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Your earliest CFA® (Chartered Financial Analyst) exam dates, from CFA Institute’s own windows and rules.
Auto: the month after you graduate.
The short version
Quick answer: CFA Institute says all three levels take three to four years, at about 300 study hours per level. The calendar allows faster. Pass first time with Level 1 in February, Level 2 in August and Level 3 next February. Your last result then comes about 14 months after your first exam. The charter also needs 4,000 work hours over 36+ months.
Guide
What sets your finish date
CFA Institute’s own answer is three to four years for all three levels. That assumes about 300 hours of study per level. The real limit is the exam calendar. Each level runs only in certain months. You can book the next level only after you pass the one before.
| Exam | Windows a year | Months | Result within |
|---|---|---|---|
| Level 1 | 4 | Feb, May, Aug, Nov | 5–7 weeks |
| Level 2 | 3 | May, Aug, Nov | 5–7 weeks |
| Level 3 | 2 | Feb, Aug | 6–8 weeks |
Plain takeaway: Level 3 runs only twice a year, so it often decides your finish date.
Months are from CFA Institute’s 2026–27 calendar. Results come after you also finish that level’s Practical Skills Module (a short online module). Live dates: CFA exam dates.
Sit Level 1 in February, Level 2 in August and Level 3 the next February. Each result should arrive before the next booking deadline closes. That puts three exams inside 12 months. It also needs three first-time passes and steady study with no breaks. Very few people should plan on it.
It is tight. Your February Level 1 result is due within 5–7 weeks, only days before August bookings close. A late result pushes Level 2 to November.
Why not May for Level 2 after a February Level 1? May bookings close in February, before your Level 1 result. Think of it like a train you can board only with a ticket stamped at the last station.
A May Level 1 start is slower. Level 3 skips May and November, so the path stretches past 15 months.
Earlier than most people think. Your Level 1 window can be up to 23 months before your graduation month. Level 2 needs you to be within 11 months of graduating. Level 3 needs your completed bachelor’s degree, or 4,000 hours of professional work.
Illustrative: you graduate in May 2029. Your first Level 1 window is August 2027. Level 2 can follow from August 2028. Level 3 needs your finished degree. To be safe, book it after you graduate, so February 2030.
Not sure you qualify? Check with our CFA eligibility checker.
A retake must wait. CFA Institute allows at most two tries at a level each calendar year, never in back-to-back windows. Two tries at the same level must be more than six months apart. You can try each level up to six times. So one failed exam usually moves your finish by six to twelve months.
Illustrative: you fail Level 2 in May. August and November are too close. Your retake is the next May.
Pass rates for each level are in our CFA pass rates guide.
Start from CFA Institute’s figure of 300 hours per level. Divide it by the hours you can really give each week. That tells you how many weeks you need between exams. Pick the window that fits your real week, not your best week.
| Hours a week | Weeks for 300 hours | Might suit (our suggestion) |
|---|---|---|
| 8 | 38 | A demanding job |
| 12 | 25 | Most working candidates |
| 18 | 17 | Light work or college |
| 25 | 12 | Full-time study |
Plain takeaway: at 12 hours a week, plan about six months per level.
Our CFA Level 1 study plan turns these hours into a week-by-week schedule.
Often it does not. The charter needs at least 4,000 hours of relevant work over at least 36 months. You can do it before, during or after the exams. So for working candidates, the two clocks run side by side. For freshers, the charter often comes a while after the last exam.
Illustrative: at 40 hours a week, 4,000 hours take about 24 months. The 36-month minimum still applies, so plan three years of work.
Then you apply to become a CFA Institute member, with two or three professional references.
Level 1 goes in the window you pick. Each later level goes in the first window that offers it and still takes bookings after your previous result. It also needs enough study weeks at your pace, and must meet the graduation rule.
We use the later end of each level’s stated result range. CFA Institute also says 5–9 weeks after a window closes, so a result can come later. Windows after November 2027 are projected from today’s pattern, and their deadlines are estimates. The result is a plan, not a promise.
FAQs
CFA Institute says all three levels take three to four years. That assumes about 300 hours of study per level. With first-time passes and the tightest windows, your last result can come about 14 months after your first exam.
Not with results included. The tightest path is Level 1 in February, Level 2 in August and Level 3 the next February. That is three exams in 12 months, and the last result comes about two months later. It needs three first-time passes.
Yes. Your Level 1 window can be up to 23 months before your graduation month. Level 2 needs you to be within 11 months of graduating. Level 3 needs your completed degree or 4,000 hours of professional work.
No. You must pass Level 1 before Level 2, and Level 2 before Level 3. Results take five to eight weeks, so each level goes in a later window.
In a window more than six months after the one you failed. CFA Institute allows at most two tries at a level each calendar year, not in back-to-back windows. You can try each level up to six times.
No. You need 4,000 hours of relevant work over at least 36 months for the charter, not for the exams. CFA Institute lets you earn it before, during or after the exams.
This calculator gives an estimate for planning only. Exam windows, deadlines and rules are set by CFA Institute and can change. Always confirm on cfainstitute.org before you book. Windows after November 2027 are projected from today’s pattern. CFA Institute does not endorse, promote or warrant the accuracy or quality of the products or services offered by QuintEdge. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
