CFA® Exam Dates 2026-2027: Windows, Deadlines, and Study Planning

CFA® exams run on a fixed schedule across the year, not on a single test day. The CFA exam dates open to you depend on your level, your location, and whether registration is still open. This guide lays out the 2026 and 2027 exam windows for Levels I, II, and III.

It also covers registration deadlines, fees, and how to choose an exam window that fits your schedule. For most candidates, the challenge is not finding an available date. It is choosing one that leaves enough time to study consistently around work, university, or other commitments.

Quick Answer: When Are the CFA Exam Dates?

CFA Program exams are held four times a year, usually in February, May, August, and November.

Level I uses all four windows. Level II runs in May, August, and November. Level III runs in February and August.

You can sit a CFA exam at most twice in one calendar year, but not in back-to-back windows or in windows within six months of each other.

Key Takeaways About CFA Exam Dates

• Level II has fewer windows, which makes your timing choice matter more.

  • Level I has the most exam windows, so it offers the most flexible CFA exam dates.

• Level III has the fewest windows, so the decision should be deliberate.

• Registration and scheduling are two separate steps, each with its own deadline.

• Changing your appointment inside your window costs a $250 rescheduling fee.

• The best exam date is the one that leaves enough time to study and practice, not the soonest one on the list.

CFA Exam Windows by Level

Each level sits on a different cadence. Level I gives you the most chances to test in a year, while Level III gives you the fewest. The table below shows the typical pattern and what it means for planning.

CFA Level I Exam Dates (2026-2027)

Level I is offered four times a year. The table below shows the confirmed windows and deadlines. CFA Institute removed the one-time $350 enrollment fee starting with the February 2026 exam, and the lower early registration price closes even earlier.

CFA Institute has confirmed the May, August, and November 2027 Level I exam windows. Registration, scheduling, and rescheduling deadlines had not been released at the time of writing and will be updated once available.

Once you know your target window, review the available CFA Level I study packages so your study plan matches the time you have before exam day.

CFA Level II Exam Dates (2026-2027)

Level II is offered three times a year: May, August, and November. Because there are fewer testing windows than Level I, choosing the right exam date becomes more important, especially if you are planning your next step after receiving your Level I result.

Once you have chosen your exam window, compare the available CFA Level II study packages to find the level of support that matches your study schedule and preparation needs.

CFA Level III Exam Dates (2026-2027)

Level III is offered twice a year, in February and August. With fewer exam windows than Levels I and II, choosing the right exam date becomes more important. Missing a registration deadline can significantly extend the time between attempts, so it is worth planning your study schedule well in advance.

CFA Institute has confirmed the August 2027 Level III exam window. Registration, scheduling, and rescheduling deadlines had not been released at the time of writing and will be updated once available.

Once you have chosen your exam window, compare the available CFA Level III study packages to find the level of support that fits your study plan and exam timeline.

CFA Exam Registration Deadlines Explained

CFA exam registration includes several deadlines, not just one. Each deadline affects a different part of the process, from paying the exam fee to scheduling or changing your appointment.

Early Registration Deadline

The early registration deadline is your cheapest entry point. If you register before it, you pay the lower early fee, which saves you a few hundred dollars per level. It also forces you to commit sooner, which is good for your study plan.

The exact early deadline for each window is listed on the CFA Institute dates and fees page.

Standard Registration Deadline

The standard registration deadline is the final date to sign up for a window. After it passes, that window is closed to you and you wait for the next one.

Registering in the standard window still gets you a seat, but you pay the higher standard fee.

Scheduling Deadline

Registration does not automatically reserve your exam appointment. After registering, you still need to schedule your test center or online testing slot before the scheduling deadline. If you miss that deadline, you may lose your chance to sit in that exam window.

Rescheduling Deadline

You can change your appointment within the same exam window until the rescheduling deadline.This change comes with a $250 rescheduling fee.

Confirm the current fee with CFA Institute before you rely on it, since fees can change.

CFA Exam Dates and Fees

Your fee depends on your level and on how early you register. CFA Institute removed the one-time $350 enrollment fee starting with the February 2026 exam, so new candidates no longer pay it. The table below shows the current fees. Always confirm the latest numbers with CFA Institute before you register.

Taken together, the three levels cost roughly $3,520 if you register early each time, or about $4,600 if you register in the standard window each time. These totals are shown in US dollars and do not include local taxes, rescheduling fees, or other optional costs.

After checking your exam costs, compare CFA study packages to choose the level of support that fits your budget and timeline.

How to Choose the Right CFA Exam Window

The best exam window is not necessarily the earliest one available. It is the one that gives you enough time to learn the material, complete your practice questions, and sit mock exams before test day.

• How many study hours can you realistically commit each week around work, university, and other commitments?

• Are you studying around a full-time job, or do you have a lighter stretch ahead?

• Have you already started studying, or are you beginning from zero?

• How much time do you need for review and full mock exams, not just first-pass learning?

