Fees and Additional Expenses
The total cost for all 3 CFA exams ranges between $3,420 and $3,970, depending on when you register. The price varies based on the registration window you choose. 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 & Standard Registration Fee
CFA Institute offers an early registration discount for all levels of the exam. For 2025, the early registration fee will be $990 for the Level 1 and Level 2 exams, while the standard registration fee will be $1,290. For Level 3, the early registration fee will be $1,090, with the standard fee set at $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 | February | May | August | November | |
| Early Registration | $990 | CLOSED | CLOSED | Jan. 29, 2025 | April 9, 2025 | |
| Standard Registration | $1290 | CLOSED | Dec. 28, 2024 | March 27, 2025 | June 26, 2025 | |
| Mandatory One-time enrollment fee |
$350 | |||||
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 | August | November | ||
| Early Registration | $990 | CLOSED | Jan. 29, 2025 | April 9, 2025 | ||
| Standard Registration | $1,290 | Dec. 28, 2024 | March 27, 2025 | June 26, 2025 | ||
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 | February | August |
| Early Registration | $1,090 | CLOSED | Jan. 29, 2025 |
| Standard Registration | $1,390 | CLOSED | March 27, 2025 |
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.
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.
CFA Exam Curriculum and Changes
Get our CFA curriculum guide for all the essential and latest upgrades and modifications.