Yes, what knight said. If you can get everything accomplished, and the application 100% complete, within the 45 days, then it will be available for the first available board review. This usually begins towards the mid/end of september. (Depends on how many prospects the academy has applying this year). And for what it's worth, it is quite feasible to have the application completed within 45 days. I know quite a few individuals who did it. It did require some preparation however. E.g. getting your teacher's email addresses; having a rapport with the school admin to get your school profile, transcripts, etc... ready to go. Most of this you need to plan for while school is still in session at the end of your junior year. If not, you might not be able to get a hold of your teachers for addresses, P.E. teacher to do your CFA, etc... in June/july. But if prepared, you can definitely get it all done in 45 days.
The advantages of getting it done in the 45 days are:
1) Your application is reviewed early. If it's a strong application, you increase your chances of an LOA. You also show your members of congress, who will be considering you for a nomination, that you are determined and motivated.
2) You free up your time so you can spend the rest of the summer doing early admission applications to your other college choices. You should be applying to at least 5 colleges besides the academy.
Of course, it is true that you can wait all the way up til January of next year to finish up your application. That is your prerogative. If you have an "Average" application, it allows you more time to do try and do better on the CFA test. For what it's worth, that is the ONLY part of the application process; and the only essay type section; that once it's done, you can't change it. It does you no good to hold off completing the application because of grades. Your new grades won't be available until after christmas. Any updated grades, SAT/ACT, new activities, accomplishments, etc... can be added to your application at any time. But not having the application 100%, means that it will simply sit in a file. The board that gives out LOA and appointments will NEVER look at it until it's 100% complete. So my suggestion is ALWAYS to finish up the application 100% complete, as soon as possible. UNLESS; this is the ONLY UNLESS; you feel that you can significantly IMPROVE on your CFA scores. And I mean significantly. If you can't significantly improve on the CFA, then it does you no good to wait on your application. Every week that goes by after September, is another week that the board doesn't review your application and the possibility of getting approved isn't there. Best of luck to you. Mike.....