CFA Exam 2023 - Dates (Out), Registration (Open), Test Scheduling, Preparation Tips, Result

What is CFA Exam? - The Chartered Financial Analyst (CFA) program is one of the most sought professions in the field of finance. The CFA exam is conducted by Charted Financial (CFA) Institute across 400 cities worldwide. A Chartered Financial Analyst (CFA®) charter is a designation given to those who have completed the CFA® programme and completed acceptable work experience requirements. CFA exams are divided into three parts - CFA level 1, CFA level 2 and CFA level 3. The CFA® curriculum prepares candidates to be effective and ethical investment management professionals. 

CFA level 1

The Charted Financial Analyst (CFA) Institute conducts level 1  CFA exams four times a year in February, May, August and November. CFA level 1  February 2023 exams will be conducted from February 14 to 20, 2023, in online mode. The rescheduling window for the February 2023 session is open till January 13, 2023. The registrations for May and August 2023 sessions will close on January 31, 2023, and May 09, 2023, respectively. The CFA level 1 exam 2023 will be conducted in online mode. As per the paper pattern of the CFA level 1 exam, candidates have to solve 180 multiple-choice questions split between 135-minute sessions. The results for CFA level 1 are made available within 60 days of the exam date.

CFA level 2

The frequency of exams for the Chartered Financial Analyst (CFA) level 2 program is thrice a year in May, August and November. CFA level 2 May 2023 exams will be conducted from May 23 to 27, 2023. The registration for CFA level 2, May 2023 session is open till January 31, 2023, in online mode. The registration deadline for CFA level 2, August 2023 session is May 09, 2023. The pattern of questions in the online mode of the CFA level 2 exam is vignette-supported multiple-choice questions. The total duration of the CFA level 2 2023 exam is 4 hours split into two equal sessions of 2 hours and 12 minutes with an optional break in between the sessions. The results of CFA level 2 are made available within 60 days of conducting the examination. 

CFA level 3

The Charted Financial Analyst (CFA) Institute conducts the CFA level 3 exams twice a year in February and August. CFA level 3 exams for February 2023 session will be conducted from February 21 to 23, 2023. Registrations for the CFA level 3 for August 2023 session are open till May 09, 2023. Candidates can register for CFA level 3 exams in online mode. The level 3 CFA exams consist of item sets comprised of vignettes with accompanying multiple-choice items and constructed response (essay) questions. The duration of the exam for level 3 CFA exams will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between. The results for CFA level 3 exams will be declared after 90 days on the official website or will be mailed to the candidates.

CFA exams 2023 - Highlights

CFA Exam Level 1 Eligibility Criteria

As the commencing step of the CFA course, candidates need to meet the eligibility criteria of the first level in order to register themselves for this exam. Some of the major prerequisites for CFA level 1 exam are:

• The candidate must have completed their undergraduate degree and those who are in the final year of their graduation are also eligible.
• 4 years of work experience in a finance-related career profile or a combination of their university education as well as employment should be a total of four years.
• The candidate needs to submit more than two reference letters from reputed and established professionals in the Finance and Investment industry.
• Candidate must have a valid international passport.
• Candidates must be prepared to take exams in English.

CFA Exam Level 2 Eligibility Criteria

Candidates should properly check the CFA level 2 eligibility criteria before registering themselves for the exam. Listed below are the prerequisites to appear for the CFA Level 2 exam:

• The candidates must hold a Bachelor's degree or equivalent from a recognized university or an Institute.

• Candidates must have a valid international travel passport.

• Candidates must submit a “Professional Conduct Statement Form”.

• Candidates must have a combination of 4000 hours of work experience and/ or higher education. Dates of professional work experience and education should not be overlapping.

CFA Exam Level 3 Eligibility Criteria

Candidates before registering for CFA level 3 exams should know about the eligibility criteria to enroll in the programme. The eligibility requirements for CFA level 3 2023 has been given below:

• Candidates should have passed both CFA level 1 and CFA level 2 before CFA level 3 registration

• Candidates should have a bachelor’s degree from any recognized university/ college

• Should have a combination of higher education (acquired in at least 4 years) and/or work experience (4000 hours)

• A valid international passport is mandatory

• Proficiency in English

Mode of Application : Offline and Online

Mode of Payment : Net Banking | Credit Card | Debit Card | NEFT | Other

CFA Exam Level 1 Application Details

Chartered Financial Analyst Institute accepts application forms for CFA level 1 online on its official website. 

