CFA Program

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 I has the most exam windows, so it offers the most flexible CFA exam dates.
Level II has fewer windows, which makes your timing choice matter more.
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.