Below we present the currently available 2021 & 2022 CFA exam dates, including the November 2021 (all levels), February 2022 (level 1 + level 2) & May 2022 (level 1 + level 3) sittings. Because the CFA exam calendar is full of important dates, we arranged our CFA exam schedule into categories:
CFA EXAM 2021/2022: DETAILED SCHEDULE
NOV 2021 EXAM WINDOW
LEVELS: 1, 2, 3
FEB 2022 EXAM WINDOW
LEVELS: 1, 2
MAY 2022 EXAM WINDOW
LEVELS: 1, 3
START: 20 Aug 2020 | 13 May 2021 | 20 July 2021
registration for NOV 2021 | FEB 2022 | MAY 2022 exam opens
some additional CFA exam dates
CFA EXAM DATE: L1: Nov,16-22 | L1: Feb,15-21 | L1: May,17-23
* level 1 exam dates, levels 2 & 3: see below.
RESULTS: Jan 2022 | Apr 2022 | July 2022
** CFA exam results should be released 6-7 weeks after level 1, 7-8 weeks after level 2 and even 9-10 weeks after level 3 exam
NOTE: All the deadlines end at 11:59 p.m. ET unless stated otherwise.
CFA EXAM DATES, LEVELS: 1, 2, 3
|Nov 2021||Feb 2022||May 2022|
|level 1 CFA exam date||16-22 Nov 2021||15-21 Feb 2022||17-23 May 2022|
|level 2 CFA exam date||26-30 Nov 2021||22-26 Feb 2022||n/a|
|level 3 CFA exam date||23-25 Nov 2021||n/a||24-26 May 2022|
- As of 2021, all levels of the CFA exam are moved to computer-based testing.
- 2021: LEVEL 1 CFA exam in Feb, March, May, July, Aug, and Nov; LEVEL 2 & LEVEL 3 CFA exams in May, Aug, and Nov.
- 2022: LEVEL 1 CFA exam will be held 4 times > in Feb, May, Aug, and Nov.
- 2022: LEVEL 2 CFA exam will be held 2 times > in Feb and Aug.
- 2022: LEVEL 3 CFA exam will be held 2 times > in May and Nov.
CFA Institute Scholarship Deadlines
15 September 2020
Access Scholarship for *2021* CFA exams
Access Scholarship for *2022* CFA exams (START: fall 2021)
For many years, if you wanted to apply for Access Scholarship, you had to plan well ahead 'cos the deadline expired in mid-September of the year before the exam you wished to take. That is why Access Scholarship application deadline for 2021 CFA exams passed!
However, it seems that CFA Institute wants to change that for 2022 CFA exams. At the beginning, the Access Scholarship application window was supposed to open in May 2021. Now, we know that it will start in the fall but we don't know yet when exactly & what will be the deadline. Check back here or go to your CFA Institute’s account for updates concerning the availability of CFA exam scholarships.
There are also other CFA Institute scholarships such as Women's Scholarships or Student Scholarships. Currently, they are awarded on a “rolling” basis. So, there’s no one fixed deadline but many short application windows are available instead. If you're a student, check with your school whether you can apply. And if you're a woman, with the new rules in place it should be more easy for you to get your scholarship. If you want to apply for a dedicated scholarship, visit your CFA Institute account to check for details.
CFA Exam Registration Deadlines
4 May 2021 | 10 Aug 2021 | 1 Nov 2021
early registration for NOV 2021 | FEB 2022 | MAY 2022 exam (registration fee: USD 700)
20 July 2021 | 26 Oct 2021 | 1 Feb 2022
standard registration for NOV 2021 | FEB 2022 | MAY 2022 exam (registration fee: USD 1000)
Note that newcomers to the CFA Program have to pay a one-time program enrolment fee of USD 450. The amount is the same regardless of the CFA exam registration deadline you choose.
Scheduling & Rescheduling Deadlines
23 Aug 2021 | 17 Nov 2021 | 16 Feb 2022
scheduling deadline for NOV 2021 | FEB 2022 | MAY 2022 exam (no additional fee)
16 Oct 2021 | 15 Jan 2022 | 16 Apr 2022
re-scheduling deadline for NOV 2021 | FEB 2022 | MAY 2022 exam (rescheduling fee: USD 25)
The registration for 2021 & 2022 CFA exams is a 2-step process: first you register for your exam and pay the registration fee, then you must schedule your exam day within your chosen exam window. Appointments are made on the first-come, first-served basis.
