How much does the CFA exam cost?
How much does the CFA exam cost?
$1,340 – $1,640 registration & enrollment fees (Level I only)
$3,420 – $4,320 total fees (Levels I to III)
CFA exam cost
The CFA exam costs $990 to $1,390 each for registration fees, depending on the level and how early you sign up for the exam. If you’re taking the Level I exam, you’ll need to pay a one-time enrollment fee of $350. If you need to reschedule or postpone, you’ll pay more.
| Fee type | Average cost |
|---|---|
| Early registration fee | $990 – $1,090 |
| Standard registration | $1,290 – $1,390 |
| One-time enrollment fee | $350 |
| Rescheduling fee (optional) | $250 |
| Deferral fee (optional) | $449 |
Registration fees
Early registration for the CFA exam is from November until January and costs $990 to $1,090, as opposed to standard registration, which takes place from January to May and costs $1,290 to $1,390. Exact dates vary from year to year, so be sure to check the official CFA website for details.
To register for the exams, you’ll need a valid passport and must meet at least one of these requirements:
Have a bachelor’s degree or be in the final year of your undergraduate degree when you register
Must speak English (the test is not available in any other language)
Have 4+ years of related work experience
Have 4+ years of a combination of full-time work and college experience
Enrollment fee
The first time you take the Level I exam, you’ll have to pay an added $350 enrollment fee. You will not have to pay this fee again when you take the subsequent two exams.
Rescheduling & deferral
If you need to reschedule your exam to a different day in the same exam cycle, you will have to pay a $250 fee. If you can’t take the exam until the next sitting, you can request a deferral. If you qualify for a deferral, you’ll pay a $449 fee.
You can take the CFA exam in May, August, or November for Level I and II. You can take the Level III test in February or August.
What is the CFA exam?
The Chartered Financial Analyst (CFA) exam is a globally recognized professional certification program for investment and financial professionals. The CFA program consists of three separate exam levels:
Level I: Focuses on basic knowledge and fundamental concepts
Level II: Emphasizes asset valuation and application of investment tools
Level III: Concentrates on portfolio management and wealth planning
Each level builds upon the knowledge gained in the previous level, increasing in complexity and difficulty. The following chart explains some key differences between each exam:
| Exam details | Level I | Level II | Level III |
|---|---|---|---|
| Registration fee | $990 (Early) $1,290 (Standard) |
$990 (Early) $1,290 (Standard) |
$1,090 (Early) $1,390 (Standard) |
| Requirements | Meet CFA enrollment requirements, plus pay a $350 first-time enrollment fee | Pass Level I and meet enrollment requirements | Pass Level II and meet enrollment requirements |
| Format | Multiple choice questions | Vignette-supported multiple choice | Vignette-supported essay and multiple choice |
| Result timeline | Within 5 to 7 weeks | Within 5 to 7 weeks | Within 6 to 8 weeks |
Early registration offers a significant discount compared to the standard registration fee.
Exam content
Level I of the CFA exam covers four basic categories:
Professional ethical standards
Investment tools
Asset classes
Portfolio analysis and management
Levels II and III cover the following topics:
Ethical standards
Economics
Quantitative methods
Financial analysis
Equity investments
Corporate issuers
Fixed income
Derivatives
Alternative investments
Portfolio management
Wealth planning
CFA exam cost factors
In addition to the registration fees, candidates should also budget for additional costs such as a calculator, study materials, and the annual CFA membership fee.
The following factors may influence your overall costs:
Calculator: In addition to the actual registration fees, you may have to spend $40 to $70 on a calculator. The four approved calculators are the Texas Instruments BA II Plus or Plus Professional, the HP12C, and the HP12C Platinum.
Study materials: You may also buy study materials for $100 to $1,400. Official CFA books and third-party materials are available in e-book form as well as physical books.
Membership: After passing all three CFA levels, you’ll have to pay a $299 annual fee to continue being a CFA member.
Sponsorship: Ask your employer if they’ll consider covering your exam fees. Many companies are willing to pay for exams partially or fully.
Scholarships: The CFA Institute offers a range of scholarships. If you meet the requirements, you may be able to take the exams for less!
CFA exam FAQs
How hard is the CFA exam?
The CFA exam is a challenging graduate-level exam, with an average pass rate of 41% to 52%, depending on the level. It requires about 300 hours or several months of study and preparation. The table below shows the average pass rates for the CFA exam's three levels.
| Exam level | Pass rate |
|---|---|
| I | 41% |
| II | 45% |
| III | 52% |
How long is the CFA exam?
Each level of the CFA exam is about 4.5 hours, split into two equal sessions. The Level I exam has 180 multiple-choice questions, which means you’ll need about 90 seconds to answer each question. Level II includes vignette-style questions and 88 multiple-choice questions. Level III includes essays and multiple-choice questions.
Is taking the CFA exam worth it?
Taking the CFA exam is worth it if you’re trying to build a career in the wealth management field. The CFA credential is the gold standard in the global investment community, and CFA members can get high-paying jobs without an expensive business degree.
Finding a CFA tutor
On top of independent study, working with a finance tutor can increase your chance of passing the exam the first time. Follow these tips to find a qualified CFA tutor near you:
Search for reputable CFA tutors with at least 5 years of experience.
Choose a tutor with experience in the exam level you plan to take.
Read reviews of financial tutors on Tutors.com and Google.
Choose a tutor whose teaching style best suits your learning style.
Ask about the exam pass rate of their previous students.
Questions to ask CFA tutors
Ask CFA tutors the following questions to make sure you choose the best one for you:
How much experience do you have preparing students for the CFA exam?
What percentage of your students passed the exam the first time?
What is your preferred teaching style?
What usually happens during a tutoring session?
How much time should I spend on studying on my own between sessions?
Will you help me come up with a study plan?
What are the hardest parts of the CFA exam?
What advice can you give for managing my time wisely during the exam?
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