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The CFA exams are conducted exclusively in computer-based format at one of our global test centers, and are administered by our testing partners Prometric and British Council. The following guidance details the process of registering, scheduling, and sitting your CFA exam.
REGISTERING FOR YOUR EXAM
What are the required steps for a successful CFA exam registration and scheduling?
Registering for your CFA exam is a two-step process.
- Step 1: Enroll in the CFA exam through the CFA website.
- Step 2: After you complete the registration process and your payment is processed, you will see the “schedule your exam” option in your CFA Program tile. This will take you to the Prometric scheduling tool where you will be presented with available testing centers with dates and times. You must complete this step by the scheduling deadline. If you do not receive a confirmed date and time, you are not yet successfully scheduled for an exam.
Who will provide information about my exam?
Prometric: Once you have chosen your exam date and test center location, Prometric will send you an appointment confirmation email, keep you apprised of any pertinent scheduling changes and tell you of location-specific situations. Use this link to confirm your appointment details.
If you are concerned about a change or cancellation message you received from Prometric, please contact Prometric directly.
CFA Institute: CFA Institute will provide you with a series of emails containing basic information about the exam, the resources we will make available to you, and how to use these resources. As the exam grows closer, CFA Institute will send reminders about mock exams, general exam policies and other considerations.
Contact CFA Institute if:
- You are having difficulty accessing your account or need to change your personal information
- If you have not yet scheduled your exam and have general questions
- If you are having trouble connecting to your study resources
SCHEDULING AND SEATING AVAILABILITY
Where can I check seating availability before I register for the exam? This impacts my decision to register.
At this time, we cannot provide a way for candidates to see if there is availability in a desired location prior to registration. We recognize this is not ideal but are working closely with our exam delivery vendors to secure enough seats for registered candidates.
How do I find a seat in my desired location?
During the scheduling process, you will be able to search by address, city, or zip code.
Here are a few tips for selecting your exam location and time.
- To ensure that you get your preferred test center, schedule your exam appointment promptly. Seats are available on a first-come, first -served basis.
- Some cities show as full, but we do continue to add capacity where we can, so if you are firm on your choice, keep checking back; however, do not miss the deadline for scheduling.
- For optimal results, be sure to search by city and country. You may find areas with extra capacity within a reasonable travel distance outside of your chosen city.
- Do not search by “country” alone, as it may provide you with no results.
- Don’t limit your date range search to just a few days. Select the entire exam window. You may have to be flexible when selecting which day to test. We will not be able to accommodate everyone on their preferred date.
- When you do choose your appointment, plan to stick with it. We know it is tempting to change, but this makes it difficult for other candidates to find seats.
What if I need to change my scheduled appointment?
If you need to reschedule your exam appointment in your exam window, you will be charged a non-refundable USD 250 fee and any applicable taxes. You may not use this change to move to a new testing window.
What are my options if my preferred testing city and country show as full when I’m trying to schedule my exam appointment?
Some locations may temporarily reach maximum capacity before registration closes. We will work with our computer-based vendors at Prometric and British Council to evaluate the need for additional appointments in certain locations around the globe. However, there may be some locations where additional appointments will not be added or additional weekend appointments will not be added.
I registered for an appointment in a different city as there were no appointments available in my city. Can I reschedule to my original city without any additional charges?
No, if you need to reschedule your exam appointment within your testing window you will be charged a non-refundable fee of US$250. This policy does not apply to a change of testing windows, from August to November, for example.A deferral is required to move your exam to a future testing window. Please review the CFA Program Deferral Policyfor complete information.
RESCHEDULING, DEFERRALS, AND CANCELLATIONS
How do I re-schedule my exam?
For general rescheduling before the deadline for your exam window, visit the link on your candidate tile.
What happens if my exam is rescheduled by Prometric?
Examreschedulesare not common, but do occur fora number ofreasons, includingpandemic restrictions, weather events and local situations.Whenever possible you will be rescheduledinto the same locationand exam windowfor adifferent date. If there are no open appointmentsat that location,youwill berescheduled within a 50-mile radius ofyouroriginally selected center.Prometric will send you an appointment confirmation email with your new exam details.
If there is no test center within a 50-mile radius, your appointment will be cancelled, and you will need to contact CFA Institute for more options. You may be eligible for a deferral to another exam window. Contact CFA Institute for more information.
What if I am rescheduled for a date that won’t work for me?
