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July 23, 2026
"When is the CFA® exam?" is one of the first questions you want to be answered if you’re planning to sit for the exam. This article has information about the CFA exam dates and schedules for each exam level.
In 2026 and 2027, the CFA Institute will offer the CFA exam on a regular schedule.
Level I will be offered 4 times per year in February, May, August, and November
Level II will be offered 3 times per year in May, August, and November
Level III of the CFA exam will be offered 2 times per year in February and August
The specific CFA exam windows/dates for each level of the CFA Program are as follows:
Level I exams typically occur four times per year in computer-based testing (CBT) centers worldwide.
Level I Exam Date Window | Registration Deadline | Scheduling Deadline | Rescheduling Deadline |
|---|---|---|---|
February 1-8, 2026 | Closed | Closed | Closed |
May 12-18, 2026 | Closed | Closed | Closed |
August 18-24, 2026 | Closed | Closed | August 7, 2026 |
November 11-17, 2026 | August 11, 2026 | August 18, 2026 | October 31, 2026 |
February 22-28, 2027 | November 5, 2026 | November 10, 2026 | February 11, 2027 |
May 11-17, 2027 | February 10, 2027 | February 16, 2027 | April 30, 2027 |
August 15-22, 2027 | TBD | TBD | TBD |
November 13-19, 2027 | TBD | TBD | TBD |
Level II exams are typically offered three times each year. Window dates can vary slightly per cycle to maintain consistent grading calendars between exam levels.
Level II Exam Date Window | Registration Deadline | Scheduling Deadline | Rescheduling Deadline |
|---|---|---|---|
May 19-23, 2026 | Closed | Closed | Closed |
August 25-29, 2026 | Closed | Closed | August 14, 2026 |
November 18-22, 2026 | August 11, 2026 | August 18, 2026 | November 7, 2026 |
May 18-22, 2027 | February 10, 2027 | February 16, 2027 | May 7, 2027 |
August 23-27, 2027 | TBD | TBD | TBD |
November 20-24, 2027 | TBD | TBD | TBD |
Level III exams are usually administered twice per year. Because constructed response (essay) portions require manual evaluation by charterholder graders, Level III exam results can take slightly longer to be released than Level II and Level I results.
January 29 - February 1, 2026 | Closed | Closed | Closed |
August 13-17, 2026 | Closed | Closed | August 3, 2026 |
February 18-21, 2027 | November 5, 2026 | November 10, 2026 | February 7, 2027 |
August 11-14, 2027 | TBD | TBD | TBD |
Understanding official CFA Institute registration terms and fee structures will help you avoid unexpected deadlines and expenses. Below are basic terms and definitions about registering for a CFA exam:
Early vs. Standard Registration: Early registration offers a discounted rate whereas Standard registration typically is more expensive.
Scheduling vs. Rescheduling: Scheduling is assigning your paid exam registration to a specific test center, date, and time before the scheduling deadline at no additional cost. Rescheduling is changing an existing appointment to another time or venue within the same exam window.
Deferral: Deferrals are an official mechanism allowing candidates to postpone an exam attempt to a future window under qualifying emergency conditions or via an elective paid deferral.
Withdrawal: A Withdrawl is a formal action that cancels an active exam registration without receiving a refund.
CFA exam costs vary depending on when you decide to register for the exam. Currently, the registration fee for Level I and Level II of the CFA exam is $1,140 for early bird registration and $1,490 for standard registration. For Level III of the CFA Program the early bird registration fee is $1,240 and for regular registration is $1,590.
To register for the CFA exam, you must first register with the CFA Institute; then you will be given the option to schedule your exam during one of the dates provided by the CFA Institute.
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Make a list of all the materials you are required to bring to your CFA Exam day, plus more materials and supplies that can help you on test day.
A valid international passport: this is the only type of identification that will be accepted for admission
Your CFA Exam Admission Ticket: the CFA Institute will alert you when your ticket is available, at which point you should print it on clean paper
An approved CFA calculator: the TI BAII Plus or the Hewlett Packard 12C. It's a good idea to also bring extra batteries and a backup calculator if you have one.
Pencils: multiple sharpened #2 pencils. Make sure to bring a high quality eraser and a pencil sharpener.
A sweater or jacket in case you get cold in your testing room
A wristwatch to make timing as simple as possible. But remember, no smartwatches are allowed.
Earplugs to help avoid distractions in your testing room
Food
Drinks
Study/prep materials
Phones
Tablets
Computers
Highlighters
Correction fluid
Rulers
Pencil cases
Large purses/bags
Scratch paper
Calculator manuals
Timers
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