If you’re planning to take the CFA® exam, one of the first things you’ll want to know is the exam date—this article outlines the schedule for each level.
CFA Exam Dates 2025-2026
In 2025, the CFA exam will follow a regular schedule:
- Level I: Offered in February, May, August, and November
- Level II: Offered in May, August, and November
- Level III: Offered in February and August
2025-2026 CFA Level l Exam Dates
Level I Exam Date Window |
Registration Deadline |
Scheduling Deadline |
Rescheduling Deadline |
| February 17-23, 2025 | November 7, 2024 | November 12, 2024 | January 18, 2025 |
| May 14-20, 2025 | February 6, 2025 | February 11, 2025 | April 14, 2025 |
| August 20-26, 2025 | May 6, 2025 |
May 13, 2025 |
July 21, 2025 |
| November 12-18, 2025 | August 5, 2025 |
August 12, 2025 |
November 1, 2025 |
| February 2-8, 2026 | October 29, 2025 | November 5, 2025 | January 22, 2026 |
| May 12-18, 2026 | TBA | TBA | TBA |
| August 18-24, 2026 | TBA | TBA | TBA |
| November 11-17, 2026 | TBA | TBA | TBA |
2025-2026 CFA Level ll Exam Dates
Level II Exam Date Window |
Registration Deadline |
Scheduling Deadline |
Rescheduling Deadline |
| May 21-25, 2025 | February 6, 2025 | February 11, 2025 | April 14, 2025 |
| August 27-31, 2025 | May 6, 2025 |
May 13, 2025 |
July 28, 2025 |
| November 19-23, 2025 | August 5, 2025 |
August 12, 2025 |
August 8, 2025 |
| May 19-23, 2026 | TBA | TBA | TBA |
| August 25-29, 2026 | TBA | TBA | TBA |
| November 18-22, 2026 | TBA | TBA | TBA |
2025-2026 CFA Level lll Exam Dates
Level III Exam Date Window |
Registration Deadline |
Scheduling Deadline |
Rescheduling Deadline |
| February 13-16, 2025 | November 7, 2024 | November 12, 2024 | January 18, 2025 |
| August 15-19, 2025 | May 6, 2025 |
May 13, 2025 |
July 14, 2025 |
| January 29 – February 1, 2026 | October 29, 2025 | November 5, 2025 | January 18, 2026 |
| August 14-17, 2026 | TBA | TBA | TBA |
The Chartered Financial Analyst (CFA) exam is a globally recognized and highly respected professional qualification for individuals seeking to excel in the field of finance and investment management. Offered by the CFA Institute, the CFA program is designed to equip candidates with a comprehensive understanding of investment principles, ethical and professional standards, and analytical skills essential for success in the financial industry. The CFA exams are segmented into three stages: CFA Level 1, CFA Level 2, and CFA Level 3.
1. CFA Level 1: Foundation of Knowledge
CFA Level 1 serves as the foundational step in the CFA program. The CFA Institute administers the CFA Level 1 exams four times annually, in February, May, August, and November. The February 2023 CFA Level 1 exams are scheduled for February 14 to 20, 2023, and will be conducted online. For the February session, rescheduling is possible until January 13, 2023.
Registration for the May and August 2023 sessions closes on January 31, 2023, and May 09, 2023, respectively. Notably, the CFA Level 1 exam for 2023 will be held online. The exam format includes solving 180 multiple-choice questions distributed over 135-minute sessions. Results for CFA Level 1 are typically released within 60 days of the exam date.
2. CFA Level 2: Application of Concepts
At Level 2, the focus shifts to the application of the concepts learned in Level 1. This exam delves deeper into equity investments, fixed income, derivatives, alternative investments, corporate finance, financial reporting and analysis, quantitative methods, economics, and portfolio management.
The Chartered Financial Analyst (CFA) Level 2 program conducts exams thrice a year, specifically in May, August, and November. For the upcoming CFA Level 2 May 2023 exams, the scheduled dates are from May 23 to 27, 2023. Candidates can register for the May 2023 session until January 31, 2023, via online mode. For the subsequent CFA Level 2 August 2023 session, the registration deadline is set at May 09, 2023.
In the online mode of the CFA Level 2 exam, the question pattern comprises vignette-supported multiple-choice questions. The examination spans a total duration of 4 hours, divided into two equal sessions of 2 hours and 12 minutes each, with an optional break available in between the sessions.
Subsequent to the completion of the examination, the results for CFA Level 2 are generally made available within 60 days. This comprehensive assessment marks a significant step in the CFA journey, contributing to the professional growth and expertise of individuals in the finance field.
3. CFA Level 3: Synthesis and Portfolio Management
CFA Level 3 takes a more comprehensive approach, emphasizing the synthesis of knowledge and the application of portfolio management techniques. The exam covers topics such as ethical and professional standards, behavioral finance, private wealth management, institutional investors, economics, fixed income, equity investments, derivatives, alternative investments, and portfolio management. Level 3 introduces constructed response (essay) questions and item sets, challenging candidates to demonstrate their ability to formulate and communicate investment strategies effectively.
The CFA (Chartered Financial Analyst) Institute orchestrates the CFA Level 3 exams biannually, specifically in February and August. The February 2023 session for CFA Level 3 exams is scheduled from February 21 to 23, 2023. As for the August 2023 session, registrations remain open until May 09, 2023.
Prospective candidates can enroll for CFA Level 3 exams via the online mode. The examination structure for CFA Level 3 entails item sets incorporating vignettes, along with accompanying multiple-choice items and constructed response (essay) questions.
