In every industry that requires certifications, exam dates can shift from year to year for a variety of reasons. However, it is always up to the student to know when that happens. After all, you won’t be able to get certified if you don’t show up on exam day.
Since a CFA® (Chartered Financial Analyst) is a globally-recognized designation given to financial professionals, failing the CFA® exam is not an option. Much like a doctor or lawyer, you cannot practice without the required merits. And more importantly, you can’t earn the required merits without knowing the 2025 CFA® exam dates.
About the 2025 CFA® Exam
The CFA® Institute (formerly known as the Association for Investment Management and Research) is the organization responsible for measuring the integrity of financial analysts. Consequently, it’s their job to certify your competency in the field through the CFA® exam.
In order to demonstrate your mastery of the subject matter to the institute and to future clients, CFA® Institute requires all candidates for certification to pass three levels of the exam. People typically report investing over 300 hours of study time to successfully pass each level of the exam, so you’re going to want to start studying for them as early as possible.
CFA® Exam Dates 2025
Here is the 2025 schedule for the chartered financial analyst exam with all three levels:
CFA® Level 1 Exam Dates
Every year, you have a few opportunities to take the CFA® Level I Exam. In 2025, its administered in the months of February, May, August, and November.
The CFA® Level 1 Exam is held on May 16-22, August 22-28, and November 11-17. The early exam registration deadline is January 31, and the standard registration deadline is February 15. Your final deadline for registration is April 14— so keep that date in mind as the year continues.
Here’s a quick tip if you’re trying to save money: standard registration fees will vary depending on when you register for the exam. The sooner you sign up, the cheaper it is!
CFA® Level 1 Exam Structure
The CFA® Exam Level 1 consists of 240 multiple-choice questions in two separate sessions: 120 questions in the morning and 120 questions in the afternoon. The format is multiple-choice, and exam results are given within 60 days of testing. In order to qualify for this exam, candidates must meet the CFA® program enrollment requirements.
The average pass rate for this exam is 43%, making it one of the hardest tests in professional finance and accounting. Hence, you’re going to want to study hard in order to pass.
CFA® Level 2 Exam Dates
As was previously mentioned, you won’t have the opportunity to take the Level 2 Exam in December.
The dates for the CFA® Level 2 Exam are May 23-27, August 29-September 2, and November 18-22.
CFA® Level 2 Exam Structure
The CFA® Exam Level 2 Exam consists of 20-30 vignettes supporting 120 multiple-choice questions. There is a morning and evening sessions that are each three hours long. Each session has 10-15 vignettes supported by 60 multiple-choice questions. Results are released within 60 days of taking the exam. In order to qualify, students must pass the CFA® Level 1 Exam first.
The average pass rate for this exam is 45%, which is even lower than Level I. Keep that in mind when studying!
CFA® Level 3 Exam Dates
Just like Level II, the CFA® Level III Exam only happens once a year. The dates for the CFA® Level 3 Exam are February 15-28 and August 29-September 5.
CFA® Level 3 Exam Structure
The CFA® Exam Level 3 Exam consists of 20-30 vignettes supporting a variety of constructed responses and multiple-choice questions. There are two sessions — one in the morning and one in the evening — that last for 3 hours each.
The morning session has 8-15 vignettes supporting constructed response questions. The afternoon session is a little different, with 10-15 vignettes supporting 60 multiple-choice questions. Results are released within 90 days of passing the exam, and students must pass the CFA® Level 2 Exam first in order to qualify.
The average pass rate for this exam is 56%, which is much higher than the previous two. That being said, it’s still going to be a tough test, so be sure you study hard!
Why Are There Separate 2025 CFA® Exam Dates?
The CFA® is dedicated to maintaining exam dates that work for people across the globe. Additionally, this is being done to honor religious needs. That’s why you can reschedule your exam days to a Sunday or Monday by filling out the proper forms in the appropriate time period.
Although this is an allowance for the purpose of religious freedom, the CFA® reminds candidates that they must abide by the CFA® Program Candidate Agreement and testing policies/rules. In other words, the religious rescheduling policy is not meant to be used for anything other than religion. You could have your exam results dismissed if the dates are misused, so be mindful of the rules!
CFA® Exam Results Date and Digital CFA® Exams
Most CFA® results will be released in July 2023 for students who took their tests on the first available date. Looking forward, December 2023 marks the last paper exam ever for the CFA® Level 1 exam. In 2023, the CFA® Institute is going digital; all Level 1 exam will be totally computer-based, with the next two levels likely to follow.
Make sure you have all these dates correct in your calendar! In today’s age, a CFA® charter holder’s salary is anywhere from $65k to $250k. Earning your CFA® charter is what sets you up for growth, so you don’t want to miss the opportunity because you got the dates wrong.
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