Last updated: April 07, 2021

CFA exam / Level 2 & Level 3/ MAY 2021


Here you’ll find the most important May 2021 level 2 and level 3 CFA exam dates, from registration to results. There’s no fixed May 2021 level 2/level 3 exam date but you choose one of the days from 25 May to 1 June*.





YOUR MAY 2021 CFA EXAM DATE

May 2021 is when all the 3 levels of CFA exam are held. Starting in 2021, the CFA exam is going to be delivered on computers in proctored test centers.

There is no fixed May 2021 exam date, neither for level 2 nor for level 3 candidates. You can choose to take your CFA exam on one of the days from 25 May to 1 June. To take your exam on your chosen date, you need to self-schedule your exam.

ALL 2021 EXAMS, ALL LEVELS


* Importantly, the 25 May-1 June 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 exam.

Below, you can find all May 2021 level 2/level 3 exam dates related to registration and scheduling.


MAY 2021 LEVEL 2 & LEVEL 3
CFA EXAM DATES

REGISTRATION TO RESULTS


CFA EXAM WINDOW: 25 May-1 June 2021

period of time when you can take your exam

START: 20 Aug 2020

registration & scheduling window for the MAY 2021 exam opens

EARLY REGISTRATION DEADLINE: 3 Nov 2020

early bird fee is USD 700, standard fee is USD 1000

REGISTRATION DEADLINE: 23 Feb 2021

registration closes but you can still schedule your exam

SCHEDULING DEADLINE: 25 March 2021 (extended from 10 March)

no scheduling but rescheduling option is still available

RESCHEDULING DEADLINE: 16 Apr 2021

there's a rescheduling fee of USD 25 for each re-appointment

RESULTS: July 2021

exact date of MAY 2021 exam results release is not yet known even to CFA Institute


NOTE: All the deadlines end at 11:59 p.m.


MAY 2021 LEVEL 2 & LEVEL 3 CFA EXAM
DATES EXPLAINED

  1. CFA EXAM WINDOW: 25 May-1 June 2021
  2. Originally, the May 2021 level 2/level 3 CFA exam window was supposed to be shorter. However, owing to the CFA exams postponement due to COVID-19, the May level 2/level 3 exam window was extended to accommodate also Dec 2020 level 2 and level 3 candidates deferring their exam until May.

    Your May 2021 level 2/level 3 CFA exam date will be somewhere between 25 May and 1 June. As already said, the exact length of the exam window depends on the test center you choose and the geographic region you live in. Actually, it may be shorter than 25 May-1 June, so read your test center info carefully when registering for and scheduling your CFA exam.

  3. REGISTRATION STARTS: 20 Aug 2020
  4. First, you need to register for your May exam, which means you need to pay due fees.

    The May 2021 exam fees paid at registration are: USD 700 or USD 1000, depending on when you register.

    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 25 March 2021.

  5. EARLY REGISTRATION DEADLINE: 3 Nov 2020
  6. There's a special registration fee for early birds and it's $700. It applies from 20 August to 3 November.

    Please note that for computer-based exams, the early registration deadline is also the Pay-by-Invoice deadline.

  7. REGISTRATION CLOSES: 23 Feb 2021
  8. The standard registration fee is $1000. It applies from 4 November to 23 February. In the past, there was also the so-called late or final registration fee, which was even higher but it's been dropped for computer-based exams.

  9. SCHEDULING DEADLINE: 25 March 2021
  10. After you register, you're bound to self-schedule your exam within the exam window available for the May level 2 and level 3 exams 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 25 March 2021.

  11. RESCHEDULING DEADLINE: 16 Apr 2021
  12. A new CFA exam fee, called rescheduling fee, has been introduced for computer-based exams. It 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.

    New optional 2021 CFA exam rescheduling fee is $25 per re-appointment.

    In 2021, it's USD 25 for each re-appointment of your CFA exam. However, the fee has been reduced substantially owing to the difficult pandemic situation which makes people postpone and reschedule their exams. At first, it was going to be USD 250. Most likely it's going to go up as soon as things get more predictable.

    When does the rescheduling option come in handy?

    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.

  13. RESULTS: July 2021
  14. CFA Institute has even 60 days for releasing level 2 CFA exam results and 90 days for level 3 results. As always, the Minimum Passing Score (MPS) will be established after the exam by a Board of Governors. Usually, the results are released 7-8 weeks post-exam for level 2 candidates and 9-10 weeks post-exam for level 3 candidates.


AFTER YOU PASS YOUR
MAY EXAM

After you take your CFA exam, mind the rule of 6-months-between-exams according to which:

  • if you pass your May 2021 level 2 exam the closest level 3 exam you can take is in Nov 2021, and
  • if you fail your May 2021 level 2 exam the soonest you can retake your level 2 exam is in Nov 2021 and then – if you pass – you can take your level 3 exam in May 2022.
  • if you fail your May 2021 level 3 exam the soonest you can retake your level 3 exam is in Nov 2021.
  • (read more about 2022 CFA exams)

To pass your level 2 and level 3 CFA 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.

In your level 2 CFA exam, you can expect 44 multiple-choice questions in each session. The questions will be grouped into the so-called item sets. Each item set is topped by a vignette followed by 4 or 6 multiple-choice questions. To learn more about computer-based level 2 CFA exams, see here and see here.



For your level 3 CFA exam, you may expect some item sets and some constructed response questions. Item sets can include from 4 to 6 multiple-choice questions (there will be a total of 44 multiple-choice questions). Also, from 8 to 11 constructed response questions are expected. To learn more about computer-based level 3 CFA exams, see here.


Published: Nov 2, 2020



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