CFA Exam Dates 2023-2024: When is the CFA Exam? (2023)

FAQs

CFA Exam Dates 2023-2024: When is the CFA Exam? ›

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.

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.

In 2023, the CFA exam takes place: level 1 – FEB 14-20, MAY 16-22, AUG 22-28, and NOV 11-17, level 2 – MAY 23-27, AUG 29-SEPT 2, and NOV 18-22, level 3 – FEB 21-23 and AUG 29-SEPT 5.

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. But that's ok because it gives you maximum time to review your exam results, brush up on where you fell short, and review the rest of the material.

Studying for 6 months is the industry standard and is actually why CFA Institute implemented the requirement that candidates cannot sit for an exam within 6 months of a previous attempt.

If you read two hours per day on weekdays and eight hours on the weekends, then it will take about 17 weeks (four months) to complete all of the readings. Weekends and nonworking days are the best time to study for the CFA exam.

According to CFA Institute, it takes a typical candidate an average of: 4+ years to complete the CFA program; 300+ hours of studying per Level. 6 months of preparation for each exam (i.e. about 11.5 hours study per week assuming 300 hours)

Many CFA charterholders consider the Level 3 CFA Exam the most difficult because of the time and thought needed to answer the constructed responses successfully. While the typical Level 3 CFA Exam pass rates are the highest of the CFA Exams, only around 56% of CFA candidates pass the exam.

CFA candidates can expect to study for over 300 hours over the course of six to nine months to prepare for the exam.

Is CFA relevant in 2023? ›

Yes, CFA exam is helpful for getting into Investment banking as it trains the candidate for the core finance skills such as valuations.

Level 1 ranges from 22%-49%, with a 12-year average of 39%; Level 2 ranges from 29%-55%, with a 12-year average of 44%; Level 3 ranges from 39%-56%, with a 12-year average of 50%.

The CPA certification is typically viewed as more difficult than the CFA because it covers a broader set of topics. The CPA exam broadly focuses on all aspects of accounting while the CFA exam solely focuses on finance. In the end, the difficulty of either exam depends largely on your knowledge and experience.

Candidates will have a total of six maximum attempts per exam level. Partially completed exams (e.g., completion of only one session) count towards the maximum attempts.

We recommend 6 months of studying per level to minimize fail chances, which is the biggest setback you can risk. Therefore, the quickest (practical) way to a CFA charter is about 12-18 months, from starting Level 1 to finishing Level 3.

You can do CFA anytime. Just make sure you clear all the three levels. It will be beneficial in the long-run in the finance world. All the best.

You'll pay multiple fees to take the CFA exam. The one-time enrollment fee is $350. The standard registration fee for each level of the exam is $1,200.

The Chartered Financial Analyst credential is one of the most demanding exams when it comes to preparation and study time required. The average pass rate for the CFA Level 1 is only 41%.

If you are a CFA Candidate with a finance background and are working on passing the CFA Level 1 Exam, some job opportunities available to you include: Investment Banking Analyst. Junior Financial Analyst. Personal Financial Advisor.

What is the pass rate for CFA Level 1? ›

Level I, II and III pass rates equaled 36%, 44%, and 48%, respectively. Since the CFA began administering the program in 1963, Level I, II, and III pass rates have averaged 41%, 46%, and 56%, respectively, with a total of 2.1 million, 963,594, and 543,322 separate exams taken at those respective levels.

The CFA^® Institute says that it takes the average candidate four years to finally become a licensed CFA^®. However, some people have said it took them up to seven years to finally pass all three levels. On the other hand, the most accomplished CFA ^®candidates have passed all three exams in 18 months.

CFA Institute recommends you aim to spend at least 300 hours preparing for the Level I exam.

There is no limit to the amount of time you have to complete the CFA Program. Beginning with the 2021 computer-based exams, each level exam can be taken twice each year, with a total of six maximum attempts per exam level. Attending the exam and completing any portion of the exam, will count as an exam attempt.

How Long Does the CFA Level I Exam Last? The Level I exam consists of 180 multiple choice questions, split between two 135-minute sessions (session times are approximate). There is an optional break between sessions.

According to the Wall Street Journal, the CFA exam is the most difficult exam in the world, with less than 1/5th of candidates clearing it, after repeated attempts, on a yearly basis.

How long does the CFA^® Program take to complete? With Level I exams in June and December and Level II and III exams in June, it is possible to complete the CFA Program in two years. However, with a recommended study time of 300 hours per exam level, it takes most people three to four years to complete the full program.

