CFA Level III registration and dates

Upcoming Level III windows

Level III is offered twice a year, in February and August. February 2027 is the next published Level III administration. Registration is open and the standard registration deadline is November 5, 2026. CFA Institute dates and fees are shown in Eastern Time: registration windows open at 9:00 a.m. ET and close at 11:59 p.m. ET on the published deadline.

August is also a Level III exam window in the annual schedule. Its dates and registration deadlines should be treated as administration-specific. At the point this page is written, the official dates-and-fees interface does not provide a complete set of confirmed August 2027 dates in its static page text, so this guide does not invent them. The official schedule lists exam windows; the appointment calendar supplies an individual seat and time after registration.

Registration and appointment scheduling are separate

The process has two steps. First, register for Level III and a particular exam window through CFA Institute. This establishes the exam registration and collects the fee. Second, use the scheduling tool to choose a Prometric test center, date, and time within that window. Registration does not automatically place you in an appointment.

Appointment availability depends on the market and the center. Seats are limited and generally first come, first served. A city may be available but not on your preferred date, or a convenient appointment may disappear while you are deciding. Candidates who have a fixed travel or work constraint should schedule promptly after registration rather than waiting until the final day.

Appointment scheduling has a deadline separate from the registration deadline. CFA Institute describes it as typically about 60 days before the start of the exam window, but candidates should use the exact deadline shown for the selected administration. Do not confuse the date by which you must register with the later date by which you must select an appointment.

Example: a candidate registers for February 2027 before November 5 but postpones scheduling. The registration may be complete while the candidate still lacks a seat. If the scheduling deadline passes or preferred locations fill, registration alone does not secure the desired date. Put both deadlines in your calendar as separate tasks and save the appointment confirmation.

A practical registration sequence

1. Confirm you have passed Level II and meet the current admission rules for Level III.
2. Choose February or August based on readiness, eligibility, work commitments, and travel plans.
3. Register for the specific level and exam window by its registration deadline.
4. Pay the registration fee and check that the window appears correctly in your CFA Institute account.
5. Schedule the Prometric appointment before the scheduling deadline, selecting a practical location and time.
6. Save the registration and appointment confirmations separately.
7. Review identification, calculator, arrival, and personal-belongings instructions before exam day.

Choose a window by working backward

Start with realistic weekly study capacity, not the window that sounds most convenient. Estimate the weeks available from the appointment date, mark periods when work or family demands will reduce study, and reserve time for mixed item sets and constructed responses. Leave slack for disruptions. A shorter calendar can still be workable for a prepared candidate, while someone changing pathways or returning to Level III after a long gap may need more time.

The exam occupies two 132-minute sessions, with an optional break. Preparation should include timed work over the full two sessions, not only isolated readings. A session contains eleven 12-point question sets. Practice pacing across both item sets and written responses so that one difficult essay does not consume the time needed for several later cases.

Consider the pathway when choosing a window. Portfolio Management, Private Markets, and Private Wealth are different curricula, and the chosen pathway is a substantial exam component. If you have not selected a pathway or begun its specialized readings, include that work in the calendar before committing to an administration.

Changing an appointment or missing the exam

If you need to move the appointment within the same exam window, the current CFA Institute policy states a USD 250 rescheduling fee. A reschedule also depends on an available seat. This is not the same as changing to another exam window. The exam fee page says a missed appointment that is not rescheduled results in forfeiture of the exam fee; registration fees for 2027 exams are nonrefundable, nondeferrable, and nontransferable for missed appointments.

Paid deferrals are no longer offered for 2027 exam administrations. Emergency deferrals remain subject to specific qualifying circumstances, documentation, and deadlines; approval is not automatic. A candidate who is simply underprepared should not assume there is a paid move to the next window. If a serious eligible event occurs, use the emergency policy and its evidence requirements.

A retake requires a new registration and fee and is subject to attempt, spacing, and availability rules. Do not budget on receiving the original registration amount back if you miss the window. This is why a choice of date should account for preparation, travel, and workload before payment.

Exam-day details to arrange early

CFA Institute requires a valid international travel passport for admission. Check that your registration name and passport details meet the current identification policy and that the document will be valid on exam day. Bring only permitted items and use an authorized calculator. Candidates should know calculator functions before the session rather than learning them at the test center.

