CFA Program Exam Calendar

How Long Does It Take?

Plan on about six months of preparation for each exam.

Learn more The calendars below provide approximate timelines for upcoming exams. Candidates may register for only one exam at a time, and must wait to receive their exam results before registering for the next exam. Candidates who fail an exam are encouraged to re-take the exam Note: As of December 2012, CFA Program exams will be held on Saturday only. This change ensures that all candidates receive a similar exam day experience and strengthens the security of the CFA Program. View the exam fee schedule

June 2013 Exam Schedule (Levels I, II, and III)

Late July 2012 19 September 2012 October 2012 1 February 2013 13 February 2013 March 2013 13 March 2013 18 March 2013 12 April 2013 April 2013 1 June 2013 JuneJuly 2013 July 2013 August 2013 June 2013 exam registration opens First fee schedule deadline for the June 2013 exam June 2013 sample exams available Exam scholarship application deadline Second fee schedule deadline for June 2013 exam June 2013 mock exams become available Final deadline to register for June 2013 exam Final deadline for religious and disability testing accommodation requests to be received by CFA Institute Test center change request deadline (login required) Exam admission tickets available online Exam day Exams graded Level I and II exam results available Level III exam results available

December 2013 Exam Schedule (Level I only)

Mid-January 2013 Upon exam registration 13 March 2013 21 August 2013 18 September 2013 23 September 2013 October 2013 22 October 2013 November 2013 7 December 2013 December 2013January 2014 January 2014

December exam registration opens December 2013 sample exams available upon registration First fee schedule deadline to register for the December exam Second fee schedule deadline to register for the December exam Final fee schedule deadline to register for the December exam Final deadline for disability and religious alternate date accommodation requests to be received by CFA Institute December 2013 mock exams becomes available Test center change request deadline (login required) Exam admission tickets become available Exam day Exams graded Exam results become available

CFA Exam Fee Schedule

The CFA Program enrollment fee, exam registration fee, and curriculum cost vary, depending on when you complete your registration and which curriculum format you select.

For each CFA exam there are three enrollment/registration deadlines. Fees vary depending on the deadline by which enrollment and/or exam registration is completed (including receipt of payment). First-time CFA Program applicants pay an initial one-time enrollment fee (plus an exam registration fee and possible fees associated with a curriculum selection). Returning candidates pay only the exam registration fee (plus possible fees associated with a curriculum selection). All fees are in U.S. dollars. View payment options. Enrollment and registration fees are nontransferable and nonrefundable.* View the CFA exam Level I withdrawal policy.

Candidates are not able to register for an exam after the final deadline.

December 2013 Exam (Level I only)

We offer three options for purchasing the CFA Program curriculum: eBook only, print only, or both. We are unable to offer refunds or exchanges so we urge you to make your selection carefully. Select from the dropdown menu below to view pricing details.

Item

First deadline Second deadline Final deadline 13 March 21 August 18 September 11:59 p.m. ET 11:59 p.m. ET 11:59 p.m. ET $530 $1,055 save $40 $1,545

Program Enrollment $440 $440 (new Level I only) $680 $780 Exam Registration save $40 Curriculum eBook version save $40 Passed deadline $1,180 Total

>> Register for the December 2013 exam <<

Curriculum pricing details

When you register for a CFA exam, you can choose from three curriculum options (all fees are in U.S. dollars):

If you select the eBook version of the curriculum only, we offer a US$40 discount: Enrollment + exam registration - $40 = total cost. If you select the printed version of the curriculum only, you do not receive the $40 discount: Enrollment + exam registration + $20 (shipping*) = total cost. If you select both the eBook version and the printed version of the curriculum, you pay the cost of the additional curriculum ($30) plus shipping: Enrollment + exam registration + $30 (+$20 shipping for the printed version*) = total cost.

We are unable to offer refunds or exchanges so we urge you to make your selection carefully. More information about the curriculum format choices *The exam registration fees also include the complete curriculum and one mock exam per level. Sample exams are available for purchase. The curriculum portion of the fees may be taxed in some jurisdictions. Customs policies vary widely from country to country. International shipments may be subject to import duties and taxes, which are levied once a shipment reaches your country. You must pay any additional charges for customs clearance; we have no control over these charges and cannot predict what they may be. Delivery delays may result if customs does not receive appropriate documentation. Contact your local customs office for further information. Enrollment and registration fees are nontransferable and nonrefundable. Application and payment must be received by CFA Institute by 11:59 p.m. Eastern time on or before the application deadline. Full refunds are available within two business days of payment if you change your mind. Due to fluctuating exchange rates outside our control, we cannot guarantee that the exact amount paid to CFA Institute will be the same amount (in other currency) returned. Registration deferrals to the next available exam are also considered on a case-by-case basis for life-threatening or very serious illnesses (candidate or immediate family), natural disasters, and mandatory military service. This does not guarantee a deferral to any candidate for any condition

