Pima is correct on many counts. We do however tend to disagree a little on the subject of when to finish submitting the application. No biggie, we always do. But Pima is a sweetie and I have the utmost respect for her. And she is correct on the competitiveness of your area and the impact it has on getting a nomination.
The thing about "When" to submit your application, has to do with you determining what you have control over and what you don't. Also, when we say "Submitting" your application, we mean COMPLETING IT. You can do a lot of the application immediately, but until it's 100% complete, you won't go in front of the board. So, if you held out just one thing, like the CFA, that means your application hasn't been completed and thus not "SUBMITTED TO THE BOARD".
Let's be honest here. Whatever your GPA is today, there isn't a single thing you can do to IMPROVE that GPA, until the end of the 1st semester this coming year. That means around December when the semester is over. So don't let your GPA hold you back from submitting your application. You're not gaining anything by waiting. You can add your updated GPA scores when they come out. That will automatically put your application up for a "Re-Review" to award additional points as appropriate.
Your SAT or ACT scores are also, what they are. You can retake them in September or October, "Whenever it is", and those scores can and will be supplemented to your application. So don't hold off submitting your application because of your SAT/ACT scores. They are what they are.
In my opinion, there's only 2 times you should hold off on submitting/finishing your application. 1) If you know that you can kick butt on the CFA, but you aren't at that "Kick Butt" stage yet; for whatever reason. Then, you might want to hold off on submitting your CFA scores and completing the application until you have the kick butt scores. 2) The other reason to hold off on completing your application and having it go in front of the board, is if you know you will have some significant additions in the leadership, extra curricular, volunteering, etc... categories. Maybe you're in the middle of something that will look really good on your application.
But if you're considered "Competitive" at all, then there's no reason to hold off on the application. You GPA isn't going to change until after Christmas. And you're interviews with your congressman/senator will be completed by then. So your GPA is not a reason to hold off on the application. Same with the SAT/ACT. You have to meet and interview with your member of congress on the date they set. "Usually in November". Your GPA hasn't changed, and whatever you do on your SAT/ACT is whatever it is.
If you complete your application, it will go up in front of the board. Your nominations aren't don't usually until much later. Unless you have a presidential. That's done early. After the board scores you, you are ranked. Every day that another application is scored, the ranks change. If your scores look like a "No Brainer", they might offer you an Letter of Assurance to entice you to not accept another school. Then, if you DO receive a nomination, and pass your physical, you'll be guaranteed an appointment. But don't count on that Letter of Assurance. Less than 10% are offered such an assurance. And those individuals usually have some pretty kick butt applications. Top 10 in their class; 30+ACT, 2100+SAT, 3.9+UGPA, president this, captain that, volunteer this, etc....
So, look at the things you have control over on the application. The essays, CFA, if you're in the middle of an extra curricular activity or similar where there will be a significant accomplishment, etc... These are areas that might have you hold off that last step of finalizing your application and having it go up to the board starting in September. But if all the things you are concerned about are out of your control, such as GPA, SAT/ACT, etc... then there is nothing gained by waiting on submitting the application. Mind you I did say if you were competitive. If you don't meet the minimum standards in certain areas, such as ACT/SAT, or another area, then there is no reason to submit that portion of your application until you've improved it. GPA, you have no choice. You CAN'T improve that before Christmas. So you have to determine if you are competitive. If you click the link in my signature block, the guide will answer a lot of your questions. Best of luck... Mike.....