CFA Program · Exam facts
The CFA Program: pass rates and fees, plainly
What the CFA Program is
The CFA Program is CFA Institute's three-level credential for investment professionals. The three exam levels — I, II and III — are taken in order.
Exams are computer-based and offered in exam windows rather than one fixed day, and results are released some weeks after each window closes.
Next result date
Level III, August 2026 exam: results due Oct 20, 2026
CFA Institute, Exam results and pass rates · this page is re-checked on that date.
- Pass ratesLatest result per level — overall, first-time, and after a deferral, never mixed.See the numbers
- FeesPer-level fees, early-bird vs standard, and the full-program total.See the fees
Official pages
Questions
When are the next CFA results released?
Level III results for the August 2026 exam are due Oct 20, 2026. Level I and II results for that window were released Sep 24, 2026 and Sep 30, 2026 respectively.
Is there still a CFA enrollment fee?
No. The one-time $350 enrollment fee was eliminated — it is now $0 for exams seated from February 2026 (the pricing change took effect April 29, 2025). You pay the registration fee for each level you sit.
What happens if I defer my CFA exam?
Deferral moves you to a later window; it is not the same as retaking a failed exam. The published rates show candidates who sat after at least one deferral passing at markedly lower rates — an association, not proof of cause. Details on the pass rates page.
Is there an ExamPeople planner for the CFA Program?
No. ExamPeople has study planners for the NCLEX, CPA Exam, MCAT and LSAT; for the CFA Program we publish the pass rates and fees pages linked below.