How Much Does the CFA® Program Really Cost? (2025–2027 Complete Breakdown)

Pricing Snapshot

Here is a quick view of the basic registration costs. These are the fees paid directly to the CFA Institute and are the foundation of your budget.

Use this table to plan your budget and see the differences between early and standard registration fees.

Introduction

Many candidates think the CFA cost is just the exam registration fee but the real total is much higher. It includes exam fees, prep materials, travel and the value of your study time. Misjudging these costs can make a CFA journey more stressful than necessary.

This article will walk you through:

• CFA exam fee breakdown by level and registration type
• Early registration fee and standard fee comparisons
• Scheduling and postponement fees
• Retake costs and scenarios
• Country-specific CFA Level 1 fees
• How scholarships, employer sponsorship, and prep choices can reduce costs
• Return on Investment (ROI) and potential salary uplift

Knowing these details is essential for planning your budget, deciding on prep materials, applying for scholarships or asking your employer for support.

CFA Exam Fees (2025–2027)

The main fees are charged by the CFA Institute. These include early registration fee, standard fee and in some cases a one-time enrollment fee.

Scheduling and postponement fees

• Rescheduling or postponing an exam usually costs about $250.
• This is important if you are not sure you can attend the chosen test date. Plan ahead to avoid extra fees.

Additional Costs Most Candidates Forget

Many candidates underestimate these items, which increase the total cost of CFA:

Including these ensures your budget reflects the real CFA exam cost.

Total Cost to Pass CFA on First Attempt (3 Scenarios)

Here are three scenarios illustrating the total cost per level including registration fees, prep and minimal travel.

Passing all three levels on the first attempt could cost between $4,500 and $12,000 depending on your prep choices and registration timing.

Cost of Failing vs. Passing on First Attempt

Failing a level increases both financial and time costs.

Financial cost

• You must pay the CFA exam cost retake which includes registration fees again.
• Buying updated prep materials may be necessary.
• Travel and lodging costs double if required.
• This represents CFA registration fee loss and a higher CFA fail cost.

Time cost

• Each level requires about 300 hours of study. Failing means repeating this commitment.
• The time cost adds to opportunity cost for career development or salary growth.

Failing increases your overall total cost of CFA, making early preparation and smart resource allocation essential.

CFA Program Cost by Country

Different countries have different currency conversions and additional fees. Here are approximate base Level I costs.

These numbers cover only base registration and do not include prep, travel, or study materials.

Scholarship Options and How to Reduce CFA Exam Costs

There are several ways to reduce CFA exam cost:

Using scholarships, early registration, and employer support can meaningfully lower the CFA cost.

CFA Exam Prep Provider Cost Comparison

Prep choices impact both your CFA prep cost and your likelihood of passing on the first attempt.

A good provider improves efficiency and can reduce the risk of retakes, lowering CFA exam cost retake risk.

Is the CFA Worth the Cost? ROI and Salary Uplift

The CFA charter can provide substantial ROI:

• Salary increase: Many charterholders report higher compensation and promotion opportunities.
• Career focus: Ideal for investment management, research, portfolio management, or analysis roles.
• ROI: Compare total CFA cost, prep time, and opportunity cost against expected salary uplift.

Considering your expected earnings and study commitment helps calculate your CFA ROI.

Frequently Asked Questions

How much does the CFA exam cost in 2025?
Level I and II: Early registration $990, standard $1,290. Level III: Early $1,090, standard $1,390. One-time enrollment fee $350 for new 2025 Level I candidates.

What are CFA Level 1 fees?
Early registration $990, standard $1,290. One-time enrollment fee $350 for new candidates in 2025.

Can I pay the CFA fee in installments?
The CFA Institute requires full payment at registration. Some local banks or payment providers may offer instalments, but registration must be completed before the deadline.

Is the CFA worth the cost compared to an MBA?
The CFA is more specialized for investment roles. It costs less than most MBA programs and provides direct recognition in investment management. An MBA is broader and may be better for general management or networking purposes. Evaluate ROI based on your career goals.