CFA Exam Dates 2025: Complete Schedule for All Levels

Planning to take the CFA exam in 2025? Here’s everything you need to know about the registration process, scheduling, and key rules that govern the CFA exams. Whether you’re preparing for Level 1, Level 2, or Level 3, this guide will help you navigate the process and stay on track with your CFA journey.

The Level 1 CFA exam for May 2025 will take place from 14 to 20 May. Registration for the exam begins on 8 August 2024 and ends on 6 February 2025. Once registered, candidates are required to schedule their exam appointment using the ProScheduler tool, which is accessible on a dedicated platform. The scheduling window opens on 8 August 2024 and closes on 11 February 2025. For additional dates and detailed information about the May 2025 Level 1 CFA exam, you can refer to the official CFA Institute website.

The May 2025 CFA exam dates for Level 1 and Level 2 share some similarities but also have key differences. For the Level 2 CFA exam, registration opens on 8 August 2024 and closes on 6 February 2025. Similarly, the scheduling window also opens on 8 August 2024 and closes on 11 February 2025. However, the Level 2 exam window is scheduled from 21 to 25 May 2025. For further details and additional dates related to the May 2025 Level 2 CFA exam, you can visit the official CFA Institute website.

The Level 1 CFA exam for August 2025 will be held from 20 to 26 August. Registration for the exam begins on 6 November 2024 and ends on 6 May 2025. Once registered, candidates need to schedule their exam appointment using the ProScheduler tool, which is available on a dedicated platform. The scheduling window opens on 6 November 2024 and closes on 13 May 2025. For more information and additional details about the August 2025 Level 1 CFA exam, you can refer to the official CFA Institute website.

The August 2025 CFA exam dates for Level 1 and Level 2 share some similarities but also have notable differences. For the Level 2 CFA exam, registration opens on 6 November 2024 and closes on 6 May 2025. Similarly, the scheduling window also opens on 6 November 2024 and closes on 13 May 2025. However, the Level 2 exam window is scheduled from 27 to 31 August 2025. For further details and additional information about the August 2025 Level 2 CFA exam, you can visit the official CFA Institute website.

The Level 3 CFA exam for August 2025 will take place from 15 to 19 August. Registration for the exam begins on 6 November 2024 and ends on 6 May 2025. The scheduling window also opens on 6 November 2024 and closes on 13 May 2025. For additional dates and further details about the August 2025 Level 3 CFA exam, you can refer to the official CFA Institute website.

The Level 1 CFA exam for November 2025 is scheduled from 12 to 18 November. Registration for the exam opens on 12 February 2025 and closes on 5 August 2025. Once registered, candidates are required to schedule their exam appointment using the ProScheduler tool, which is accessible on a dedicated platform. The scheduling window opens on 12 February 2025 and closes on 12 August 2025. For more information and additional details about the November 2025 Level 1 CFA exam, you can visit the official CFA Institute website.

The November 2025 CFA exam dates for Level 1 and Level 2 share some similarities but also have key differences. For the Level 2 CFA exam, registration opens on 12 February 2025 and closes on 5 August 2025. Similarly, the scheduling window also opens on 12 February 2025 and closes on 12 August 2025. However, the Level 2 exam window is scheduled from 19 to 23 November 2025. For further details and additional information about the November 2025 Level 2 CFA exam, you can refer to the official CFA Institute website.

The CFA Institute has implemented a 6-month rule to ensure candidates have sufficient time to prepare between exams. This rule applies to both retakes and progression between levels. Here’s a detailed explanation of how it works:  

6-Month Rule for Level 1 CFA Exam
For nearly two decades, the Level 1 CFA exam was conducted twice a year, in June and December. However, since 2021, the exam has transitioned to computer-based testing (CBT), making it more accessible. As of 2022, the Level 1 exam is offered four times a year: in February, May, August, and November.  

Despite the increased frequency, candidates can only register for the exam twice a year. This is because the CFA Institute enforces a 6-month gap between exams, meaning you cannot register for consecutive Level 1 exams. Here’s how it works:  
– If you take the Level 1 exam in February and fail, you can retake it in August.  
– If you take the Level 1 exam in May and fail, you can retake it in November.  
– If you take the Level 1 exam in August and fail, you can retake it in February.  
– If you take the Level 1 exam in November and fail, you can retake it in May.  

The 6-month rule also applies when progressing between levels:  
– If you pass the Level 1 exam in February, you can take the Level 2 exam in August.  
– If you pass the Level 1 exam in May, you can take the Level 2 exam in November.  
– If you pass the Level 1 exam in August, you can take the Level 2 exam in May.  
– If you pass the Level 1 exam in November, you can take the Level 2 exam in May.

In the past, Level 2 and Level 3 exams were held once a year, in June. With the introduction of CBT, these exams are now more accessible. In 2025, Level 2 exams will be conducted three times a year, while Level 3 exams will be held twice a year.

The 6-month rule between levels remains applicable:
– If you pass the Level 2 exam in May 2025, you can take the Level 3 exam in February 2026.
– If you pass the Level 2 exam in August 2025, you can take the Level 3 exam in February 2026.
– If you pass the Level 2 exam in November 2025, you can take the Level 3 exam in August 2026.

For retakes, the following rules apply:
– If you fail the Level 2 exam in May 2025, you can retake it in November 2025.
– If you fail the Level 2 exam in August 2025, you can retake it in May 2026.
– If you fail the Level 2 exam in November 2025, you can retake it in May 2026.
– If you fail the Level 3 exam in February 2025, you can retake it in August 2025.
– If you fail the Level 3 exam in August 2025, you can retake it in February 2026.

Plan Strategically: Use the 6-month rule to plan your exam schedule and ensure adequate preparation time.

Understand Retake Options: Familiarize yourself with the retake timelines to avoid unnecessary delays in your CFA journey.

Leverage CBT Flexibility: Take advantage of the increased exam frequency to align your schedule with your preparation readiness.

By staying informed about the CFA exam dates and rules, you can strategically plan your study schedule and maximize your chances of success. Click on the link to explore effective CFA preparation strategies and set yourself up for success! Good luck with your CFA journey!