The CFA exams are computer-based and run in set windows several times a year. Each level has its own windows, and every window has an early registration deadline, a standard registration deadline and a scheduling deadline. Missing the first costs you $350. Missing the last can cost you your seat.
2027 CFA exam windows at a glance
| Window | Level I | Level II | Level III |
|---|---|---|---|
| February 2027 | 22–28 Feb | – | 18–21 Feb |
| May 2027 | 11–17 May | 18–22 May | – |
| August 2027 | 15–22 Aug | 23–27 Aug | 11–14 Aug |
| November 2027 | 13–19 Nov | 20–24 Nov | – |
The November 2026 window (Level I from 11 to 17 November, Level II from 18 to 22 November) is already closed for registration.
Registration deadlines for each 2027 window
All deadlines fall at 11:59 pm US Eastern Time. Convert this to your own time zone, because in Europe, the Middle East and Asia it is already the next morning.
| Window | Registration opens | Early deadline | Standard deadline | Scheduling deadline |
|---|---|---|---|---|
| February 2027 (I, III) | 5 May 2026 | 7 Jul 2026 | 5 Nov 2026 | 10 Nov 2026 |
| May 2027 (I, II) | 12 Aug 2026 | 14 Oct 2026 | 10 Feb 2027 | 16 Feb 2027 |
| August 2027 (I, II, III) | 3 Nov 2026 | 20 Jan 2027 | 29 Apr 2027 | 6 May 2027 |
| November 2027 (I, II) | To be announced by CFA Institute | |||
Registering now? If you want the early price of $1,140 for Level I or II ($1,240 for Level III), August 2027 is the next window still open at early rates, until 20 January 2027.
CFA Institute can change dates, so confirm them on its dates and fees page before paying. For the full fee table, see our CFA total cost guide.
How to choose your first CFA window
Most advice simply says "pick the next one". A better approach is to work backwards from the life you actually have:
- Count back about 300 study hours. At 12 hours a week, that is roughly 25 weeks. Our CFA start-date planner does the maths for you.
- Avoid your busiest work months. Audit year-end, bonus season or quarter-end reporting can wipe out the final review weeks, which matter most.
- Think about the next level too. Level II runs in May, August and November. Level III only runs in February and August, so a late pass can mean a long wait.
- Use the early deadline as your commitment date. Registering early saves money and turns a vague plan into a fixed date.
Booking a test-centre slot without losing your preferred date
Paying the registration fee does not reserve a seat. You book your centre, date and time separately with Prometric, and popular centres in major cities fill quickly, especially at weekends.
- Book as soon as scheduling opens for your window rather than waiting for the scheduling deadline.
- If your nearest centre is full, check centres in nearby cities before changing dates.
- Moving your appointment within the same window costs $250 and must be done before the rescheduling cut-off, which falls shortly before the window starts.
- Plan travel and an overnight stay if your centre is far away. Arriving rushed is a poor start to a long exam.
When CFA results are released
CFA Institute announces a results date for each window. As a guide:
- Level I and Level II: usually about five to seven weeks after the window closes.
- Level III: usually about six to eight weeks after the window closes.
You must complete the required Practical Skills Modules for your level before results are released, or your result can be withheld. Results arrive by email and in your CFA Institute account, along with topic-level feedback. See how recent cohorts did in our CFA pass rates guide.
Frequently asked questions
When is the next CFA exam?
After the November 2026 Level I and II windows, the next exams are Level III from 18 to 21 February 2027 and Level I from 22 to 28 February 2027. Level II next runs from 18 to 22 May 2027.
What is the deadline to register for the May 2027 CFA exam?
The early registration deadline for May 2027 was 14 October 2026. The standard deadline is 10 February 2027, and you must schedule your test appointment by 16 February 2027.
How long after the CFA exam are results released?
Level I and II results usually arrive about five to seven weeks after the exam window closes, and Level III results about six to eight weeks after. CFA Institute announces the exact date for each window.
Can I take CFA Level II in February?
No. Level II is offered only in May, August and November. Level III runs only in February and August.
What is the difference between the registration and scheduling deadline?
The registration deadline is the last day to pay for the exam window. The scheduling deadline, a few days later, is the last day to book your test centre, date and time. Missing the scheduling deadline can mean losing your seat even after paying.