The CFA examination is a rigorous and difficult three-level examination that’s well known because the gold normal for funding professionals. The examination is obtainable twice a 12 months, in June and December. The 2025 CFA examination dates have been introduced, and candidates who’re planning to take the examination ought to begin getting ready now.
The Stage I CFA examination can be provided on June 6, 2025, and December 6, 2025. The Stage II CFA examination can be provided on June 13, 2025, and December 13, 2025. The Stage III CFA examination can be provided on June 20, 2025, and December 20, 2025. Candidates who’re planning to take the examination ought to register early to safe their spot. The registration deadline for the June 2025 exams is March 8, 2025, and the registration deadline for the December 2025 exams is September 6, 2025.
The CFA examination is a difficult examination, however it is usually a rewarding one. Candidates who go the examination can have a deep understanding of the funding business and can be well-prepared for a profitable profession in finance. In case you are fascinated about a profession in finance, the CFA examination is a good way to get began. The examination will take a look at your data and expertise, and it’ll allow you to to develop the abilities that you might want to succeed within the area.
Stage I Examination Dates
The CFA Institute presents the Stage I examination thrice a 12 months: in February, Could, and August. In 2025, the Stage I examination can be held on the next dates:
| Month | Examination Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| February | February 21, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Could | Could 16, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August | August 15, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Examination Date | Registration Deadline | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| February 21, 2025 | December 16, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Could 16, 2025 | March 17, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| August 15, 2025 | June 16, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Examination Date | Registration Deadline |
|---|---|
| Could 16-17, 2025 | February 15, 2025 |
| November 7-8, 2025 | August 15, 2025 |
The Stage II examination is a 6-hour examination that covers a variety of subjects, together with monetary reporting and evaluation, company finance, economics, quantitative strategies, and portfolio administration. Candidates who go the Stage II examination can be awarded the Chartered Monetary Analyst (CFA) designation.
Candidates who’re planning to take the Stage II examination in 2025 ought to begin getting ready early. The CFA Institute recommends that candidates spend at the least 300 hours getting ready for the examination. Candidates also needs to familiarize themselves with the examination format and content material by reviewing the CFA Institute’s web site.
Stage III Examination Dates
The CFA Stage III examination is obtainable twice a 12 months, in Could and November. In 2025, the Stage III examination dates are as follows:
| Examination Date | Registration Deadline |
| Could 17-18, 2025 | March 3, 2025 |
| November 8-9, 2025 | September 8, 2025 |
Candidates should register for the CFA Stage III examination by the registration deadline with the intention to be eligible to take the examination. Late registration just isn’t accessible for the CFA Stage III examination.
The CFA Stage III examination is a 6-hour, 240-question examination that covers a variety of subjects, together with:
- Moral {and professional} requirements
- Economics
- Monetary reporting and evaluation
- Company finance
- Fairness investments
- Fastened revenue
- Derivatives
- Various investments
- Portfolio administration
- Wealth planning
Candidates who go the CFA Stage III examination can be awarded the Chartered Monetary Analyst (CFA) designation.
Early Registration Deadlines
2025 Examination Dates and Deadlines
The CFA Institute has introduced the examination dates and early registration deadlines for the CFA exams in 2025. The examination window for all ranges can be August 8-26, 2025.
The early registration deadlines for every stage are as follows:
| Stage | Deadline |
|---|---|
| Stage I | March 15, 2025 |
| Stage II | April 12, 2025 |
| Stage III | Could 10, 2025 |
Advantages of Early Registration
There are a number of advantages to registering early for the CFA exams.
- Get monetary savings: The early registration price is considerably decrease than the usual registration price.
- Safe your seat: The CFA exams are well-liked, and early registration will guarantee that you’ve got a seat in your required testing heart.
- Get a head begin in your research: The additional time it’s a must to put together gives you a big benefit on examination day.
- Elevated possibilities of success: Research have proven that candidates who register early usually tend to go the CFA exams.
In case you are planning to take the CFA exams in 2025, it’s extremely advisable that you simply register early to benefit from these advantages.
