CFA Level I Exam Dates, Fees & Registration (2025-2026): Deadlines, Scheduling, Rescheduling

Dimitri Dangeros, CFA, CAIA
Aug 16
5 min read

If you’re targeting CFA Level I in 2025 or 2026, this guide consolidates the latest official timelines, fees, and policies into one place—so you can plan with confidence, avoid last-minute surprises, and register at the best price. All dates and policies below come from current CFA Institute resources for the 2025–2026 cycles.

Snapshot: When Level I Is Offered (2025–2026)

CFA exams run four times per year—February, May, August, and November—with candidates allowed to sit no more than twice per calendar year and not in consecutive windows (≤6 months apart). All deadlines are 11:59 p.m. ET unless noted.

CFA Level I Exam Windows & Deadlines (2025–2026)

All deadlines are 11:59 p.m. ET unless otherwise stated.Candidates may test up to twice per calendar year but not in consecutive exam windows (≤6 months apart).

Year	Exam Window	Registration Window	Early Reg. Deadline	Final Reg. Deadline	Scheduling Deadline	Rescheduling Deadline
2025	Aug 20–26	6 Nov 2024 – 6 May 2025	29 Jan 2025	6 May 2025	13 May 2025	21 Jul 2025
	Nov 12–18	12 Feb – 5 Aug 2025	9 Apr 2025	5 Aug 2025	12 Aug 2025	1 Nov 2025
2026	Feb 29 Jan–8 Feb	29 Apr – 29 Oct 2025	7 Jul 2025	29 Oct 2025	5 Nov 2025	22 Jan 2026
	May 12–23	12 Aug 2025 – 12 Feb 2026	14 Oct 2025	12 Feb 2026	18 Feb 2026	1 May 2026

Tip: Tight on seats? CFA Institute notes test-center appointments are first-come, first-served and scheduling typically closes ~60 days before the exam window opens. Schedule early.

CFA Level I Fees (2025 vs 2026) CFA Level I Exam Dates, Fees & Registration (2025-2026): Deadlines, Scheduling,

Sitting Year	Enrollment Fee	Early Registration	Standard Registration	Notes
2025	USD 350 (one-time, first L1 only)	USD 990	USD 1,290	Taxes may apply
2026	USD 0 (fee eliminated)	USD 1,140	USD 1,490	New pricing effective Feb 2026 onwards
Scholarship Rate	N/A	USD 400	USD 400	For Access Scholarship recipients; no paid deferrals allowed

CFA’s program brochure also shows the full 2026 fee table by level (L1: 1,140 / 1,490; L2: 1,140 / 1,490; L3: 1,240 / 1,590). Taxes may apply. CFA Level I Exam Dates, Fees & Registration (2025-2026): Deadlines, Scheduling,

Scholarships: The Access Scholarship reduces the registration fee to USD 400 (plus any taxes). Application windows align to each exam cycle (e.g., Feb 2026 window opened 29 Apr 2025 and closed 19 May 2025). Scholarship candidates cannot purchase a paid deferral (emergency deferral only).

Registration → Scheduling → Rescheduling: how it actually works

1) Enroll & registerCreate/sign in to your CFA Institute account, confirm you meet entry requirements, and pay the registration fee for your target window. (Note: for 2025 sittings you’ll pay the one-time enrollment fee if it’s your first Level I registration; this fee is eliminated for 2026 sittings.)

2) Schedule your appointmentAfter payment, you must pick your test date/time and center during the scheduling window. Appointments are at Prometric test centers worldwide and are first-come, first-served. If you miss the scheduling deadline, availability is not guaranteed.

3) Need to move your slot (within the same window)?Use the “Manage Your Exam” link in your CFA account to change date/time/location within your registered window. A USD 250 rescheduling fee applies (non-refundable; taxes may apply). You must do this by the published rescheduling deadline for your cycle.

4) Attempt limitsYou can sit twice per calendar year (when offered) and not in consecutive windows or windows ≤6 months apart; there’s a six-attempt maximum per level.

Deferrals, withdrawals & refunds

Sometimes plans change—know your options:

Paid Deferral (move to a future window): You may purchase a USD 449 deferral (up to the paid-deferral deadline shown in your account) to postpone your exam up to 12 months, subject to level and appointment availability.
Emergency Deferral: Available for qualifying events (e.g., life-threatening illness, immediate family death, military deployment, pregnancy). Starting with 2025 exams, USD 100 processing fee applies to approved emergency deferrals (Prometric-initiated reschedules are exempt).
Refunds: There’s a 14-day refund window after registration; after that, fees are non-refundable (even for medical reasons).
Withdrawal: If you withdraw late, you may still be eligible to purchase a paid deferral before the deadline shown for your cycle.
Scholarship recipients: Not eligible for paid deferrals; emergency deferral only if criteria are met.

2026 scholarships: application windows (for awareness)

Feb 2026 (Levels I & III): Opens 29 Apr 2025; Closes 19 May 2025
May 2026 (Levels I & II): Opens 12 Aug 2025; Closes 1 Sep 2025
Aug 2026 (All levels): Opens 11 Nov 2025; Closes 1 Dec 2025
Nov 2026 (Levels I & II): Opens 11 Feb 2026; Closes 3 Mar 2026These application windows help confirm the cadence of 2026 exam cycles.

Practical planning tips (that save money & stress)

Register during the early window. You’ll save USD 300 on 2025 sittings and USD 350 on 2026 sittings vs. standard. Set calendar alerts to beat the early-bird deadlines listed above.
Schedule immediately after you pay. Seats at your preferred center/day go fast, and scheduling closes ~60 days before the window opens.
Know the reschedule math. A late change costs USD 250 and must be within the same window. If you need a different window entirely, review paid deferral (USD 449) vs. emergency deferral rules.
Mind the “twice-per-year” rule. Don’t plan back-to-back windows; CFA Institute prohibits consecutive-window attempts (≤6 months apart).
Check your passport early. A valid international travel passport is required on exam day; CFA Institute even provides passport assistance letters that list the official window dates.

FAQs

Where are the test centers?

CFA exams are delivered at 400+ Prometric centers worldwide. Availability varies by market; appointments are first-come, first-served.

How soon are results released?

For Level I, within ~60 days of taking the exam.

What time zone are deadlines?

Unless otherwise noted, 11:59 p.m. Eastern Time (ET).

Can I take Level I more than once a year?

Yes—up to two sittings per calendar year, but not in consecutive windows or within six months of each other.

Bottom line

2025 Level I: August 20–26 and November 12–18 (register/schedule by the dates above).
2026 Level I: February 29 Jan–8 Feb and May 12–23 confirmed; later windows follow the August/November cadence.
Fees: 2025 uses the legacy structure (enrollment fee + USD 990/1,290). From Feb 2026 onward, no enrollment fee; Level I is USD 1,140 (early) / 1,490 (standard).
Changes: Within-window moves cost USD 250; out-of-window moves usually require a USD 449 paid deferral (or emergency deferral if eligible).

Use this page to lock your target window, register early for the best price, and schedule your preferred seat before capacity tightens. Then build your study plan around the published window—no guesswork required.

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