CFA® Program
CFA® exam dates: which month for which level
Level I is offered in February, May, August and November, Level II in May, August and November, Level III in February and August. Pick your Level I window and the gap you need between exams to see the earliest date for each level.
Independent site: not run by, or affiliated with, any body that sets these exams or charges these fees.
Fastest CFA® calendar from your first window
Example, not your result yet· change a figure to see yours
Earliest Level III window
August 2027
| Level I | February 2027 |
| Level II | May 2027 |
| Level III | August 2027 |
| If Level I is failed, earliest retake | November 2027 |
Level I is offered in February, May, August, November; Level II in May, August, November; Level III in February and August (sessions held 2024 to 2026).
CFA® Program exams are held in testing windows rather than on a single day. In the sessions recorded by CFA Institute from 2024 to 2026, Level I was offered in February, May, August, November; Level II in May, August, November; and Level III only in February, August. Because Level III has just two windows, it sets the pace of the whole program: a candidate who passes Level I in February and Level II in May can reach Level III in August of the same year, while a May or August start pushes Level III into the year after. Retakes slow things down. A failed level cannot be retaken in the next window: CFA Institute requires more than six months between attempts at the same level, and allows at most 2 attempts at it in a calendar year. The exact days inside each window are set by CFA Institute for each year and are not listed here.
Fees read and totals checked by Radif Partners · Editorial policy · Method and sources
The calendar of windows
| Month | Level I | Level II | Level III |
|---|---|---|---|
| February | Level I | not held | Level III |
| May | Level I | Level II | not held |
| August | Level I | Level II | Level III |
| November | Level I | Level II | not held |
This grid is drawn from the sessions that actually took place, not from an announcement of future dates. CFA Institute can change the windows for a future year; the registration page for your exam is the reference once you book.
The fastest path from each Level I window
Assuming each level is passed the first time and three months are enough between two exams to get the result and register again, the earliest calendars look like this.
| Level I | Level II | Level III | Level I retake if failed |
|---|---|---|---|
| February 2027 | May 2027 | August 2027 | November 2027 |
| May 2027 | August 2027 | February 2028 | February 2028 |
| August 2027 | November 2027 | February 2028 | May 2028 |
| November 2027 | May 2028 | August 2028 | August 2028 |
Starting in February or November leads to the same August Level III, because Level III has only two windows. Starting in May or August pushes Level III into the following year. If you want breathing room between exams, raise the gap in the tool: a gap of six months, for example, turns a February start into a three-year path.
Timing and money
Exam dates also fix what you pay. Every window has an early and a standard registration deadline; registering early saves $350 per exam on the prices of the December 2024 announcement. A candidate who aims at the fastest path has less time to register early for the next level, since results arrive 5 to 9 weeks after the window. Moving a booked exam to another window, where it is allowed, costs $250.
The policies say a level can be retaken at most 2 times in a calendar year, never in consecutive windows and never in windows six months or less apart, and at most 6 times in all. For Level I, offered four times a year, the six-month rule is the one that bites: it rules out the next window and usually the one after.
Where to go next
For the fee of each window, see the CFA® exam cost page; for the rates that decide how many windows you are likely to need, the pass rates by session.
A calendar for the money
Put the windows and the fees together and the program becomes a payment schedule. On the fastest path from a February start, three registrations fall within about six months, $3,520 at early prices. On a slower path, with one Level I retake and a year between levels, the same fees spread over three years or more, with one more Level I fee. Neither path changes the price of a sitting; both change when you need the cash. If you pay from your salary, the slower path spreads the cash; if an employer reimburses fees only on passing, the date of each payment matters as much as its size.