Below we present the nearest 2023 CFA exam dates, including the Feb 2023 (level 1 + level 3), May 2023 (level 1 + level 2), and Aug 2023 (all levels) sittings. Because the CFA exam calendar is full of important dates, we arranged our CFA exam schedule into categories:
2023 CFA EXAM: DETAILED SCHEDULE
FEB 2023 EXAM WINDOW
LEVELS: 1, 3
MAY 2023 EXAM WINDOW
LEVELS: 1, 2
AUG 2023 EXAM WINDOW
LEVELS: 1, 2, 3
START: 10 May 2022 | 9 Aug 2022 | 14 Nov 2022
registration for FEB 2023 | MAY 2023 | AUG 2023 exam opens
some additional CFA exam dates
CFA EXAM DATE: L1: Feb,14-20 | L1: May,16-22 | L1: Aug,22-28
* level 1 exam dates, levels 2 & 3: see below.
RESULTS: Apr 2023 | July 2023 | Oct 2023
** CFA exam results should be released 5-7 weeks after level 1, 6-8 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
|Feb 2023||May 2023||Aug 2023||Nov 2023|
|level 1 CFA exam date||14-20 Feb 2023||16-22 May 2023||22-28 Aug 2023||11-17 Nov 2023|
|level 2 CFA exam date||n/a||23-27 May 2023||29 Aug-2 Sept 2023||18-22 Nov 2023|
|level 3 CFA exam date||21-23 Feb 2023||n/a||29 Aug-5 Sept 2023||n/a|
- As of 2021, all levels of the CFA exam are moved to computer-based testing.
- 2023 LEVEL 1 CFA exam will be held 4 times > in Feb, May, Aug, and Nov.
- 2023 LEVEL 2 CFA exam will be held 3 times > in May, Aug, and Nov.
- 2023 LEVEL 3 CFA exam will be held 2 times > in Feb and Aug.
CFA Institute Scholarship Deadlines
18 Oct 2022
CFA exam Access Scholarship *2023* (1st window) | START: 20 Sept 2022
14 Feb 2023
CFA exam Access Scholarship *2023* (2nd window) | START: 17 Jan 2023
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. In the current CFAI. Access Scholarship program year that starts on 1 September 2022 and ends on 31 August 2023, there will be 2 application windows that will be quite short but they will be nearer to your CFA exam, which will make it easier for you to plan your CFA exam. If you are awarded the Access Scholarship, you'll get around 7 months to use it for one of the available CFA exams (mind, however, the timeframe and exact expiration date provided by CFA Institute in the scholarship award e-mail!).
The first Access Scholarship application window for 2023 CFA exams opens on 20 September 2022 and closes at midnight ET on 18 October 2022. The second application window starts on 17 January 2023 and ends on 14 February 2023. Keep coming back for updates and set up your CFA Institute's account if you want to apply for your Access Scholarship.
5 Feb 2023
CFA exam Women's Scholarship *2023* | START: 3 Jan 2023
31 July 2023
CFA exam Student Scholarship *2023* | START: 1 Sept 2022
There are also other CFA Institute scholarships such as Women's Scholarships or Student Scholarships. In the scholarship program year that starts on 1 September 2022 and ends on 31 August 2023, 2 application windows for women are available. The first one was closed in October 2022 and the other one opens in January 2023. If you're a student, check with your school whether you can apply. And if you're a woman, with the 2 application windows available per year, 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
9 Aug 2022 | 9 Nov 2022 | 1 Feb 2023
early registration for FEB 2023 | MAY 2023 | AUG 2023 exam (registration fee: USD 900)
8 Nov 2022 | 31 Jan 2023 | 9 May 2023
standard registration for FEB 2023 | MAY 2023 | AUG 2023 exam (registration fee: USD 1200)
The early registration fee for 2023 CFA exams increases to USD 900 (from USD 700). The standard registration fee is also up to USD 1200 (instead of USD 1000).
Note that as of 2023 newcomers to the CFA Program have to pay a one-time program enrolment fee of USD 350. The amount is the same regardless of the CFA exam registration deadline you choose.
Scheduling & Rescheduling Deadlines
16 Nov 2022 | 15 Feb 2023 | 24 May 2023
scheduling deadline for FEB 2023 | MAY 2023 | AUG 2023 exam (no additional fee)
13 Jan 2023 (LVL 1) / 20 Jan 2023 (LVL 3) | 14 Apr 2023 (LVL 1) / 21 Apr 2023 (LVL 2) | 21 July 2023 (LVL 1) / 28 July 2023 (LVL 2 & 3)
re-scheduling deadline for FEB 2023 | MAY 2023 | AUG 2023 exam (fee: USD 250)
The registration for the CFA exam 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 250 (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 2023 exams every actual rescheduling costs USD 250. 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 around 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
We’ll remind you when your prep starts
CFA exam date
Feb 14-20 | May 16-22 | Aug 22-28
level 1 CFA exam window for FEB 2023 | MAY 2023 | AUG 2023 candidates
May 23-27 | Aug 29-Sept 2
level 2 CFA exam window for MAY 2023 | AUG 2023 candidates
Feb 21-23 | Aug 29-Sept 5
level 3 CFA exam window for FEB 2023 | AUG 2023 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, arranged into 11 item sets (each topped by a vignette followed by 4 multiple-choice questions). That makes it a total of 88 questions (22 item sets). 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). Altogether, there will be 11 constructed response (essay) sets with a variable number of items/questions to be answered and 44 multiple-choice questions arranged into 11 item sets with 4 questions each. In both sessions, you'll have a mix of essay questions and item sets (example given in the table below). For both essay and item sets, the total number of points possible to score will be stated (for each item set, it's ca. 3 minutes per question on average, time for essays can vary).
2023 CFA EXAM DAY SCHEDULE
|CFA Exam Duration||LEVEL 1||LEVEL 2||LEVEL 3|
|pledge, tutorial, and survey||30 min||30 min||30 min|
|SESSION 1||2 h 15 min||2 h 12 min||2 h 12 min|
|no. of questions||90 questions||44 questions formed into 11 item sets||6 essay sets
+ 5 item sets
|BREAK (optional)||30 min||30 min||30 min|
|SESSION 2||2 h 15 min||2 h 12 min||2 h 12 min|
|no. of questions||90 questions||44 questions formed into 11 item sets||5 essay sets
+ 6 item sets
|WHOLE TESTING TIME||4 h 30 min||4 h 24 min||4 h 24 min|
|WHOLE EXAM DAY||ca. 5.5 hrs||ca. 5.5 hrs||ca. 5.5 hrs|
CFA exam results availability
Apr 2023 | July 2023 | Oct 2023
results released for FEB 2023 | MAY 2023 | AUG 2023 exam
For computer-based exams – results should be available approx. 5 to 7 weeks post-exam for level 1, 6 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 2022): 36%
level 2 pass rate (Nov 2022): 44%
level 1 pass rate (Aug 2022): 37%
level 2 pass rate (Aug 2022): 40%
level 3 pass rate (Aug 2022): 48%
level 1 pass rate (May 2022): 38%
level 3 pass rate (May 2022): 49%
level 1 pass rate (Feb 2022): 36%
level 2 pass rate (Feb 2022): 44%
level 1 pass rate (Nov 2021): 27% (why so low?)
level 2 pass rate (Nov 2021): 46%
level 3 pass rate (Nov 2021): 43%
level 1 pass rate (Aug 2021): 26%
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%