Steps to register for CFA level 1 exam are:

• Step 1 - Go to the official website - cfainstitute.org
• Step 2 - Click on the option “Program” and select “Register” option from the dropdown menu
• Step 3 - Sign up using the email address and create your CFA account
• Step 4 - Now login using the CFA account details such as email address and password
• Step 5 - Select CFA level 1 course registration and proceed to fill the application form
• Step 6 - Make payment as per the CFA level 1 registration fee
• Step 7 - Download the confirmation receipt and save it for future reference

The registration fee to enroll in CFA Institute varies depending as per the deadlines of registration. It is mandatory for all candidates to submit the one time enrollment fee of USD 450 while registering for the CFA course. Candidates registering within the early registration deadline have to pay USD 700. However, candidates who fill the application form after the early registration deadline but before the last date need to pay a standard registration fee of USD 1000.

CFA Exam Level 2 Application Details

Candidates can register their CFA level 2 exam date on the official website, cfainstitute.org in online mode. Candidates must fill the application form before the last date to appear for the exam. The candidates can follow the below given steps to fill the application form for CFA level 2 2023:

• Visit the official website of CFA institute 

•  Visit the login page and enter your registered e – mail address and password for the previous level

• Now fill the registration form with the necessary details 

• Enter your passport details for the verification purpose e.g. Date of birth, passport number etc. 

• Choose your employer location or profession, and the status of your employment (after that nine questions will be asked about your professional history.)

• Submit the CFA level 2 fees

• Review the registration form and edit if editing is required

CFA Exam Level 3 Application Details

The Chartered Financial Analyst (CFA) Institute has opened the CFA level 3 registration for February and August 2023 session in online mode. Candidates will be able to fill out the CFA level 3 application form from the official website, cfainstitute.org. Candidates to appear for the exams must fill the application forms before the last date. Steps to complete the application process is given below:

• Login to CFA Institute’s official website

• Select level 3 of CFA exam and proceed further

• Now fill all the details in the registration form

• Select the location of your employer, or occupation, or level of education.

• Lastly, pay the required fees to complete the application process

CFA Exam Level 1 Preparation Tips

Candidates to prepare for CFA level 1 exam must dedicate approximately 303 hours of study. They should divide their time carefully to cover all the 10 topics of the curriculum before the CFA level 1 exam date. Candidates should have intense dedication and an effective study plan to pass the CFA level 1 exam. Some of the preparation tips for level 1 exam are:

• Prepare well using the calculators to avoid last minute confusion.

• Try to answer all the questions as there is no negative marking for wrong answers.

• Understand the questions carefully, as if the question is based on U.S.GAAP, it will be stated in the question.

CFA Exam Level 2 Preparation Tips

Candidates need to put a lot of hard work and dedication to clear CFA Level 2 exam. Listed below are some of the tips and tricks candidates can follow to crack the exam:

• Practice difficult questions and topics first as its difficulty level is high.

• Candidates should increase their reading speed. The case studies questions can be of 1 or 2 pages and to sort the relevant points candidates should read it fast.

• Understand the weightage of marks for each topic and then focus on topics having more weight.

• Practice mock papers to increase speed and accuracy. 

CFA Exam Level 3 Preparation Tips

Candidates after clearing CFA level 1 and level 2 exams must focus more on CFA level 3 exams. They can follow the simple tips given below to crack the CFA level 3 exam 2023:

• Appear for mock tests to get practice for CFA level 3 exam before the exam day.

• Answer all questions as there is no negative marking for wrong answers.

• Be comfortable with your calculators.

• Review the CFA exam calendar for key dates and to meet pre-exam deadlines

• Learn to use the hardware/software before the exam to get a good experience on exam day.

