Key facts
- After a fail you can register again only once your result has been posted to your CFA Institute account (check the official website).
- The rule is a gap of at least six months between two attempts at the same level (check the official website): after an August exam, the earliest retake is the next February window.
- You have up to six attempts at each level (check the official website).
- A retake costs the full registration fee again, with no discount for retakers (check the official website); the Practical Skills Module is not repeated when you retake the same level (check the official website).
- Results come as a scaled score with a minimum passing score of 1,600 for Level I, shown with a 90% confidence interval and results by topic area (check the official website).
Failing Level I of the CFA® Program is a setback, not the end of the route. You can register again only once your result has been posted to your CFA Institute account (check the official website), with a gap of at least six months between two attempts at the same level (check the official website): after an August 2026 exam, the earliest window is the one of 22–28 February 2027 (check the official website). (Soleadea, retaking an exam (secondary source))
If you have just seen the result, give yourself a few days before you plan anything. Months of evenings and weekends went into this exam, and disappointment, anger or embarrassment are normal reactions. The result describes one exam on one day; it says nothing about whether you belong in finance. When you are ready, this page takes you through the rules, how to read your result, when to retake, and a plan for the weeks in between. The CFA® Program and its rules are set by CFA Institute (CFA Institute, Level I exam).
What happens after you fail Level I?
You lose the fee, the time and one attempt – nothing else. The next attempt follows these rules:
| Question | Rule |
|---|---|
| When can I register again? | only once your result has been posted to your CFA Institute account (check the official website) |
| How soon can I sit the exam again? | a gap of at least six months between two attempts at the same level (check the official website) |
| How many attempts do I have? | up to six attempts at each level (check the official website) |
| What does a retake cost? | the full registration fee again, with no discount for retakers (check the official website): US$1,140 (check the official website) early or US$1,490 (check the official website) standard |
| Do I repeat the Practical Skills Module? | No – it is not repeated when you retake the same level (check the official website) |
With that gap, the earliest retake is two windows after the one you failed: after February comes August, after May comes November, after August the next February and after November the next May (Soleadea, retaking an exam (secondary source)). That is the earliest date, not a deadline – you can wait longer.
When are the next windows and registration deadlines?
| Window | Exam days | Standard registration deadline |
|---|---|---|
| February 2027 | 22–28 February 2027 (check the official website) | 5 November 2026 (check the official website) |
| May 2027 | 11–17 May 2027 (check the official website) | 10 February 2027 (check the official website) |
| August 2027 | 15–22 August 2027 (check the official website) | 29 April 2027 (check the official website) |
| November 2027 | 13–19 November 2027 (check the official website) | check the official website |
Results arrive within five to nine weeks after the exam window closes (check the official website), and registration closes well before a window opens – so the earliest window can leave you only a couple of weeks to decide (Soleadea, retaking an exam (secondary source)). Check the deadline first, then decide.
How do you read your Level I result?
The result comes as a scaled score with a minimum passing score of 1,600 for Level I, shown with a 90% confidence interval and results by topic area (check the official website). Use it in four steps:
- Distance. Note where your score sits against the minimum passing score, and whether the confidence interval reaches it.
- Ranking. List the ten topic areas from weakest to strongest.
- Weight. Check the topic weights for the year of your next exam: CFA Institute publishes them for each exam year, and the 2027 weights differ from those of 2026 (CFA Institute, Level I exam). A weak area with a high weight comes first.
- Method. Write down honestly how you prepared: hours per week, how many timed mocks, how you reviewed mistakes, and what went wrong on the day.
Should you retake at the next window or later?
Our own decision table – the wait rule sets only the earliest date:
| Your situation | Our suggestion |
|---|---|
| Score close to the minimum passing score; the confidence interval reaches it | The earliest window, with 12–16 weeks focused on your weakest topic areas |
| Score well below; the whole interval lies under the minimum passing score | A full new cycle: a window about six months out, planned like a first attempt |
| Busy season at work, a move or a new baby before the earliest window | The window after; a rushed second attempt costs another fee |
| Registration for the earliest window has closed | The next window – use the extra weeks for mocks |
| Second fail | Change the method before adding hours (see below) |
Already registered for a window you can no longer prepare for? See whether to defer Level I and what the 2027 rules allow.
What does a 16-week retake plan look like?
From Monday 2 November 2026 to the first day of the February 2027 window there are 16 full weeks. A template for those weeks, our own planning rule:
| Weeks | Focus |
|---|---|
| 1 | Rest, read the result, register by the standard deadline, 5 November 2026 (check the official website), and list your weakest three or four topic areas |
| 2–9 | Rebuild the weak areas first, with questions from day one and a written note on every wrong answer |
| 10–12 | Mixed review across all ten topic areas, revisiting each at growing intervals |
| 13–15 | One timed mock a week in the exam format – two sessions of 90 questions with 2 hours 15 minutes each – and a day of review after each |
| 16 | Light review, sleep, travel and exam-day logistics |
The order rests on learning research: testing yourself beats rereading (Roediger and Karpicke, 2006) (Dunlosky et al., 2013), spacing reviews over time helps you keep what you learned (Cepeda et al., 2006), and mixing topics trains you to tell similar problems apart (Rohrer, 2012). How many hours you need depends on how far below the minimum passing score you were. The Level I study planner builds the weeks for you: mark your weak areas “new to me” and your strong ones “confident”.
What if you have failed Level I twice?
