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Complete CFA Exam Schedule

The CFA institute introduces big changes in the exam schedule about the schedule and structure of the CFA exam. This article lists all the major changes and provides updated information on the new calendar of the CFA exam. It will help you to plan your CFA journey and map your exam cycle as per your preferences.

Postponement of all levels of June 2020 CFA Exam

Due to novel coronavirus, CFA Institute postponed the June 2020 exam for all the 245,500 registered candidates. This year, all the three levels will be held in December. December 2020 will be the last paper-based exam. Level I candidates are given the option to re-register for either the December 2020 or for the February 2021 exam. Level II and III candidates can register for either the December 2020 exam or for the 2021 exams. All the registered December 2020 candidates have been given the opportunity to keep their exam date or to postpone their date to one of the CBT dates in 2021.

Changes in the Exam Schedule and format

Along with Level I, the Level II and Level III CFA exams will shift from paper-based to computer-based testing starting in 2021. This offers options for candidates around the globe by increasing the number of exam administrations for every level by providing multi-day exam windows instead of all the candidates sitting for the exam in a single day.

  • The Level I computer-based exam will be offered four times per year.
  • The Level II and Level III computer-based exam will be offered two times per year.
  • The Level I computer-based exam will consist of 180 multiple choice questions, split between two 135-minute sessions. The candidates will be provided an optional break between sessions.
  • The computer-based version of Level II and Level III will be approximately 4.5 hours. Candidates will have the same average time per question that they had under paper-based testing.

What is the December 2020 exam schedule?

EMEA and AMER:

Saturday, 5 December 2020: All levels

APAC:

  • Saturday, 5 December 2020: Level I
  • Sunday, 6 December 2020: Level II and Level III

Exam Schedule for 2021

Each exam will be offered in scheduling windows of up to 10 days, depending on location. View the exam calendar for exact dates.

  • Level I: February, May, August, and November
  • Level II: May and August
  • Level III: May and November

CFA Exam Level I 2021 Windows

  • February 23–March 1, 2021
  • May 18–24, 2021
  • Aug. 24–30, 2021
  • Nov. 16–22, 2021

CFA Exam Level II 2021 Windows

  • May 25–29, 2021
  • August 31–September 4, 2021
  • CFA Exam Level III 2021 Windows
  • May 25–27, 2021
  • November 23–25, 2021

Exam Schedule 2022 onwards

  • Level I: February, May, August, and November
  • Level II: February and August
  • Level III: May and November

Candidates will not be able to register for adjacent windows. For example, a Level I candidate who takes the February 2021 exam and does not pass may not sit again until the August exam. Or a Level II candidate who passes during the August exam will not be able to sit for Level III until the May 2022 exam.