but instead provides CFA Institute with the discretion to determine which deferral requests it approves and denies. Candidates awarded a deferral are responsible for all applicable new curriculum charges. Deferral requests must be received by CFA Institute prior to the scheduled exam or within 10 U.S. business days after the exam date. If you need to apply for a visa to travel to a distant test center, please make arrangements well in advance. It is your responsibility to secure any necessary travel documents. June Level I candidates who re-register in the same calendar year (Level I exams are held in June and December) will not be charged again for the curriculum.

Exam Details
More Information

Exam sample questions Testing policies Exam grading and results Typical exam day schedule

The CFA Program includes a series of three exams that are offered in test centers around the world. These three exams Level I, Level II, and Level III must be passed sequentially as one of the requirements for earning a CFA charter. Exams are offered in English only, in order to ensure global consistency, both in administering the exam questions and in grading candidate responses. Level I exams are offered in December and June (typically on the first Saturday). Level II and III exams are offered in June only (typically on the first Saturday). Registration usually opens about 11 months before each exam; register early to take advantage of the fee schedule and to have enough time to study and prepare for the exam.

Exam Topics
In general, for the Level I exam you will be asked basic knowledge and comprehension questions focusing on asset valuation, and some questions will require that you perform analysis. Level II further emphasizes analysis along with application, while Level III focuses on synthesizing basic knowledge with evaluation tools and analytical methods for effective portfolio management. Review the exam topic area weights

Exam Formats

Multiple Choice Questions (Level I only) Item Set Questions (Level II and Level III) Essay Questions (Level III only)

Frequency of Exams
Exam development is a resource-intensive process. The Level II and III exams require a 13month development cycle from design to administration. The resources we have allocated to developing the exams, both staff and volunteers, are fully utilized. Throughout this process, we rely on extensive subject matter expert and generalist reviews to ensure high quality, accuracy, consistency, and fairness. We are concerned that degradation in quality may result from a shorter cycle. Quality may also suffer if we increase the staff/volunteer teams necessary to manage a second parallel development cycle. Because of the simpler structure and content of the Level I exam questions, our capacity is greater than at Levels II and III. Candidates may register for only one exam at a time, and must wait to receive their exam results before registering for the next exam. Candidates who fail an exam are encouraged to re-take the exam.

CFA Exam Topic Area Weights

Topic Area Level I Level II Level III Ethical and Professional Standards (total) 15 10 10 Investment Tools (total) 50 30-60 0 Corporate Finance 8 5-15 0 Economics* 10 5-10 0 Financial Reporting and Analysis 20 15-25 0 Quantitative Methods 12 5-10 0 Asset Classes (total) 30 35-75 35-45 Alternative Investments 3 5-15 5-15 Derivatives 5 5-15 5-15 Equity Investments 10 20-30 5-15 Fixed Income 12 5-15 10-20 Portfolio Management and Wealth Planning (total) 5 5-15 45-55 Total 100 100 100 *Economics is part of Portfolio Management at Level III.

Note: These weights are intended to guide the curriculum and exam development processes. Actual exam weights may vary slightly from year to year. Please note that some topics are combined for testing purposes.

Exam Formats
Multiple Choice Questions (Level I only) The Level I exams include 240 total multiple choice questions, 120 on the morning session of the exam and 120 on the afternoon session. Each multiple choice question is free-standing (not dependent on other questions) and has three possible answers: A, B, and C. All questions are equally weighted and there is no penalty for guessing. While you are taking the Level I multiple choice exam, remember:

Carefully manage your time. Dont spend too much time on any one question or topic area. On average, you should allocate 1.5 minutes to each multiple choice question, including time to record your answer on the answer sheet. Read the questions carefully. A careless skimming of the question may lead you to a completely different, and incorrect, answer. Read each item carefully and eliminate obviously incorrect answers. If you have to guess and you can eliminate one of the responses, your odds of answering the question correctly are much higher. There is no penalty for guessing. Mark your answers on the answer sheet as you complete each question. Some candidates mark their answers in the exam book and wait until the end of the exam to complete the answer sheet. This is not an advisable strategy. Expect to encounter questions that you will not be able to answer correctly. There is a great deal of material to master and exam questions are challenging. Standard setters and the Board of Governors (at all three levels) take account of exam difficulty in setting Minimum Passing Scores. For a full description of how the MPS is established, see The CFA Program: Our Fifth Decade (PDF). Examination writers use a standard set of formatting conventions on the multiple choice questions. Many sample exams produced by third parties do not follow these conventions, so review the CFA Institute format presented below. Familiarize yourself with the instructions for filling out your answer sheet (PDF). Instructions are also available at the time of the exam.

