2020 & 2021 CFA Exam Dates and Schedule

Keeping track of the CFA exam schedule, exam dates, and deadline for registration is tricky. Get started down that path today by learning about the new changes to the 2021 CFA Program exam schedule.

Exam Schedule Changes

On August 4th, 2020, the CFA Institute, the governing body for the CFA Program exam, announced that the 2021 exams would be moving to computer-based testing for all three levels. The announcement also included an additional 2021 test date for both the Level II and Level III exams, moving these from one test date annually to two.

Check out the chart below to see when exam registration opens and the dates when you could potentially be taking your test, as the Level I computer-based exam will be offered four times a year and the Level II and Level III ones are being offered two times a year.

We’ve designated if an exam is a paper-based test (PBT) or a computer-based test (CBT) so you can come prepared based on your test format. However, also keep in mind how much time you need to study and the test date that best fits into your schedule as you make your selection.

February 2021 registration is open now

May, August, and November 2021 dates open on August 20th, 2020

CFA Level 1 Exam dates

CFA Level 2 Exam dates

CFA Level 3 Exam dates

If you are a June postponed 2020 candidate
NOT YET REGISTERED
You may register for your exam between August 4th – October 20th

Your options include
-December 2020 PBT
(Registration closes August 19th)
-February 2021 CBT
-May 2021 CBT
-August 2021 CBT
-November 2021 CBT

Your options include
-December 2020 PBT
(Registration closes August 19th)
-May 2021 CBT
-August 2021 CBT

Your options include
-December 2020 PBT
(Registration closes August 19th)
-May 2021 CBT
-November 2021 CBT

If you are currently registered for December

If you want to change your exam, you may register changes between August 4th – October 20th

Your options include
-December 2020 PBT
(No action required)
-February 2021 CBT
-May 2021 CBT
-August 2021 CBT
-November 2021 CBT

Your options include
-December 2020 PBT
(No action required)
-May 2021 CBT
-August 2021 CBT

Your options include
-December 2020 PBT
(No action required)
-May 2021 CBT
-November 2021 CBT

If you are currently registered for February

-February 2021 CBT
(No action required)

 

 

If you are currently registered for June

Please choose a new exam as soon as possible
Select December 2020 by August 19th or register for a CBT exam between August 4th – October 20th

 

Your options include
-December 2020 PBT
(Registration closes August 19th)
-May 2021 CBT
-August 2021 CBT

Your options include
-December 2020 PBT
(Registration closes August 19th)
-May 2021 CBT
-November 2021 CBT

Source: CFA Exam Testing Schedule

CFA Exam Updates for Postponed Candidates

Those candidates who were postponed from June 2020 can register for the December exam, which is still paper based. Or, you may switch to any open 2021 date for the level you wish to test for. However, keep in mind that if you’d like to switch from the December paper-based exam to a computer-based exam date, then you will need to do so by October 20th.

Additionally, if you were postponed before and your new exam ends up being postponed too, then you will be able to defer again or request a refund for the registration fee.

December 2020 CFA Exam Schedule

This exam is the last paper-based test, and registration will close at 11:59pm ET on August 19th, 2020. However, keep in mind that the CFA Institute is still monitoring the COVID-19 situation and will communicate any changes or cancellations of exams to candidates as they arise. But as of now, the testing schedule for various regions is as follows. 

EMEA and AMER:

  • Saturday, December 5th, 2020: All exam levels

APAC:

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

The CFA Institute says that exams will be administered everywhere they’re permitted to do so, but they will be done so with appropriate measures, such as social distancing, in place. The specific protocols for the exam will be communicated ahead of time by the CFA Institute.

If you have special circumstances, like not being able to wear a mask for medical reasons, the CFA Institute will send out instructions on how to communicate your needs after exam center requirements have been established.

2021 and 2022 CFA Exam Schedule

Looking ahead to the computer-based testing, you can start registering on August 20th, 2020 for the 2021 exams. The exams will be offered several times, and according to the CFA Institute, each exam will be offered in scheduling windows of up to ten days, depending on location. The dates are as follows:

2021:

  • For Level 1 in February, May, August, and November
  • For Level 2 in May and August
  • For Level 3 in May and November

2022:

  • For Level 1 in February, May, August, and November
  • For Level 2 in February and August
  • For Level 3 in May and November

Note that you will NOT be able to sit exams in adjacent testing windows. As an example, a Level I candidate who sits the exam in May 2021 and fails to pass may not register again until the November exam.

CFA 2021 2022 updates

CFA Exam Alternate Dates and Disability Accommodations

If you have a religious obligation or belief that prevents you from taking the exam on the scheduled day, the CFA Institute offers alternate dates. They also accommodate other special needs or health disabilities. CFA Institute disability policies provide more information on alternate dates or disability accommodations for paper-based and computer-based testing.

CFA Exam Registration

The 2020 CFA Exam registration fees for each deadline – early, standard, and late are listed below:

One-time Enrollment Fee


$450
USD

Early Registration Fee


$700
USD

Standard Registration Fee


$1,000
USD

Late Registration Fee


$1,340
USD

CFA Exam Fees

The registration fees and deadlines for all three levels will be the same. However, one must still pay the enrollment fee prior to starting the CFA Program or registering for the first time for the Level I exam. Beyond that, here are some answers to commonly asked fee questions.

What is the pricing for December candidates registering for the May exam?  
For December 2020 candidates who want to take the May 2021 exam at any level, the standard registration fees still apply. However, note that the CFA Institute does offer early pricing for the August and November administrations respectively. 

Can I get a refund?  
According to the CFA Institute, per the terms of the Candidate Agreement, refunds are not normally offered once registration has been accepted. However, due to the unusual circumstances of COVID-19, those candidates who were postponed from June 2020 and whose subsequent exam is also postponed will be able to defer again or request a refund for the June 2020 registration fee.

In my refund, what will I get back?
For those eligible for a refund, it will include the price of the registration for the June 2020 exam. According to the CFA Institute, the one-time $450 enrollment fee that new Level I candidates pay will not be refunded. This enrollment fee will stay in your account, and when you register for a later exam, that fee will not be charged again.  

How long does it take to receive a refund?
Due to the unprecedented circumstances, eligible refunds will be processed approximately 120 days from the day of the request.

 

To adapt your studies based on these exam changes, learn everything you need to know about the CFA computer-based testing.

CFA Scholarships Deadlines and Dates

Access Scholarship
The CFA Access scholarship application is open from mid-April through September 15.

Student Scholarship
The application deadline for the Student scholarship is February 8 for the June exams. Applications will be accepted for the December 2020 exam cycle starting February 5, 2020.

Women’s Scholarship
Applications for the Women’s Scholarship will be accepted for the December 2020 exam cycle starting February 5, 2020.

Professor Scholarship
The application deadline for the Professor scholarship is February 1 for the June exam and September 1 for the December exam.

Regulator Scholarship
The application deadline for the Regulator scholarship is February 1 for the June exam and September 1 for the December exam.

Media Scholarship
The application deadline for the Media scholarship is February 1 for the June exam and September 1 for the December exam.

You can learn more and apply for a scholarship on CFA Institute’s website.

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