CFA® Exam Cost: 2020 Fees Also in 2021

CFA exam / Registration / Fees



All CFA Exam Fees 2021

IMPORTANT!

Dec 2020 CFA exam registration was closed on 19 August. There is no more late registration deadline. As of 20 August, you can register for 2021 CFA exams, all dates and levels. Check the applicable fees and deadlines below.


  1. All CFA exam fees
  2. Level 1 CFA exam fees
  3. Level 2 CFA exam fees
  4. Level 3 CFA exam fees
  5. Minimum CFA exam cost
  6. Other CFA exam costs



All CFA Exam Fees, Level 1 Included

There are 3 kinds of CFA exam fees, namely:

  • enrollment fee (USD 450),
  • registration fee (USD 700 or USD 1000), and
  • rescheduling fee (USD 25).

CFA exam fees are the same for all candidates worldwide, regardless of whether you come from the USA, the UK, India or any other country. Currently, the minimum CFA exam cost is USD 2550. In this blog post, we explain in detail all the fees and the overall CFA exam cost.


$450 of CFA Program
Enrollment Fee

Enrollment fee is a one-time fee of USD 450 paid when you register for your FIRST level 1 CFA exam. This cost is obligatory for you to get enrolled in the list of CFA candidates and to enter the CFA Program (which is comprised of 3 levels). It implies your commitment to the CFA Program.


Up to $1000 of CFA Exam
Registration Fee

CFA exam registration fees were increased in 2020. Also, CFA Institute gave up the so-called late or final registration fee. Currently, there are only 2 types of CFA exam registration fees:

  • early fee of $700, and
  • standard fee of $1000.

They are the same for all 3 levels of CFA exam. See below for the deadlines applicable to your exam.


$25 of CFA Exam
Rescheduling Fee

This is a new fee introduced for 2021 CFA exams delivered for the first time on computers (all levels). Its purpose is to make the rescheduling of your CFA exam appointment possible even after the registration and scheduling periods for your exam have been closed.

Each change of your appointment will cost you USD 25. However, costs aside, it’s good that CFA Institute provides such an option. Why? CBT exams will be held within a longer exam window (not on one single day as it was before). You’ll need to decide when exactly to take your exam and then self-schedule using the so-called ProScheduler available on a dedicated platform. The problem is your ideal date and test center may be already taken. That’s one example when the rescheduling option may come in handy. You may still try to change your exam date and/or test center if the one you initially chose is not the most convenient.


For 2021 computer-based CFA exams, you will need to:

  1. register + pay the applicable fees
  2. schedule your exam (no payment)
  3. reschedule, if you wish, after making an additional payment ($25 each re-appointment)


2021 Level 1 CFA Exam Fees and Deadlines

Registration for all 2021 level 1 CFA exams is now open. Feb 2021 level 1 registration will close first, in early December 2020. The scheduling window for the Feb exam does not end until mid-Dec. And the rescheduling option is available until late January 2021. Exact level 1 CFA exam dates and fees depend on the exam you take:


IMPORTANT! The deadlines end at 11:59 p.m. ET.


Feb 2021 Level 1 Fees WHEN?
$450 enrollment fee at registration if applicable
$700 early registration fee until 13 Aug 2020*
$1000 standard registration fee until 7 Dec 2020
$25 rescheduling fee until 25 Jan 2021

Feb 2021 Level 1 scheduling window: 17 June – 14 Dec 2020 | L1 EXAM: 16 February – 1 March 2021

* Pay by Invoice deadline: 13 Aug 2020


May 2021 Level 1 Fees WHEN?
$450 enrollment fee at registration if applicable
$700 early registration fee until 3 Nov 2020*
$1000 standard registration fee until 23 Feb 2021
$25 rescheduling fee until 16 Apr 2021

May 2021 Level 1 scheduling window: 20 Aug 2020 – 10 March 2021 | L1 EXAM: 18-24 May 2021

*Pay by Invoice deadline: 3 Nov 2020


Aug 2021 Level 1 Fees WHEN?
$450 enrollment fee at registration if applicable
$700 early registration fee until 2 Feb 2021*
$1000 standard registration fee until 4 May 2021
$25 rescheduling fee until 22 July 2021

Aug 2021 Level 1 scheduling window: 3 Nov 2020 – 23 May 2021 | L1 EXAM: 24-30 Aug 2021

*Pay by Invoice deadline: 2 Feb 2021


Nov 2021 Level 1 Fees WHEN?
$450 enrollment fee at registration if applicable
$700 early registration fee until 4 May 2021*
$1000 standard registration fee until 10 Aug 2021
$25 rescheduling fee until 14 Oct 2021

Nov 2021 Level 1 scheduling window: 2 Feb – 25 Aug 2021 | L1 EXAM: 16-22 Nov 2021

*Pay by Invoice deadline: 4 May 2021



Level 2 and Level 3 CFA Exam Fees

For level 2 and level 3 CFA exams, there’s no enrollment fee. However, you need to pay your registration fee, which always depends on when you register. The 2021 registration fees and deadlines are given below. The registration for level 2 and level 3 exams opened on 20 August.