The CFA exam calculator policy allows only two calculator models for the exam: Texas Instruments (TI) BA II Plus (including BA II Plus Professional) Hewlett Packard (HP) 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th-anniversary edition, and HP 12C Prestige)

What is the difference between CFA Level 1 and 2? ›

The CFA Level I exam consists of 180 questions, and each of these questions is unrelated to the others. By contrast, Level II questions are organized as “item sets,” each based on a shared common vignette and containing 4–6 multiple-choice questions. Generally, these questions will all dig into a single topic.

No, it is not too late. The CFA is a designation, it simply informs the world that you have passed 3 incredibly difficult tests that cover a very wide swath of investment topics. Where the age comes into play is time constraints and work experience.

It's not too late for the CFA, or an MBA, or a master degree in cows.

There are no changes to 2023's CFA level 1 topic weights compared to 2022's. Back in 2021, CFA Institute changed CFA Level 1's topic weights to be a range rather than an absolute % as per previous years.

On average the base CFA Salary In US is $126,000 USD and total compensation of about $177,000 USD. CFA Professionals have a wide range of scope to hold different positions in the finance industry in various streams such as trading, asset management, investment portfolio management, and the like.

At 106, Irving Kahn is the oldest living, active investment professional.

Now here comes level II. You pass—congratulations, you are almost done. This is a big deal—you have just one more to go; it's less than a year away and then once you pass that last one you'll practically be a charterholder.

Salaries can vary widely for both CFAs and CPAs based on location, experience level, and company size. That being said, according to Payscale the average salary for a CFA is $102,000 and the average salary for a CPA is $94,000.

The CPA is great if you want to rise up the finance department at a corporate business and ultimately become the CFO, or if you want to rise up the ranks at a public accounting firm. The CFA credential, by contrast, is great if you want to work at a bank and, in particular, in investment management or equity research.

When deciding whether to go for CPA or CFA, the first and foremost consideration is the relevance to your career. Other than that, CPA has more restrictive education and experience requirements, but once you get qualified, the process is much faster. CFA has a lower entry barrier, but it takes much longer to complete.

How is CFA Level 1 2023 structured? ›

The level 1 CFA exam consists of two sessions taken on the same day with an optional break meanwhile. Each session includes 90 multiple-choice (a-b-c) questions. You'll have 1.5 minutes per question on average.

To become a Chartered Financial Analyst (CFA), you must pass a series of three CFA exams administered by the CFA Institute. The first exam is offered four times a year, while the second and third exams are each only offered twice annually.

The 2023 level 2 CFA exam fees increased by USD 200 for both early registration and standard registration. The early-bird fee for the 2023 level 2 CFA exam is USD 900 and the standard fee is as high as USD 1200. The deadlines end at 11:59 p.m. ET.

Is the CFA Level III Exam Harder than Level II? Yes, the Level III exam is harder than the Level II exam because the Level III exam contains a constructed response section, and your knowledge in Portfolio Management and Wealth Planning makes up 35-40% of your score.

Many CFA charterholders consider the Level 3 CFA Exam the most difficult because of the time and thought needed to answer the constructed responses successfully. While the typical Level 3 CFA Exam pass rates are the highest of the CFA Exams, only around 56% of CFA candidates pass the exam.

2023 CHANGES TO LEVEL 1 CFA EXAM READING LIST. There are 73 modules in 2023 level 1 CFA exam curriculum (vs 60 readings in 2022). No readings were removed compared to 2022 curriculum and three readings were added. Also, 6 readings in Corporate Issuers include updates.

We recommend 6 months of studying per level to minimize fail chances, which is the biggest setback you can risk. Therefore, the quickest (practical) way to a CFA charter is about 12-18 months, from starting Level 1 to finishing Level 3.

Start six to nine months ahead of time to study for the level 3 CFA exam and finish the syllabus three months before the exam date.

Just How Hard Is The CFA Exam? The Chartered Financial Analyst credential is one of the most demanding exams when it comes to preparation and study time required. The average pass rate for the CFA Level 1 is only 41%. For Level 2, you're looking at a buzzsaw passage rate of 45%.

Does CFA Level 1 expire? ›

CFA Program exam results do not expire, and you are not required to enroll each year. There is no limit to the amount of time you have to complete the CFA Program.

May 2021 CFA exam pass rate: Level 1: 25% Level 2: 40% Level 3: 42%