How Much Will the CFA® Program Cost Me?

By: Kaplan Schweser
May 5, 2022
Fees and Registration Costs for CFA Program

The cost of the CFA® Program starts at $2,550 USD, which includes a one-time enrollment fee and discounted early registration. But that might not be enough to earn you the CFA charter. Investing more than the bare minimum can increase your odds of passing the exam. This article explains all the costs and why you are likely to benefit from spending more than just the basic fees.

CFA® Program Cost: The Bare Essentials

To earn the CFA charter, you must enroll in the CFA Program and then take and pass three exams.

When you register for the Level I CFA exam for a 2022 exam window, you will pay a one-time enrollment fee of $450 USD. If you register for a 2023 exam window, the enrollment fee will be $350. This will get you into the CFA Program.

You will pay an additional registration fee to sit for the exam at each of the three levels. Currently, the fees for each 2022 exam level of the CFA from CFA Institute are:

  • Early registration fee: $700 USD
  • Standard registration fee: $1,000 USD

The fees for each 2023 exam level will be:

  • Early registration fee: $900 USD
  • Standard registration fee: $1,200 USD

Depending on when you register, you can pay anywhere from $2,100 to $3,600 USD total to take all three levels, assuming that you pass each exam the first time. Add the $450 or $350 USD enrollment fee, and the total CFA exam fees range from $2,550 to $3,950 USD.

Are you thinking about taking the CFA exam? Download this free Before You Decide to Sit for the CFA® Exam eBook.

Compared to earning an MBA at a top university, which can cost as much as $60,000–$100,000, the CFA Program looks like a steal no matter when you register. However, the CFA exams are only offered in certain cities, so you might need to add travel costs to the exam fees if you don’t live in one of those cities.

Available CFA Scholarships »

Adding to Basic CFA Program Costs Is a Worthwhile Investment

As we mentioned, not passing a level of the CFA Program exam means that you have invested your registration fees for nothing. If you are determined to become a charterholder, you will have to pay the same registration fee to take the exam or exams you failed again. And because only 20% of the people who start out in the CFA Program end up earning the charter, and few pass all three levels on the first try, you might have to take at least one level of the exam again and save funds for that purpose.

While there are no guarantees that you will pass all three levels of the CFA exam the first time around, you can significantly increase your odds by investing in an exam preparation package or course. Interestingly, the price of the top offerings range from $649 to $1,499, which is within the range of the money you might be allotting as a contingency for failing the exam. These packages include practice questions, online resources, in-person and online classes, reviews, and, in some cases, mock exams.

If you go all out and purchase packages for all three levels, you’ll spend between $1,947 and $4,497 to greatly increase your chances of earning the charter. And when you think about it, that is still much less than you would spend earning that MBA.

Interested in CFA® Exam Study Packages or Courses?

If you think CFA Program prep is the way to go, check out our 10 tips for choosing the best exam prep. Or visit our CFA exam prep resources to learn about different CFA study material options.

Free eBook: Before You Decide to Sit for the CFA® Program Exam

Free eBook: CFA® Program Fundamentals, 2nd Edition

Ready to Pass the CFA® Exam?