When Is the CFA Exam?

"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.

Table of Contents

• CFA Exam Dates

• CFA Registration Terms and Definitions

• CFA Exam Cost

• How To Register For The CFA Exam

• What To Bring On CFA Exam Day

CFA Exam Schedule: A Regular Cadence for CFA Exam Dates and Schedules

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

2026-2027 CFA Exam Dates

The specific CFA exam windows/dates for each level of the CFA Program are as follows:

2026-2027 CFA Level I Exam Dates

Level I exams typically occur four times per year in computer-based testing (CBT) centers worldwide.

2026-2027 CFA Level II Exam Dates

Level II exams are typically offered three times each year, in May, August, and November. Window dates can vary slightly per cycle to maintain consistent grading calendars between exam levels.

2026-2027 CFA Level III Exam Dates

Level III exams are usually administered twice per year, in February and August and include both item sets and constructed response (essay) sets. Because these 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.

Key CFA Registration & Exam Terminology

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 exam fee whereas Standard registration fee is typically is more expensive and applies after the early registration period closes.

• 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 and currently carries a nonrefundable fee.

• 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. Paid deferrals are not available for 2027 CFA Program exams. Candidates who meet CFA Institute's current eligibility requirements may request an emergency deferral.

• Cancellation / Refund: CFA Institute provides a full refund of an initial exam registration within 14 days of payment. After that period, registration fees are generally nonrefundable and nontransferable, subject to CFA Institute policy.

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How Much Does the CFA Exam Cost?

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. CFA Institute does not charge a separate one-time enrollment fee, and applicable local taxes may be added.

How To Register for the CFA Exam

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 CFA Institute.

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What to Bring With You On CFA Exam Day

Bring only items permitted by CFA Institute and your test center. CFA Institute recommends arriving 30 minutes before your scheduled appointment and leaving unnecessary personal belongings at home, in your car, or in the designated belongings area.

What to Bring to Your CFA Exam:

• A valid international travel passport that meets CFA Institute identification requirements

• An approved CFA calculator: Texas Instruments BA II Plus (including BA II Plus Professional) or Hewlett Packard 12C (including approved HP 12C variants)

• Water in a clear or transparent bottle with a lid or cap, with all labels removed, if permitted by the test center

• An additional layer of clothing for comfort; a face mask may also be brought if desired or required by local test-center rules

• Standard eyeglasses without a case, if needed; smart glasses are not permitted

• Foam earplugs with no string, if desired and permitted under the applicable test-center rules

Items Not Permitted in the CFA Testing Room:

• Food or non-water beverages

• Wallets, purses, backpacks, bags, passport covers, and eyeglass cases

• Study or prep materials, including notes, unauthorized papers, textbooks, and study guides

• Personal writing utensils or personal scratch paper; the test center provides authorized scratch materials

• Mobile phones, cameras, headsets, computers, tablets, and other remote communication or photographic devices

• Wearable technology, smartwatches, wristwatches, desk clocks, and timers

• Unapproved calculators

• Jewelry other than wedding or engagement rings, plus certain ornate hair and clothing accessories prohibited by policy

• Weapons of any kind

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