The Chartered Financial Analyst (CFA) exam is a global standard for measuring the investment knowledge and competency of financial analysts.
Nonetheless, earning the CFA designation is not without its costs, including registration fee, exam fee, study materials, and related expenses. It is important for candidates scheduling to take the exam understand these costs. So, in this article, you will learn the full cost breakdown of the CFA exam.
Table of Contents
Overview of CFA Exam Fees 2025
There are three levels of CFA exam: Level I, Level II, and Level III. They range widely, but most fall into three tiers of costs that are mostly dependent on when candidates register.
Depending on your early or late registration, the study materials you choose, and how many times you might have to retake a test, the total cost to obtain the CFA charter can slightly vary from$2,500 to $10,000.
CFA Program Enrollment Fee
Candidates are required to pay a one-time enrollment fee before they register for the CFA Level I exam. The fee is $350 and is only paid once.
Candidates do not have to pay this amount again during Level II and Level III exam registrations.
CFA Exam Registration Fees
The registration fees for each level of the CFA exam vary depending on when a candidate registers. The CFA Institute offers three different registration periods:
- Early Registration Fee: $940
- Standard Registration Fee: $1,250
- Late Registration Fee (if applicable): This varies but is usually higher than the standard fee.
To save money, candidates should try to register during the early registration period.
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Other Costs of the CFA Exam
In addition to the registration fees, candidates also have further costs associated with preparing for the CFA exam. Including the following expenses: study materials, third-party prep courses, rescheduling fees, and travel costs.
1. Study Material and CFA Curriculum
CFA Institute includes a free digital copy of the curriculum when you register for the exam. However, there are some candidates who request printed study materials costing $299.
In addition, numerous candidates buy third-party study guides to prepare for exams. These vary in price from around $300 to $1,500, depending on the vendor and protocol.
2. Third-Party Prep Courses
Although the CFA Institute has its own study guide and optional materials, many candidates choose a third-party course to help expand their knowledge. Courses include a combination of video lectures, question banks, mock exams and one-on-one tutoring. Third-party prep courses can cost a range:
- Basic Packages: $300 – $700
- Full Courses: $1,000 – $3,000
Popular third-party providers include Kaplan Schweser, Wiley, Bloomberg, and Analyst Prep.
3. CFA Exam Rescheduling Fees
CFA Institute will charge a rescheduling fee if a candidate wants to change the schedule of their examination. This charge is usually about $250. Candidates must pay attention to their exam date so that they do not incur costs as a result of attending.
4. Travel and Accommodation Expenses
The exam is administered in different test centres around the world but some candidates may travel to another city for the exam or to take the exam in a different country.
So that is a significant number they are adding to bottom line in getting the CFA charter. Costs associated with these will vary based on the candidate’s geographic location and their USCIS test center.
5. Retake Costs
A candidate who fails a level of the CFA exam must re-pay the registration fee to retake that level of the exam.
With an approximate pass rate of 40-50% per exam level, this means most candidates sit at least one exam level multiple times. The overall cost is escalated by having to retake the exam.
6. Total Estimated Cost of the CFA Program
The total cost of completing all three levels of the CFA exam varies widely based on the choices a candidate makes regarding registration timing, study materials, and the number of attempts. Below is an estimated cost breakdown:
| Expense | Minimum Cost (Early Registration) | Maximum Cost (Late Registration + Additional Resources) |
| One-Time Enrollment Fee | $350 | $350 |
| Level I Exam Fee | $940 | $1,250 |
| Level II Exam Fee | $940 | $1,250 |
| Level III Exam Fee | $940 | $1,250 |
| Study Materials (per level) | $300 | $1,500 |
| Prep Courses (optional) | $300 | $3,000 |
| Rescheduling Fees (if applicable) | $250 | $500 |
| Travel & Accommodation (if applicable) | Varies | Varies |
| Total Estimated Cost | $2,500 – $3,500 | $8,000 – $10,000+ |
7. Ways to Reduce CFA Exam Costs
Here are ways to reduce costs, especially given that the CFA exam is expensive:
- Early Registration: Doctors can save a huge amount when they register well in advance about the congress as these fees are way lower than general or late registration fees.
- Think Outside the Box: Previous CFA candidates often sell their study materials for a lower price.
- Availing CFA Scholarships: The CFA Institute offers multiple types of scholarships such as the Access Scholarship which significantly reduces the fee for taking the exam.
- No Rescheduling: If you have preplanned a defining study schedule, you would not be charged rescheduling fees.
- To cut costs, you can use inexpensive online courses or self-study prep material instead of costly courses.
8. Scholarships and Financial Aid
Candidates who are struggling financially can make use of the scholarships provided by the CFA Institute to help with these exam costs. Here are some of the notable scholarships:
- Access Scholarship: Offers candidates who demonstrate financial need a reduced registration fee of $250.
- Women’s Scholarship: Provided to women pursuing CFA certification.
- Student scholarship: For students in university programs.
- Regulatory Scholarship: For people employed by financial regulators or government agencies.
9. Is it also worth the cost of the CFA exam?
The CFA designation is one of the most sought after designations in the finance industry. This can help you get careers like investment banker, asset manager, equity researcher and financial analyst. CFA holders often benefit with higher wages and better job opportunities.
All surveys indicate that CFA charterholders earn high salaries as compared to those who don’t hold a charter. The initial cost can look high, but over many years the benefits usually longer last the cost.
Conclusion
The CFA exam costs vary based on a few key factors: when you register, study materials, prep courses, and retakes. Most candidates estimate at least $2,500 to $10,000 on the whole CFA journey depending on how much they spend on study material and exam prep.
But the overall expenditure can be significantly minimized with early registration for CAT, leveraging scholarships, and being smart about spending on study material. In spite of it an affordable financial investment, the CFA qualification is still a useful account when searching for a job in fund.
