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Verified against the CFA Institute dates and fees tool on 17 September 2026.

Level III does not run four times in 2027. It runs twice - February and August. Levels I and II have their own windows, and the deadlines that close first are not the ones most candidates watch. Here is the whole 2027 calendar in one place.

The full CFA 2027 calendar

Level III is offered in February and August only. Level II is not offered in February. Level I runs in all four windows.

Deadlines that are live right now

As of 17 September 2026, these are the next four dates on the board:

Level III in full

Level III carries more milestones than the other levels, and the invoice payment deadline catches people out because it sits months before registration actually closes.

Fees

For both Level III 2027 sittings, CFA Institute lists an early registration fee of USD 1,240 and a standard registration fee of USD 1,590. Fees exclude local taxes, which are added at payment. Rescheduling an exam costs USD 250.

Fees differ by level and by window, so check the figure for your own sitting before you budget.

What is not open yet

The November 2027 sittings for Levels I and II have published exam dates but no registration window yet. CFA Institute has not opened registration or announced the early deadline for either.

Source: CFA Institute, CFA Program dates and fees (cfainstitute.org/programs/cfa-program/dates-fees), read 17 September 2026. All registration windows open 9:00 AM ET; all deadlines are 11:59 PM ET. We re-check this page against CFA Institute before every exam window.

ICAI has reversed course on the CA Final examination calendar. Instead of three sittings a year, the Final exam is now held twice a year, in May and November, with effect from the May 2026 examination.

What ICAI actually said

The change came in an Important Announcement from the Examination Department dated 6 April 2026, headed "Chartered Accountants Final Examination to be held twice a year from May 2026 Examination onwards". In full:

The stated reason is feedback from stakeholders. ICAI has not published any further explanation.

Final and Intermediate are now on different calendars

This is the part worth getting straight, because the two levels no longer run on the same cycle. ICAI’s Board of Studies announcements for its Live Virtual Classes name the attempts directly:

So the January/May/September pattern that Final briefly used is now the Intermediate pattern. If you saw the three-sittings figure quoted for Final, that is what it was describing.

What this means if you are sitting Final

There is one fewer attempt per year, so a deferral costs more time than it used to. Under three sittings a missed attempt cost roughly four months; under two it costs six. The gap between May and November is the longest in the current calendar.

ICAI has not announced any change to the Final syllabus, paper pattern or eligibility alongside this. The only change is how often the exam runs.

The Income-tax Act, 2025 still applies from May 2027

Separately, and unaffected by this change, ICAI’s Board of Studies confirmed on 5 December 2025 that the Income-tax Act, 2025 applies:

•  From the May 2027 examination onwards for Intermediate Paper 3A (Income-tax Law) and Final Paper 4 (Direct Tax Laws & International Taxation)

•  For CA exams conducted from 1 May 2027 onwards for Self-Paced Online Module Set C, Paper 5 (International Taxation)

The Act received presidential assent on 21 August 2025 and takes effect from 1 April 2026, covering tax year 2026-27. Because that year ends on 31 March 2027, ICAI examines it from the following attempt.

2027 dates and fees

ICAI has not yet published exam dates, exam-form windows or fees for any 2027 attempt. As of 14 September 2026 the most recent examination notification on icai.org covers 2026 only. The attempts above are confirmed by Board of Studies announcements, but the dates within them are not.

We will update this page when ICAI publishes the 2027 notification.

Sources

All facts on this page come from ICAI directly:

•  ICAI Important Announcement, 6 April 2026 — CA Final to be held twice a year

•  ICAI BoS — Applicability of the Income-tax Act, 2025 from May 2027 CA Exams onwards

•  ICAI Examination — Students announcements

Correction note for the foot of the article (optional but recommended)

Correction: an earlier version of this article said CA Final would be held three times a year in January, May and September. ICAI reversed that decision on 6 April 2026 and now holds CA Final twice a year, in May and November. The article has been corrected.

What changes, and when. CFA Institute's updated curriculum applies to candidates sitting exams from February 2027. The changes concentrate on Level I, in Quantitative Methods and Equity Investments, which together account for roughly 25% of the Level I exam.

The AI part. Quantitative Methods gains a new learning module covering financial data science, AI and large language models. This is a substantive addition rather than a mention bolted onto an existing reading.

Equation Explorers. CFA Institute has also added interactive tools it calls Equation Explorers, aimed at core quantitative concepts such as time value of money and cash-flow relationships. These are learning aids rather than examinable content.

Practical Skills Modules. Separately from the curriculum itself, CFA Institute runs Practical Skills Modules, including one on Python, data science and AI. The 2027 update touches the modules at Levels I and II, and a Level III module is planned.

Ethics is unchanged. CFA Institute has been explicit that the strong focus on ethics stays. If you are planning around this update, do not read the AI addition as a shift away from the programme's core.

What to do. If you sit before February 2027, the current curriculum applies and you should not study the new material. If you sit in February 2027 or later, get materials for the new curriculum rather than reusing a 2026 set, because the affected quarter of Level I is too large to paper over.