Sometimes it may be necessary to reschedule your appointment for a date that is sooner than your original appointment. We realize this may be inconvenient.
If your rescheduled appointment does not work with your schedule, you can contact Prometric for assistance with rescheduling.
What happens if my exam is cancelled and not rescheduled?
In the event your exam is cancelled, you will first hear from Prometric via email. This email will come from [emailprotected] Please label this address as a safe sender so that this email does not go to your junk folder.
CFA Institute will contact you within 5-7 business days of the cancellation to provide you with additional information and your options.
When will I be able to re-register if my exam is cancelled?
If it is necessary to cancel your exam, CFA Institute will provide you with information on the available testing windows within 5-7 business days of your cancellation.You will have until the registration deadline for each of these testing windows to reregister.See all the deadlineshere.
What if I need to defer my exam to a new window?
For registered candidates who cannot sit for their exam and want to move to a new exam window, please review the CFA Program Deferral Policy for complete information.
REFUNDS
How will I be informed if I am eligible for a refund? When can I apply for that?
Candidates whose exams have been impacted twice by COVID-19 restrictions will be eligible for another deferral or a refund. If you are eligible, you will receive additional information about next steps via email.
I have heard it will take 120 days to process a refund. Why is that?
Due to the extraordinary nature of this situation, and in many cases the length of time since a payment was originally received it may take UP TO 120 days from theclose of the request window for your refund to be processed.
SCHOLARSHIPS
When will this year’s Access Scholarship application open?
For more information on theCFA Institute Access Scholarship Program, including how and when to apply, please visit the Access Scholarship page.
FAQs
What happens if you don't show up for CFA exam? ›
If you do not withdraw by the deadline, and you then don't sit for the exam, you will not be allowed to register for the next sitting until after CFA Institute releases all the results from the current exam.
When can I defer CFA exam? ›Deferral Policy
-Scheduled candidates may purchase a paid deferral up until 24 hours before their scheduled exam appointment. -Candidates who did not schedule an exam appointment may purchase a paid deferral up until 3 days following the close of the exam window.
If you don't have a scheduled appointment, you have up until 3 days following the close of the exam window to purchase a deferral. When you purchase a deferral, you may postpone your exam appointment for up to 12 months, depending on your exam level.
Can you postpone CFA Level 1 exam? ›CFA exams can be canceled by Prometric, though it is rare. Reasons include weather events, natural disasters, pandemic restrictions, and other specific local situations. To cancel your CFA exam and reschedule, you'll be charged a $250 fee and the change must be made within your current exam window.
What percentage of people pass the CFA exam? ›The latest CFA pass rates are: 36% for Level 1 (Nov 2022) – the trend is still slightly below long term average. 44% for Level 2 (Nov 2022) 48% for Level 3 (Aug 2022)
How many times can you fail CFA exam? ›How many times can you retake the CFA? CFA candidates can take each exam level a maximum of six times, a policy that was instituted in 2021. Also beginning with the 2021 exams, candidates can take an exam up to two times per calendar year, but cannot take the exam in windows that are less than 6 months apart.
Can I defer CFA for August 2022? ›It depends on your situation. CFA Institute has just updated their deferral policy to allow for both paid or emergency deferral options from August 2022. There is now a paid deferral option costing $399, which you can purchase up to 24 hours before your actual scheduled exam appointment.
Do you have to pay again if you fail CFA? ›You only pay that one time–hence the name “one-time fee”.
Is it normal to fail CFA? ›No one likes to fail but given the difficulty of the CFA exams, very few candidates achieve first-time passes for all three levels. It's sometimes difficult for candidates entering the program to accept this. The CFA Institute estimates it takes the average successful candidate four years to complete the CFA program.
What is the hardest section of CFA Level 1? ›Level 1 Hardest Topics
Fixed Income, Derivatives, and Financial Reporting Analysis have always been considered one of the hardest topics for the Level 1 exam. The reason is that these topics demand a lot of reading time and extensive calculations.
What is scheduling deadline in CFA? ›
Each exam is administered within an exam window, while the exam dates available to each candidate may vary based on appointment availability at the time of scheduling. All deadlines are 11:59 p.m. ET.
What is the minimum passing score for CFA Level 1? ›Passing Scores
Candidates must get a minimum passing score (MPS) of 70% on the multiple-choice questions on the CFA Level I exam, a minimum score of 65% to 70% on the multiple-choice questions on the CFA Level II exam, and a minimum passing score (MPS) of 60% on the multiple-choice questions on the CFA Level III exam.
