Below are the Dates for all levels of CFA Exams.
Passing the three exams marks true mastery of the curriculum and is the most important task required to earn the CFA® charter. On average, candidates report investing over 300 hours of study in advance of successfully passing each level.
2025/2026 CFA Exam Information
Get the latest information on what’s new about this year’s CFA exam.
Exam Registration, Scheduling, and Deferrals
Learn More About Computer-Based Exams
Charting your Journey through the CFA Program (PDF)
Exams That Evolve in Complexity
Each level of the curriculum builds on the prior level and becomes increasingly complex. The chart below explains the differences between each exam so you can prepare accordingly.
| LEVEL I | LEVEL II | LEVEL III | |
|---|---|---|---|
| LEVEL REQUIREMENT | Meet CFA Program enrollment requirements | Pass Level I CFA exam | Pass Level II CFA exam |
| QUESTION FORMAT | Multiple choice questions | Vignette-supported multiple choice questions | Vignette-supported essay questions and vignette-supported multiple choice questions |
| EXAM RESULTS AVAILABILITY | Within 60 days of taking the exam | Within 60 days of taking the exam | Within 90 days of taking the exam |
| 10 YEAR AVERAGE PASS RATE | 42% | 45% | 54% |
| DETAILS | View Quick Start Guide for Level I View Level I Details | View Quick Start Guide for Level II View Level II Details | View Quick Start Guide for Level IIIView Level III Details |
CFA program is a postgraduate professional certification offered to investment and financial professionals worldwide by the American-based CFA Institute.
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