2021 Level 2 CFA Exam Fees and Deadlines


IMPORTANT! The deadlines end at 11:59 p.m. ET.


May 2021 Level 2 Fees WHEN?
$700 early registration fee until 3 Nov 2020*
$1000 standard registration fee until 23 Feb 2021
$25 rescheduling fee until 16 Apr 2021

May 2021 Level 2 scheduling window: 20 Aug 2020 – 10 March 2021 | L2 EXAM: 25 May – 1 June 2021

*Pay by Invoice deadline: 3 Nov 2020


Aug 2021 Level 2 Fees WHEN?
$700 early registration fee until 2 Feb 2021*
$1000 standard registration fee until 4 May 2021
$25 rescheduling fee until 22 July 2021

Aug 2021 Level 2 scheduling window: 3 Nov 2020 – 23 May 2021 | L2 EXAM: 31 Aug – 4 Sept 2021

*Pay by Invoice deadline: 2 Feb 2021



2021 Level 3 CFA Exam Fees and Deadlines


IMPORTANT! The deadlines end at 11:59 p.m. ET.


May 2021 Level 3 Fees WHEN?
$700 early registration fee until 3 Nov 2020*
$1000 standard registration fee until 23 Feb 2021
$25 rescheduling fee until 16 Apr 2021

May 2021 Level 3 scheduling window: 20 Aug 2020 – 10 March 2021 | L3 EXAM: 25 May – 1 June 2021

*Pay by Invoice deadline: 3 Nov 2020


Nov 2021 Level 3 Fees WHEN?
$700 early registration fee until 4 May 2021*
$1000 standard registration fee until 10 Aug 2021
$25 rescheduling fee until 14 Oct 2021

Nov 2021 Level 3 scheduling window: 2 Feb – 25 Aug 2021 | L3 EXAM: 23-25 Nov 2021

*Pay by Invoice deadline: 4 May 2021




TYPES OF CFA EXAM FEES: SUMMARY

  • enrollment fee:
    obligatory first level 1 exam only USD 450 one-time payment
  • registration fee:
    obligatory all 3 levels each exam you take or retake USD 700 or USD 1000 depending on when you register
  • rescheduling fee:
    optional all 3 levels each exam you take or retake USD 25 per exam re-appointment
  • cost of print version of the curriculum:
    optional all 3 levels USD 150 plus USD 20 of shipping fee post-registration


CFA Exam Cost: How Much Will I Pay for 3 Exam Levels?

The minimum total cost of the CFA Program is now USD 2550, which includes a one-time enrollment fee of USD 450 and a discounted early registration fee for the 3 levels of the CFA exam.


MINIMUM COST OF CFA EXAM (all 3 levels) as of 2020:
USD 450 of enrollment fee + 3 x USD 700 of early registration fee = USD 2550 (no rescheduling nor any additional costs included)


The minimum total CFA exam cost of USD 2550 leaves out any other costs, e.g. printed curriculum or additional study materials. Also, it allows no retakes nor rescheduling. While rescheduling is an option you can surely do without, it is likely you will need to retake an exam or two before you actually pass all 3 levels of your CFA exam.


Scholarships May Reduce Your CFA Exam Cost

The lowest CFA exam cost available to CFA candidates is when they are eligible for CFA Institute Access Scholarship which waives the enrollment fee and reduces the registration fee to USD 250. If the Access Scholarship is awarded to you for each level, then you may cut your total CFA exam cost down to 3x250 = USD 750! (assuming you always pass at the first attempt).

Also, CFA Institute Women’s Scholarships waive the enrollment fee and reduce the registration fee to USD 350. If you are awarded the scholarship for each level, your total CFA exam cost may be reduced to 3x350 = USD 1050


You can reduce your CFA exam cost: see if you are eligible for a CFA exam scholarship


Any Other CFA Exam Costs?

CFA exam fees are the direct cost. But there are also some indirect costs which may include:

  • time,
  • cost of study materials,
  • travel costs (exam day),
  • accommodation costs (exam day),
  • lost opportunities, ect.

Time is a valuable currency – there’s no denying. 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. You want to be smart and responsible about your CFA exam prep. You can join us by creating a free CFA exam study plan where you'll be able to:

  • 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 Program 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 for both studying and 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 and L2 topic notes in the form of short printable e-books.

Once again: the sooner you start to prepare for your exam, the better results you can expect.

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.


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 readings assigned to concrete study weeks,
weekly progress assessments,
and all the means to stay in charge!

CREATE FREE STUDY PLAN NOW

CONTROL your CFA exam prep using WEEKLY study schedules




Updated: Oct 13, 2020



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