Formatting Conventions Used for Level I Exams Item Construction Each item on the Level I multiple choice exam consists of a stem (question, statement, and/or table) and three choices, A, B, and C.

Two basic formats are used: 1. Stems using sentence completion with three unique choices 2. Stems phrased as questions with three unique choices Example 1 (Stem using sentence completion) An analyst suspects that a particular companys U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. The most likely effect of the appropriate adjustments would be to increase that companys A. return on assets. B. debt-to-equity ratio. C. interest coverage ratio. Example 2 (Stem phrased as question) An analyst suspects that a particular companys U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. Which of the following is most likely to increase as a result of the appropriate adjustments being made to that companys financial statements? A. Return on assets. B. Debt-to-equity ratio. C. Interest coverage ratio. Item Stems The Level I CFA exam does not use except, true, or false in item stems and avoids the use of not in item stems whenever possible. When appropriate, stems will include one of the following qualifiers: most likely, least likely, best described, most appropriate, most accurate, least appropriate, or least accurate. Each stem supports only one item on the exam. Choices The Level I CFA exam does not use any of the following choices: all of the above, none of the above, A and B only, B and C only, cannot determine, cannot calculate, or not enough information to determine. Choices consisting of words or sentences are typically ordered from shortest to longest; choices that are quantitative are ordered from the smallest number to largest number. The choices agree grammatically with the stem; language common to all choices is placed in the stem. Item Set Questions (Level II and Level III)

The Level II CFA exam consists of 20 item sets 10 on the morning session of the exam and 10 on the afternoon session. The Level III exam uses the essay format in the morning, and the item set format, with 10 item sets, in the afternoon. Item sets are sometimes called mini-cases. Each item set on the CFA exam consists of a vignette (or case statement) and six multiple choice items (questions). The length of a vignette ranges from about 1 page to 2.5 pages. The longer vignettes are those that include several tables of information, such as for a financial statement analysis, statistics, or fixed-income item set. The average length of the vignettes on the exam is about 1.5 pages. The six items in each item set can only be answered based on the information in the vignette. Hence, the items are not free-standing (as in Level I), but are drawn from the vignette. You will need to read the vignette before answering the items, and you will need to refer back to the vignette for information. The six items can be answered independently of each other, but they do require information in the vignette. On the Level II exam, you will have a total of 120 items (20 vignettes with 6 items each) compared to 240 multiple choice items on the Level I exam. The exam formats (including the essays at Level III) adapt to the changing topic focus and learning focus at each level. The topic focus on Level I is on investment tools, the topic focus on Level II is on asset valuation, and the topic focus on Level III is on portfolio management. The learning focus also changes, from knowledge and comprehension (Level I), to application and analysis (Level II), to synthesis and evaluation (Level III). The Level II and III exams are graded for 360 points, corresponding to the number of minutes on the exam. The 120 Level II items are equally weighted, 3 points each, with no penalty for guessing. At Level III, the morning essay exam is 180 points and the afternoon item set exam is 180 points. While you are taking the Level II or Level III item set exam, remember:

Read the formatting conventions for writing multiple choice questions at Level I. These same best practices are followed for item sets questions at Levels II and III. Expect to go slower on the Level II exam than on Level I. You are answering 50 percent fewer questions, but spending twice as much time thinking about each one (including time for reading and analyzing the vignettes). You may mark up your exam book. Circle or underline important information in the vignette and write down your equations or logic. However, only your final answers recorded on the answer sheets are graded. Mark your answers on the answer sheet as you complete each question. Some candidates mark their answers in the exam book and wait until the end of the exam to complete the answer sheet. This is not an advisable strategy. If you do not know the answer to a question: o You might be able to eliminate one or more choices based on what you know about the topic. There is no penalty for guessing.

