If you’re a student or working professional planning to pursue the CFA Program, knowing all the CFA exam dates is the first thing you need to do. The CFA Institute has released the official CFA 2025 exam dates, and candidates should prepare accordingly. For 2025, CFA Level 1 exam dates fall in February, May, August, and November. The upcoming CFA level 1 exam will be held from May 14, 2025, to May 20, 2025. CFA Level 2 exam dates are scheduled for May, August, and November. The upcoming CFA level 2 exam will be held from May 21-05-2025 to 25-05-2025. Meanwhile, CFA Level 3 exam dates are in February and August and the upcoming exam is scheduled from 15-08-2025 to 19-08-2025. These dates help you plan your preparation, registration, and scheduling in advance. You need to follow the correct CFA exam timeline so you don’t miss any CFA registration deadlines. Keep reading to understand all important dates, scheduling windows, level-wise breakdowns, and the exam format for 2025.
What is CFA?
The CFA full form is Chartered Financial Analyst. The CFA Program is a highly respected global certification offered by the CFA Institute. It prepares finance professionals for roles in investment analysis, equity research, portfolio management, and wealth advisory.
There are three levels in the CFA program:
- Level 1 focuses on basic financial concepts, tools, and ethical practices.
- Level 2 goes deeper with data analysis and valuation techniques.
- Level 3 is more practical, involving real-world portfolio management strategies and essay-type questions.
The CFA course is designed for those who want to work in investment firms, mutual funds, banks, or other financial institutions. In India, CFA is gaining huge popularity among B.Com, MBA, and CA students who want to enter the global finance market.
To pass the CFA exams, you need not only knowledge but also a strict study plan. And that study plan begins by knowing the exact CFA exam dates and CFA exam schedule for your desired level. That is why it is important to stay updated on every CFA exam window, month, and deadline.
The CFA Institute holds the exam multiple times a year to give more flexibility. All exams are computer-based and held in centres across India. Major cities like Mumbai, Delhi, Bangalore, Chennai, Pune, and Hyderabad are exam hubs for Indian candidates.
Important CFA Exam Dates
Once you decide to take the exam, the first step is to register on time. Every year, the CFA Institute announces CFA registration dates and a complete CFA exam timeline. This includes early registration, standard registration, scheduling deadline, and rescheduling deadline. You must finish each step within the given time.
What are the CFA Registration Deadlines?
The CFA exam registration deadline is the last date by which you must register and select your test centre. These dates differ by level and exam month. In general, the earlier you register, the lower the fee you pay. Missing these deadlines can cause you to skip an entire exam cycle.
Here’s a more detailed table of deadlines for all three levels for 2025:
CFA Level 1 Deadlines for 2025
The CFA Level 1 deadlines for 2025 include four exam windows: February, May, August, and November. Each window has its own registration opening, early deadline, and standard deadline. It’s important to register early to secure your preferred exam date and center.
| Exam Month | Registration Open | Early Registration Deadline | Standard Registration Deadline | Scheduling Deadline |
| May 2025 | 8 August 2024 | 16 October 2024 | 6 February 2025 | 14 February 2025 |
| August 2025 | 6 November 2024 | 29 January 2025 | 6 May 2025 | 30 May 2025 |
| November 2025 | 12 February 2025 | 9 April 2025 | 5 August 2025 | 21 August 2025 |
CFA Level 2 and Level 3 Deadlines for 2025
The CFA Level 2 exams will be held in May, August, and November 2025, while Level 3 will be conducted in February and August 2025. Each exam window has specific registration deadlines, so early planning is essential. Register early to avoid higher CFA form fees and limited test center availability.
| Level | Exam Month | Early Registration Deadline | Standard Registration Deadline | Scheduling Deadline |
| Level 2 | May 2025 | 16 October 2024 | 6 February 2025 | 14 February 2025 |
| Level 2 | August 2025 | 29 January 2025 | 6 May 2025 | 30 May 2025 |
| Level 2 | November 2025 | 9 April 2025 | 5 August 2025 | 21 August 2025 |
| Level 3 | February 2025 | 9 July 2024 | 7 November 2024 | 21 November 2024 |
| Level 3 | August 2025 | 29 January 2025 | 6 May 2025 | 30 May 2025 |
CFA Exam Windows for All Levels
The CFA Institute uses CFA exam windows to conduct exams across different months. These windows give you a set period to take your exam. Each exam window stays open for about a week. You can choose your test date based on availability when scheduling.
Let’s break down the CFA exam windows for each level in 2025.
