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 making ready now.
The Stage I CFA examination will likely be supplied on June 6, 2025, and December 6, 2025. The Stage II CFA examination will likely be supplied on June 13, 2025, and December 13, 2025. The Stage III CFA examination will likely be supplied 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’s also a rewarding one. Candidates who move the examination may have a deep understanding of the funding trade and will likely be well-prepared for a profitable profession in finance. In case you are considering a profession in finance, the CFA examination is a good way to get began. The examination will take a look at your information and abilities, and it’ll allow you to to develop the talents that you’ll want to succeed within the subject.
Stage I Examination Dates
The CFA Institute affords the Stage I examination 3 times a 12 months: in February, Might, and August. In 2025, the Stage I examination will likely be held on the next dates:
Candidates should register for the examination by the next deadlines:
| Month | Examination Date |
|---|---|
| February | February 21, 2025 |
| Might | Might 16, 2025 |
| August | August 15, 2025 |
The Stage I examination is a computer-based examination that’s administered over a two-day interval. The examination consists of 240 multiple-choice questions. Candidates are given six hours to finish the examination.
Stage II Examination Dates
The CFA Stage II examination is obtainable twice a 12 months, in Might and November. The examination dates for 2025 are as follows:
| Examination Date | Registration Deadline |
|---|---|
| February 21, 2025 | December 16, 2024 |
| Might 16, 2025 | March 17, 2025 |
| August 15, 2025 | June 16, 2025 |
| Examination Date | Registration Deadline |
|---|---|
| Might 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 move the Stage II examination will likely be awarded the Chartered Monetary Analyst (CFA) designation.
Candidates who’re planning to take the Stage II examination in 2025 ought to begin making ready early. The CFA Institute recommends that candidates spend at the least 300 hours making ready for the examination. Candidates must also 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 Might and November. In 2025, the Stage III examination dates are as follows:
| Examination Date | Registration Deadline |
| Might 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 a purpose to be eligible to take the examination. Late registration is just not out there 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 earnings
- Derivatives
- Various investments
- Portfolio administration
- Wealth planning
Candidates who move the CFA Stage III examination will likely 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 will likely be August 8-26, 2025.
The early registration deadlines for every degree are as follows:
| Stage | Deadline |
|---|---|
| Stage I | March 15, 2025 |
| Stage II | April 12, 2025 |
| Stage III | Might 10, 2025 |
Advantages of Early Registration
There are a number of advantages to registering early for the CFA exams.
- Lower your expenses: The early registration price is considerably decrease than the usual registration price.
- Safe your seat: The CFA exams are widespread, and early registration will guarantee that you’ve got a seat in your required testing middle.
- Get a head begin in your research: The additional time it’s important to put together will provide you with a major benefit on examination day.
- Elevated probabilities of success: Research have proven that candidates who register early usually tend to move the CFA exams.
In case you are planning to take the CFA exams in 2025, it’s extremely really useful that you just 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 | Might 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 individuals who register early. The early registration deadline is usually two months earlier than the common registration deadline.
Late Registration Deadlines
For candidates who miss the usual registration deadlines, late registration is offered topic to further charges. Nonetheless, it is important to notice that late registration is probably not out there for all examination ranges and places.
The next desk outlines the late registration deadlines, charges, and availability for every CFA examination degree in 2025:
| Examination Stage | Late Registration Deadline | Extra Payment | Availability |
|---|---|---|---|
| Stage I | March 27, 2025 | USD 250 | Restricted availability |
| Stage II | Might 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 is probably not out there 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 might range 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 usually 11-13 weeks after the examination date.
Necessary Concerns
- Rating launch dates are topic to alter with out discover.
- Candidates are inspired to examine their CFA Institute account recurrently for probably the most up-to-date info.
- 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 | Might 5-7, 2025 | July 10-14, 2025 |
| Stage II | November 13-15, 2025 | January 15-19, 2026 |
| Stage III | Might 12-14, 2025 | August 7-11, 2025 |
| Stage III | November 19-21, 2025 | February 5-9, 2026 |
Payment Fee Data
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 Payment | Non-Member Payment |
|---|---|---|
| Stage I | $1,000 | $1,250 |
| Stage II | $1,150 | $1,350 |
| Stage III | $1,250 | $1,450 |
Fee Strategies
You may pay your CFA examination registration price on-line utilizing a bank card (Visa, MasterCard, or American Specific) or by examine or cash order.
Early Registration Reductions
CFA Institute affords a reduction on examination registration charges for candidates who register early. The early registration deadline for the 2025 CFA exams is usually round six months earlier than the examination date. The low cost quantity varies relying on the examination degree 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 have a sound cause, corresponding to a medical emergency.
Extra Charges
Along with the registration price, you might also must pay further charges for supplies corresponding to examine supplies, apply exams, and examination preparation programs.
Fee Deadline
The cost deadline for the CFA examination registration price is usually round one month earlier than the examination date. Late registration charges might apply in the event you register after the cost deadline.
Examination Length and Format
The CFA examination is a rigorous, three-level examination that covers a variety of funding and finance subjects. Every degree has its personal period and format, designed to check candidates’ information and abilities in numerous 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-Selection Questions
The multiple-choice questions on the CFA examination are designed to check candidates’ information of a variety of funding and finance subjects. The questions are sometimes scenario-based and require candidates to use their information to real-world conditions.
### Essay Questions
The essay questions on the CFA examination are designed to check candidates’ essential considering and problem-solving abilities. The questions sometimes require candidates to investigate a situation and supply a well-reasoned response.
### Examination Schedule
The CFA examination is usually supplied 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 Might | First Saturday of November |
Necessary Modifications for 2025
1. Pc-Primarily based Examination for Stage II
Starting in Might 2025, Stage II of the CFA examination will transition to a computer-based format. It will present candidates with higher flexibility and comfort.
2. Diminished Examination Time for Stage III
The examination time for Stage III will likely be decreased from six hours to 5 hours in Might 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 Might 2025. This delay will enable candidates extra time to arrange for the brand new computer-based format.
4. Revised Essay Questions for Stage II
The essay questions on Stage II will likely be revised to higher replicate the real-world work of monetary 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 replicate the most recent developments within the monetary trade.
6. Elevated Emphasis on Portfolio Administration
The brand new curriculum will place a higher emphasis on portfolio administration abilities, 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 will likely 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 | Might 30-31, 2025 |
| Stage II | Might 20-21, 2025 |
| Stage III | Might 12-13, 2025 |
9. Payment Modifications
The examination charges for 2025 have been revised as follows:
| Stage | Early Registration Payment | Customary Registration Payment |
|---|---|---|
| Stage I | $700 | $800 |
| Stage II | $1,000 | $1,100 |
| Stage III | $1,300 | $1,400 |
10. Candidate Help
The CFA Institute will present further help to candidates who’re transitioning to the computer-based examination format. This help will embody webinars, apply exams, and technical help.
CFA Examination Dates 2025
The Chartered Monetary Analyst (CFA) examination is a rigorous certification program that exams the talents and information 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
Individuals Additionally Ask
When is the final day to register for the CFA examination?
The final day to register for the CFA examination is usually 4 to 6 weeks earlier than the examination date. For the 2025 exams, the final day to register is as follows:
- Stage I: Might 5, 2025
- Stage II: Might 19, 2025
- Stage III: June 2, 2025
What are the charges for the CFA examination?
The charges for the CFA examination range 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
