CFA exam / CFA 2019 & CFA 2020 dates & schedule

CFA 2019 & CFA 2020 Exam Dates & Schedule

Below we present all CFA exam dates every candidate should find useful. Because the CFA calendar is full of important dates, we arranged our CFA exam schedule into categories. See which one you’re currently most interested in.

CFA 2019 & CFA 2020: Detailed Exam Schedule

December 2019

level 1 only

June 2020

level 1, level 2, level 3

START: 24 Jan 2019 | 8 Aug 2019

registration for CFA DEC 2019 | CFA JUNE 2020 exam opens

CFA scholarship deadlines

CFA registration deadlines

some additional CFA 2019 and CFA 2020 dates

CFA Institute study materials availability

exam admission tickets availability

substitution deadlines

CFA EXAM DATE: 7 Dec 2019 | 6/7* June 2020

CFA test day (NOTE: *7 June: Asia Pacific Level I CFA candidates only!)

FINISH: 28 Jan 2020 | 28 July 2020

CFA results available

Note: all the deadlines end at 11:59 p.m. ET unless stated otherwise.

CFA Scholarship Deadlines

15 September 2019

Access Scholarship for *CFA 2020* exams; for *CFA 2021* exams, see below

8 Aug 2019 | 1 Feb 2020

Student Scholarships for CFA DEC 2019 | CFA JUNE 2020 exams

1 Sept 2019 | 1 Feb 2020

Women's Scholarships for CFA DEC 2019 | CFA JUNE 2020 exams (LIMITED! HURRY!)

Remember: if you want to apply for CFA Access Scholarship, the deadline expires in mid-September of the year before the exam you wish to take. That is why Access Scholarship application deadline for CFA 2020 exams passed. However, as of 1 March 2020 you can apply for Access Scholarship for June CFA 2021 exams (levels 1, 2, 3) and December CFA 2021 exam (level 1). The deadline expires in mid-September 2020:

15 September 2020

Access Scholarship for *CFA 2021* exams (START: 1 March 2020)

CFA Registration Deadlines

27 March 2019 | 2 Oct 2019

early registration (exam fee: DEC 2019 USD 650 | JUNE 2020 USD 700)

14 Aug 2019 | 12 Feb 2020

standard registration (exam fee: DEC 2019 USD 950 | JUNE 2020 USD 1000)

11 Sept 2019 | 11 March 2020

final registration (exam fee: DEC 2019 USD 1,380 | JUNE 2020 USD 1450)

Note that the second CFA registration deadline is the best with its most attractive price relative to the timing of payment. If you wait till the final registration deadline, you’ll defer your registration fee payment about a month but you will pay over USD 400 more.

Also note that newcomers to the CFA Program have to pay one-time program enrolment fee of USD 450. The amount is the same regardless of the CFA registration deadline you choose.

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CFA Institute study materials availability

upon registration

CFA Curriculum (e-book format) + Practice Questions + Mock Exams

You will receive an electronic version of your CFA Curriculum upon registration for free. Upon registration or at a later date, you may also purchase a printed version for USD 150 + costs of shipping and customs. You may also choose to print your e-book by yourself.

Practice Questions and Mock Exams are available after logging into the CFA Institute website and they are free of charge for all registered candidates.

Exam admission tickets availability

Nov 2019 | May 2020

Your exam admission ticket will be available in your CFA account about 4 weeks before the exam date. You must carefully check all the data written in the ticket and make sure it is correct. Notify CFA Institute in case of any inaccuracies. Before the exam, print out your admission ticket (check if all information is visible!) and bring it with you! Otherwise, you will not be admitted to the testing room and you will forfeit your registration fee.

Note that before you are allowed to view your admission ticket, you will be asked to agree to all kinds of terms and conditions. It is important that you read the CFA exam policies which explain everything you need to know about the exam other than the required material.

Substitution deadlines

1 Apr, 19 Aug, 16 Sept 2019 | 7 Oct 2019, 17 Feb 2020, 16 March 2020

disability accommodations requests: 3 dates for DEC 2019 & JUNE 2020 (corresponding to registration deadlines)

16 Sept 2019 | 16 March 2020

religious alternate date requests to sit the exam on 8 Dec 2019 | 7/8* June 2020

3 Dec 2019 | not yet given

test centre change requests (NOTE: deadlines pass at 12 Noon ET!)

CFA exam date is fixed. If, however, it is unsuitable to you for religious reasons, you may submit your religious alternate date request. Also, the disabled may count on support if needed. If your impairment prohibits you from sitting for the exam like other candidates, you may ask for necessary adaptation. You need to document your disability and fill in some forms available at the CFA Institute website. CFA Institute also offers a possibility of change to all those who need to alter their test centre location, e.g. as a result of moving to another city.

CFA exam date

7 Dec 2019 | 6/7* June 2020

* June 2020 CFA candidates sit their exam on 6 June 2020, apart from Asia Pacific Level I candidates who'll take their exam on 7 June 2020. Religious alternate exam date is 7 June (8 June for Asia Pacific, all levels).

December exam is held only for level 1 candidates. In June, candidates of all levels take their CFA test. Then, CFA level 1 exam date and CFA level 2 exam date are the same and in 2020 it’s 6 June for the majority of candidates (exceptions: Asia Pacific L1 or all religious requests).

Level 3 test is also on 6 June with the same exceptions as for level 1 and level 2 exams.

CFA 2020 Typical Exam Day Schedule

The CFA test consists of two sessions. First, there's a 3-hour morning session taking place from 9 a.m. to 12 p.m. Then, there's a break followed by a 3-hour afternoon session that starts at 2 p.m. and ends at 5 p.m. Both sessions are obligatory.

CFA exam day schedule morning session afternoon session
check-in 8.00 a.m. 1.00 p.m.
doors closed,
announcements begin
8.30 a.m. 1.30 p.m.
CFA test starts 9.00 a.m. 2.00 p.m.
CFA test ends 12.00 p.m. 5.00 p.m.

If you are late more than half an hour after the exam starts, you will not be admitted. Also, you must not leave the testing room before the end of the session.

CFA results availability

28 Jan 2020 | 28 July 2020

You will wait about 60 days for your CFA level 1 and CFA level 2 result and about 90 days for your CFA level 3 result. Pass rates vary across levels:
CFA level 1 pass rate (June 2019): 41%
CFA level 2 pass rate (June 2019): 44%
CFA level 3 pass rate (June 2019): 56%
CFA level 1 pass rate (December 2018): 45%
CFA level 1 pass rate (June 2018): 43%
CFA level 2 pass rate (June 2018): 45%
CFA level 3 pass rate (June 2018): 56%

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