CFA Level I exam dates and deadlines

All four windows, the three deadlines each one carries, current fees and the curriculum cut-off you need to plan around.

Last updated: 5 August 2026

Level I runs four times a year — February, May, August and November — which makes the CFA Program unusually flexible compared with annual professional exams. The trade-off is that each window has three separate deadlines to track, and missing the early one costs USD 350.

Upcoming windows

WindowExam datesCurriculum
August 202618–24 August 20262026
November 202611–17 November 20262026 — last window on the old syllabus
February 202722–28 February 20272027
May 2027Expected Q2 20272027

Deadlines that matter

Every window has three dates: when registration opens, the early-registration deadline, and the standard deadline after which registration closes entirely. All deadlines fall at 11:59 PM Eastern Time.

WindowEarly deadlineFinal deadline
November 2026Passed11 August 2026
February 20277 July 2026 (passed)5 November 2026
May 202714 October 202610 February 2027

Fees

Early registrationUSD 1,140
Standard registrationUSD 1,490
Enrollment feeNone — eliminated in April 2025
ReschedulingUSD 250, within the same window
All three levelsUSD 3,520–4,600 depending on registration timing

The USD 350 gap between early and standard registration is, in the words of one guide, purely a reward for planning ahead: same exam, same seat. Across three levels that is over a thousand dollars for nothing but deciding earlier.

The decision in front of you right now. November 2026 is the last window tested on the 2026 curriculum. From February 2027, roughly a quarter of Level I changes. If you are already deep into 2026 material, sitting in November avoids relearning; if you are starting now, plan for the 2027 syllabus from day one.

Results

Results arrive within five to seven weeks of the exam. In the May 2026 window, 39% of Level I candidates worldwide passed.

Frequently asked questions

When is the next CFA Level I exam?

Level I runs four times a year, in February, May, August and November. The February 2027 window is scheduled for 22–28 February 2027.

How much does the CFA Level I exam cost?

USD 1,140 with early registration and USD 1,490 at the standard deadline. The one-time USD 350 enrollment fee was eliminated in April 2025.

When does registration for the May 2027 exam open?

Registration opened on 12 August 2026, with an early deadline of 14 October 2026 and a final deadline of 10 February 2027.

Can I reschedule my CFA exam?

Rescheduling within the same window is possible for a fee of USD 250, and closes roughly a week before the exam dates.

Keep reading

The 2027 curriculum changesWhat changed, what was removed and what it means for your material. Building a study planHow to work backwards from your window. Practice questionsExam format and how to practise so it counts.
Disclaimer. CFA Institute does not endorse, promote or warrant the accuracy or quality of the products or services offered by ClearLevelOne. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. ClearLevelOne is an independent exam-preparation app and is not affiliated with CFA Institute. Always check current requirements on the official CFA Institute website.

Practise what you have just read.
Thousands of exam-style questions across all ten topics, timed mock exams in the real format, and instant AI explanations when you get one wrong.

Get ClearLevelOne