May 2023 Level 1 CFA® Exam Dates & Fees

There is no fixed May 2023 level 1 exam date. You can choose to take your CFA exam on one of the days from 16 to 22 May. To take your exam on your chosen date, you need to self-schedule your exam.

* Importantly, the 16-22 May exam window may vary depending on your test center or geographic area. What it means is that for your chosen test center, there may be fewer exam dates available, i.e. the exam window may be shorter. That is why it is significant that you check the test center info when registering for and scheduling your level 1 exam.

Below, you can find all May 2023 level 1 exam dates related to registration and scheduling.

1. CFA EXAM WINDOW: 16-22 May 2023

Your May 2023 level 1 CFA exam date will be somewhere between 16 to 22 May. As already said, the exact length of the exam window depends on the test center you choose and the geographic region you live in. Actually, it may be shorter than 16-22 May, so read your test center info carefully when registering for and scheduling your CFA exam.

2. REGISTRATION STARTS: 9 Aug 2022

The registration window for the May 2023 level 1 exam opens on 9 August 2022. First, you need to register for your May exam, which means you need to pay due fees.

IMPORTANT: May 2023 CFA exam registration fees go up. The early-bird registration fee is USD 900 (up from USD 700) and the standard registration fee is USD 1200 (up from USD 1000).

The May 2023 CFA exam fees paid at registration are: USD 900 or USD 1200, 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 350 (which is down, BTW, from USD 450).

After you register, you're bound to self-schedule your exam within the exam window available in your area. The scheduling deadline is not until 15 February 2023.

3. EARLY REGISTRATION DEADLINE: 9 Nov 2022

There's a special registration fee for early birds and it's $900 (it increases for 2023 CFA exams). It applies from 9 August to 9 November.

Please note that for computer-based CFA exams the early registration deadline used to be the Pay-by-Invoice deadline. However, for the May 23 exam, the Pay-by-Invoice deadline is 17 December.

4. REGISTRATION CLOSES: 31 Jan 2023

The standard registration fee for 2023 CFA exams is $1200 (which is higher than in 2022 or 2021). It applies from 3 November to 31 January. 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.

5. SCHEDULING DEADLINE: 15 Feb 2023

After you register, you're bound to self-schedule your exam within the exam window available for the May level 1 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. For the May 2023 level 1 exam, it ends on 15 Feb 2023. If you fail to schedule your exam appointment, you won’t be able to take your CFA exam and you'll forfeit your registration fees.

6. RESCHEDULING DEADLINE: 14 Apr 2023

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 May 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.

For 2023 CFA exams, the optional CFA exam rescheduling fee is USD 250 per each re-appointment.

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.

7. RESULTS: July 2023

CFA Institute has even 60 days for releasing level 1 CFA exam results. However, 2021 and 2022 level 1 CFA exam results were usually made available approx. 6-7 weeks post-exam. The same can be expected for the 2023 exams. The most probable CFA exam results date for the May 2023 level 1 is 4 or 6 July 2023. As always, the Minimum Passing Score (MPS) will be established after the exam by the Board of Governors (read more).

After you take your CFA exam, mind the rule of 6-months-between-exams according to which:

• if you pass your May 2023 exam the closest level 2 exam you can take is in Nov 2023, and
• if you fail your May 2023 exam the soonest you can retake your level 1 exam is in Nov 2023 and then – if you pass – you can take your level 2 exam in May 2024.
• (read more about 2023 CFA exams)

To pass your level 1 exam, there are some things you need to know. For starters, the 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 Issuers 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. Read more about the new CBT level 1 CFA exam format.

Here's what you may expect in May question-wise: