How To Register For The CFA Exams

In regard to the 2022-2023 exams, the CFA has made changes and adjustments to the registration requirements and the process of sitting for the CFA exams. These changes aim to give candidates globally ample time to prepare and register for exams while ensuring they are ready to yield maximum results from their examinations for the job market. With that in mind, you want to know what to expect before you register for the CFA exams.

This is in line with the CFA’s mission that aims at enabling candidates globally to take their career paths in diverse directions, as it is a designation most employers prefer for roles and functions in every sector of the worldwide financial industry.

Below are some adjustments a candidate should consider if they’re planning to sit for the CFA examinations this year and next year.

What examination administration changes have the CFA made?

Before we take a look at the step-by-step procedure on how to register for the CFA exams, it is important for a candidate to note some important changes made by the CFA regarding exam administration as opposed to the former procedures.

1. Computer-Based Testing

The CFA institute moved the administration of CFA exams from physical centers to Computer-Based Testing( CBT) exclusively.

The advantages of CBT, as opposed to physical examination centers, include:

• Candidates can manage their day and fit the exams into their schedules seamlessly
• CBT has reduced the amount of time each candidate spends in the test centers to create room for more candidates to sit for their exams in a day.

2. Exam venue

Secondly, candidates will sit for the exams in Prometric centers. The British Council is to administer the exams internationally in smaller test centers in cities nearest to you in your country or state. Note that when searching for a test center, search in terms of your city instead of your country or state in order to get allocation to the nearest one to you.

Registration process and requirements

Here are the steps a candidate should follow when registering for the CFA exams;

• STEP 1: First, log in to the CFA website and enroll as a candidate. The initial enrollment fee will go down to 350 USD from 450 USD in 2023. Candidates only pay the enrollment fee once when enrolling in the CFA program at LEVEL I. After enrollment and as soon as the payment processing is complete, you register for your examinations by paying a registration fee. There are two types of registration; early registration and standard registration. You are to pay 700 USD as a registration fee for early registration. This will go up to 900 USD in the year 2023 from February.

For standard registration, it’s a requirement to pay a fee of 1000 USD, and it will go up to 1200 USD in the year 2023, effective February. 

NB//Payments are only acceptable in USD only.

• STEP 2: After the registration process, your payment is processed. A CFA program tile appears on your screen. Click on the “ schedule your exam option”.

 This takes you to the Prometric scheduling tool, which presents you with available testing centers with specific dates and times when candidates can take the exams.

 You should complete this step before the scheduled deadline date. You will receive a message about the date and time of the examination only if your registration is successful.

Exams Information

After choosing the exam date and test center location, Prometric sends you a confirmation email. If you receive messages about exam changes or cancellations, contact Prometric via their helpline contact.

If a candidate wishes to reschedule their exam appointment within their exam window, you will be required to pay a rescheduling fee of  250 USD. The total appointment time for the exams is 5.5 hours. This consists of 153 minutes for the first session, 30 minutes for the pledge, tutorial, and survey, 30  minutes break(optional), and 135 minutes for the second session. Level I examinations will appear as multiple-choice questions. The questions will appear the same across all screens worldwide.

For Level II and Level III examinations, however, the questions will be slightly different from screen to screen. A student will be provided with a standard 19” screen question screen side by side with the answer screen. The answer screen will provide either multiple-choice options or a text box for essay question responses. Candidates will get presentations of questions that require answers in form of numerals either as essays or numerical entries. An essay text accepts answers as typed words or numbers, and formulas or explanations are not necessary.

A numerical entry box accepts only numbers, commas, and decimal points. For exam scoring, every question in an item set is worth three marks. Candidates get marks for essay questions based on the length and complexity of their essays.

Exam security in the testing centers

The CFA will provide tight security in the exam centers to closely monitor candidates from cheating in any manner. Candidates will be provided with writing materials to use during the evaluation. You can bring your calculator to the exam center, and just like before, you can only bring the Texas Instrumental BA II Plus or the Hewlett Packard 12C. 

The candidates are also issued temporary private lockers to put their belongings. Those wearing spectacles are checked for any hidden cameras in the spectacles. You are then ushered into the exam room with private cubicles, and for any questions or concerns during the test, you ask for assistance from the present invigilator.

This level of security is to ensure that only honest results and qualified individuals are released to the job market.

When will the CFA administer the exams?

The exams will be administered during the following months for the years 2022 and 2023:

• 2022

LEVEL I- February, May, August, and November, LEVEL II- February, August, and November, & LEVEL III-May and August.

• 2023

LEVEL I-same months as the year 2022, LEVEL II-May, August, and November, and LEVEL III-February and August

A candidate is allowed a maximum of six attempts for each exam level and a maximum of two times for an exam year. This should not be in successive windows or windows that are six months and below apart.

That’s all you need to know about CFA exam registration and administration. You can keep an eye on the updates available on the official CFA website. Also, don’t forget to take advantage of the CFA study materials available on our website as you prepare for your exams.