Use reasoning and logic. The concepts that you know on one topic often apply to another topic. Expect to encounter questions that you will not be able to answer correctly. There is a great deal of material to master and exam questions are challenging. Standard setters and the Board of Governors (at all three levels) take account of exam difficulty in setting Minimum Passing Scores. For a full description of how the MPS is established, see The CFA Program: Our Fifth Decade (PDF). Essay Questions (Level III only)

About the Level III Essay Questions

The Level III essay exam is given in the morning session and has a maximum score of 180 points. The essay exam typically has 1015 questions, and questions may have multiple parts. The point value for each question is provided in the exam. On the essay section of the Level III exam, you'll see two types of questions:

One requires that you write your answers on the lined page(s) following the question. For these questions, label each part of your answer clearly (A, B, C, or i, ii, iii, etc.) The other type asks you to provide your answers in a template following the question. Instructions in bold print immediately following the question direct you to the page number of each template.

Some questions contain a mix of these two question and answer types. Each essay question may have as few as one part or as many as 7-8 parts, so be sure to read and understand how to answer the entire question.

Essay Exam Book Features

Your exam book will contain three features to help ensure you answer all parts of each question in the appropriate place:

Page one of the exam book lists all of the questions on the exam, and the topic and minutes assigned for each question The heading on the page where each question begins states the number of parts in that question and the total number of minutes/points. For example: Question 2 has two parts (A, B) for a total of 18 minutes Immediately after each subpart that requires a template answer, you will find a statement with the page number of the template. For example: Answer Question 2-B in the Template provided on page 12

Make sure you familiarize yourself with the essay exam question formats so that you don't overlook any part of a question. Use the templates to provide your answers in an efficient manner. The following are some general tips for Level III candidates on the essay exam:

The published guideline answers on past essay exams are more complete and better written than actual exam answers that receive full credit. The published guideline answers may not reflect all alternative approaches to the question that received full or partial credit. Answers are graded only on content. They are not graded for language and style. Use short phrases and bullet points to save time, but be sure your meaning is clear. Handwriting is rarely so poor that the answer cannot be graded. Points are awarded for direct answers to a question. No points are awarded for general knowledge that is not responsive to the question. Do not spend too much time writing an answer. This is particularly tempting when you know the topic well. Formulate a direct response to the command words, and use the amount of time allotted. You should expect to encounter questions that you will not be able to answer correctly. There is a great deal of material to master and exam questions are challenging. Standard setters and the Board of Governors (at all three levels) take account of exam difficulty in setting Minimum Passing Scores.

The following are common reasons that graders give for poor candidate performance on the essay portion of the Level III:

Not responsive to command word list (list, define, etc.) Answered a question they wish they had been asked instead of the question that was asked. No work shown on a calculation question and the answer is incorrect. Hedged on questions that asked for a recommendation and justification (e.g., recommended A, but justified B). Neglected to answer part of the question (especially if a several part question). Note that you can still answer part E, even if you do not know the answer to part D. Content area experts spent too much time on their area of expertise, leaving too little time for weak areas. Providing more items or responses than requested. If a question asks for three factors, only the first three that you list will be graded.

Exam Day Experience

Important Information For each timed session, testing personnel will tell you when to start and stop work.

You must attend both sessions or you will not receive exam results.

Exam Timing

Each exam day consists of two timed sessions, one in the morning and one in the afternoon. Instructions begin prior to the start of each timed session. If you do not sit for the morning session, you will not be permitted to sit for the afternoon session.

Typical Exam Day Schedule (exact times may vary slightly)

Activity Morning Session Afternoon Session

Candidates begin check-in process.

Candidates must be seated in testing room. Doors close and announcements begin. Once doors close, candidates will not be allowed to enter the testing room until the timed portion of the exams has started. Session begins. Passports and calculators are checked again. Candidates must remain seated for the duration of the session.

8:00 a.m.

1:00 p.m.

8:30 a.m.

1:30 p.m.

9:00 a.m.

2:00 p.m.

11:30 a.m. 4:30 p.m.

Session ends. Note: At the conclusion of each session, candidates must remain seated until 12:00 p.m. 5:00 p.m. all exam materials are collected and reconciled. This may take up to 10-20 additional minutes.

Testing Rooms Without Clocks

In testing rooms that do not have clocks the timekeeper will mark time remaining on a chalkboard or flip chart in the following increments: Every 30 minutes:

Less than 2.5 hours remain Less than 2 hours remain Less than 1.5 hours remain Less than 60 minutes remain

Then every 15 minutes:

Less than 45 minutes remain Less than 30 minutes remain (verbal announcement) Less than 15 minutes remain (verbal announcement)