Last updated: June 07, 2021

CFA exam / 2021 dates & schedule


Below we present all 2021 CFA exam dates for May, August, and November sittings (all levels). Because the CFA exam calendar is full of important dates, we arranged our CFA exam schedule into categories:


CFA EXAM 2021: DETAILED SCHEDULE


MAY 2021 EXAM WINDOW

levels: 1, 2, 3

AUG 2021 EXAM WINDOW

levels: 1, 2, 3

NOV 2021 EXAM WINDOW

levels: 1, 2, 3


START: 20 Aug 2020

| 20 Aug 2020 | 20 Aug 2020

registration for MAY 2021 | AUG 2021 | NOV 2021 exam opens

scholarship deadlines

CFA exam registration deadlines

some additional CFA exam dates

scheduling & rescheduling deadlines

CFA Institute study materials availability

CFA exam study planner

CFA EXAM DATE: L1: May,18-24

| L1: Aug,13-30 | L1: Nov,16-22

* level 1 exam dates, levels 2 & 3: see below.

FINISH: July 2021

| Oct 2021 | Jan 2022

** CFA exam results should be released 6-7 weeks after level 1, 7-8 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


May 2021 Aug 2021 Nov 2021
level 1 CFA exam date 18-24 May 2021 13-30 Aug 2021 16-22 Nov 2021
level 2 CFA exam date 25 May - 1 June 2021 31 Aug - 4 Sept 2021 26-30 Nov 2021
level 3 CFA exam date 25 May - 1 June 2021 1 - 8 Sept 2021 23-25 Nov 2021

ALL LEVELS


IMPORTANT:

  1. As of 2021, all levels of the CFA exam are moved to computer-based testing.
  2. In 2021, level 1 CFA exam will be held 6 times: in Feb, March, May, July, Aug, and Nov.
  3. In 2021, level 2 CFA exam will be held 3 times: in May, Aug, and Nov.
  4. In 2021, level 3 CFA exam will be held 3 times: in May, Aug, and Nov.
  5. In 2022, CFA exams are likely to be administered less frequently.
  6. The Feb 2021 level 1 exam window is from 16 Feb to 1 March but it may be canceled in certain locations because of the pandemic situation.
  7. The March 2021 level 1 exam window is from 21 to 23 March. This exam window is for select postponed candidates only.
  8. In July, there’s only level 1 exam. This new July 2021 level 1 exam window is from 18 to 26 July and you can read more about July dates here.

CFA Institute Scholarship Deadlines

Access Scholarship

15 September 2020

Access Scholarship for *2021* CFA exams

15 September 2021

Access Scholarship for *2022* CFA exams (START: should open in May 2021)

Remember: if you want to apply for 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 2021 CFA exams passed! However, starting in May 2021 you should be able to apply for Access Scholarship for 2022 CFA exams (levels 1, 2, 3). The deadline expires in mid-September 2021.


Other Scholarships

There are also other CFA Institute scholarships such as Women's Scholarships or Student Scholarships. However, these 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. If you want to apply for such a dedicated scholarship, you should visit your CFA Institute account to check for details.

CFA Exam Registration Deadlines

3 Nov 2020 | 11 Feb 2021 | 4 May 2021

early registration for MAY 2021 | AUG 2021 | NOV 2021 exam (registration fee: USD 700)

23* Feb 2021 | 4 May 2021 |

10 Aug 2021

standard registration for MAY 2021 | AUG 2021 | NOV 2021 exam (registration fee: USD 1000)


* For May 2021 level 1 exam, registration was suddenly closed on 2 Feb.

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

Scheduling & Rescheduling Deadlines

25 March 2021 | 28 May 2021 |

15 Aug 2021

scheduling deadline for MAY 2021 | AUG 2021 | NOV 2021 exam (no additional fee)

16 Apr 2021 | 24 July 2021 |

16 Oct 2021

re-scheduling deadline for MAY 2021 | AUG 2021 | NOV 2021 exam (new rescheduling fee: USD 25)


The registration for 2021 CFA exams 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 25 (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 every actual rescheduling costs USD 25. 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

upon registration

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 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

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CFA exam date

May 18-24 | Aug 13-30 | Nov 16-22

level 1 exam window for MAY 2021 | AUG 2021 | NOV 2021 candidates

May 25 - June 1 | Aug 31 - Sept 4 |

Nov 26-30

level 2 exam window for MAY 2021 | AUG 2021 | NOV 2021 candidates

May 25 - June 1 | Sept 1-8 | Nov 23-25

level 3 exam window for MAY 2021 | AUG 2021 | NOV 2021 candidates


For all 2021 CFA exams, there'll be computer-based testing. Exams are composed of two sessions with an optional break in between. Each exam session will last 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. That makes it a total of 88 questions that are arranged into item sets (vignettes followed by 4 or 6 multiple-choice questions). 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). There will be 8-11 constructed response questions in the first session and 44 multiple-choice questions arranged into item sets of 4's or 6's in the second session. For constructed response questions, time will be stated per question. For item sets, it's ca. 3 minutes per question on average.

2021 CFA EXAM DAY SCHEDULE

2021
CFA Exam Day
LEVEL 1 LEVEL 2 LEVEL 3
pledge, tutorial, and survey 30 minutes 30 minutes 30 minutes
SESSION 1 135 minutes ca. 135 minutes ca. 135 minutes
no. of questions 90 questions 44 questions formed into item sets 8-11 constructed response questions
BREAK (optional) 30 minutes 30 minutes 30 minutes
SESSION 2 135 minutes ca. 135 minutes ca. 135 minutes
no. of questions 90 questions 44 questions formed into item sets 44 questions formed into item sets
WHOLE TESTING TIME 4.5 hrs ca. 4.5 hrs ca. 4.5 hrs
WHOLE EXAM DAY 5.5 hrs ca. 5.5 hrs ca. 5.5 hrs


CFA exam results availability

July 2021 | Oct 2021 | Jan 2022


For computer-based exams – results should be available approx. 6 to 7 weeks post-exam for level 1, 7 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 will still be in place.

CFA exam pass rates vary across levels:
level 1 pass rate (May 2021): ?
level 2 pass rate (May 2021): ?
level 3 pass rate (May 2021): ?
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%




Overwhelmed with all the CFA exam dates? Set up your account at Soleadea – we notify about the most important deadlines***

*** ACCESS SCHOLARSHIP DEADLINE | REGISTRATION DEADLINES | CFA EXAM DATE (CHECKLISTS)


Published in 2018