Common Registration Deadlines
The next desk outlines the common registration deadlines for the CFA exams in 2025:
| Examination Stage | Examination Date | Registration Deadline |
|---|---|---|
| Stage I | Could 31, 2025 | March 8, 2025 |
| Stage II | June 21, 2025 | April 5, 2025 |
| Stage III | August 9, 2025 | June 7, 2025 |
Be aware: Early registration reductions can be found for many who register early. The early registration deadline is often two months earlier than the common registration deadline.
Late Registration Deadlines
For candidates who miss the usual registration deadlines, late registration is out there topic to extra charges. Nonetheless, it is important to notice that late registration will not be accessible for all examination ranges and places.
The next desk outlines the late registration deadlines, charges, and availability for every CFA examination stage in 2025:
| Examination Stage | Late Registration Deadline | Further Charge | Availability |
|---|---|---|---|
| Stage I | March 27, 2025 | USD 250 | Restricted availability |
| Stage II | Could 12, 2025 | USD 250 | Restricted availability |
| Stage III | August 11, 2025 | USD 250 | Restricted availability |
Necessary Notes:
- Late registration charges are non-refundable.
- Late registration is topic to seat availability and will not be accessible in any respect examination places.
- Candidates who fail to register by the late registration deadline is not going to be eligible to take the examination.
Rating Launch Dates
The CFA Institute releases examination scores on particular dates all year long. The dates could fluctuate barely relying on the extent of the examination and the geographical location of the candidate.
Stage I
Candidates taking the Stage I examination can count on to obtain their scores roughly 6-8 weeks after the examination date.
Stage II
Stage II examination scores are sometimes launched 8-10 weeks after the examination date.
Stage III
The discharge date for Stage III examination scores is often 11-13 weeks after the examination date.
Necessary Issues
- Rating launch dates are topic to vary with out discover.
- Candidates are inspired to examine their CFA Institute account repeatedly for essentially the most up-to-date data.
- If a candidate doesn’t obtain their rating on the anticipated launch date, they need to contact the CFA Institute.
Examination Dates 2025
| Examination Stage | Examination Dates | Rating Launch |
|---|---|---|
| Stage I | February 23-27, 2025 | April 24-28, 2025 |
| Stage I | August 8-11, 2025 | October 16-20, 2025 |
| Stage II | Could 5-7, 2025 | July 10-14, 2025 |
| Stage II | November 13-15, 2025 | January 15-19, 2026 |
| Stage III | Could 12-14, 2025 | August 7-11, 2025 |
| Stage III | November 19-21, 2025 | February 5-9, 2026 |
Charge Cost Info
The CFA examination registration price varies relying on the extent of the examination and whether or not you’re a CFA Institute member. The desk beneath outlines the price construction for the 2025 CFA exams:
| Examination Stage | CFA Institute Member Charge | Non-Member Charge |
|---|---|---|
| Stage I | $1,000 | $1,250 |
| Stage II | $1,150 | $1,350 |
| Stage III | $1,250 | $1,450 |
Cost Strategies
You may pay your CFA examination registration price on-line utilizing a bank card (Visa, MasterCard, or American Categorical) or by examine or cash order.
Early Registration Reductions
CFA Institute presents a reduction on examination registration charges for candidates who register early. The early registration deadline for the 2025 CFA exams is often round six months earlier than the examination date. The low cost quantity varies relying on the examination stage and whether or not you’re a CFA Institute member.
Refund Coverage
CFA Institute doesn’t provide refunds for examination registration charges. Nonetheless, you could possibly defer your examination registration to a later date when you’ve got a sound purpose, comparable to a medical emergency.
Further Charges
Along with the registration price, you may additionally have to pay extra charges for supplies comparable to research supplies, observe exams, and examination preparation programs.
Cost Deadline
The fee deadline for the CFA examination registration price is often round one month earlier than the examination date. Late registration charges could apply should you register after the fee deadline.
Examination Length and Format
The CFA examination is a rigorous, three-level examination that covers a variety of funding and finance subjects. Every stage has its personal period and format, designed to check candidates’ data and expertise in several areas.
### Stage 1 Length and Format
Stage 1 of the CFA examination is a six-hour examination that consists of 240 multiple-choice questions. Candidates have 2 hours and 45 minutes to finish every of the 2 classes.
