CFA Exam Windows 2026-27: Which Levels Run When, and the Deferral Change
CFA exams run four times a year, but not every level sits in every window. Level I runs in four windows, Level II in three and Level III in two. Paid deferrals end from February 2027.
CFA Institute offers its exams four times a year at more than 400 locations, usually in February, May, August and November. Not every level is offered in every window: according to CFA Institute's registration guide, Level I is offered in February, May, August and November, Level II in May, August and November, and Level III in February and August. CFA Institute has also announced that it will end the paid deferral option beginning with the February 2027 exam cycles. This guide sets out the cadence, the 2026 fee tiers, the rescheduling rules and the latest published pass rates. We could not read exact window dates for 2026 or 2027 from the interactive page, so we do not give them. For costs in more detail see our CFA exam cost guide, and for difficulty see our CFA pass rate guide.
At a glance
| Item | What the official sources say |
|---|---|
| Windows per year | Four, usually February, May, August and November |
| Level I | February, May, August and November |
| Level II | May, August and November |
| Level III | February and August |
| Paid deferral | Ends beginning with the February 2027 exam cycles |
| Reschedule fee | USD 250 within the exam window |
| Missed appointment | Fees are nonrefundable, non-deferrable and non-transferable |
| Registration timing | Windows open at 9:00 AM ET; deadlines are 11:59 PM ET |
The cadence by level
CFA Institute says exams will typically be offered in this cadence, so check the dates page before you plan. The practical result is that Level I has the most opportunities, with four windows a year. Level II has three and Level III has two. Published results fit the pattern: Level I results exist for November 2025, February 2026, May 2026 and August 2026, Level II for November 2025, May 2026 and August 2026, and Level III for August 2025 and February 2026.
Planning a path through the levels
Because Level III runs only in February and August, the gap between passing Level II and sitting Level III depends on which Level II window you pass in, and on when results and registration deadlines fall. This is our reading of the cadence, not a CFA Institute rule, and the dates can change. Always confirm the current schedule before you book study leave.
The deferral change
CFA Institute states that beginning with the February 2027 exam cycles it will eliminate the paid deferral option. Until then, the rules of the current policy apply, and we have not read their detail. If you are considering a deferral, read the announcement and your registration terms before you pay, because the option will not be available after that point.
2026 fee tiers
CFA Institute's 2026 pricing, effective for exams seated in February 2026 and beyond, shows a new Level I enrolment fee of USD 0. Level I and Level II cost USD 1,140 at the early price and USD 1,490 at the standard price, and Level III costs USD 1,240 early and USD 1,590 standard. These add up to the USD 3,520 to 4,570 range CFA Institute quotes for all three levels. We could not confirm the early and standard deadline dates, any late tier or the 2027 prices. Our CFA exam cost guide covers cost planning.
Rescheduling and missed appointments
CFA Institute says a USD 250 rescheduling fee applies within the exam window, and that fees are nonrefundable, non-deferrable and non-transferable for missed exam appointments. Registration windows open at 9:00 AM Eastern Time and deadlines fall at 11:59 PM Eastern Time, so convert to your own time zone before you rely on a closing time.
Latest pass rates
CFA Institute's results infographic and press releases give these latest figures: Level I 43 percent in August 2026, Level II 45 percent in August 2026, and Level III 50 percent in February 2026. The Level III figure is the newest we could confirm and comes from a single document. Pass rates change after every sitting, so check the source before you quote them. Our CFA pass rate guide discusses what the numbers mean.
What to check before you book
Open CFA Institute's dates-and-fees page, which lists each window and registration deadline, and your candidate account for your own level. If you are choosing between levels or windows, our CFA exam guide and CFA Level I study guide explain what each exam involves, and our CFA Level III guide covers the final level.
Frequently asked questions
How many times a year are CFA exams held?
Four times a year, usually in February, May, August and November. Not every level runs in every window.
When can I sit CFA Level III?
Level III is typically offered in February and August, according to CFA Institute.
Can I defer my CFA exam?
CFA Institute says it will eliminate the paid deferral option beginning with the February 2027 exam cycles.
How much does it cost to reschedule?
CFA Institute lists a USD 250 rescheduling fee within the exam window.
What were the latest CFA pass rates?
Level I 43 percent and Level II 45 percent in August 2026, and Level III 50 percent in February 2026.
Next steps
Read our CFA exam guide for the full overview and the CFA exam cost guide to budget. If you are comparing study options, see our Learnsignal pricing page.
Source: CFA Institute dates and fees page, the exam registration and scheduling guide, the CFA Institute press release on deferral policies, the CFA Program pricing announcement and CFA Institute exam results pages and press releases. Checked October 2026.
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