CFA Institute lists the CFA Program study commitment as about [300 hours per level](https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam#:~:text=How long does,needs and circumstances.). Use that as a planning baseline, then adjust for your background, exam level, and weekly availability.

If you can study 12 hours a week, 300 hours takes about 25 weeks. At 15 hours a week, it takes about 20 weeks. At 20 hours a week, it takes about 15 weeks.

A realistic study timeline matters more than sitting the exam as soon as possible. Give yourself enough time to learn the material, complete practice questions, and review your weaker areas before exam day.

How CFA Exam Dates Affect Your Study Plan

Once you know your exam window, the time available before exam day will shape your study plan. Here is what different preparation timelines typically look like for working candidates.

If You Have 6 Months

Six months gives most working candidates enough time to study at a steady pace. It leaves room for review, practice questions, and mock exams without forcing an aggressive weekly schedule.

If You Have 4 Months

Four months is still achievable, but it requires a more consistent study routine and less flexibility if you fall behind. You have less room to recover from a bad week, so a clear plan matters more here. It suits candidates who can hold a consistent routine.

If You Have 3 Months or Less

Three months or less is usually only realistic if you already have a strong foundation in the material or can dedicate significant study time each week. For most working candidates, a longer preparation period provides a more realistic path to exam day.

Can You Take More Than One CFA Level in the Same Year?

Yes, you can sit more than one CFA level in a calendar year, but eligibility and readiness are different. CFA Institute allows candidates to test twice per year, as long as the exam appointments are not in consecutive windows or within six months of each other.

Timing is the main constraint. You cannot register for the next level until your result for the current level is released, and results usually take several weeks to arrive.

CFA Institute generally releases Level I and Level II results within 5 to 7 weeks after the exam window closes. Level III results are usually released within 6 to 8 weeks after the exam and after completion of the required Practical Skills Module.

Passing Level I in February may leave enough time for a later Level II window in the same year. Passing in November usually pushes Level II into the next calendar year. The question is not only whether you are allowed to move ahead. It is whether the time left gives you enough room to prepare properly.

What Happens If You Miss or Need to Change Your CFA Exam Date?

If you need to move your appointment inside the same exam window, you reschedule. You log into your account, pick a new date, and pay the $250 rescheduling fee. This is the common path for a minor change of date, time, or location.

A deferral is more limited than rescheduling. It moves your registration to a future exam window and is only available in specific situations, subject to CFA Institute’s rules and deadlines. You should not rely on deferral when choosing your exam date. The better approach is to pick a window you can realistically commit to from the start.

How KeyPoint Learning Helps You Prepare Around Your Exam Date

Once your exam date is set, the next step is turning the time you have into a realistic study plan. KeyPoint Learning helps by giving you a structured path through the curriculum, so you know what to study, when to review, and where practice fits before exam day.

KeyPoint Learning’s CFA prep includes video lessons, study materials, practice quizzes, mock exams, progress tracking, and interactive study tools. Exact inclusions may vary by level and package, so check the current package page before choosing your option.

Your exam date should shape your study plan. With the right structure, it becomes easier to fit lessons, review, practice questions, and mock exams around a full schedule.

Conclusion

Choosing a CFA exam date is not just about finding the next open window. It is about choosing a date you can actually prepare for.

Start with the deadline, then work backward. Look at how many weeks you have, how many hours you can study each week, and where review and mock exams fit. If the timeline feels too tight, a later window may be the better choice.

When you are ready, compare CFA study packages and choose the option that fits your exam window, your schedule, and the time you have to study.

FAQs About CFA Exam Dates

How often are CFA exams held?

CFA exams are held in scheduled windows throughout the year. Level I is offered four times a year, Level II is offered three times a year, and Level III is offered twice a year.

When are CFA Level I exam dates?

CFA Level I is offered in February, May, August, and November. For 2026, the windows are February 1 to 8, May 12 to 18, August 18 to 24, and November 11 to 17.

When are CFA Level II exam dates?

CFA Level II is offered in May, August, and November. For 2026, the windows are May 19 to 23, August 25 to 29, and November 18 to 22.

When are CFA Level III exam dates?

CFA Level III is offered in February and August. For 2026, the windows are January 29 to February 1 and August 13 to 17.

What is the CFA exam rescheduling fee?

The CFA exam rescheduling fee is $250. It applies when you change your appointment date, time, or location within your current exam window. Confirm the current fee with CFA Institute before relying on it.

Can I take two CFA exams in one year?

Yes. You can sit CFA exams twice in one calendar year, as long as the exam windows are not consecutive or within six months of each other. In practice, your result release date and remaining study time will determine whether this is realistic.

How early should I register for the CFA exam?

Register before the early registration deadline where possible. It gives you the lower registration fee and more time to plan your study schedule before exam day.

Is the CFA registration deadline the same as the scheduling deadline?

No. Registration confirms that you have signed up for the exam window. Scheduling is the separate step where you choose your test date, time, and location.