CFA® Program Level I exam dates, deadlines and fees (2027)

Level I exam dates 2027

Level I is offered in four testing windows a year, at more than 400 locations worldwide. Inside your window, you choose a day and a test centre; seats are first come, first served.

The early deadline is the last day for the lower fee; the standard deadline is the day registration closes. Registration opens at 9:00 a.m. and every deadline falls at 11:59 p.m., U.S. Eastern Time (ET).

Still on the 2026 curriculum: the November 2026 window, 11–17 November 2026. Its registration closed on 11 August 2026, and its rescheduling deadline is 31 October 2026.

All deadlines for each 2027 window

What each deadline means

• Early registration deadline: register by this date to pay the lower fee.
• Registration closes: the last day to register, at the standard fee.
• Scheduling deadline: the last day to book your test day and test centre.
• Rescheduling deadline: the last day to move your appointment inside your window, for a USD 250 fee.
• Disability accommodations request deadline: the last day to ask for testing accommodations for that window.

Level I fees for 2027: early vs standard registration

Registering early saves USD 350. Fees are per exam, and local taxes may be added when you pay.

Level II costs the same as Level I; Level III is USD 1,240 early or USD 1,590 standard. CFA Institute puts the cost of all three levels at USD 3,520–4,570, which is the three exam fees added up: its current fee data shows no separate enrollment fee.

How many times can you take Level I in a year?

At most twice in a calendar year, and never in back-to-back windows or in two windows less than six months apart.

Planning a retake? Check the rule against the exact window dates on CFA Institute's dates and fees page before you register.

When do Level I results come out?

CFA Institute's Level I page says results are typically available within 5 to 7 weeks after the exam date; its results page gives 5 to 9 weeks after your window closes. You get a pass or fail result, with a summary of your performance by topic. For example, CFA Institute published the August 2026 Level I results on 24 September 2026.

One condition: complete a Practical Skills Module before your result can be released. Each level needs one, and the same module can't be reused at another level.

Which 2027 window should you pick?

• Count back from the exam. Successful candidates report over 300 hours of study on average: that's 6 months at 12.5 hours a week, or about 4 months at 19 hours a week. Our 6-month study plan for May 2027 shows the full calendar.
• Book first, then plan backwards. Deadlines come months before the exam: for May 2027, the early deadline is 14 October 2026.
• Schedule your test day as soon as you register: seats are first come, first served.
• All four 2027 windows use the same curriculum and weights. What changed from 2026: Level I 2027 changes.

Sources

All checked on 2 October 2026. CFA Institute's dates can change, so check the originals before you register.

• CFA Institute, dates and fees: windows, deadlines, fees, attempt rules (the page and the public data behind its date tool).
• CFA Institute, Level I exam page: results timing, Practical Skills Module, study hours, exam format.
• CFA Institute, exam results page: when results are released.

Plan your weeks, on video

Watch on YouTube A 6-month study plan for the May 2027 window, drawn week by week: hours, topic weights, spaced review and mock exams. Sharpe & Clear on YouTube →

More free Level I resources

• Level I 2027 changesNew topic weights, renamed topics and what's new.
• A 6-month Level I study plan for May 202726 weeks, 300 hours, block by block.
• The free study playbook (PDF)How the exams work today, a plan you can copy, and the classic traps.