UPCOMING CHANGES TO THE CFA® EXAM CYCLE Updated 7 December 2020

LEVEL I LEVEL II LEVEL III

Starting in 2021, JAN

computer-based FEB LEVEL I
testing begins for
all levels. MAR* LEVEL I - Registration opening soon!
APR
*March window is for select MAY LEVEL I LEVEL II LEVEL III
deferred December/February
candidates only. JUN
JUL LEVEL I - Registration opening soon!
Our policy is that there must
AUG LEVEL I LEVEL II LEVEL III - Registration opening soon!
be a minimum of six months
between exams; this allows SEP
candidates 6-9 months
between testing windows.
OCT
NOV LEVEL I LEVEL II - Registration opening soon! LEVEL III
DEC
In 2022, Level I will be FEB LEVEL I LEVEL II
offered each quarter. LEVEL III
MAY LEVEL I
Level II and III will AUG LEVEL I LEVEL II
alternate each quarter. NOV LEVEL I LEVEL III

IF YOU ARE PURSUING LEVEL I, YOUR PATH COULD LOOK LIKE THIS:

LEVEL I PASS LEVEL II PASS LEVEL III PASS CHARTER*

DEC 2020 MAY 2021 NOV 2021
FAIL FAIL

LEVEL I LEVEL II
MAY 2021 NOV 2021

LEVEL I PASS LEVEL II PASS LEVEL III PASS CHARTER*

FEB 2021 AUG 2021 MAY 2022
FAIL FAIL

LEVEL I LEVEL II
AUG 2021 FEB 2022

LEVEL I PASS LEVEL II PASS LEVEL III PASS CHARTER*

MAR 2021 NOV 2021 MAY 2022
FAIL FAIL

LEVEL I LEVEL II
NOV 2021 AUG 2022

LEVEL I PASS LEVEL II PASS LEVEL III PASS CHARTER*

MAY 2021 NOV 2021 MAY 2022
FAIL FAIL

LEVEL I LEVEL II
NOV 2021 AUG 2022

LEVEL I PASS LEVEL II PASS LEVEL III PASS CHARTER*

JULY 2021 FEB 2022 NOV 2022
FAIL FAIL

LEVEL I LEVEL II
FEB 2022 AUG 2022

IF YOU ARE PURSUING LEVEL II, YOUR PATH COULD LOOK LIKE THIS:

LEVEL II PASS LEVEL III PASS CHARTER*

DEC 2020 MAY 2021
FAIL FAIL

LEVEL II LEVEL III

MAY 2021 NOV 2021

LEVEL II PASS LEVEL III PASS CHARTER*

MAY 2021 NOV 2021
FAIL FAIL

LEVEL II LEVEL III

NOV 2021 MAY 2022

LEVEL II PASS LEVEL III PASS CHARTER*

AUG 2021 MAY 2022
FAIL FAIL

LEVEL II LEVEL III

FEB 2022 NOV 2022

IF YOU ARE PURSUING LEVEL III, YOUR PATH COULD LOOK LIKE THIS:

LEVEL III PASS CHARTER*

DEC 2020
FAIL

LEVEL III PASS CHARTER*

MAY 2021

LEVEL III PASS CHARTER*

MAY 2021
FAIL

LEVEL III PASS CHARTER*

NOV 2021

*Learn more about requirements to earn your charter. https://www.cfainstitute.org/programs/cfa/charter