Level 1 CFA® Exam Retake: Cost and Conditions
- Key Takeaways for CFA Level 1 Retake
- Retaking CFA Level 1: How & When
- Do I Have to Repeat My PSM When I Retake CFA Level 1?
- Level 1 CFA Exam Retake Cost
- The Reality of Retaking CFA Level 1
- Learning from Failure
- How to Improve for Your Next CFA Exam
Key Takeaways for CFA Level 1 Retake
- To continue in the CFA Program, you need to retake the exam (unless you decide to opt out entirely).
- There's a minimum 6-month gap between exams.
- You can take each level up to 6 times total.
- You don’t need to repeat the Practical Skills Module (PSM) if you're retaking the same level.
- The CFA exam retake fee is the same as the registration fee. There’s no discount for retakers.
- If you fail your CFA exam, you're not alone. Most candidates fail at least once, and retaking is part of the process.
- After a failed exam, don't just re-register – analyze your performance report carefully.
- Analyze your topic-level results to identify weak spots and revamp your study plan.
- Use the failure as fuel. Accept, reflect, and act.
- Make a plan – weekly structure works wonders. Start with a doable goal for week 1 and build from there.
- Hold yourself accountable. Focus on controlling what you can: your routine, your mindset, your plan.
Retaking CFA Level 1: How & When
The major rule after a failed level 1 CFA exam is that you must retake the exam to continue your participation in the CFA Program. You can take as long as you need before you retake your failed exam but only after you pass your level 1 exam, can you proceed to the next CFA exam level.
However, keep in mind when planning your retake that you can’t just jump back in right away. The CFA Institute requires a 6-month wait between attempts, and you can only take the same level twice a year even if more CFA exam windows are available annually.
But don’t worry. This is a rule that can work to your advantage because it gives you plenty of time and opportunity to pass the retake.
You can try each exam level up to 6 times. So, you can have 6 attempts at the level 1 CFA exam, 6 at the level 2 exam, and 6 for level 3. With that many tries, you are sure to succeed.
Do I Have to Repeat My PSM When I Retake CFA Level 1?
After you've already completed your CFA Level 1 Practical Skills Module, you're not required to redo it when retaking your level 1 exam. That's great news, isn't it?
Level 1 CFA Exam Retake Cost
The CFA level 1 retake fee is the same as the regular registration fee. Unfortunately, there are no discounts for retakers. But on the other hand, no extra fees are charged either.
So, how much does it cost to retake the level 1 CFA exam?
In 2026, it's USD 1140 if you register early and USD 1490 for the standard deadline. The level 1 CFA exam registration fees grow for the 2026 exams after the CFA Institute changed its pricing policy in 2025.
The Reality of Retaking CFA Level 1
For the CFA exam, retakes are nothing unusual. Most candidates fail at least once, especially at level 1. The quite low level 1 CFA exam pass rates confirm it.
Failing the level 1 CFA exam is tough. It hurts and can feel discouraging, but let me assure you once again – it happens more often than you think.
Take a moment to sit with your disappointment. But also know that failing doesn’t mean you’re not good enough. It means you’re human. You can still be proud of what you've done so far. You've surely done something right. Try to think about what it was to stick to it during your continued CFA exam prep.
Learning from Failure
After the emotional part comes the rational step: analyzing what went wrong. Your CFA exam results report is your best friend here. You’ll see a clear breakdown of how you did in each topic area, plus where your score stands relative to the minimum passing score (MPS).
With this insight, you can pinpoint the areas that need more attention. Maybe it’s Quantitative Methods or Ethics that tripped you up. Maybe your study routine wasn’t consistent. Either way, your report tells a story. Read it carefully and use it to your advantage.
How to Improve for Your Next CFA Exam
Once you've accepted the setback and understood your weak points, it’s time to rebuild your plan. Start small: a weekly study structure works wonders. Set goals, assign tasks to days, and most importantly, track your progress.
Accountability is key. At the end of each week, take 10 minutes to review how you did. Was your plan realistic? Did you stick to it? If not, adjust. This kind of feedback loop makes all the difference.
With structure and grit, your next attempt will be better. You’ve got experience now.
PUBLISHED: July 10, 2025
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