Plan a route to the test center and allow time for check-in. Confirm the appointment time in the local time zone and read any center-specific instructions in your account. A ticket or old calendar reminder is not a replacement for the current appointment confirmation after a reschedule.

Practical Skills Module and results planning

A Level III Practical Skills Module must be completed to receive the exam result. The module is distinct from registration and the appointment: you can have a confirmed seat while the module remains incomplete. Add PSM completion to your study plan and finish it within the applicable time so that your result is not held up.

CFA Institute releases Level III results after the exam window according to its results timeline. Plan for a period of waiting rather than expecting an immediate result at the test center. If you are considering a later window, remember that progression rules, registration dates, work commitments, and a possible retake all interact. Keep the exam confirmation and result record available for your program history.

A simple calendar example

Suppose you intend to sit in February 2027 and already have a Level II pass. First, meet the November 5, 2026 registration deadline. Next, schedule a test-center appointment before the separate appointment deadline shown in your account. From the appointment date, plan backward: complete first-pass learning, pathway study, mixed practice, and two-session timing work. Reserve a final review period and a separate PSM completion block. The example describes the order of tasks, not a guaranteed available seat or a promise that every candidate has the same study needs.

If the registration deadline is too close for a realistic plan, the next window may be a better fit. Compare the published dates for that window once available, then repeat the backward plan. A deliberate window choice is more useful than registering first and hoping to solve scheduling and study constraints later.

Choose a window around your actual readiness

Use weekly study capacity to decide whether the February or August window is realistic. Mark work and family periods that will reduce available time, then reserve weeks for pathway modules, mixed questions, and timed constructed responses. A candidate changing pathways or returning after a long break may need more ramp-up time than someone who has kept the curriculum fresh.

The pathway matters to the calendar because Portfolio Management, Private Markets, and Private Wealth have distinct readings and applications. If the pathway remains undecided, allow time to compare the actual outlines and begin specialized work before the first full mock. Common-core familiarity does not imply readiness for one third of the content.

Keep registration and appointment confirmations distinct

After paying, check that the account records the intended exam level and window. Then complete the separate Prometric appointment step and save its confirmation. A registration receipt proves that the window fee was processed; the appointment confirmation identifies the actual center, date, and time. If you later reschedule, save the new confirmation and remove obsolete calendar entries.

Appointment deadlines are typically about 60 days before the window begins, but use the exact scheduling deadline displayed for the selected window. The registration cutoff and appointment cutoff serve different purposes. The first closes the opportunity to buy registration; the second closes the opportunity to select a seat for that window.

What if a preferred center is unavailable

Test-center availability varies by market and appointment time. If your preferred city does not show a usable seat, consider other listed locations or times while remaining within the scheduling deadline. CFA Institute may add availability, but a candidate should not rely on a future seat appearing. Compare travel cost and feasibility before committing to a distant center.

For candidates traveling from another city, include arrival time, overnight lodging, local transportation, and the possibility of a delayed journey. This planning is especially important for an exam with two 132-minute sessions and a fixed appointment. Store your passport and appointment details together, but follow center instructions for what may be brought into the testing room.

Understand a missed appointment

For 2027 windows, paid deferrals are no longer offered. A missed appointment can mean forfeiting the registration fee. Emergency deferral requests remain limited to qualifying events, documentation, and deadlines. Ordinary work conflicts or feeling unprepared do not create an automatic deferral. If Prometric moves an appointment under the policy conditions, contact the provider and follow the emergency process as applicable.

A retake is a new registration, not an edit to a missed appointment. It is subject to the maximum attempt count and required spacing between windows. Budget for a new fee and compare the next published dates with the time needed to address weaknesses before choosing again.

Coordinate the practical module with the exam

A Level III Practical Skills Module is required before CFA Institute releases the result. It is not part of Prometric appointment scheduling, and a completed exam appointment does not mark the module complete. Put PSM work in the same calendar as registration and study so that the exam result is not delayed by an overlooked program task. The PSM is separate from exam time and should not be confused with a session or a test-center booking.

If you select a later window, adjust both study and module dates to the new period. Do not assume an earlier module from another level can be reused; CFA Institute requires a module at each level and the same module cannot satisfy more than one level. That rule affects planning even when it does not change the registration charge.