The CFA exam is a rigorous and challenging three-level exam that is widely recognized as the gold standard for investment professionals. The exam is offered twice a year, in June and December. The 2025 CFA exam dates have been announced, and candidates who are planning to take the exam should start preparing now.
The Level I CFA exam will be offered on June 6, 2025, and December 6, 2025. The Level II CFA exam will be offered on June 13, 2025, and December 13, 2025. The Level III CFA exam will be offered on June 20, 2025, and December 20, 2025. Candidates who are planning to take the exam should register early to secure their spot. The registration deadline for the June 2025 exams is March 8, 2025, and the registration deadline for the December 2025 exams is September 6, 2025.
The CFA exam is a challenging exam, but it is also a rewarding one. Candidates who pass the exam will have a deep understanding of the investment industry and will be well-prepared for a successful career in finance. If you are interested in a career in finance, the CFA exam is a great way to get started. The exam will test your knowledge and skills, and it will help you to develop the skills that you need to succeed in the field.
Level I Exam Dates
The CFA Institute offers the Level I exam three times a year: in February, May, and August. In 2025, the Level I exam will be held on the following dates:
| Month | Exam Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| February | February 21, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| May | May 16, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August | August 15, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exam Date | Registration Deadline | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| February 21, 2025 | December 16, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| May 16, 2025 | March 17, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August 15, 2025 | June 16, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exam Date | Registration Deadline |
|---|---|
| May 16-17, 2025 | February 15, 2025 |
| November 7-8, 2025 | August 15, 2025 |
The Level II exam is a 6-hour exam that covers a wide range of topics, including financial reporting and analysis, corporate finance, economics, quantitative methods, and portfolio management. Candidates who pass the Level II exam will be awarded the Chartered Financial Analyst (CFA) designation.
Candidates who are planning to take the Level II exam in 2025 should start preparing early. The CFA Institute recommends that candidates spend at least 300 hours preparing for the exam. Candidates should also familiarize themselves with the exam format and content by reviewing the CFA Institute’s website.
Level III Exam Dates
The CFA Level III exam is offered twice a year, in May and November. In 2025, the Level III exam dates are as follows:
| Exam Date | Registration Deadline |
| May 17-18, 2025 | March 3, 2025 |
| November 8-9, 2025 | September 8, 2025 |
Candidates must register for the CFA Level III exam by the registration deadline in order to be eligible to take the exam. Late registration is not available for the CFA Level III exam.
The CFA Level III exam is a 6-hour, 240-question exam that covers a wide range of topics, including:
- Ethical and professional standards
- Economics
- Financial reporting and analysis
- Corporate finance
- Equity investments
- Fixed income
- Derivatives
- Alternative investments
- Portfolio management
- Wealth planning
Candidates who pass the CFA Level III exam will be awarded the Chartered Financial Analyst (CFA) designation.
Early Registration Deadlines
2025 Exam Dates and Deadlines
The CFA Institute has announced the exam dates and early registration deadlines for the CFA exams in 2025. The exam window for all levels will be August 8-26, 2025.
The early registration deadlines for each level are as follows:
| Level | Deadline |
|---|---|
| Level I | March 15, 2025 |
| Level II | April 12, 2025 |
| Level III | May 10, 2025 |
Benefits of Early Registration
There are several benefits to registering early for the CFA exams.
- Save money: The early registration fee is significantly lower than the standard registration fee.
- Secure your seat: The CFA exams are popular, and early registration will ensure that you have a seat in your desired testing center.
- Get a head start on your studies: The extra time you have to prepare will give you a significant advantage on exam day.
- Increased chances of success: Studies have shown that candidates who register early are more likely to pass the CFA exams.
If you are planning to take the CFA exams in 2025, it is highly recommended that you register early to take advantage of these benefits.
Regular Registration Deadlines
The following table outlines the regular registration deadlines for the CFA exams in 2025:
| Exam Level | Exam Date | Registration Deadline |
|---|---|---|
| Level I | May 31, 2025 | March 8, 2025 |
| Level II | June 21, 2025 | April 5, 2025 |
| Level III | August 9, 2025 | June 7, 2025 |
Note: Early registration discounts are available for those who register early. The early registration deadline is typically two months before the regular registration deadline.
Late Registration Deadlines
For candidates who miss the standard registration deadlines, late registration is available subject to additional fees. However, it’s essential to note that late registration may not be available for all exam levels and locations.
The following table outlines the late registration deadlines, fees, and availability for each CFA exam level in 2025:
| Exam Level | Late Registration Deadline | Additional Fee | Availability |
|---|---|---|---|
| Level I | March 27, 2025 | USD 250 | Limited availability |
| Level II | May 12, 2025 | USD 250 | Limited availability |
| Level III | August 11, 2025 | USD 250 | Limited availability |
Important Notes:
- Late registration fees are non-refundable.
- Late registration is subject to seat availability and may not be available at all exam locations.
- Candidates who fail to register by the late registration deadline will not be eligible to take the exam.
Score Release Dates
The CFA Institute releases exam scores on specific dates throughout the year. The dates may vary slightly depending on the level of the exam and the geographical location of the candidate.
Level I
Candidates taking the Level I exam can expect to receive their scores approximately 6-8 weeks after the exam date.
Level II
Level II exam scores are typically released 8-10 weeks after the exam date.
Level III
The release date for Level III exam scores is typically 11-13 weeks after the exam date.
Important Considerations
- Score release dates are subject to change without notice.
- Candidates are encouraged to check their CFA Institute account regularly for the most up-to-date information.
- If a candidate does not receive their score on the expected release date, they should contact the CFA Institute.
