CFA^® Fee and Exam Structure

CFA Exam Attempt	Early Registration Deadline	Standard Registration Fee
February 2024 (L-1, L-3)	USD 940	USD 1250
May-24 (L-1 & L-2)
August -24 (L-1, L-2 & L-3)
November-24 (L-1, L-2)

*For 2023 & 2024, the initial enrollment fee USD 350.

***For Upcoming attempts & Registration Deadline Date (CFA Registration Dates view details here).

CFA^® Exam Structure

CFA Exam Structure & Duration	Level-I Exam	Level-II Exam	Level-III Exam
Structure	The Level I exam consists of 180 multiple choice questions, split between two 135-minute sessions (session times are approximate).	The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.	The Level III exam consists of item sets comprised of vignettes with accompanying multiple-choice items and constructed response (essay) questions.
Duration	First session (2 hours, 15 minutes): 90 multiple choice questions. Second session (2 hours, 15 minutes): 90 multiple choice questions.	The Level II exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.	The Level III exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.