CFA Level 1 Exam Windows
The CFA Level 1 exam is offered four times a year—in February, May, August, and November. Each window includes a 7–10 day testing period. It’s recommended to register early to secure your preferred exam slot and location
CFA Level 2 Exam Windows
The Level 2 exam is held three times annually—in May, August, and November. The exam schedule is narrower compared to Level 1, with limited seats, making early registration even more critical.
CFA Level 3 Exam Windows
CFA Level 3 is offered twice a year—in February and August. As the final level of the CFA Program, this exam focuses on portfolio management and wealth planning, so plan your study schedule well ahead of the testing window.
| Level | February | May | August | November |
| Level 1 | 17–23 Feb 2025 | 14–20 May 2025 | 20–26 Aug 2025 | 12–18 Nov 2025 |
| Level 2 | — | 21–25 May 2025 | 27–31 Aug 2025 | 19–23 Nov 2025 |
| Level 3 | 13–16 Feb 2025 | — | 15–19 Aug 2025 | — |
You need to schedule your exam during the open CFA exam window. The earlier you schedule, the better choice of centre and time you will get. This is especially important in India, where popular centres get filled quickly. Understanding the CFA exam period for each level helps you plan when to study, register, and book your test slot.
CFA Exam Schedule by Level: Levels 1, 2, and 3
Each CFA level has its format, pattern, and CFA exam schedule. Knowing these details is key to creating your study plan. Let’s take a closer look at each level’s exam dates, format, and important facts.
CFA Level 1 Schedule and Format
Level 1 is the foundation level. It has two sessions of 2 hours and 15 minutes each. The questions are multiple-choice and test your basic financial concepts and ethics.
- May 2025: 14–20 May
- August 2025: 20–26 August
- November 2025: 12–18 November
CFA Level 2 Schedule and Format
Level 2 focuses on case-based learning. It uses item-set questions that require analysis and data interpretation. This level has a total exam time of 4 hours and 24 minutes.
- May 2025: 21–25 May
- August 2025: 27–31 August
- November 2025: 19–23 November
CFA Level 3 Schedule and Format
Level 3 is the final step. It tests your portfolio management skills through essays and case-based questions. You need to apply everything you learned in Levels 1 and 2.
- August 2025: 15–19 August
Knowing your CFA level 1 schedule, CFA level 2 schedule, or CFA level 3 schedule helps you set targets and focus on what matters most at each stage.
Key Changes in CFA Exam Dates and Format for 2025
Every year, the CFA Institute brings changes to make the exam more flexible and relevant. The CFA exam schedule 2025 reflects some new updates in structure and format. These updates are especially helpful for Indian students.
What’s New in CFA 2025?
- All exams will remain computer-based.
- The CFA exam period now includes more dates and cities for India.
- Curriculum updates reflect the latest financial market trends.
- Essay formats in Level 3 are more structured.
- More test slots are available during each window.
These changes give students more chances to succeed. You no longer need to wait an entire year if you fail a level. You can appear again in just a few months, depending on your preparation. Also, with increased exam centres across India, travelling long distances for the exam is no longer required.
CFA Exam Dates FAQS
1. Is it possible to change the CFA exam date?
Yes, it is possible to change your CFA exam date. The CFA Institute allows you to reschedule your exam within the same exam window. But you must do it before the rescheduling deadline, and you will need to pay a rescheduling fee (usually around USD 250). Always check your candidate portal for the exact cut-off date.
2. Can I change the CFA exam date?
You can change your CFA exam date by logging into your CFA Institute account. Go to your scheduled exam and click on the option to reschedule. You can choose another available date in the same exam window. But remember, you cannot change to a different exam cycle (e.g., from May to August).
3. Can I change my CFA exam date?
Yes, you can change your CFA exam date, but only once per exam window, and it depends on seat availability at other test centres or dates. Make sure you change it before the rescheduling deadline. If you miss that, you will not be able to reschedule, and your exam fee will be forfeited.
4. When is the CFA Level 2 exam date?
CFA Level 2 exams are offered twice in 2025, expected in May and August. Each exam window usually lasts about 10 days. Registration and scheduling open months in advance, so keep checking the official CFA Institute website to choose your preferred date early and avoid full test centres.
5. Can I change the CFA exam date after completing registration?
Yes, after completing registration, you can still change your CFA exam date. But it must be done within the same exam window and before the deadline. You will have to pay a fee. You cannot change the exam to a different month or testing cycle once the registration is confirmed.
