How much does the CFA cost? Exam fees, dues and the costs on top
The CFA costs more than the exam fees, and fewer people than you might think pay all of it at once. This guide breaks the cost into the parts CFA Institute charges, the parts it does not, and the point at which each one arrives. The figures below are CFA Institute's, as last checked on the exam fees page, and they change from year to year.
The exam fees
You pay a registration fee for each level you sit. It is lower if you register in the Early period and higher in the Standard period, so registering early saves money at every level.
| Level | Early | Standard |
|---|---|---|
| Level I | USD 1,140 | USD 1,490 |
| Level II | USD 1,140 | USD 1,490 |
| Level III | USD 1,240 | USD 1,590 |
Add the three levels and the exam fees to complete the program come to USD 3,520 if you always register early and USD 4,570 if you always register at the Standard price. Those totals assume you pass every level first time. Every retake is a further registration fee.
CFA Institute may also charge a one-time program enrolment fee. This guide does not state it because it is not part of the figures we have checked, so read the current amount on the CFA Institute website before you budget.
When membership dues start
Candidates do not pay membership dues. CFA Institute membership and annual dues, currently USD 299 a year, begin only after you have passed the exams, accumulated the required 4,000 hours of qualified work experience and applied to receive the charter. Joining a local CFA society, such as CFA UK, is also typically required or expected at that stage, and it carries its own separate dues.
To keep the charter you keep paying both, follow the Code of Ethics and Standards of Professional Conduct, and complete an annual Professional Conduct Statement and disclosure. If you are weighing the whole path rather than the exams alone, plan for these ongoing costs too.
What a moved or missed exam costs
You are responsible for scheduling your own exam appointment by the published deadline for your window. Appointments are first-come, first-served, and availability varies by test centre.
- Rescheduling within your exam window costs a non-refundable USD 250 plus any applicable taxes, and must be done by the published deadline.
- Missing the exam costs the whole fee. If you fail to schedule or fail to sit the exam, including if you are refused admission for arriving late, your exam fees are non-refundable, non-deferrable and non-transferable. CFA Institute recommends arriving 30 minutes before your appointment.
The costs that are not on a CFA Institute invoice
- Study materials. The official curriculum is provided to registered candidates. Many candidates add a third-party provider. Prices vary a great deal, so compare what you get, not only what it costs. See how to choose CFA study material.
- An approved calculator. Only two models are allowed in the exam: the Texas Instruments BA II Plus (including the Professional) and the Hewlett Packard 12C family.
- Your time. CFA Institute suggests around 300 hours of study per level. See how many hours to study for the CFA.
Ways to pay less
- Register early. The Early fee is lower at every level, and a wrong date costs more than it saves, so check the deadline on the exam dates page.
- Ask your employer. Many finance employers contribute to fees or give study leave. Ask before you register, and find out whether payment is up front or on passing, and whether there is a clawback if you leave.
- Apply for a scholarship. CFA Institute offers three: the Access Scholarship, for people who may not be able to afford the program fees; the Student Scholarship, for students at an affiliated university; and the Professor Scholarship, for full-time professors and administrators at qualified institutions. You cannot apply if you are currently registered for an exam or waiting for results, so apply before you register.
- Pass first time. The cheapest retake is the one you do not need. A plan built around your weak topics is worth more than an extra month of rereading.
Common questions
How much does the CFA cost in total?
The exam fees for all three levels are USD 3,520 if you register early each time and USD 4,570 at the Standard price. Study materials, an approved calculator, any retakes and, once you apply for the charter, annual membership dues are on top.
Do I pay CFA Institute dues while I am a candidate?
No. Membership and annual dues, currently USD 299 a year, start only after you have passed the exams, completed the 4,000 hours of qualified work experience and applied for the charter. A local society's dues are separate.
What happens to my fee if I miss the exam?
It is lost. Exam fees are non-refundable, non-deferrable and non-transferable if you fail to schedule or sit the exam, including if you are refused admission for arriving late. Rescheduling inside your window costs USD 250 plus taxes.
Can I get help paying for the CFA?
Yes. CFA Institute offers Access, Student and Professor scholarships, and many employers contribute to fees. You cannot apply for a scholarship while you are registered for an exam or awaiting results.
Sources
- CFA Institute, Exam dates and fees: registration fees by level and period.
- CFA Institute, The CFA Program: enrolment, scholarships, membership and the exam day policies.
Fees, dues and policies change. Check the CFA Institute pages above before you register.