No, if you need to reschedule your exam appointment within your testing window you will be charged a non-refundable fee of US$250.
Can you fail CFA exam? ›If you don't pass the CFA exam, review the exam results and performance summary provided with your score. Candidates should re-evaluate their study plan and enroll in a CFA prep course. Along with a strategic study plan, you'll need a strategic test-taking plan, which incorporates the structure of the exam.
Is there a time limit to pass all 3 CFA exams? ›The CFA Institute points out that you're not under any pressure to finish your studies by a set time. You can take as long as you need to complete the three levels. CFA certificate validity doesn't expire. After you pass Level 1, you can take your time working up to passing Levels 2 and 3.
Do you need 70% to pass CFA? ›To pass CFA Level I, you probably need to target 70% in as many topics as possible... In other words, you don't have to get more than 70% in everything to pass. Some say you can get as low as 65%, or even 63%. You don't even need to get more than 51% in everything to pass.
Why is CFA so difficult? ›One key reason for the high CFA exam difficulty level is the time commitment. Many people don't make it through all three levels primarily due to the time it takes to study. Most people lack the necessary study time and/or don't put in the time. It's admittedly a hard exam, but not THAT hard.
How many CFA pass every year? ›Pass Rates (2015 – 2022) The NOV 2022 level 1 CFA exam pass rate was 36%, which is good news compared to the low 2021 level 1 CFA exam pass rates. However, it's still lower than the average pass rate of 43% true of the past level 1 CFA exams.
Why do so many people fail CFA? ›Not Enough Practice
The key to passing any level of the CFA exam is to practice as many questions as possible. The major issue is that even with good technical knowledge, if you have not practiced enough questions, you will struggle to apply your knowledge to exam-based questions.
You fail these exams if you don't spend enough hours
It is essential that the candidate spend enough time to study each topic covered under the level I of CFA® Program syllabus. Survey says that candidates who studied for more than 300 hours have cleared the exam (needless to say, optimized those study hours).
What is the hardest part of the CFA exam? ›
Generally, our research shows that candidates' CFA Level 1 hardest topics are Financial Statement Analysis, Fixed Income, Quantitative Methods, Derivatives and Economics. Meanwhile, CFA Level 2 most difficult topics are typically Financial Statement Analysis, Portfolio Management, Ethics and Derivatives.
Can I reschedule CFA from August to November? ›Yes, you can. If you need to change your testing location, log into your CFA Institute account and click the “Manage Your Exam” link. You must make the changes by the rescheduling deadline and pay a rescheduling fee of $250.
Do you have to wait 6 months between CFA exams? ›Retaking the CFA Exam
Beginning in 2021, CFA candidates must have at least 6 months between exams, so if you fail a level, you will have to wait 6 months to retake it.
| Level Exam Date | Registration & Exam Scheduling | Registration Close |
|---|---|---|
| Level 1 February 15 – 21, 2022 | May 13, 2021 | October 26, 2021 |
| Level 2 February 22 – 26, 2022 | May 13, 2021 | October 26, 2021 |
| Level 3 May 24 – 26, 2022 | July 20, 2021 | February 1, 2022 |
1) Having a CFA Charter increases average salary by 47%
Even after removing the work experience factor, there is a very clear increase in average pay as candidates progress through the CFA Program.
The standard registration fee for each level of the exam is $1,200. There is an early bird discount that drops the fee down to $900. The total cost of taking each level of the CFA exam can start at $3,050 with early registration and $3,950 with standard registration.
Do you have to pay again if you fail CFA exam? ›CFA Program Exam Re-sit Fees
You do not need to pay this fee again, just the exam registration fee. If you need to re-sit for any level of the exam, be sure to sign up for you next exam as soon as possible so you benefit from the lower early registration fee.
You can take your exam at home, or an alternative location such as in your office. Rooms with clear or frosted glass walls are not permitted. Make sure you can meet the important requirements which must be followed regardless of where you sit your exam.
Do you have to pay to retake CFA? ›Exam retakes require payment of the $1,000 standard exam fee or $700 early registration fee. CFA Institute exam study materials are provided as part of the exam registration fee. We also encourage you to think ahead as you plan when you'll take the exams. Level I tests are now offered each quarter.
Can you go to bathroom during CFA exam? ›Can you go to the bathroom during CFA? Yes you may. If you need to use the restroom during the test, raise your hand. A proctor will then take your answer sheet and wait at your table for your return.