Sources: CFA Institute curriculum update announcement and Practical Skills Modules pages (cfainstitute.org).

The deadline first. The October 2026 RAI exam window runs 3-11 October 2026, and standard registration closes on 30 September 2026. That is the same date as the FRM November registration deadline, so if you are considering both, they fall on the same day.

What it is. GARP, the body behind the FRM, runs a separate credential called the Risk and AI Certificate, or RAI. It is not part of the FRM and does not replace any part of it.

The format. A single exam of 80 multiple-choice questions with four hours to complete it. GARP offers it in April and October, with appointments allocated first come, first served. Registration includes six months of complimentary GARP individual membership.

What it covers. Five areas: AI and risk as an overview, tools and techniques, risks and risk factors, responsible and ethical AI, and data and AI model governance. The material includes case studies and practitioner videos rather than being purely theoretical.

The extras people miss. A retake is USD 350, available at that reduced price for the next exam window only. Paying by wire transfer or ACH adds a USD 50 processing fee to the invoice. Fees exclude VAT, GST and other local taxes, which are calculated at checkout based on your location. Credit card, Alipay, wire and ACH are all accepted.

How established is it. GARP reports around 14,000 candidates since launch and roughly 7,000 current certificate holders. That makes it young next to the FRM, but no longer experimental.

Is it worth it alongside the FRM? It depends what you are optimising for. If you are still working through Part I or Part II, finish those first: the FRM is the credential employers screen on, and splitting study time is a poor trade. If you already hold the FRM and work somewhere deploying AI models in credit, market or operational risk, the RAI covers governance ground the FRM does not, it is a short commitment, and holders pay the lowest fee band. If you are a student with no risk role yet, it will not substitute for the FRM.

Sources: GARP Risk and AI (RAI) certificate fees and dates pages (garp.org).

What is happening. ACCA is replacing its qualification structure in 2027. This is not a syllabus refresh. The exam set, the module requirements and the awards all change.

The date that decides your plan. June 2027 is the final sitting of the current Applied Skills and Strategic Professional exams. Everything you pass up to and including that session counts under the existing structure.

When the new qualification starts. Foundations and Knowledge exams become available on demand from July 2027, and the Essential Employability Modules become available the same month. The first session for the new Expertise and Strategic Professional exams is September 2027. Exam entry opens in April 2027 for the July exams, and in May 2027 for the September session.

What is new in it. Four mandatory Essential Employability Modules, a set of new interim awards, and a Data Science Professional option exam.

Should you rush? It depends where you are. With one or two Strategic Professional papers left, finishing by June 2027 is realistic and keeps you entirely inside the structure you started. At Applied Knowledge with most of the qualification ahead of you, rushing is neither realistic nor necessary, because ACCA is running a managed transition and your progress carries over. The awkward case is the middle: several Applied Skills papers plus Strategic Professional still to go. There, work backwards from June 2027 and count the sittings you actually have left, which is December 2026, March 2027 and June 2027, rather than the number you would like to have.

What is not published yet. ACCA has not released exam entry deadlines for the March 2027 or June 2027 sessions. Its important-dates page currently lists September and December 2026 only. Do not assume a deadline date; check before each entry window opens.

Sources: ACCA transition timeline and important dates / exam entry deadlines (accaglobal.com).

The announcement. ICAI's Board of Studies (Academic) issued an announcement on 5 December 2025 headed “Applicability of the Income-tax Act, 2025 from May 2027 CA Exams Onwards”. It confirms the switch and, unusually, names the exact papers.

The papers affected. Three, and only three:

Why May 2027 and not sooner. The logic is in the announcement itself. The Income-tax Act, 2025 received Presidential assent on 21 August 2025 and takes effect from 1 April 2026. It therefore applies to the tax year 2026-27, which ends on 31 March 2027. CA papers examine the law in force for the relevant tax year, so the first exam that can test it is the one sat after that year closes — May 2027.

Why this is bigger than a normal syllabus tweak. Most updates adjust weightings or swap a chapter. This replaces the statute. Tax papers are examined against the law in force for the relevant tax year, so the change reaches the way questions are framed, the terminology your answers need to use, and which study material is safe to rely on.

Who is affected. Anyone whose attempt in those three papers falls in May 2027 or later. If you are sitting an earlier session, you continue under the existing law. Do not switch your reading early. Note also that the self-paced module is worded differently from the other two: it is tied to exams conducted from 1 May 2027 onwards, not to a named session.

The trap to avoid. Second-hand summaries of the new Act are already circulating. ICAI sets out the paper-by-paper applicability in the announcement itself, and revised study material follows through the Board of Studies. Check ICAI's own announcement rather than coaching notes, and re-check before buying any book dated before the switch.

What to do now. Sitting before May 2027? Ignore the change and finish under the current law. Sitting May 2027 or later? Hold off on buying tax material until ICAI's revised study material is published. Undecided between an earlier attempt and a mid-2027 one? This is a genuine argument for the earlier one, because it avoids a statute change landing in the middle of your preparation.

