CFA Cost: How Much Will I Pay?
In August 2019, as they opened the June 2020 registration, CFA Institute introduced new exam registration fees. The new CFA fees range from USD 700 through USD 1000 to USD 1450. The sooner you pay, the cheaper for you. The CFA® Program enrollment fee is still USD 450.
Types of CFA fees:
- one-time program enrollment fee (USD 450; just before your first CFA level 1 exam),
- exam registration fee (each exam you take or retake; the cost depends on when you register: see below for details),
- cost of print version of the curriculum (optional; all 3 levels: USD 150 plus USD 20 of shipping fee).
All CFA Fees Explained
To enter the CFA® Program, you need to pay USD 450 of enrollment fee.
To pass your CFA exam, you need to pass all 3 levels of the exam. Before you can sit for an exam (each level and its retake), you need to pay an exam registration fee. There are 3 registration fees and deadlines:
- early (USD 700),
- standard (USD 1000), and
- late (USD 1450).
Each deadline means different CFA fee paid upon registration.
So, if you take your level 1 exam in June 2020, the minimum CFA cost rises to USD 2550 for you (see below why) and it leaves out any other CFA costs, e.g. printed curriculum or additional study materials.
You can reduce your CFA exam cost: see if you are eligible for a CFA scholarship
New CFA Exam Registration Fees for June 2020 (all levels)
For June 2020 (all levels), exam registration fees go up! It’s either by USD 50 for early and standard or by USD 70 for late registration (enrollment fee stays the same!). The new CFA exam fees and deadlines set by CFA Institute for June 2020 exams are:
until 2 Oct 2019
until 12 Feb 2020
until 11 March 2020
IMPORTANT! The deadlines end at 11:59 p.m. ET.
Don’t Forget Other CFA Exam Costs
CFA exam enrollment and registration fees are the direct CFA cost. But there are also some indirect costs which may include:
- cost of study materials,
- travel costs (exam day),
- accommodation costs (exam day),
- lost opportunities.
Time is a valuable currency – there’s no denying it. That’s why you want to be smart and responsible about your study time. One of the time-related truths about the CFA exam is that: the later you start your CFA exam prep, the lower your chance to pass gets!
There’s no need to put it off. Really. Start your CFA exam prep today by creating a free CFA study plan and:
- manage your study time effectively,
- see your chance to pass grow as you progress,
- unlock all the study tools and review apps inside your study plan.
Our study planner may be used with any kind of study resources because we know that CFA candidates like to use different study aids when preparing for their exam. In the market, you’ll find a whole spectrum of study materials ranging in prices and quality. We go for easy solutions great both for studying and for revision: (1) bite-sized videos, (2) exam-type questions you can generate into tests varying in length and difficulty, (3) formulas you can view inside our special app, (4) abridged L1 topic e-books.
Once again: the sooner you start to prepare for your exam, the better results you can expect. That’s what you want – because you don’t want to fail your exam and lose all the time, money, and energy you put into your preparation.
AND REMEMBER: Each time you fail an exam, you lose not only your time and the money you paid for the exam but also an opportunity for a promotion and thus better salary. Of course, each retake means new costs, including another exam fee plus another travel and accommodation costs on the exam day.
Total CFA Exam Cost in 3 Scenarios
Total CFA exam cost may vary significantly. The minimal CFA exam cost is USD 2550 – it’s based on exam registration costs only (incl. enrollment fee) and assumes you pass all your 3 exams at the first attempt and always pay the early registration fee of USD 700.
|Best Case Scenario||Standard Case Scenario||Worst Case Scenario|
|CFA® Program Enrollment Fee||USD 450||USD 450||USD 450|
|CFA Exam Registration Fee||USD 700||USD 1000||USD 1450|
|no. of your exam retakes||0||2||4|
|Total CFA Exam Registration Fees
(icluding all exam levels & retakes)
|USD 2100||USD 5000||USD 10150|
|TOTAL CFA EXAM COST||USD 2550||USD 5450||USD 10600|
- Best Case Scenario: no exam retakes; each exam registration before the early fee deadline.
- Standard Case Scenario: 2 exam retakes; each exam registration before the standard fee deadline.
- Worst Case Scenario: 4 exam retakes; each exam registration before the late fee deadline.
USD 2550 is the minimum total cost of passing all CFA exam levels. It includes the CFA® Program enrollment fee, 3 early exam registration fees, and allows for no retakes. Guess, it doesn’t happen that often…
Standard total cost of passing all levels of your CFA exam are somewhere around USD 5450. In our calculations, we assumed 2 retakes and the standard registration fee for all exams taken. This seems to be the most common scenario among CFA candidates. Of course, to economize a bit here, you can still count in 2 retakes but always register at an early bird fee and pay USD 3950 total under this standard case scenario.
This total cost of passing your whole CFA exam is huge but it’s here to draw your attention to a couple of things:
- First of all, don’t overpay! Register for your exams early enough not to pay the late registration fee. If for this scenario (assuming as many as 4 retakes altogether) you always pay the standard registration fee – your whole CFA exam will cost you total of USD 7450 instead of USD 10600 (and with early registration, you will pay even less!).
- Secondly, you need to trade off your costs against your benefits. Think how many times you can afford to retake your exams for the whole undertaking to be still beneficial to you.
- Last but not least, take you exams seriously! Don’t ever allow underachievement but always aim at the best CFA exam prep you can have. This way, you won’t need too many retakes :
Smart Preparation Starts With Smart Planning
When your plans have this dangerous tendency to fall through - you need more than just timetabled topics!
You need concrete CFA readings assigned to concrete study weeks,
weekly progress assessments,
and all the means to stay in charge!
CONTROL your CFA calendar using WEEKLY study schedules