The CFA exam date for May 2025 level 1 candidates is between 14 and 20 May* – that's the exam window. The May 2025 CFA exam registration starts on 8 Aug 2024. Learn about all CFA exam dates, from registration to results, before your May 2025 CFA exam.
- May 2025 Level 1 Exam Date
- May 2025 Access Scholarship Dates
- May 2025 Exam Dates: Registration to Results
- Dates & Fees Explained
- After You Pass Your May Exam
YOUR MAY 2025 LEVEL 1 CFA EXAM DATE
There is no fixed May 2025 level 1 exam date. You can choose to take your CFA exam on one of the days from 14 to 20 May. To take your exam on your chosen date, you need to self-schedule your exam.
* Importantly, the 14-20 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 2025 level 1 CFA exam dates related to registration and scheduling.
MAY 2025 CFA EXAM ACCESS SCHOLARSHIP DATE
The Access Scholarship window for May 2025 CFA candidates is from 8 Aug to 26 Aug 2024. Mind the deadline because the scholarship application window is not too long!
If you wish to sit for the May 2025 CFA exam and apply for the Access Scholarship, you must apply during the application period for the May exam. After you're awarded your scholarship, you can use it for the May 2025 exam only. It's not valid for any other CFA exam.
As of 2025 CFA exams, there's a new Access Scholarship, with 4 application windows per year and the total CFA exam registration fee reduced to USD 400.
MAY 2025 LEVEL 1 CFA EXAM DATES
REGISTRATION TO RESULTS
CFA EXAM WINDOW: 14 - 20 May 2025
days when you can take your exam
START: 8 Aug 2024
registration & scheduling window for the MAY 2025 exam opens
EARLY REGISTRATION DEADLINE: 16 Oct 2024
early bird fee is USD 990, standard fee is USD 1290
REGISTRATION DEADLINE: 6 Feb 2025
registration closes but you can still schedule your exam
SCHEDULING DEADLINE: 11 Feb 2025
scheduling shuts but the rescheduling option is still available
RESCHEDULING DEADLINE: 14 Apr 2025
there's a rescheduling fee of USD 250 for each re-appointment
RESULTS: late June 2025
MAY 2025 CFA exam results should be released ca. 5-7 weeks post-exam
NOTE: All the deadlines end at 11:59 p.m.
CFA EXAM DATES EXPLAINED
- MAY 2025 LEVEL 1 CFA EXAM WINDOW is from 14 to 20 May 2025.
- MAY 2025 CFA EXAM REGISTRATION STARTS on 8 Aug 2024.
- MAY 2025 CFA EXAM EARLY REGISTRATION DEADLINE is on 16 Oct 2024.
- MAY 2025 CFA EXAM REGISTRATION DEADLINE is on 6 Feb 2025.
- MAY 2025 CFA EXAM SCHEDULING DEADLINE is on 11 Feb 2025.
- MAY 2025 CFA EXAM RESCHEDULING DEADLINE is on 14 Apr 2025.
- MAY 2025 CFA EXAM RESULTS DATE is most likely 24 June 2025.
The days when you can take your level 1 MAY 2025 CFA exam span from 14 to 20 May.
However, mind that the exact length of the May window depends on the test center you choose and the geographic region you live in. Actually, it may be shorter than 14 - 20 May, so read your test center info carefully when registering for and scheduling your CFA exam.
The registration window for the May 2025 level 1 exam opens on 8 Aug 2024. First, you need to register for your May exam, which means you need to pay the due fees.
May 2025 CFA exam registration fees go up. The early-bird registration fee is USD 990 (up from USD 940) and the standard registration fee is USD 1290 (up from USD 1250).
2025 CFA EXAM REGISTRATION FEES
The level 1 May 2025 CFA exam fees paid at registration are
USD 990 or USD 1290, depending on when you register.
If you're a newcomer to CFA Program, you'll also need to pay a one-time enrollment fee of USD 350.
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 11 Feb.
There's a special registration fee for early birds and it's $990 (it increases for 2025 CFA exams!). It applies from 8 Aug to 16 Oct 2024.
Please note the special Pay-by-Invoice deadline that falls on 28 Dec for the May exam. It was set up for computer-based CFA exams and is now longer than the early registration fee deadline.
The standard registration fee for lvl 1 2025 CFA exams is $1290 (which is higher than in 2024!). It applies from 17 Oct 2024 to 6 Feb 2025.
Remember that it is not enough just to register for your CBT CFA exam. Registration comes hand in hand with scheduling.
After you register, you're bound to self-schedule your exam within the exam window available for the May 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 exam, it ends on 11 Feb 2025. 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.
A rescheduling fee is a new CFA exam fee that was introduced for computer-based exams back in 2021. CFA exam rescheduling 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.
2025 CFA EXAM RESCHEDULING FEE
For the 2025 CFA exams, the optional CFA exam rescheduling fee is USD 250 per each re-appointment.
How does CFA exam rescheduling work?
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.
CFA Institute intends to release level 1 CFA exam results in 5-7 weeks after the close of the exam window. So, the most probable CFA exam results date for the May 2025 level 1 candidates is 24 June 2025. As always, the Minimum Passing Score (MPS) will be established after the exam by the Board of Governors.
AFTER YOU PASS YOUR MAY EXAM
There's a rule of 6-months-between-exams. That is why:
- if you pass your May 2025 exam the soonest you can take your level 2 exam is in Nov 2025, and
- if you fail your May 2025 exam the soonest you can retake your level 1 exam is in Nov 2025 and then – if you pass – you can take your level 2 exam in May 2026.
- (read more about the 2025 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) Portfolio Management & Analysis, 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 CBT level 1 CFA exam format.
Here's what you may expect in May question-wise:
TOPIC WEIGHTS vs NO. OF QUESTIONS IN 2025
Note that level 1 CFA exam topic weights changed as of 2024. The new level 1 topic weights as of 2024 to apply in your CFA exam are as shown in the table:
| CFA Exam Topics | Level 1 Weights | No. of Questions (Estimations) |
|---|---|---|
| Quantitative Methods | 6-9% | 16 |
| Economics | 6-9% | 16 |
| Corporate Issuers | 6-9% | 12 |
| Financial Statement Analysis | 11-14% | 25 |
| Equity Investments | 11-14% | 20 |
| Fixed Income | 11-14% | 20 |
| Derivatives | 5-8% | 11 |
| Alternative Investments | 7-10% | 13 |
| Portfolio Management | 8-12% | 14 |
| Ethics | 15-20% | 33 |
| TOTAL | 100% | 180 questions |
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Published: Nov 2, 2020
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