Breaking Down CFA® Exam Costs
Before registering for the CFA® Program, review the eligibility requirements, exam dates for each of the 3 parts, costs, and recent updates from the CFA Institute (CFAI).
CFA Exam Fees and Additional Expenses
Registration costs vary depending on when you register for the exam. The total cost for all 3 CFA exams ranges from $3,220 to $8,050, depending on how many times you take each test. This does not include travel, accommodations, and third-party CFA prep provider costs.
One-time Enrollment Fee
When you register for the CFA Program, you must pay a one-time enrollment fee of $350 plus the cost of the Level 1 exam. The $350 fee will not apply when you register for Levels 2 and 3.
Early Registration Fee
CFA Institute offers an early registration window that discounts the price for all levels of the CFA exam. Starting in 2025, the early registration fee for the Level 1 exam will increase to $990. Early registration fees for Level 2 and Level 3 are $940 and $1,090, respectively.
Standard Registration Fee
The standard registration period begins about three months after the early deadline expires. For 2025, the standard registration fee for Level 1 is $1,290, Level 2 is $1,250, and Level 3 is $1,390.
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.
| Approximate Calculator Costs | |
|---|---|
| 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 the Access or Women's Scholarship, you must register on the CFAI website much earlier to submit your scholarship application. Fee payment is the next step in the registration process. If you are awarded a scholarship, the cost of your CFA exam will be significantly lower. However, if you are not eligible for a scholarship, you must pay the standard registration fees.
| CFA Level 1 Exam Fee 2025 | ||||||
|---|---|---|---|---|---|---|
| Type | Cost | Feb. Window | May Window | |||
| Early Registration |
$990 | CLOSED | Oct. 16, 2024 | |||
| Standard Registration | $1290 | Sept. 28, 2024 | Dec. 28, 2024 | |||
| Mandatory Fee | $350 | One-time enrollment fee | ||||
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.
| CFA Level 2 Exam Fee 2025 | ||||||
|---|---|---|---|---|---|---|
| Type | Cost | May Window | ||||
| Early Registration | $940 | Oct. 16, 2024 | ||||
| Standard Registration | $1,250 | Dec. 28, 2024 | ||||
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.
| CFA Level 3 Exam Fee for 2025 | ||||||
|---|---|---|---|---|---|---|
| Type | Cost | Feb. Window | ||||
| Early Registration | $1,090 | CLOSED | ||||
| Standard Registration | $1,390 | Sept. 28, 2024 | ||||
The CFA Institute offers multiple payment methods:
- Credit cards including 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.
