In 2021, there are 6 different level 1 CFA exam windows. The exam window may be even up to 10 days long (in fact, it's been extended for the Feb level 1 exam!). However, when choosing your CFA exam date, you must know that both the length of exam window and seating availablility may vary for different test centers and geografic regions.

• FEBRUARY 2021 level 1 exam window from 16 Feb to 1 March
• *MARCH 2021 level 1 exam window from 21 to 23 March
• MAY 2021 level 1 exam window from 18 to 24 May
• JULY 2021 level 1 exam window from 18 to 26 July
• AUGUST 2021 level 1 exam window from 13 to 30 Aug
• NOVEMBER 2021 level 1 exam window from 16 to 22 Nov

* The March 2021 exam window will be open for select deferred Dec 2020/Feb 2021 candidates only.

Remember: Registering for the exam means you need to pay the fee. Before you register, however, see if you are eligible for a scholarship. If you apply, wait for your scholarship before you register for the exam or you’ll lose it. Mind the final registration deadline, though! Check right below.

ALL CANDIDATES: Each time you register to take or retake your level 1 exam (and later your level 2 and 3 exams), you'll have to pay a registration fee. Your basic exam cost will depend on when you register for your exam:

Note: All the deadlines end at 11:59 p.m. ET.

ACCESS SCHOLARSHIP

Access Scholarship:

Access Scholarship application window for 2021 CFA exams is already closed. However, as of mid-April 2021 you should be able to apply for the Access Scholarship for your 2022 level 1 CFA exam.

The scholarship reduces the exam registration fee to USD 250 and the deadline always passes in mid-September. It’s not a mistake. If you want to apply for Access Scholarship, the deadline expires in September of the year before the exam you wish to take.

Access Scholarship Window
for 2021 EXAMS:

mid-May 2020 – 15 September 2020

Access Scholarship Window
for 2022 EXAMS:

mid-Apr 2021 – 15 September 2021

Access Scholarship is for all those who may find the CFA exam cost challenging. To apply you must NOT be registered for the exam yet and you need to meet all the CFA Program entrance requirements.

OTHER SCHOLARSHIPS

Other Scholarships:

Other CFA Institute scholarships are subject to limitations, e.g. not all students can apply for Student Scholarships (ask your alma mater) and women need to hurry because Women's Scholarships are awarded on a first-come, first-served basis. As of 1 September 2020, the application window for 2021 CFA exams is open. Log into your CFA Institute account to find out more.

NOT ELIGIBLE FOR A SCHOLARSHIP?

Not Eligible For a Scholarship?

It’s not a rare thing that employers financially help their employees taking part in the CFA Program by reimbursing or paying for their CFA exams, either fully or partially. So, don’t hesitate to ask your employer for support.

Until 2020, CFA exams were held 2 times a year, in June and December. Some former level 1 pass rates are given below:

CAREFUL! This 40+ percent is the pass rate for those level 1 candidates who actually sat for their exam. However, many register to take their level 1 exam but don’t even turn up on the exam day, which means that the "real" pass rate for all registered level 1 candidates is even lower!

Why so low? See below

Level 1 candidates are tested in 10 topic areas, each with its defined exam topic weight given as a range. Below, we present all 10 level 1 CFA exam topics ordered from the highest to the lowest weight range:

• Ethics: 15-20% of exam questions
• Financial Reporting and Analysis: 13-17% of exam questions
• Equity Investments: 10-12% of exam questions
• Fixed Income: 10-12% of exam questions
• Quantitative Methods: 8-12% of exam questions
• Economics: 8-12% of exam questions
• Corporate Finance: 8-12% of exam questions
• Derivative Investments: 5-8% of exam questions
• Alternative Investments: 5-8% of exam questions
• Portfolio Management: 5-8% of exam questions

• Ethics: 15-20%
• Financial Reporting and Analysis: 13-17%
• Equity Investments: 10-12%
• Fixed Income: 10-12%
• Quantitative Methods: 8-12%
• Economics: 8-12%
• Corporate Finance: 8-12%
• Derivative Investments: 5-8%
• Alternative Investments: 5-8%
• Portfolio Management: 5-8%

Here is the recommended Soleadea topic sequence with all topics shortly described (but you can easily customize this order when you use our study planner):

While the most important level 1 topics are Ethics, FRA, and Quantitative Methods, the hardest trio is FRA, Fixed Income, and Derivatives. Also, 3 topics may be regarded as relatively easy. However, topic difficulty is always a subjective criterion.

The 10 topics are all covered in 6 books of the level 1 curriculum. The topics content is further divided into smaller portions: topics study sessions readings. Overall, level 1 curriculum is roughly 3000 pages long. That’s why candidates often look for more digestible study materials like videos, tests, or e-books. As a rule, the CFA exam curriculum changes from year to year. However, due to the COVID-19 pandemic and unprecedented exam postponements, the 2020 curriculum will also apply to all level 1 exams held in 2021. Thus, no significant change in topic weights is expected.

To organize your long and tough exam prep, you'll want to have a study plan with deadlines for topics and – ideally – also for readings, best if arranged weekly. This way you get a controllable and manageable study plan you can systematically follow. We explain more below .

In 2021, level 1 CFA exam will consist of two sessions taken the same day with an optional break meanwhile. Each session will include 90 multiple-choice (a-b-c) questions. What is important here is that you'll have 1.5 minute per question on average. Moreover, there is no penalty for giving a wrong answer (so go ahead and guess if you don’t know ). Also, we distinguish 3 types of level 1 questions: theory, computing, and reasoning questions.

Theory questions mean you'll need to show your knowledge of different financial concepts and their definitions, as well as of various models, theorems, or principles.

Computing questions will require competence in using your financial calculator and doing the math.