CFA Exam Level 1 Exam Pattern

Candidates registering for the CFA Level 1 exam can check the given table to have a better understanding of the CFA exam pattern:

CFA Exam Level 2 Exam Pattern

Before starting the preparation for CFA Level 2 exam, candidates must check the exam pattern and then formulate their study plan accordingly. The exam pattern for CFA level 2 exams has been given below:

CFA level 2 2023 exam pattern

CFA Exam Level 3 Exam Pattern

The exam pattern guide candidates on major CFA level 3 exam details such as how the exam will be conducted, number of questions asked, overall time duration of CFA Level 3 exam, marking scheme etc., By knowing these details, candidates can devise a proper preparation strategy and score good marks.

Exam pattern CFA level 2

CFA Exam Level 1 Admit Card

The Chartered Financial Analyst (CFA) will release the admit card for CFA Level 1 exam to successfully registered candidates on their official website cfainstitute.org. The candidates will be notified on their registered email address or mobile number whenever the ticket is released. The candidates need to register themselves on the official website and then log in to download their CFA Level 1 Admission Ticket. Before viewing their tickets, the candidates are asked to read and agree to conditions, requirements, policies, and procedures of the exam. The admit card of CFA Level 1 is necessary for permission of entry into their respective exam centre.

CFA Exam Level 2 Admit Card

The Chartered Financial Analyst® Institute will release the CFA Level 2 Admission Ticket on its official website 60 days before the CFA Level 2 exam. Candidates can follow the below mentioned steps to download the admit card for CFA level 2 exams:

• Visit the official website of CFA institute

• Click on the 'Login' button

• Enter the login credentials, i.e. Email ID and Password

• The admit card will appear on the screen

• Candidates must download and take a printout of the same for future use

CFA Exam Level 3 Admit Card

The admit card for CFA level 3 exams will be released on the official website. Candidates can access their admit card by logging with their email ID and password. Follow the steps mentioned below to know how to download the CFA 2023 level 3 exams admit card:

• Visit the official website of CFA institute

• Click on the 'Login' button

• Enter the login credentials, i.e. Email ID and Password

• The admit card will appear on the screen

• Candidates must download and take a printout of the same for future use

CFA Exam Level 1 Result

Level I CFA candidates are provided with a "pass" or "did not pass" message via email on the result date. The email will inform include the percentage of students who passed, and it will also provide a link to detailed information on the candidates performance. The results will also be available on the CFA institute website. Candidates can expect the CFA level 1 exam results within 60 days of the exam.

CFA level 1 pass percentage of previous years

CFA® Institute releases the pass percentage after each exam window is conducted successfully. After each session of February, May, August and November exams, the subsequent pass percentage is declared along with the results. The table below shows pass percentage for consecutive sessions for previous years.

CFA level 1 pass percentage

CFA Exam Level 2 Result

The Chartered Financial Analyst (CFA) Institute releases the result within 60 days after conducting the CFA level 2 exams. The result can be checked by candidates on the official website by logging into their CFA account. The CFA Institute also provides the results to candidates on their registered email address and phone number.

How to check the result -

• Step 1 - Login to the official website of CFA - www.cfainstitute.org
• Step 2 - Login to your account and click on the option “CFA level 2 result”
• Step 3 - Detailed CFA level 2 result will be displayed on the screen
• Step 4 - Download and print it for future reference

CFA level 2 pass percentage

The pass rate of CFA level II exams for November 2022 was 48 percent. The candidate may look at the pass rates from previous years to get a sense of the exam's complexity and competition and prepare accordingly.

CFA level 2 pass percentage of previous years

CFA Exam Level 3 Result

The result for Charted Financial Analyst (CFA) will be graded as “pass” or “fail” along with their topic-wise performance. The CFA Institute also sends the CFA® Level 3 result on the student’s registered email address. Candidates who pass the CFA level 2 exam automatically advance to the CFA® level 3. Candidates can check their official result on the official website by following the steps given below:

Step 1- Visit the official website www.cfainsistute.org

Step 2- Click on the available result link

Step 3- Select the CFA® level 3 course

Step 4- Login with valid credentials- email id and password when the result page appears on the screen

Step 5- Click on the download result CFA level 3 tab and the main result will appear on the screen.

Step 6- The candidate can download the result and take a printout for future reference.

CFA level 3 pass percentage

Candidates can look at the following years pass rates to understand the difficulty of the exam and the competition and prepare well.

CFA level 2 pass percentage of previous years