How Much Will the CFA Program Cost Me?

Currently, the minimum cost of the CFA® Program is $3,520 USD, which only includes a discounted early registration and no CFA prep.

$3,520 USD might not be enough to earn the CFA charter though. 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.

At Level I, the early bird registration fee is $1,140. The standard registration fee is $1,490.

The same thing applies for Level II registration fees. The early bird registration fee is $1,140 and the standard registration fee is $1,490.

At Level III, the fee for early registration is $1,240 and $1,590 for standard registrants.

There is no longer an enrollment fee for the CFA Program.

When you register for a CFA exam in 2026, you there is no enrollment fee. So you technically just need to pay registration fees.

Currently, the fees for Level I and Level II exams from CFA Institute are:

• Early registration fee: $1,140 USD

• Standard registration fee: $1,490 USD

The registration fees for Level III are higher than Levels I and II. Currently the registration fees for the Level III CFA exam are:

• Early registration fee: $1,240 USD

• Standard registration fee: $1,590 USD

So depending on when you register, you can pay anywhere from $3,520 to $4,570 USD total to take all three levels assuming that you pass each CFA exam the first time and exclude CFA prep.

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.

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 a CFA exam preparation package or course.

Interestingly, the price of the top offerings ranges 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.

If you think CFA Program prep is right for you continuing learning about our different CFA study packages.