Table of Contents

How many times can I attempt the CFA exam?

Quick answer: You can take each CFA exam level up to two times per calendar year, and there must be at least 6 months between your attempts. These two rules apply together for every level (Level I, II, and III).

What are the rules for CFA exam attempts?

Rule	Description
Maximum attempts per year	You can take each level up to two times in the same calendar year.
Minimum waiting period	You must wait at least 6 months between attempts.

This means you cannot fail an exam in February and take it again in May if the gap is less than six months. Even if there is another exam window available, the waiting rule still applies.

Can I skip windows and take the exam later?

Yes. You can choose to skip an exam window. You are not required to take the next available one. However, if you skip or miss an exam, you will need to pay the exam fee again to register for a future window.

Does rescheduling count as an attempt?

No. Rescheduling does not count as an attempt. If you move your exam within the same window to a different date or center, you are still on your first attempt. However, you may need to pay a rescheduling fee.

Learn more here: Can I reschedule or defer my CFA exam?

What if I miss the exam?

If you miss your exam or arrive too late to be admitted, CFA Institute treats it as a no-show. In most cases:

You lose your exam fee
You do not receive a refund
You must pay again to attempt the exam in a future window

A missed exam still counts as an attempt if you were scheduled but did not attend.

Is there any exception to the 6-month rule?

Exceptions are rare. CFA Institute may allow deferral to a future window only in specific hardship situations such as medical emergencies, pregnancy, natural disasters, or government orders. A deferral does not bypass the waiting rule without official approval.

For official policies, visit: https://www.cfainstitute.org/en/programs/cfa/exam/rescheduling

Note for candidates in Pakistan and India

Candidates from Pakistan, India, and similar markets often choose early windows and international test centers. Before scheduling or rescheduling, check:

Passport validity (local IDs are not accepted)
Visa requirements for international test centers
Travel time and possible delays

If you do not have an acceptable ID, read: Can I use a local ID (CNIC / Aadhaar) for the CFA exam?

If you are a student and unsure whether you can register, read: Am I eligible for the CFA exam as a student?

Final reminder

This explanation is written in simple terms to help candidates understand CFA Institute policy. The official website always has the final word on exam windows, scheduling, waiting rules, and attempt limits.

If any information here conflicts with the CFA Institute website, the official information always takes priority.

Disclaimer: This guide is written to help candidates understand CFA Institute rules in simple language. It is not affiliated with, approved by, or endorsed by CFA Institute. Always rely on the official CFA Institute website for final and updated policies.

CFA Institute, CFA®, and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.