Below we present the currently available 2022 CFA exam dates, including the February 2022 (level 1 + level 2), May 2022 (level 1 + level 3), and August 2022 (all levels) sittings. Because the CFA exam calendar is full of important dates, we arranged our CFA exam schedule into categories:
2022 CFA EXAM: DETAILED SCHEDULE
FEB 2022 EXAM WINDOW
LEVELS: 1, 2
MAY 2022 EXAM WINDOW
LEVELS: 1, 3
AUG 2022 EXAM WINDOW
LEVELS: 1, 2, 3
START: 13 May 2021 | 20 July 2021 | 26 Oct 2021 (L3:1 Dec)
registration for FEB 2022 | MAY 2022 | AUG 2022 exam opens
some additional CFA exam dates
CFA EXAM DATE: L1: Feb,15-21 | L1: May,17-23 | L1: Aug,23-29
* level 1 exam dates, levels 2 & 3: see below.
RESULTS: Apr 2022 | July 2022 | Oct 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||Aug 2022|
|level 1 CFA exam date||16-22 Nov 2021||15-21 Feb 2022||17-23 May 2022||23-29 Aug 2022|
|level 2 CFA exam date||26-30 Nov 2021||22-26 Feb 2022||n/a||30 Aug-3 Sept 2022|
|level 3 CFA exam date||23-25 Nov 2021||n/a||24-26 May 2022||30 Aug-6 Sept 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 3 times > in Feb, Aug, and Nov (new changes to the 2022 CFA exam schedule).
- 2022: LEVEL 3 CFA exam will be held 2 times > in May and Aug (new changes to the 2022 CFA exam schedule).
CFA Institute Scholarship Deadlines
14 February 2022
Access Scholarship for *2022* CFA exams (1st window) | START: 10 Jan 2022
13 June 2022
Access Scholarship for *2022* CFA exams (2nd window) | START: 9 May 2022
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, e.g. 15 Sept 2020 was the deadline for all 2021 CFA exams.
However, it seems that CFA Institute wants to change that for 2022 CFA exams. In 2022, there will be 2 application windows that will be quite short but at least they will be the same year as your CFA exam, which will make it easier for you to plan your CFA exam. At the beginning, the Access Scholarship application window was supposed to open in May 2021, then in the fall. Now, we know that the upcoming Access Scholarship application window for 2022 CFA exams opens on 10 January 2022. The next application window starts on 9 May. Set up your CFA Institute's account if you want to apply for your Access Scholarship.
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
10 Aug 2021 | 1 Nov 2021 (LVL 1) / 4 Nov 2021 (LVL 3) | 1 Feb 2022
early registration for FEB 2022 | MAY 2022 | AUG 2022 exam (registration fee: USD 700)
26 Oct 2021 | 8 Feb 2022 | 3 May 2022
standard registration for FEB 2022 | MAY 2022 | AUG 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
17 Nov 2021 | 16 Feb 2022 | 25 May 2022
scheduling deadline for FEB 2022 | MAY 2022 | AUG 2022 exam (no additional fee)
15 Jan 2022 (LVL 1) / 22 Jan 2022 (LVL 2) | 16 Apr 2022 (LVL 1) / 23 Apr 2022 (LVL 3) | 23 July 2022 (LVL 1) / 30 July 2022 (LVL 2&3)
re-scheduling deadline for FEB 2022 | MAY 2022 | AUG 2022 exam (rescheduling fee: USD 25)
The registration for 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
Feb 15-21 | May 17-23 | Aug 23-29
level 1 exam window for FEB 2022 | MAY 2022 | AUG 2022 candidates
Feb 22-26 | Aug 30-Sept 3
level 2 exam window for FEB 2022 | AUG 2022 candidates
May 24-26 | Aug 30-Sept 6
level 3 exam window for MAY 2022 | AUG 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.
2022 CFA EXAM DAY SCHEDULE
|CFA Exam Duration||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
Apr 2022 | July 2022 | Oct 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 (Nov 2021): still waiting
level 2 pass rate (Nov 2021): still waiting
level 3 pass rate (Nov 2021): still waiting
level 1 pass rate (Aug 2021): 26% (why so low?)
level 2 pass rate (Aug 2021): 29%
level 3 pass rate (Aug 2021): 39%
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%