You have up to six attempts at each level (check the official website), so a second fail does not close the door – but it is a signal that doing the same again will not work. Before you register, answer four questions:
- Did you finish every topic area, or run out of time on the last ones?
- Did you sit enough full mocks under exam conditions? 300Hours calls at least six full mock exams essential (300Hours, preparing for Level I (secondary source)).
- Did you review every wrong answer, or just mark it and move on?
- Did your week really hold the hours your plan assumed?
Change one big thing: start earlier, switch from reading to questions first, or take a few days off in the last two weeks. And ask whether the goal still holds – is the CFA® Program worth it for you is a fair question after two attempts.
Which mistakes are common after a fail?
- Starting again from page one. Begin with the weakest areas; your strong ones need review, not a rebuild.
- Booking the earliest window by reflex. Check your week first with the study-time budget calculator.
- Adding hours to the same method. More reading rarely fixes a lack of timed practice.
- Keeping it to yourself. Telling a friend, colleague or family member takes some of the weight off.
When should you get support?
Against stress, the NHS suggests simple steps such as staying active, connecting with other people and concentrating on what you can control (NHS, 10 stress busters). If you are struggling to cope, or what you try yourself is not helping:
- In England, book a GP appointment, or refer yourself to NHS talking therapies if you are 18 or over; call NHS 111 if you need help urgently and 999 in an emergency (NHS, stress).
- If you need someone to talk to, Samaritans answer on 116 123 (NHS, stress).
- In the US, the 988 Suicide & Crisis Lifeline takes calls and texts on 988 and chats online, free, confidential and around the clock (988 Lifeline (US)).
- Elsewhere, start with your doctor or local health service.
What does this page cover?
- Last updated
- Based on
- Retake, fee and result rules from our fact register, read from secondary sources and linked to CFA Institute
- Exam windows and deadlines from the same register
- Learning research on testing, spacing and interleaving; NHS and 988 pages for support
- Includes
- The rules for a retake, the earliest window and the 2027 deadlines
- How to read the result, a decision table and a 16-week template
- Not included
- Statistics on how many candidates pass or fail
- Medical advice
Frequently asked questions
What happens if you fail Level I of the CFA® Program?
You get your score and your results by topic area, and you can register again only once your result has been posted to your CFA Institute account (check the official website). The next attempt needs a gap of at least six months between two attempts at the same level (check the official website) and costs the full registration fee again, with no discount for retakers (check the official website).
How soon can I retake Level I?
The rule is a gap of at least six months between two attempts at the same level (check the official website), so the earliest retake is two windows later: after February comes August, after May November, after August the next February and after November the next May.
How many times can you take Level I?
You have up to six attempts at each level (check the official website). After a second fail, change your method – more timed mocks, questions before reading – rather than only adding hours.
Do I have to pay the full fee again?
Yes. A retake costs the full registration fee again, with no discount for retakers (check the official website): US$1,140 (check the official website) with early registration or US$1,490 (check the official website) at standard registration, before local taxes.
Do I need to redo the Practical Skills Module?
No. The module is not repeated when you retake the same level (check the official website).
What should I do in the first week after failing?
Take a few days off, then read your result: compare your score with the minimum passing score and rank the topic areas. Choose a window only after checking the registration deadline and how many free hours your weeks really have.
Related tools and pages
Sources
- Soleadea (exam prep provider, secondary source): Level 1 CFA® Exam Retake: Cost and Conditions (1 August 2026). Accessed 30 October 2026.
- CFA Institute: CFA Program Level I exam: format and topic weights. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): CFA Level 1: How to Prepare & Pass CFA in 18 Months (9 September 2026). Accessed 30 October 2026.
- Roediger, H. L. & Karpicke, J. D., Psychological Science 17(3), 249–255: Test-enhanced learning: Taking memory tests improves long-term retention (2006).
- Dunlosky, J., Rawson, K. A., Marsh, E. J., Nathan, M. J. & Willingham, D. T., Psychological Science in the Public Interest 14(1), 4–58: Improving students’ learning with effective learning techniques (2013).
- Cepeda, N. J., Pashler, H., Vul, E., Wixted, J. T. & Rohrer, D., Psychological Bulletin 132(3), 354–380: Distributed practice in verbal recall tasks: A review and quantitative synthesis (2006).
- Rohrer, D., Educational Psychology Review 24(3), 355–367: Interleaving helps students distinguish among similar concepts (2012).
- NHS (National Health Service, England): 10 stress busters (26 June 2026). Accessed 30 October 2026.
- NHS (nhs.uk): Stress – symptoms, things you can try, and when to get help (GP, NHS talking therapies, NHS 111, Samaritans) (6 March 2026). Accessed 30 October 2026.
- 988 Suicide & Crisis Lifeline (United States): 988 Suicide & Crisis Lifeline: call, text or chat 988. Accessed 30 October 2026.
- CFA Institute: CFA exam dates and fees. Accessed 26 October 2026.
- Soleadea (exam prep provider, secondary source): CFA® Exam Practical Skills Modules (PSMs), FAQ on Completion (10 August 2026). Accessed 30 October 2026.
- Soleadea (exam prep provider, secondary source): CFA® Minimum Passing Score (MPS): What Score You Need — results report, scaled score and confidence interval (3 August 2026). Accessed 30 October 2026.
- Soleadea (exam prep provider, secondary source): CFA® Exams in 2026 & 2027, All Dates & Levels (1 August 2026). Accessed 30 October 2026.
- UWorld Finance (exam prep provider, secondary source): CFA Exam Fees and Registration Guide for 2027. Accessed 30 October 2026.
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