CFA Exam Dates 2026: Complete Schedule for Levels I, II & III

CFA 2026 exam dates vary by level. Level I has 4 windows: February (2-8), May (12-18), August (18-24), and November (11-17). Level II has 3 windows: May (19-23), August (25-29), and November (18-22). Level III has 2 windows: February (January 29-February 1) and August (13-17). Each window is approximately 5-7 days during which you schedule your specific exam appointment at a Prometric test center. After registering, you must schedule your exact test date and time through Prometric's ProScheduler system based on availability at your chosen test center.

CFA exam fees for 2026: Level I and II cost $1,140 for early registration or $1,490 for standard registration. Level III costs $1,240 (early) or $1,590 (standard). Early registration saves $350-450 per level. Total registration costs for all three levels range from $3,520 (all early) to $4,570 (all standard). Additional costs include study materials ($500-1,500 per level), financial calculator ($30-70 for TI BA II Plus or HP12C), potential rescheduling fees ($25-250), and retake fees if needed (same as initial registration). Total estimated program cost ranges from $3,570-$8,970 depending on study materials chosen and number of attempts.

Register for CFA at cfainstitute.org by: (1) Checking eligibility requirements (bachelor's degree or equivalent, or final year enrollment, or 4 years work experience), (2) Creating a CFA Institute account with personal details matching your passport exactly, (3) Selecting exam level and preferred window, (4) Completing detailed personal and professional information, (5) Uploading valid passport scan, (6) Agreeing to Candidate Agreement and Code of Ethics, (7) Paying registration fee via credit/debit card, and (8) Scheduling your specific exam appointment through Prometric's ProScheduler within your chosen exam window. The entire registration process takes 20-30 minutes. Have your passport and payment method ready before starting.

CFA exams are computer-based tests administered at Prometric test centers worldwide. Level I consists of 180 multiple-choice questions divided into two 135-minute sessions (90 questions each session), testing knowledge and comprehension across 10 topic areas. Level II has 88 item-set questions arranged in 22 vignettes (4 questions per vignette) across two 132-minute sessions, testing application and analysis skills. Level III combines 11 essay sets and 11 item sets (44 multiple-choice questions total) across two 132-minute sessions, testing synthesis and portfolio management in context of client scenarios. All exams use approved financial calculators (TI BA II Plus or HP12C) and test at Prometric centers with strict proctoring and security measures.

Register during early registration period to save $350-450 per level. Early registration windows typically close 3-4 months before exam window. For February 2026 exams, early deadline is July 7, 2025. For May 2026, early deadline is October 14, 2025. For August 2026, early deadline is January 21, 2026. For November 2026, early deadline will be announced in 2026. Plan to register 6-8 months before your target exam window to allow adequate preparation time (300-400 hours recommended per level) while securing early registration savings. Registration opens approximately 8-10 months before exam windows, giving you ample time to plan and prepare strategically.

No, you cannot complete all three CFA levels in one year. CFA Institute requires passing each level sequentially before registering for the next level. The absolute minimum timeline is approximately 18-24 months if you pass on first attempt: Level I in one window, wait for results (typically 4-6 weeks), register for Level II in a subsequent window (typically 6-12 months later), pass and wait for results, then Level III (another 6-12 months). Most successful candidates take 2-4 years to complete the entire program due to preparation requirements (300-400 hours per level), work commitments, and the rigorous difficulty of each exam. The fastest theoretically possible path would be: Level I February 2026, Level II August 2026, Level III February 2027 — approximately 12 months total, though this is extremely challenging.

Historical CFA pass rates vary by level and exam window but generally range: Level I typically 30-45%, Level II typically 40-50%, Level III typically 45-55%. Pass rates fluctuate based on exam difficulty, candidate preparation levels, and cohort performance. The CFA Institute uses a modified Angoff method to set minimum passing score (MPS) for each exam, meaning you're not competing against other candidates but against an absolute standard of competency. The Institute does not publish exact MPS scores or percentage requirements. Recent trends show computer-based testing (CBT) has maintained similar pass rates to previous paper-based exams. Success requires thorough preparation (recommended 300-400 hours per level), strong foundation in previous levels, and dedication to mastering all topic areas.

Yes, you can reschedule your CFA exam through your CFA Institute account, but fees apply. Within the same exam window (changing only your specific test date or location), rescheduling costs $25 if done more than 48 hours before your scheduled appointment. No rescheduling is allowed within 48 hours of your scheduled exam. To reschedule to a different exam window entirely (e.g., from May to August), the fee is $250 if done before the scheduling deadline. You must reschedule through Prometric's ProScheduler system after logging into your CFA account. Refunds for complete withdrawals are not available after registration. For medical or other exceptional circumstances, contact CFA Institute support with documentation; they may consider special accommodations on a case-by-case basis. Always reschedule as early as possible to minimize fees and ensure availability at your preferred new date/location.