### Stage 2 Length and Format
Stage 2 of the CFA examination is a six-hour examination that consists of 120 multiple-choice questions and 6 essay questions. Candidates have 2 hours and 45 minutes to finish the multiple-choice part and three hours to finish the essay part.
### Stage 3 Length and Format
Stage 3 of the CFA examination is a six-hour examination that consists of 120 multiple-choice questions and 9 essay questions. Candidates have 2 hours and 45 minutes to finish the multiple-choice part and three hours to finish the essay part.
### A number of-Alternative Questions
The multiple-choice questions on the CFA examination are designed to check candidates’ data of a variety of funding and finance subjects. The questions are sometimes scenario-based and require candidates to use their data to real-world conditions.
### Essay Questions
The essay questions on the CFA examination are designed to check candidates’ vital pondering and problem-solving expertise. The questions sometimes require candidates to research a state of affairs and supply a well-reasoned response.
### Examination Schedule
The CFA examination is often provided twice a 12 months, in June and December.
| Stage | June | December |
|---|---|---|
| Stage 1 | First Saturday of June | First Saturday of December |
| Stage 2 | Final Saturday of June | Final Saturday of December |
| Stage 3 | First Saturday of Could | First Saturday of November |
Necessary Modifications for 2025
1. Pc-Based mostly Examination for Stage II
Starting in Could 2025, Stage II of the CFA examination will transition to a computer-based format. This can present candidates with better flexibility and comfort.
2. Lowered Examination Time for Stage III
The examination time for Stage III can be decreased from six hours to 5 hours in Could 2025. This variation is meant to attenuate candidate fatigue.
3. Delay of Stage II and III Exams
The Stage II and III exams scheduled for December 2024 have been delayed to Could 2025. This delay will permit candidates extra time to organize for the brand new computer-based format.
4. Revised Essay Questions for Stage II
The essay questions on Stage II can be revised to higher mirror the real-world work of economic analysts.
5. Up to date Curriculum for All Ranges
The CFA Institute will replace the curriculum for all three ranges of the examination in 2025. This replace will mirror the newest developments within the monetary business.
6. Elevated Emphasis on Portfolio Administration
The brand new curriculum will place a better emphasis on portfolio administration expertise, that are important for CFA charterholders.
7. New Examination Registration Platform
The CFA Institute will launch a brand new examination registration platform in 2025. This platform can be designed to enhance the candidate expertise.
8. Revised Calendar for Examination Dates
The examination dates for 2025 have been revised as follows:
| Stage | Date |
|---|---|
| Stage I | Could 30-31, 2025 |
| Stage II | Could 20-21, 2025 |
| Stage III | Could 12-13, 2025 |
9. Charge Modifications
The examination charges for 2025 have been revised as follows:
| Stage | Early Registration Charge | Normal Registration Charge |
|---|---|---|
| Stage I | $700 | $800 |
| Stage II | $1,000 | $1,100 |
| Stage III | $1,300 | $1,400 |
10. Candidate Assist
The CFA Institute will present extra assist to candidates who’re transitioning to the computer-based examination format. This assist will embrace webinars, observe exams, and technical help.
CFA Examination Dates 2025
The Chartered Monetary Analyst (CFA) examination is a rigorous certification program that assessments the abilities and data of funding professionals. The examination is obtainable twice a 12 months, in June and December. In 2025, the CFA examination dates are as follows:
- Stage I: June 7-8, 2025
- Stage II: June 14-15, 2025
- Stage III: June 21-22, 2025
Folks Additionally Ask
When is the final day to register for the CFA examination?
The final day to register for the CFA examination is often 4 to 6 weeks earlier than the examination date. For the 2025 exams, the final day to register is as follows:
- Stage I: Could 5, 2025
- Stage II: Could 19, 2025
- Stage III: June 2, 2025
What are the charges for the CFA examination?
The charges for the CFA examination fluctuate relying on the extent of the examination. For the 2025 exams, the charges are as follows:
- Stage I: $1,000
- Stage II: $1,450
- Stage III: $1,700
