CFA Level I: February or May? The later exam costs $350 less.

If you’re starting CFA Level I from scratch this fall, register for May 2027, not February, and do it by 14 October. May is the later exam and the cheaper one: its early fee of $1,140 is still open, while February is now standard-fee only at $1,490. That $350 is about what a full prep package costs. February only makes sense if you’ve already been studying.

Or read on for the three things that decide it ↓

CFA Level I now runs four times a year, so “when should I sit it?” has become a real question with a price attached. On 18 September I went through CFA Institute’s dates-and-fees tool window by window, read the new Level I topic weights, and priced the two prep providers most candidates end up choosing between. Here is what decides it.

1. The later exam is the cheaper one

Every CFA window has an early fee and a standard fee, and the early deadline falls months before the exam. For the February 2027 window, the early deadline was 7 July. It’s gone, so February now costs the standard $1,490, with registration closing on 5 November. For May 2027, the early fee of $1,140 is open until 14 October (11:59pm ET, CFA’s deadlines all run on Eastern time). After that, May also goes to $1,490.

So for the next few weeks the calendar is upside down: the exam that gives you more time to study also costs $350 less. If you miss 14 October, the next early fee is August 2027’s, open until 20 January. The early fee comes around again, but you pay for it in months.

Two rules make the choice harder to undo than it looks. The fee is non-refundable if you miss your appointment, and moving it within the window costs $250. And you can sit at most twice in a calendar year, never in back-to-back windows, so a February attempt that goes badly can’t be fixed in May. CFA Institute’s tool shows every window’s dates if you’d like to check your own.

2. $350 is a prep package

CFA Institute budgets 300 hours per level. From 22 September that’s about 14 hours a week to be ready for February and about 9 a week for May. For most people with a job, that’s the difference between a plan and a hope. The fee gap matters as much, because it’s the same size as the prep bill.

When I read AnalystPrep’s page on 18 September, its Level I Practice package was $349 for 12 months of question bank and mock exams, and Learn + Practice was $499 with video lessons and notes added. The standout is $799 for lifetime access to all three levels, with unlimited questions to its tutors. Kaplan Schweser, the one most candidates default to, runs Level I at $429, $799, $1,099 and $1,499 across its four tiers. Registering early for May pays for AnalystPrep’s Practice package, or for most of Schweser’s Basic tier. Registering late for February spends the same money and gets you nothing for it.

Which provider? If you’re sure you want the whole charter, AnalystPrep’s $799 lifetime package is the cheapest serious route through all three levels. If you want the most-used notes and a bigger support system around them, Schweser is the default for a reason. And if you’re still deciding whether it should be the CFA at all, read our CFA vs FRM comparison before paying anyone.

3. Buy for the 2027 syllabus, not last year’s

Both windows in this issue fall in 2027, and CFA Institute’s Level I page lists new topic weights for 2027. The biggest shifts: Ethics drops from 15–20% of the exam to 10–15%, and Quantitative Methods rises from 6–9% to 11–14%. Derivatives becomes “Derivatives and Risk Management” and Portfolio Management becomes “Portfolio Construction.”

That matters most if you were planning to save money with a friend’s old notes or a discounted 2026 package. A study plan built on the 2026 weights puts too much time on Ethics and too little on Quant. Before you pay any provider, check that the package says it’s for 2027 exams. Watch the cheap route too: one of the top Udemy results for “CFA Level 1” when I searched still has “2020 curriculum” in its web address.

So, my answer. If you’re starting now, register for May by 14 October, spend the $350 you saved on prep, and make sure what you buy is for 2027 exams. If you’ve been studying since the summer and you’re on track, February is fine, and the extra $350 buys you three months. Our full CFA prep guide covers Mark Meldrum, UWorld and Wiley too.

A disclosure: AnalystPrep and Kaplan Schweser both pay OnlineCourseing when someone buys through the links above. CFA Institute doesn’t, and the best money-saving move in this email is on its site. Sitting Level I in 2027? Reply with the window you’re aiming for and roughly how many hours a week you can study, and I’ll tell you honestly whether the plan fits.