You may also re-schedule your CFA exam before the rescheduling deadline if you pay the rescheduling fee of USD 25 (for each reschedule!). The rescheduling option enables you to alter your exam day or test center location within your exam window. The change is possible based on seating availability. If there is no free spot at a given time – you should check regularly for seating availability. Mind, though, that for now every actual rescheduling costs USD 25. Moreover, be sure to get familiar with test center information (options may vary from center to center, e.g. the length of the exam window may differ).
CFA Institute study materials availability
CFA Program Curriculum (online) + Practice Questions + Mock Exams
You will get free access to the digital version of your CFA Program Curriculum upon registration for your exam. After registration, you may also purchase a printed version for USD 299 + costs of shipping and customs. You may also choose to print the whole or parts by yourself.
Our printable notes for your CFA exam readings are a nice option if you want to have some printed study materials. They are in the form of e-books that you can print out and add your own notes and examples to it (we've left some dedicated space). You'll find them inside your personalized study plan .
Practice Questions and Mock Exams are available after logging into your CFA Institute account and they are free of charge for all registered candidates. Moreover, if you opt for the full version of your CFA exam study plan at Soleadea, you'll also find lots of practice questions and tests, including mocks, inside your study schedule
CFA exam date
Nov 16-22 | Feb 15-21 | May 17-23
level 1 exam window for NOV 2021 | FEB 2022 | MAY 2022 candidates
Nov 26-30 | Feb 22-26
level 2 exam window for NOV 2021 | FEB 2022 candidates
Nov 23-25 | May 24-26
level 3 exam window for NOV 2021 | MAY 2022 candidates
As of 2021, for all CFA exams there's computer-based testing. Exams are composed of two sessions with an optional break in between. Each exam session lasts approx. 2 hours and 15 minutes.
For LEVEL 1 CFA exam, you can expect 90 multiple-choice questions per session. That makes it a total of 180 questions. You'll have 1.5 minutes per question on average.
For LEVEL 2 CFA exam, you can expect 44 multiple-choice questions per session. That makes it a total of 88 questions that are arranged into item sets (vignettes followed by 4 or 6 multiple-choice questions). You'll have ca. 3 minutes per question on average.
For LEVEL 3 CFA exam, you can expect both open-ended (constructed response) questions and item sets (like for level 2). There will be 8-11 constructed response questions in the first session and 44 multiple-choice questions arranged into item sets of 4's or 6's in the second session. For constructed response questions, time will be stated per question. For item sets, it's ca. 3 minutes per question on average.
2021/2022 CFA EXAM DAY SCHEDULE
|CFA Exam Day||LEVEL 1||LEVEL 2||LEVEL 3|
|pledge, tutorial, and survey||30 minutes||30 minutes||30 minutes|
|SESSION 1||135 minutes||ca. 135 minutes||ca. 135 minutes|
|no. of questions||90 questions||44 questions formed into item sets||8-11 constructed response questions|
|BREAK (optional)||30 minutes||30 minutes||30 minutes|
|SESSION 2||135 minutes||ca. 135 minutes||ca. 135 minutes|
|no. of questions||90 questions||44 questions formed into item sets||44 questions formed into item sets|
|WHOLE TESTING TIME||4.5 hrs||ca. 4.5 hrs||ca. 4.5 hrs|
|WHOLE EXAM DAY||5.5 hrs||ca. 5.5 hrs||ca. 5.5 hrs|
CFA exam results availability
Jan 2022 | Apr 2022 | July 2022
For computer-based exams – results should be available approx. 6 to 7 weeks post-exam for level 1, 7 to 8 weeks post-exam for level 2, and even 9 to 10 weeks post-exam for level 3. CFA Institute emphasizes that the same MPS procedure is still in place.
CFA exam pass rates vary across levels:
level 1 pass rate (Aug 2021): 26% (why so low?)
level 2 pass rate (Aug 2021): 29%
level 3 pass rate (Aug 2021): ? (still waiting)
level 1 pass rate (July 2021): 22%
level 1 pass rate (May 2021): 25%
level 2 pass rate (May 2021): 40%
level 3 pass rate (May 2021): 42%
level 1 pass rate (Feb 2021): 44%
level 1 pass rate (Dec 2020): 49%
level 2 pass rate (Dec 2020): 55%
level 3 pass rate (Dec 2020): 56%
all levels (June 2020): exams postponed due to COVID-19
level 1 pass rate (Dec 2019): 42%
level 1 pass rate (June 2019): 41%
level 2 pass rate (June 2019): 44%
level 3 pass rate (June 2019): 56%
level 1 pass rate (Dec 2018): 45%
level 1 pass rate (June 2018): 43%
level 2 pass rate (June 2018): 45%
level 3 pass rate (June 2018): 56%