CFA Level II registration and dates

Current Level II windows and registration status

CFA Level II is offered in May, August, and November exam windows. The November 2026 Level II registration period is closed. CFA Institute has opened registration for the May 2027 Level II window. The exam window name identifies the administration; your individual appointment date and time are selected separately through the testing provider after registration.

Registration and appointment scheduling are two steps

Registering for the exam and selecting an appointment are separate. First, the candidate selects the Level II exam window and completes registration and payment through CFA Institute. After registration processes, the candidate schedules a specific day, time, and testing location through the Prometric scheduling system. The exam fee alone does not confirm an appointment.

Complete the scheduling step by that window’s scheduling deadline. An open exam-registration period does not mean every appointment time or location is available. Test-center capacity varies. Choose the window only when you can also make a workable appointment, and save the Prometric confirmation so the date and location are easy to find.

If your exam account shows the window registration but no appointment confirmation, treat scheduling as incomplete. Conversely, an appointment selection is tied to a registered exam window and cannot be assumed from a saved calendar note. Both confirmations matter: CFA Institute registration confirms the paid window; Prometric confirms the seat details.

Windows, deadlines, and how to plan

For Level II, the regular annual windows are May, August, and November. CFA Institute’s dates-and-fees page provides the active window’s registration open date, early registration cutoff, standard registration cutoff, appointment scheduling deadline, and rescheduling cutoff. Those milestones are not interchangeable. Early registration affects the fee; registration closing ends the ability to enroll for that sitting; appointment scheduling has its own later cutoff.

As of this article’s current update, May 2027 registration is open. The November 2026 registration period has closed. A candidate planning May 2027 should treat the published registration window as the opportunity to enroll, then complete Prometric scheduling within the separate scheduling period. Use the dates shown for the selected Level II window because deadlines and appointment inventory are administration-specific.

Do not confuse an exam window with an exact date. Level II administrations may span multiple testing days, and a candidate’s appointment depends on the center selected. The current official notices establish the November 2026 and May 2027 windows, but an exact appointment is only known once the candidate schedules it. For future windows not yet displayed, no exact dates should be inferred from the month name.

A planning example for moving from Level I to Level II

Suppose a candidate receives a passing Level I result and wants to sit Level II in May 2027. The candidate should first confirm Level I is officially passed and that the minimum interval and no-consecutive-window rules permit May. Then choose the May 2027 Level II registration, pay the applicable fee, schedule a Prometric appointment by its deadline, and build a study calendar backward from that confirmed appointment.

A candidate who misses the May 2027 registration or scheduling deadline cannot assume that a seat will be added. The next available Level II window depends on the published exam calendar and eligibility timing. This can change the study horizon, so avoid building a plan around an unconfirmed window or waiting until the last day to complete either step.

If you are an undergraduate, include the Level II rule that the exam date must fall within 11 months of graduation. The registration opening date is not the exam date; check the selected appointment date against your expected graduation month. Candidates entering from the professional experience route should also verify the enrollment documentation remains accurate.

Level II progression and the six-month rule

A passing Level I result is required before Level II registration. Candidates must also obey the attempt policy: a maximum of six attempts at each level, no more than two attempts in a calendar year when applicable, and no consecutive exam windows or windows less than six months apart. A partial sitting counts as an attempt. The calendar matters if you are moving from a recent Level I sitting or planning a retake.

The exam cycle does not automatically make every following window eligible. For example, the next named window might be too close to a candidate’s previous sitting under the six-month rule, even if registration is open. Compare the actual exam dates and your prior attempt date, not just window names. Keep the Level I result and appointment history available when planning progression.

When the registration fee is paid

CFA Institute’s published Level II pricing from the February 2026 exam window onward is USD 1,140 for early registration and USD 1,490 for standard registration. The early rate saves USD 350 under that schedule. The displayed fee excludes applicable local taxes. Do not assume these 2026 fees automatically apply to a 2027 registration; use the price attached to the specific window.

A registration is complete when the required payment has processed and the candidate can proceed to scheduling. If payment fails or remains pending, do not assume that a seat is reserved. Use the confirmation in the candidate account and complete the separate appointment selection promptly.

Rescheduling, missed appointments, and deferrals

If you need to change an appointment within the same exam window, CFA Institute lists a USD 250 rescheduling fee, subject to available appointments and the applicable deadline. Check that a new appointment exists before relying on a change. Rescheduling is not the same as changing to a later exam window.