The duration of the CFA Level 3 exam is set at 4 hours and 24 minutes, distributed across two equal sessions of 2 hours and 12 minutes each, with a provision for an optional break in-between.
Upon completion of the examination, the results for CFA Level 3 are typically declared after a period of 90 days. These results can be accessed on the official website or communicated to candidates via mail. The CFA Level 3 exam marks a significant stride towards attaining the prestigious CFA charter, solidifying one’s expertise and credentials in the realm of finance.
CFA Exam 2025-2026 Highlights
| Full Exam Name | Chartered Financial Analyst Exam |
| Short Exam Name | CFA Exam |
| Conducting Body | CFA Institute |
| Exam Level | National Level Exam |
| Mode of Exam | Online |
| Languages | English |
| Mode of Application | Offline / Online |
CFA Exam 2025-2026 Eligibility Criteria
Educational Qualification:
Candidates interested in taking the CFA exam must have one of the following qualifications:
- A bachelor’s degree from an accredited institution or equivalent education.
- If currently in the final year of a bachelor’s degree program, candidates can also register for the exam. However, they must complete their degree program before being eligible to receive the CFA charter.
Work Experience:
Candidates need to have at least four years of professional work experience, or a combination of education and work experience totaling four years. This experience can be in areas such as investment decision-making, producing work that informs or adds value to the investment decision-making process, or in teaching related to finance.
International Candidates:
International candidates are welcome to take the CFA exam. However, they must have a valid international travel passport in order to register and sit for the exam.
Ethical and Professional Standards:
All CFA candidates must adhere to the CFA Institute’s Code of Ethics and Standards of Professional Conduct. This emphasizes the importance of ethical behavior and professional integrity in the finance industry.
English Proficiency:
For non-native English speakers, proof of English proficiency may be required. This ensures that candidates can effectively understand and communicate in English, which is the language of the CFA exam.
CFA Level 1 Registration 2025-2026
Here is the CFA Level 1 registration process explained:
- Visit CFA Institute Website: Go to the official website of the CFA Institute (www.cfainstitute.org), which is the governing body for the CFA program.
- Create an Account: If you don’t already have an account, you’ll need to create one on the CFA Institute website. Provide your personal information and create login credentials.
- Access CFA Program Dashboard: Once logged in, access the CFA Program dashboard.
- Start Registration: Look for the registration section and click on “Register for CFA Exam” or a similar option.
- Choose Exam Level and Date: Select “Level 1” as the exam level you are registering for. Choose your desired exam date and location. The CFA Level 1 exams are conducted multiple times a year, so you’ll have options to choose from.
- Review Policies and Requirements: Read and review the exam policies, rules, and requirements carefully. Make sure you understand the terms and conditions.
- Provide Personal Details: Fill in your personal details, including your contact information, educational background, and work experience.
- Pay Registration Fee: Pay the required registration fee using a valid payment method. The fee varies depending on the registration date and location.
- Upload Photo: Upload a passport-style photo of yourself that meets the specified requirements. This photo will be used for your exam admission ticket.
- Review and Confirm: Review all the information you’ve entered, including your personal details, exam date, and payment. Make sure everything is accurate.
- Agree to Terms: Agree to the terms and conditions of the CFA Institute, including the Candidate Agreement and Professional Conduct Statement.
- Submit Registration: Once you’ve reviewed and confirmed all the details, submit your registration. You’ll receive a confirmation email with your exam details.
FAQs
1. What is the CFA exam?
The CFA exam is a series of examinations conducted by the CFA Institute to assess and certify candidates’ knowledge and expertise in finance and investment management.
2. How many levels are there in the CFA exam?
The CFA exam consists of three levels: CFA Level 1, CFA Level 2, and CFA Level 3.
3. What is the format of the CFA exam?
The format varies by level. CFA Level 1 consists of multiple-choice questions, CFA Level 2 includes item sets (vignette-based questions), and CFA Level 3 has item sets and constructed response (essay) questions.
4. When is the CFA exam conducted?
The CFA exam is offered at various times throughout the year, usually in February, May, August, and November. Exact dates may vary.
CFA Level 1 FAQs:
1. Who is eligible to take CFA Level 1?
Anyone with a bachelor’s degree or in the final year of their degree program is eligible to take CFA Level 1.
2. What is the exam duration for CFA Level 1?
The exam duration for CFA Level 1 is typically around 6 hours, split into morning and afternoon sessions.
3. How is CFA Level 1 scored?
CFA Level 1 is scored based on the number of correct answers. There is no penalty for incorrect answers.
CFA Level 2 FAQs:
1. Can I take CFA Level 2 directly without passing CFA Level 1?
No, you must pass CFA Level 1 before you can register for CFA Level 2.
2. What is the exam format for CFA Level 2?
CFA Level 2 consists of item sets, which are vignette-based questions with multiple-choice options.
3. How is CFA Level 2 scored?
Similar to Level 1, CFA Level 2 is scored based on the number of correct answers. There is no penalty for incorrect answers.
CFA Level 3 FAQs:
1. Can I take CFA Level 3 directly without passing CFA Level 2?
No, you must pass CFA Level 2 before you can register for CFA Level 3.
2. What is the unique feature of CFA Level 3 exam?
CFA Level 3 includes both item sets and constructed response (essay) questions, assessing the application of knowledge and communication skills.
3. How is CFA Level 3 scored?
CFA Level 3’s item sets are scored similarly to Levels 1 and 2. The constructed response (essay) questions are graded by CFA charterholders.