Fees and Additional Expenses
The total cost for all 3 CFA® Exams ranges between $3,420 and $4,520, depending on your registration year and timing. Prices will increase beginning with exams scheduled in February 2026. The one-time $350 enrollment fee was eliminated on April 29, 2025. If you’re sitting for exams in 2025, current pricing still applies.
Early and Standard Registration Fee
For 2025 exams, prices are as follows:
- Level 1 and 2:
- Early registration: $990
- Standard: $1,290
- Level 3:
- Early registration: $1,090
- Standard: $1,390
Beginning with the February 2026 exam window, prices will increase:
- Level 1 and 2:
- Early registration: $1,140
- Standard: $1,490
- Level 3:
- Early registration: $1,240
- Standard: $1,590
One-time Enrollment Fee
For exams scheduled before February 2026, CFA candidates must pay a one-time $350 enrollment fee when registering for Level 1. This fee has been eliminated with exams scheduled for February 2026 and beyond.
Rescheduling Fee
If you need to change your exam date, time, or location within your exam window, you will incur a $250 rescheduling fee.
Navigating Calculator Choices for the CFA Exam
In addition to exam registration fees, you may incur expenses for a CFAI-approved calculator. The organization authorizes only two brands (each having a few models) for use during each exam. New calculators range in price from $34 to $65. You may bring a second calculator as a backup on exam day.
| CFA-Approved Calculator Options | |
|---|---|
| Texas Instruments BA II Plus | |
| Texas Instruments BA II Plus Professional | |
| Hewlett Packard 12C | |
| Hewlett Packard 12C Platinum (including 25th and 30th anniversary editions) | |
| Hewlett Packard 12C Prestige | |
Not sure which one is best for you? Check out UWorld’s CFA exam calculator guide.
Study Material Costs
CFA candidates have many options when it comes to exam prep resources. CFAI will send you the entire curriculum for the level exam you’re taking, and those materials can be used to study. However, you may seek other resources to supplement your learning. Adding third-party materials can increase your costs by several hundred dollars.
Save Money on Your CFA Exam Expenses
To make the CFA exam more affordable and accessible, CFAI has compiled a list of scholarships that you can apply for to receive a significant discount on the registration fee.
Registering and Paying for the CFA Exam
Registering for the CFA exam is a multi-step process:
- Register for the exam via the CFAI website
- Schedule your exam date
- Make your payment
CFA Level 1 Exam
To register for the Level 1 exam, you must create an account on the CFA Institute website.
If you are eligible and intend to apply for a scholarship (such as the Access, Student, or Professor Scholarship), you must register early on the CFAI website to submit your application.
The next step in the registration process is fee payment. If you are awarded a scholarship, your exam cost will be reduced. If you are not eligible, standard registration fees apply.
| 2025 CFA Level 1 Exam Fees and Deadlines | ||||||
|---|---|---|---|---|---|---|
| Type | Cost | February | May | August | November | |
| Early Registration | $990 | CLOSED | CLOSED | CLOSED | CLOSED | |
| Standard Registration | $1290 | CLOSED | CLOSED | CLOSED | August 5, 2025 | |
| Mandatory one-time enrollment fee |
$350 | |||||
| 2026 CFA Level 1 Exam Fees and Deadlines | ||||||
|---|---|---|---|---|---|---|
| Type | Cost | February | May | August | November | |
| Early Registration | $1,140 | July 7, 2025 | TBD | TBD | TBD | |
| Standard Registration | $1,490 | Oct. 29, 2025 | TBD | TBD | TBD | |
| Mandatory one-time enrollment fee |
Eliminated | |||||
CFA Level 2 Exam
You must pass the CFA Level 1 exam to qualify for Level 2. The registration process is then consistent with Level 1. You are not required to pay the one-time enrollment fee for Level 2.
| 2025 CFA Level 2 Exam Fees and Deadlines | ||||||
|---|---|---|---|---|---|---|
| Type | Cost | May | August | November | ||
| Early Registration | $990 | CLOSED | CLOSED | CLOSED | ||
| Standard Registration | $1,290 | CLOSED | CLOSED | June 26, 2025 | ||
| 2026 CFA Level 2 Exam Fees and Deadlines | ||||||
|---|---|---|---|---|---|---|
| Type | Cost | May | August | November | ||
| Early Registration | $1,140 | Feb. 12, 2026 | May 6, 2026 | Aug. 11, 2026 | ||
| Standard Registration | $1,490 | April 15, 2026 | July 14, 2026 | Oct. 16, 2026 | ||
CFA Level 3 Exam
Passing the CFA Level 1 and 2 exams is a prerequisite for taking the Level 3 exam. The registration process is similar to that of Level 1 and Level 2. You are not required to pay the one-time enrollment fee for Level 3.
| 2025 CFA Level 3 Exam Fees and Deadlines | |||
|---|---|---|---|
| Type | Cost | February | August |
| Early Registration | $1,090 | CLOSED | CLOSED |
| Standard Registration | $1,390 | CLOSED | CLOSED |
| 2026 CFA Level 3 Exam Fees and Deadlines | |||
|---|---|---|---|
| Type | Cost | February | August |
| Early Registration | $1,240 | July 7, 2025 | May 6, 2026 |
| Standard Registration | $1,590 | October 29, 2025 | July 14, 2026 |
CFA Institute accepts multiple payment methods:
- American Express, Diners Club, Discover, JCB, MasterCard, UnionPay, and Visa
- Alipay
- Personal checks
- Money orders
- ACH or wire transfer (available until 40 days before registration closes)
Candidates in India may use Equated Monthly Installment (EMI) payments. All transactions must be in U.S. dollars. Early registration discounts, regional discounts, and scholarships are available. Check the exam calendar for deadlines.
Frequently Asked Questions (FAQs)
How long does the CFA Exam registration stay valid?
CFA exam registration is specific to one exam administration. If you register for the June exam, your registration applies only to that session and cannot be transferred. If you need to defer your exam, a deferral fee applies, and you must request it by a set deadline, usually a few months before the exam date.
Is a passport required for CFA registration?
Yes. The CFAI requires that every CFA exam candidate have a valid international travel passport to register and sit for the exam.
Does CFAI charge any extra fees for retaking the exam?
The CFA Institute requires a registration fee for each CFA exam attempt, including retakes. Fees vary by registration period and deadline, with lower costs for earlier registration. Additional fees may apply for special accommodations or changes to the exam date or location. For current details, check the CFA Institute’s website.
Read More about the CFA Exam
Get the detailed eligibility criteria and requirements to ensure that there are no hurdles in your application process.
Here's a handy list of new dates and frequencies for 2025 to help maintain a seamless exam experience.
Here’s everything that you need to know about the CFA exam, registration, scheduling, and the fee.
Get our CFA curriculum guide for all the essential and latest upgrades and modifications.