Exam Dates 2025
| Exam Level | Exam Dates | Score Release |
|---|---|---|
| Level I | February 23-27, 2025 | April 24-28, 2025 |
| Level I | August 8-11, 2025 | October 16-20, 2025 |
| Level II | May 5-7, 2025 | July 10-14, 2025 |
| Level II | November 13-15, 2025 | January 15-19, 2026 |
| Level III | May 12-14, 2025 | August 7-11, 2025 |
| Level III | November 19-21, 2025 | February 5-9, 2026 |
Fee Payment Information
The CFA exam registration fee varies depending on the level of the exam and whether you are a CFA Institute member. The table below outlines the fee structure for the 2025 CFA exams:
| Exam Level | CFA Institute Member Fee | Non-Member Fee |
|---|---|---|
| Level I | $1,000 | $1,250 |
| Level II | $1,150 | $1,350 |
| Level III | $1,250 | $1,450 |
Payment Methods
You can pay your CFA exam registration fee online using a credit card (Visa, MasterCard, or American Express) or by check or money order.
Early Registration Discounts
CFA Institute offers a discount on exam registration fees for candidates who register early. The early registration deadline for the 2025 CFA exams is typically around six months before the exam date. The discount amount varies depending on the exam level and whether you are a CFA Institute member.
Refund Policy
CFA Institute does not offer refunds for exam registration fees. However, you may be able to defer your exam registration to a later date if you have a valid reason, such as a medical emergency.
Additional Fees
In addition to the registration fee, you may also need to pay additional fees for materials such as study materials, practice exams, and exam preparation courses.
Payment Deadline
The payment deadline for the CFA exam registration fee is typically around one month before the exam date. Late registration fees may apply if you register after the payment deadline.
Exam Duration and Format
The CFA exam is a rigorous, three-level exam that covers a wide range of investment and finance topics. Each level has its own duration and format, designed to test candidates’ knowledge and skills in different areas.
### Level 1 Duration and Format
Level 1 of the CFA exam is a six-hour exam that consists of 240 multiple-choice questions. Candidates have 2 hours and 45 minutes to complete each of the two sessions.
### Level 2 Duration and Format
Level 2 of the CFA exam is a six-hour exam that consists of 120 multiple-choice questions and six essay questions. Candidates have 2 hours and 45 minutes to complete the multiple-choice section and 3 hours to complete the essay section.
### Level 3 Duration and Format
Level 3 of the CFA exam is a six-hour exam that consists of 120 multiple-choice questions and nine essay questions. Candidates have 2 hours and 45 minutes to complete the multiple-choice section and 3 hours to complete the essay section.
### Multiple-Choice Questions
The multiple-choice questions on the CFA exam are designed to test candidates’ knowledge of a wide range of investment and finance topics. The questions are typically scenario-based and require candidates to apply their knowledge to real-world situations.
### Essay Questions
The essay questions on the CFA exam are designed to test candidates’ critical thinking and problem-solving skills. The questions typically require candidates to analyze a scenario and provide a well-reasoned response.
### Exam Schedule
The CFA exam is typically offered twice a year, in June and December.
| Level | June | December |
|---|---|---|
| Level 1 | First Saturday of June | First Saturday of December |
| Level 2 | Last Saturday of June | Last Saturday of December |
| Level 3 | First Saturday of May | First Saturday of November |
Important Changes for 2025
1. Computer-Based Exam for Level II
Beginning in May 2025, Level II of the CFA exam will transition to a computer-based format. This will provide candidates with greater flexibility and convenience.
2. Reduced Exam Time for Level III
The exam time for Level III will be reduced from six hours to five hours in May 2025. This change is intended to minimize candidate fatigue.
3. Delay of Level II and III Exams
The Level II and III exams scheduled for December 2024 have been delayed to May 2025. This delay will allow candidates more time to prepare for the new computer-based format.
4. Revised Essay Questions for Level II
The essay questions on Level II will be revised to better reflect the real-world work of financial analysts.
5. Updated Curriculum for All Levels
The CFA Institute will update the curriculum for all three levels of the exam in 2025. This update will reflect the latest advancements in the financial industry.
6. Increased Emphasis on Portfolio Management
The new curriculum will place a greater emphasis on portfolio management skills, which are essential for CFA charterholders.
7. New Exam Registration Platform
The CFA Institute will launch a new exam registration platform in 2025. This platform will be designed to improve the candidate experience.
8. Revised Calendar for Exam Dates
The exam dates for 2025 have been revised as follows:
| Level | Date |
|---|---|
| Level I | May 30-31, 2025 |
| Level II | May 20-21, 2025 |
| Level III | May 12-13, 2025 |
9. Fee Changes
The exam fees for 2025 have been revised as follows:
| Level | Early Registration Fee | Standard Registration Fee |
|---|---|---|
| Level I | $700 | $800 |
| Level II | $1,000 | $1,100 |
| Level III | $1,300 | $1,400 |
10. Candidate Support
The CFA Institute will provide additional support to candidates who are transitioning to the computer-based exam format. This support will include webinars, practice exams, and technical assistance.
CFA Exam Dates 2025
The Chartered Financial Analyst (CFA) exam is a rigorous certification program that tests the skills and knowledge of investment professionals. The exam is offered twice a year, in June and December. In 2025, the CFA exam dates are as follows:
- Level I: June 7-8, 2025
- Level II: June 14-15, 2025
- Level III: June 21-22, 2025
People Also Ask
When is the last day to register for the CFA exam?
The last day to register for the CFA exam is typically four to six weeks before the exam date. For the 2025 exams, the last day to register is as follows:
- Level I: May 5, 2025
- Level II: May 19, 2025
- Level III: June 2, 2025
What are the fees for the CFA exam?
The fees for the CFA exam vary depending on the level of the exam. For the 2025 exams, the fees are as follows:
- Level I: $1,000
- Level II: $1,450
- Level III: $1,700