CFA Institute says exam fees are nonrefundable, nondeferrable, and nontransferable for missed appointments under its current dates-and-fees guidance. It also announced that paid deferrals end for exam administrations beginning February 2027. For May 2027 and later Level II candidates, do not build a plan that assumes a paid deferral will be available. Emergency deferrals remain governed by a separate policy with specific qualifying events and evidence.

If a serious event affects your ability to sit, read the emergency deferral policy and submit any required documentation within its deadlines. Do not assume that a work conflict, travel problem, or late schedule change qualifies. For ordinary appointment changes, the within-window rescheduling process is the relevant option, when an appointment is available.

Practical Skills Module and results timing

The Level II Practical Skills Module is separate from exam registration and appointment scheduling. It is a required module for receiving your Level II result, and it must be different from the PSM you completed for Level I. Plan to complete it rather than waiting until after the exam to begin. CFA Institute states that Level I and II results are generally released within five to seven weeks of the exam, contingent on PSM completion; the exact announcement is tied to the administration.

The PSM does not reserve an exam appointment, extend a registration deadline, or count as a passing exam result. Complete the module for the correct level in the candidate account. If the exam result is pending, an incomplete required module may be the reason it has not been released.

Checklist for a complete registration

• Confirm the official Level I pass and Level II eligibility.
• Choose an open Level II exam window that fits the six-month rule and your study calendar.
• Review that window’s early and standard fee deadlines and the displayed price.
• Complete CFA Institute registration and payment.
• Schedule the Prometric appointment before the scheduling deadline.
• Save both registration and appointment confirmations.
• Complete a distinct Level II Practical Skills Module in time for the result.

Choose a window that fits both eligibility and preparation

Window selection is a planning decision as well as an administrative one. Confirm that the Level I pass is official, calculate the six-month and nonconsecutive-window restrictions, and choose a sitting that gives you enough time for Level II’s vignette-based curriculum. CFA Institute says successful candidates report studying more than 300 hours per level on average. That is not a minimum, but it is a useful reminder that the next available window may not be the right one for every candidate.

For example, if a candidate has 24 weeks before an eligible May sitting, a 12-hour weekly plan yields 288 focused hours. The schedule may be workable for someone with strong recent foundations, but a candidate with major gaps or limited weekends may need a later administration. Treat the registration deadline as the latest point to decide, not as a signal that the preparation period will be sufficient.

Do not register before confirming the selected window fits your personal calendar, passport, location, graduation timing if you are a student, and ability to attend the eventual appointment. A candidate may register while many appointment times remain, then discover that work or travel makes the remaining choices impractical. The window and appointment details should be considered together.

Understand the distinct deadlines

An early registration deadline is the last date to secure the early price, when offered. The standard registration deadline is the final date to enroll and pay for that administration. The scheduling deadline is the last date to select the specific Prometric appointment. A rescheduling deadline controls when an existing appointment may be changed within that window. These dates serve different purposes, and missing one cannot usually be fixed by meeting another.

A practical calendar entry should record each milestone separately: registration open, early price cutoff, registration close, scheduling close, appointment date, and rescheduling close. Add a reminder several days before each cutoff. If a payment or account issue occurs, an earlier reminder leaves time to resolve it. CFA Institute states its registration windows open at 9:00 a.m. Eastern Time and deadlines are 11:59 p.m. Eastern Time, which matters when your local time zone differs.

Prepare for the appointment after registration

Once registered, review available test locations and choose an appointment that is realistic for travel and arrival time. Appointment inventory can vary, so do not assume that the preferred date or center will remain open. Save the Prometric confirmation and verify the date, time, location, and name details. The exam is computer based; arrive prepared under the current admission and personal belongings policies.

If a center is far from home, include transport and lodging in the total cost and test your travel route before the exam day. If the appointment is early, consider the time required to reach the center without relying on a tight connection. These details do not change eligibility, but they affect whether a candidate can actually attend the appointment they selected.

After registering, finish the PSM too

A candidate’s registration task list continues after the appointment is booked. Complete a Level II Practical Skills Module that differs from the module completed at Level I. CFA Institute requires a module at every level to release the result. Plan the module in the study calendar so it does not become a post-exam administrative surprise. Registration, scheduling, exam completion, and PSM completion are four distinct steps in the candidate journey.

After the exam, CFA Institute generally releases Level II results within five to seven weeks, provided the Level II PSM is complete. The actual release announcement is administration-specific. If you have not finished the module, do not assume the result will arrive on the same timeline as a candidate who completed it.

Window status and progression rules are based on CFA Institute registration announcements, policies, and dates-and-fees guidance. The appointment and PSM steps are separate requirements described by CFA Institute.