CFA Exam Dates 2027: Registration Deadlines, Fees, and What Happens If You Miss Them

Table of Contents

• 2027 CFA Exam Windows at a Glance
• Registration Deadlines and Fees by Window
• How CFA Registration Actually Works
• What Happens If You Miss the Early Deadline
• What Happens If You Miss the Standard Deadline
• Rescheduling After You’ve Already Registered
• The Practical Skills Module: Don’t Forget This Step
• Exam Day: What to Expect
• Planning Ahead: Your Next Registration Window
• The Bottom Line on CFA Exam Dates

Given this is a lengthy, comprehensive review, we’ve included jump-to links above for your convenience.

2027 CFA Exam Windows at a Glance

So what makes CFA deadlines so confusing? Let’s start here: the three levels run on three different schedules. While Level 1 is offered four times a year, Level 2 is just offered three times.

Level 3 candidates have only two shots per year: February and August. There are no May or November testing windows for Level 3, so plan with that in mind.

2027 Registration Deadlines and Fees by Window

Registration fees differ by exam level. Levels 1 and 2 cost $1,140 with early registration or $1,490 with standard registration. Level 3 costs $1,240 with early registration or $1,590 with standard registration. These fees do not include applicable local taxes.

Registering early sounds easy, but it requires you to plan ahead. Know your testing window, put the deadlines in your calendar, and have your finances lined up in advance. All deadlines are at 11:59 pm ET. Dates verified against the CFA Institute exam calendar on September 7, 2026. Subject to change by CFA Institute.

Here’s what’s at stake. The difference between early and standard registration is $350. Miss that for all three levels, and you’re paying an extra $1,000+ in unnecessary registration fees, on top of everything else in your total CFA exam cost.

Given that the Level 1 pass rate has averaged 41% over the past five years, candidates should build their registration and study plans around the possibility of needing another attempt. Registering during the early period whenever possible can reduce the cost of each attempt by $350.

If you are targeting the next open window, May 2027 early registration closes October 14, 2026. That is the most immediate deadline for candidates reading this before that date. After that, August 2027 early registration opens November 3, 2026.

How CFA Registration Actually Works

Another common mistake is not understanding the registration process. There are two key steps:

Step 1: Register and pay. Log into your CFA Institute account, select your exam level and window, and pay the registration fee. Your exam registration is now complete, but you do not yet have a confirmed appointment. You must separately schedule a specific exam date, time, and test center

Step 2: Schedule your Prometric appointment. You have to log back into the CFA Candidate Portal, where you’ll see an option to “Schedule Your Exam.” You should now be able to select a specific date, time, and test center that works for you. Don’t put this off. Appointments are available on a first-come, first-served basis. Popular test centers and weekend slots fill up quickly.

Critical warning: There are two deadlines you need to keep track of. The registration deadline is the last day to pay, but you still have to pick your seat before the scheduling deadline. If you pay but don’t schedule your exam in time, you lose both your money and your opportunity to sit for that testing window.

What Happens If You Miss the Early Deadline

Now for some good news. Even if you miss the early deadline, you can still register for your desired testing window until the standard deadline closes. For May 2027, the standard deadline is February 10, 2027. For August 2027, it is April 29, 2027.

Missing the early deadline isn’t an emergency, but it’s better to save that $350 if you can. Your best bet: make a notification on your calendar several days before the deadline so it doesn’t get missed.

Even standard registration windows close well before the exam. The May 2027 standard deadline of February 10 is more than three months before exam day. Don’t assume you can register the week before, or you’ll be disappointed.

What Happens If You Miss the Standard Deadline

Missing the standard deadline means you cannot sit the exam in that window. There’s no late registration option. You’ll simply have to wait for the next available window. 

The silver lining: you might still have time to make the early registration deadline for the next testing window. 

Rescheduling After You’ve Already Registered

Changing your appointment within the same exam window is different from moving your registration to a later exam window.

Beginning with the 2027 CFA exams, CFA Institute no longer offers paid deferrals. If you cannot sit for your scheduled exam, you will generally lose your registration fee and need to register again for a future window. Candidates facing certain serious circumstances may qualify for an emergency deferral. Approved emergency deferrals are generally subject to a $100 processing fee.

If you only need to change your exam date, time, or testing location within your existing exam window, you can reschedule for $250, plus any applicable taxes. Rescheduling is subject to appointment availability and must be completed before the rescheduling deadline. It cannot be used to move your registration to another exam window.

Schedule your appointment as early as possible and choose carefully, since test-center availability can become limited as the exam approaches. Always review the current CFA Institute deferral policy and exam calendar before making changes.

The Practical Skills Module: Don’t Forget This Step

After you register for the exam, there’s one remaining task you must complete. You won’t receive your results until you’ve completed a Practical Skills Module (PSM). Thankfully, the PSM is included with your registration at no additional cost.

The PSM is mandatory and generally takes 10 to 20 hours. For 2027 Level I candidates, the available modules are Financial Modeling and Python Programming Fundamentals. Candidates may begin a PSM at any time after registration, but it must be completed by the results-release date. If it is not completed by then, the candidate’s exam result will be voided.

CFA Institute does not identify a single best time to complete the PSM. Candidates may complete it after registration, during their studies, or after taking the exam. If you plan to complete it after exam day, leave enough time to finish before results are released.

Exam Day: What to Expect

A few things to have in order before exam day:

• Valid Passport. CFA Institute requires every candidate to bring a valid international travel passport. The name in your CFA Institute account must match the name on your passport. Driver’s licenses are not accepted as standard identification.
• Approved calculator. Only the TI BA II Plus and HP 12C are permitted. Bring fresh batteries, too.
• Arrival time. Try to get there at least 30 minutes before your scheduled appointment, just in case. Late arrivals may not be admitted and forfeit their registration fee.
• No notes or study materials. Nothing goes with you into the testing room except your ID, calculator, and any pre-approved comfort items. The test center will provide scratch paper, a whiteboard, or an erasable writing tablet. Candidates may not bring their own paper or writing instruments into the testing room.

Planning Ahead: Your Next Registration Window

If you are reading this before November 2026 and not yet registered, here is where you stand. The February 2027 early deadline has passed but the standard deadline is November 5, 2026, so there is still time to register at standard fee for February if you are targeting Level 1 or Level 3. For May 2027, early registration is open now through October 14, 2026.

August 2027 registration opens November 3, 2026 for all three levels. Whatever window you are targeting, build your study plan backward from your exam date. A disciplined candidate can cover Level 1 in 90 days with the right framework.

The Bottom Line on CFA Exam Dates

Set calendar reminders for every early deadline the moment you decide on a window. Once you’ve registered and paid, schedule your exam appointment. If life intervenes and you can still test during the same exam window, you may be able to reschedule your appointment for $250, subject to availability and the rescheduling deadline. Paid deferrals to another window are not available for 2027 exams.

Studying is essential, but if you really want to reduce your stress load, it’s also important to manage the CFA timeline effectively. By planning strategically, you should never have to pay any unnecessary fees.

👉 Check out our CFA Strategy Center for more exam strategies