The Chartered Financial Analyst (CFA) designation is a big deal in the finance world. Passing the CFA exam can really boost your career, and it’s a solid way to prove you know your stuff.
If you’re planning to take the CFA exam, it’s super important to stay up-to-date on the exam dates and deadlines, especially for the 2025 cycle.
That’s why we’ve put together this guide. We’ll walk you through the 2025 CFA exam dates, how to register, and what you need to keep in mind as a candidate.
Understanding the CFA® Exam Structure and Levels
The CFA® Program has three levels, which you have to take in order. Each level demands a significant amount of study time — about 300 hours, give or take. You get a maximum of six tries to pass each exam level.
Here’s a look at what each level covers:
- Level I: investment tools and basic concepts
- Level II: asset valuation
- Level III: portfolio management
Exam format
All the exams are computer based.
The Level I exam is all multiple choice.
The Level II exam uses item sets or “mini-cases” with short vignettes and multiple-choice questions.
The Level III exam uses vignettes and item sets with a mix of multiple-choice questions and constructed response (essay) questions.
2025 CFA® Exam Dates: A Detailed Breakdown
If you’re planning to take the CFA® exam in 2025, it’s a good idea to mark your calendar with these testing windows:
CFA® Level I Exam Dates
You can take Level I of the CFA® exam during these windows in 2025:
- February 18–24
- May 19–25
- August 25–31
- November 24–30
CFA® Level II Exam Dates
You can take Level II of the CFA® exam during these windows in 2025:
- May 19–25
- August 25–31
- November 24–30
CFA® Level III Exam Dates
You can take Level III of the CFA® exam during these windows in 2025:
- February 18–24
- August 25–31
Always check the CFA Institute Website
The CFA Institute is the final word on exam dates, so it’s always a good idea to check their website for any last-minute changes to the schedule.
Registration Deadlines and Fees
The CFA exam fees can be a bit of a shock, but there are ways to save a little money. Here’s what you need to know about deadlines and costs.
Early Registration vs. Standard Registration
CFA Institute offers a lower registration fee to candidates who sign up early. Registering early also increases your chances of getting your preferred exam date and location.
[Insert specific early and standard registration deadlines for each 2025 exam window here]
Registration Fees
The standard registration fee for each exam level is $[Insert Standard Fee Here]. However, if you register by the early bird deadline, you’ll only pay $[Insert Early Bird Fee Here].
First-time Level I candidates will also need to factor in a one-time enrollment fee of $350. The good news is that the CFA Institute is discontinuing this fee beginning with the 2026 exams.
Payment Methods
You can pay your CFA exam fees online. Just be sure to keep an eye on those deadlines!
Exam Scheduling, Rescheduling, Deferral, and Cancellation Policies
Once you’ve registered, it’s important to schedule your exam appointment during the assigned scheduling window. If life throws you a curveball, here’s what you need to know about rescheduling, deferring, and canceling your CFA exam.
- Rescheduling: Need to change your exam date? You can, but it’ll cost you. The rescheduling fee is $250.
- Deferral: In certain situations, you might be able to defer your exam to a future date. These situations typically include illness, a family emergency, or military service. The deferral fee is $399.
- Cancellation: Cancellation policies are in place, but refunds are limited. Be sure to read the fine print carefully before you register.
Planning ahead is key to avoiding unnecessary fees and ensuring a smooth exam experience. Good luck!
Preparing for the CFA® Exam
You’ll need to set aside plenty of time to prepare for the CFA® exam. Most experts recommend studying for at least 300 hours for each level.
You should use the official CFA Institute materials and consider third-party resources such as Kaplan Schweser.
It’s also a good idea to create a structured study plan and take practice exams.
Be sure to bring an approved calculator to the exam. You can use the Texas Instruments BA II Plus or the Hewlett Packard 12C.
The Bottom Line
It’s vital to stay up-to-date on the 2025 CFA® exam dates, deadlines, and policies. Register early, plan your studies wisely, and prepare thoroughly. The CFA® designation is a significant achievement, and you can do it! Best of luck as you pursue your dream.