to 5 Aug 2025 |
from 12 Feb to 12 Aug 2025 |
| Level 2 | 19-23 Nov 2025 | from 12 Feb to 5 Aug 2025 |
from 12 Feb to 12 Aug 2025 |
Nov 2025 Level 2 CFA Exam Dates
Some of the level 1 and level 2 November CFA exam dates are the same and some differ.
So, the Nov 2025 level 2 CFA exam registration also opens on 12 Feb 2025 and closes on 5 Aug 2025. Moreover, the scheduling window also opens on 12 Feb and closes on 12 Aug 2025. However, the November 2025 level 2 exam window is from 19 to 23 Nov. You can find more dates and details for the Nov 2025 level 2 CFA exam here .
6 Months Rule for Level 1 CFA Exam
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 CFA EXAM WINDOWS
Feb
May
Aug
Nov
More about Level 1 CFA exam
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 it in August
- if you take your level 1 exam in May & fail you can retake it in November
- if you take your level 1 exam in August & fail you can retake it in February
- if you take your level 1 exam in November & fail you can retake it in May
The rule of 6 months also works between levels. So:
- if you take your level 1 exam in February & pass you can take your level 2 exam in August
- if you take your level 1 exam in May & pass you can take your level 2 exam in November
- if you take your level 1 exam in August & pass you can take your level 2 exam in May
- if you take your level 1 exam in November & pass you can take your level 2 exam in May
6 Months Rule for Level 2 & Level 3 CFA Exams
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 is greater. In 2025, level 2 will be held three times a year and level 3 – twice a year:
LEVEL 2 CFA EXAM WINDOWS
May
Aug
Nov
More about Level 2 CFA exam
LEVEL 3 CFA EXAM WINDOWS
Feb
Aug
More about Level 3 CFA exam
Of course, the rule of 6 months between levels applies. So:
- if you take your level 2 exam in May 2025 & pass you can take your level 3 exam in February 2026
- if you take your level 2 exam in August 2025 & pass you can take your level 3 exam in February 2026
- if you take your level 2 exam in November 2025 & pass you can take your level 3 exam in August 2026
Also note that:
- if you take your level 2 exam in May 2025 & fail you can retake it in November 2025
- if you take your level 2 exam in August 2025 & fail you can retake it in May 2026
- if you take your level 2 exam in November 2025 & fail you can retake it in May 2026
- if you take your level 3 exam in February 2025 & fail you can retake it in August 2025
- if you take your level 3 exam in August 2025 & fail you can retake it in February 2026
Published: Jan 25, 2021
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