One planning note. Your other papers are unaffected. Only Intermediate 3A, Final 4 and SPOM Set C Paper 5 are named. If tax is the paper you are weakest in and your attempt straddles the change, it may be worth clearing tax first and carrying the rest forward.

Source: ICAI Board of Studies (Academic) announcement, 5 December 2025 — “Applicability of the Income-tax Act, 2025 from May 2027 CA Exams Onwards” (icai.org / boslive.icai.org).

The ACCA December 2026 session has two entry deadlines left, and the cheaper one comes first.

The dates

•    Entry opened: 4 August 2026

•    Standard entry closes: 2 November 2026

•    Late entry closes: 9 November 2026

•    Exams take place: 7 – 11 December 2026

All deadlines fall at 23:59 UK time on the date listed. If you are entering from another timezone, work that back to your local clock rather than assuming you have until the end of your own day.

The week between the two dates is expensive

Late entry exists, so missing 2 November is not fatal. It is simply more expensive, and you get one extra week rather than a month.

The practical risk is planning around 9 November as though it were the real deadline. If anything goes wrong with payment or your account in that week, there is no third deadline behind it.

Before you enter

Check your exam is actually available in the December session and at your chosen centre before you pay, and confirm you have met any prerequisites for the papers you are entering.

Source: ACCA, Important dates and exam entry deadlines.

Standard registration for the FRM November 2026 exams closes on 30 September 2026.

The exam dates

•    Part I: 14 – 20 November 2026

•    Part II: 21 – 25 November 2026

Both parts share the same 30 September registration deadline.

What it costs

•    Exam fee: USD 800 per part

•    Enrolment fee for new candidates: USD 400, one-off, payable when you register for Part I

So a first-time candidate registering for Part I pays USD 1,200, not USD 800. That catches people out.

Two more things on payment. Fees shown by GARP exclude applicable taxes such as VAT and GST, which are added where they apply. And wire and ACH payments each carry a USD 50 processing fee, so card is cheaper unless you have a reason to avoid it.

If you are not ready

There is no late registration tier after 30 September for this window. Missing it means waiting for the next exam window rather than paying a surcharge.

Source: GARP, FRM fees and payments.

Three CFA dates fall between now and early November, and they belong to two different exam windows. It is easy to miss one because you were watching the other.

26 September 2026 — February 2027 invoice payment

If you have registered for the February 2027 exam on an invoice, payment is due by 26 September 2026. This is not the registration deadline. It is the date your invoice must be settled, and it comes more than five weeks before registration itself closes.

14 October 2026 — May 2027 early registration closes

Early registration for the May 2027 window closes on 14 October 2026. After that you pay the standard fee. Registration for May 2027 opened on 12 August 2026 and closes on 10 February 2027.

5 November 2026 — February 2027 registration closes

Final registration for February 2027 closes on 5 November 2026. Two further dates follow quickly: the scheduling deadline is 10 November 2026 and the disability accommodations request deadline is 11 November 2026.

Registering is not the same as booking a seat. If you register on 5 November and then forget to schedule by 10 November, you have paid for an exam you cannot sit.

Current fees

•    Early registration: USD 1,140

•    Standard registration: USD 1,490

•    Rescheduling within your exam window: USD 250

Fees exclude local taxes, which are added at payment. All registration windows open 9:00am ET and all deadlines fall at 11:59pm ET.

Exam weeks

•    February 2027: 22 – 28 February 2027

•    May 2027: 11 – 17 May 2027

Please note: the dates and fees above are those published for Level I. Levels II and III run on their own schedules, so check your own level in the CFA Institute tool before relying on any date here.

Source: CFA Institute, CFA exam dates and fees.

If you are applying for the CTP in the winter window, the next date that costs money is 23 September 2026.

The two deadlines

AFP runs testing window 2026B from 1 December 2026 to 31 January 2027. Two application deadlines apply to it:

•    Early application deadline: 23 September 2026

•    Final application deadline: 28 October 2026

There is no third chance. Miss 28 October and you are applying for the next window, which runs 1 June to 31 July 2027.

What missing the early deadline costs

Every tier rises by $100 between the early and final deadline. New applicant fees:

•    Non-member: $1,320 early, $1,420 at the final deadline

•    AFP member: $925 early, $1,025 at the final deadline

•    Corporate member: $825 early, $925 at the final deadline

Worth doing the arithmetic before you decide against AFP membership. The member and non-member gap on the early fee is $395, which is more than most people expect.

The other dates in this window

•    Cancellation and refund request deadline: 17 November 2026

•    Deferral request deadline: 31 January 2027

Other fees worth knowing: re-examination or re-registration is $250, a deferral is $0 but only in special circumstances, and failing to turn up carries a $95 no-show penalty.

If you are looking further ahead

The following window, 2027A, runs 1 June to 31 July 2027, with an early application deadline of 24 March 2027 and a final deadline of 28 April 2027.

Source: AFP, CTP deadlines and fees.