Overview of CFA Exam Fees 2025

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There are three levels of CFA exam: Level I, Level II, and Level III. They range widely, but most fall into three tiers of costs that are mostly dependent on when candidates register.

Depending on your early or late registration, the study materials you choose, and how many times you might have to retake a test, the total cost to obtain the CFA charter can slightly vary from$2,500 to $10,000.

CFA Program Enrollment Fee

Candidates are required to pay a one-time enrollment fee before they register for the CFA Level I exam. The fee is $350 and is only paid once.

Candidates do not have to pay this amount again during Level II and Level III exam registrations.

CFA Exam Registration Fees

The registration fees for each level of the CFA exam vary depending on when a candidate registers. The CFA Institute offers three different registration periods:

• Early Registration Fee: $940
• Standard Registration Fee: $1,250
• Late Registration Fee (if applicable): This varies but is usually higher than the standard fee.

To save money, candidates should try to register during the early registration period.

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Other Costs of the CFA Exam

In addition to the registration fees, candidates also have further costs associated with preparing for the CFA exam. Including the following expenses: study materials, third-party prep courses, rescheduling fees, and travel costs.

1. Study Material and CFA Curriculum

CFA Institute includes a free digital copy of the curriculum when you register for the exam. However, there are some candidates who request printed study materials costing $299.

In addition, numerous candidates buy third-party study guides to prepare for exams. These vary in price from around $300 to $1,500, depending on the vendor and protocol.

2. Third-Party Prep Courses

Although the CFA Institute has its own study guide and optional materials, many candidates choose a third-party course to help expand their knowledge. Courses include a combination of video lectures, question banks, mock exams and one-on-one tutoring. Third-party prep courses can cost a range:

• Basic Packages: $300 – $700
• Full Courses: $1,000 – $3,000

Popular third-party providers include Kaplan Schweser, Wiley, Bloomberg, and Analyst Prep.

3. CFA Exam Rescheduling Fees

CFA Institute will charge a rescheduling fee if a candidate wants to change the schedule of their examination. This charge is usually about $250. Candidates must pay attention to their exam date so that they do not incur costs as a result of attending.

4. Travel and Accommodation Expenses

The exam is administered in different test centres around the world but some candidates may travel to another city for the exam or to take the exam in a different country.

So that is a significant number they are adding to bottom line in getting the CFA charter. Costs associated with these will vary based on the candidate’s geographic location and their USCIS test center.

5. Retake Costs

A candidate who fails a level of the CFA exam must re-pay the registration fee to retake that level of the exam.

With an approximate pass rate of 40-50% per exam level, this means most candidates sit at least one exam level multiple times. The overall cost is escalated by having to retake the exam.

6. Total Estimated Cost of the CFA Program

The total cost of completing all three levels of the CFA exam varies widely based on the choices a candidate makes regarding registration timing, study materials, and the number of attempts. Below is an estimated cost breakdown:

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