CFA® Program Level I exam dates and fees 2027

In 2027, Level I of the CFA® Program runs in four exam windows: 22–28 February 2027 (check the official website), 11–17 May 2027 (check the official website), 15–22 August 2027 (check the official website) and 13–19 November 2027 (check the official website). Exam registration costs US$1,140 (check the official website) early or US$1,490 (check the official website) standard, before local taxes. Every date and fee on this page was read on 30 October 2026 from secondary sources and links to CFA Institute's dates and fees page, which is the one to rely on when you register.

Level I is run by CFA Institute (CFA Institute, Level I exam). Each window has its own deadlines, and you do not need to book the earliest one. The useful question is which window you can be ready for – and what you have to do, by when, to sit it at the lower fee.

When are the Level I exam windows and deadlines in 2027?

Registering is one step; booking your seat at a test centre is another, with its own deadline:

Which windows can you still register for?

As of 30 October 2026:

• February 2027: Early registration closed on 7 July 2026 (check the official website). Standard registration is open until 5 November 2026 (check the official website); schedule your appointment by 10 November 2026 (check the official website).
• May 2027: Early registration closed on 14 October 2026 (check the official website). Standard registration is open until 10 February 2027 (check the official website); schedule your appointment by 16 February 2027 (check the official website).
• August 2027: Registration opens on 3 November 2026 (check the official website). Early registration runs until 20 January 2027 (check the official website), standard registration until 29 April 2027 (check the official website).
• November 2027: The registration dates are not in our register yet: check the official website.

How much does Level I cost in 2027?

The early fee only applies if you register before the early deadline of your window. Who qualifies for a scholarship, and what it covers, is set by CFA Institute. To add up your own budget – a retake, a calculator, study materials, in your currency – use the Level I cost calculator.

Which window should you choose?

Choose the window you can be ready for, not the next one in the calendar. Two prep and careers websites suggest planning for at least 300 hours of study for Level I (Soleadea, study hours (secondary source)) (300Hours, preparing for Level I (secondary source)). That is a planning figure, not a requirement. Counting from Monday 2 November 2026, it means:

These are averages with no week off. Holidays, illness and busy weeks at work push the real figure up. Compare the right-hand column with the hours your week honestly leaves: the study-time calculator works that out from your job, commute and sleep and adds a buffer, and the Level I study planner turns the window you pick into a week-by-week plan.

If the number for the window you wanted looks too high, that is useful to know now rather than in the final month. A later window with a calmer pace is a plan, not a defeat.

What to do, and by when: a plan for the August 2027 window

The same steps work for every window; swap in the dates from the tables above.

1. Now: check your weekly hours and start studying. Get the calculator you will use in the exam and practise on it from the first week (see which calculators are allowed).
2. 3 November 2026 (check the official website): registration opens.
3. By 20 January 2027 (check the official website): register at the early fee, US$1,140 (check the official website).
4. By 29 April 2027 (check the official website): the last day to register, at US$1,490 (check the official website).
5. By 6 May 2027 (check the official website): schedule your appointment. Pick a day in the window and a test centre you can reach without stress.
6. The last four to six weeks: full timed practice at exam pace – the exam pace calculator gives the minutes per question.
7. 15–22 August 2027 (check the official website): the exam window.
8. Afterwards: results arrive within five to nine weeks after the exam window closes (check the official website).

Can you change your appointment or move to another window?

Changing your appointment within the same window costs US$250 (check the official website). Moving to a later window is different: from the February 2027 exams, paid deferrals to a later window are no longer offered; only qualifying emergency deferrals remain (check the official website). So treat the window you register for as fixed, and choose it with the weeks table in mind.

Which date mistakes are common?

• Treating registration as booking. You still need to schedule your appointment by the scheduling deadline of your window.
• Counting on the early fee for May 2027. Early registration for May closed on 14 October 2026 (check the official website).
• Counting on a paid deferral if the window turns out too early. Pick the window you can be ready for at the start.
• Planning a retake without the results timing. Results arrive within five to nine weeks after the exam window closes (check the official website), and the next deadlines may come before that. Check CFA Institute's rules on attempts before you plan one.
• Planning around November 2027 deadlines before they are published. They were not in the sources we read: check the official website.

What this means for you

Pick the window from the hours you really have, register before its early deadline if you can, and schedule your appointment as soon as you have registered. Then put the date into a plan and start. Our CFA® Program Level I course gives you practice questions with worked explanations; it complements CFA Institute's curriculum and does not replace it.

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