CFA Exam Dates (2026): Windows, Deadlines & Test Scheduling

Planning your candidate journey begins with one critical decision: selecting the right examination window. Because CFA Institute operates on a strict computer-based testing (CBT) schedule administered through Prometric test centers worldwide, understanding the timeline between initial registration, appointment scheduling, and final study milestones is vital to exam day success.

2026 CFA Exam Testing Windows Overview

In 2026, CFA Institute offers multiple computer-based testing windows depending on which level of the CFA program you are pursuing. Unlike traditional pen-and-paper examinations of previous decades, candidates do not all sit on a single Saturday; instead, each exam window spans approximately 5 to 7 days, allowing you to select a specific date, morning or afternoon session, and test center location that fits your schedule.

• CFA Level I: Offered 4 times per year — February, May, August, and November.
• CFA Level II: Offered 3 times per year — May, August, and November.
• CFA Level III: Offered 2 times per year — February and August.

Registration Deadlines vs. Prometric Scheduling Deadlines

A common point of confusion for first-time candidates is that registering for the CFA exam is a two-step process. Simply paying your registration fee to CFA Institute does not reserve a seat at a test center.

• Step 1: Exam Registration & Fee Payment: You register on the official CFA Institute portal and pay either the Early Registration fee ($1,090) or Standard Registration fee ($1,390).
• Step 2: Prometric Seat Scheduling: After registration, you must log into the Prometric scheduling portal to select your exact test center location, date, and appointment time. There is no additional charge for this initial appointment booking.
• Step 3: Scheduling Deadline: Prometric scheduling closes approximately 3 to 4 weeks after the standard registration deadline. If you register but fail to schedule an appointment before this deadline, you forfeit your registration fee and will not be permitted to test.

The 6-Month Retake Rule Explained

CFA Institute enforces a mandatory cooling-off period between exam sittings. Candidates cannot sit for adjacent testing windows or take the exam more than twice in any single calendar year. Specifically, you must allow a minimum of six months between exam attempts.

For example, if you sit for Level I in February and do not pass, you are ineligible to retake the exam in May. Your earliest available re-examination window would be August or November. Similarly, if you pass Level I in February, results are typically released in 5 to 7 weeks (early April), making August or November your earliest opportunity to challenge Level II.

Rescheduling & Deferral Policies

Life, corporate deals, and family emergencies happen. If you need to change your scheduled exam appointment within the same testing window, CFA Institute allows test center and date changes for a $250 rescheduling fee, subject to seat availability at your designated Prometric center.

If you need to postpone your exam to a future testing window entirely, you must submit a formal deferral request. CFA Institute offers emergency deferrals (for documentable medical crises, natural disasters, or military deployment) at no charge, as well as paid discretionary deferrals ($399 fee) allowing you to move your sitting to a later window within 12 months.

How to Choose Your Optimal Exam Window

Selecting the best exam window requires honest appraisal of your professional calendar and personal commitments. Consider the following strategic guidelines:

• Account for Corporate Busy Seasons: Auditors and public accountants should avoid the February window due to calendar year-end filing deadlines. Investment banking analysts often favor May or August windows after major Q1 deal closures.
• Ensure a 5-Month Runway: Regardless of your chosen window, commit to starting structured preparation at least 20 to 22 weeks prior to test day to comfortably accumulate the recommended 300 to 350 study hours.
• Book Prometric Early: Test center capacity in major financial capitals (New York, London, Toronto, Singapore, Dubai, Hong Kong) fills rapidly. Schedule your appointment the day registration opens to secure your preferred morning time slot.