Reasoning questions demand the ability to see relations between concepts, associate things, and think logically.

SESSION 1 of your level 1 CFA exam will cover Ethics, Quantitative Methods, Economics, and Financial Reporting and Analysis.

SESSION 2 of your level 1 CFA exam will cover Corporate Finance, Portfolio Management, Equity, Fixed Income, Derivatives, and Alternative Investments.

On the exam day, you must bring your valid international passport and approved calculator (only different versions of TIBA II Plus or Hewlett Packard 12C are allowed). You will be provided with writing tools such as an erasable writing tablet.

Keeping in mind the 3000 pages of curriculum and the low level 1 pass rates, you’ll need a sure-fire study strategy for your CFA exam prep. It’s best if it’s based on these 3 pillars:

It is common knowledge that you need approximately 300 study hours to get prepared for your level 1 CFA exam. That’s a lot. Take 5 months of prep, for example. It gives you an average of 60 hours per month, i.e. around 15 study hours every week.

It is hard to control 300 hours or even 60 hours. But 15 hours a week? That you can control! So, break down those 300 hours to smaller study times you can easily control and manage from week to week of your exam prep.

Otherwise, procrastination may seriously endanger your CFA exam preparation. It is too easy to postpone, especially if the consequences are delayed into the future. Many people choose to overlook these consequences in favor of immediate gains such as a night with a movie instead of curriculum. But, in the end, they end up with too many readings piled up and impossible to cover before their exam.

That is why you need to constantly maintain your motivation to study week by week. To better understand why it’s so important, consider this: as many as 25% of level 1 candidates do not show up for their exam because they feel they didn’t learn enough to take it. What it means is that the effective pass rate is even lower! If out of 100 candidates registered for the CFA exam, only 75 actually take it, then – with the pass rate of 40+ percent – only a bit over 30 out of 75 exam-takers pass, which gives us the "real" pass rate for all registered level 1 candidates of ca. 30% instead of 43% or 45%.

Procrastination and lack of motivation are also a problem when it comes to revision. The majority of candidates put off reviewing the study material until last weeks before the exam, which is a huge mistake. It makes your forgetting curve even steeper (after one day only, we forget up to 65% of what we studied the previous day!) and leaves your learning curve totally unattended.

To be sure you’ll really learn all 10 topics just in time for your exam, it’s best you have your study plan scheduled weekly and revise regularly. Benchmark study times for weeks and readings and a proper review system in place make it is easier to stay motivated and hold tight to the benchmarks and recommendations, and then to pass the exam. If you also feel this is the way to go, you can find all this and more inside our CFA Exam Study Planner.

It is still roughly:

Get CFA Exam Study Schedule:

& see how to make the most of your study time!

If you're looking for some free CFA exam study materials to help you understand your CFA Program curriculum, here's a bunch of blog posts explaining some issues. Apart from theory, you'll also find there some exam-type questions. That’s how you should study: combine theory with practice!

• CORPORATE FINANCE blog posts
• ETHICS blog posts
• QUANTITATIVE METHODS blog posts
• FIXED INCOME blog posts
• PORTFOLIO MANAGEMENT blog posts
• FINANCIAL REPORTING AND ANALYSIS blog posts

• CORPORATE FINANCE blog posts
• ETHICS blog posts
• QUANTITATIVE METHODS blog posts
• FIXED INCOME blog posts
• PORTFOLIO MANAGEMENT blog posts
• FRA blog posts

Also, we've got some free videos for you. We suggest you use them twice. First – to get familiar with the most important concepts before you dive into your books. Then, after you study your level 1 curriculum – to revise & make sure you finally know everything there is to know for each topic:

• FREE LEVEL 1 VIDEOS

As a level 1 candidate, you also need to know all CFA exam rules and regulations. There are many but your failure to be in compliance may result in your inability to take the exam, voiding your level 1 CFA exam result or even suspension in the CFA Program.

CFA Program Policies include (but are not limited to):

• Calculator Policy
• CFA Program Refund Policy
• Identification Policy
• Withdrawal Option
• Qualified Deferral
• Admission Policy
• Personal Belongings Policy

We've prepared a selective summary of CFA exam policies, which – due to the ongoing COVID-19 pandemic – differ in many aspects from what CFA candidates are used to. For most important CFA exam rules, go here

You’ll get your results to your e-mail. Detailed results are also available on the CFA Institute website from the level of your account. Apart from the PASSED or FAILED information, you will also learn about your performance for given topics relative to other exam takers. The CFA exam results are presented visually with the thick blue line illustrating how you scored, both in the exam and for different topic areas. No exact scores are given, though.

IMPORTANT! Only after you receive your level 1 CFA exam result may you register for the next exam.

MPS, Ethics Adjustment,
CFA Exam Grading

CFA Exam Passing Score: What is MPS?

CFA Exam Passing Score: What is MPS?

Every CFA exam has its MPS individually set when it’s over. Minimum passing score (MPS) is the threshold value determining who passes and who fails the CFA exam. Both the MPS and individual candidate score are never released. However, in all likelihood, MPS is usually slightly below 70%.

What is Ethics adjustment?

What is Ethics adjustment?

CFA Program aims at promoting ethical culture in the investment industry. That’s why the Ethics topic is said to be particularly important in the CFA exam and there’s the so-called ethics adjustment. Your Ethics result can help you pass or fail if you are a borderline candidate, i.e. if your total exam score borders the MPS. According to the Ethics adjustment:

• Good Ethics result for a borderline candidate means a Passed Exam.
• Poor Ethics result for a borderline candidate means a Failed Exam.

What is CFA exam grading like?

What is CFA exam grading like?

To pass, you must score higher than the MPS set for your exam or your Ethics result must be good enough to pull you through if you are on the border. You don’t need to pass all the topics. It is the overall exam score that counts!