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Before You Sit for the CFA Exam eBook
Get advice from CFA Charterholders for a successful exam day.CFA How To Prep
September 9, 2026
Preparing for a CFA® exam can cost you up to $4,500 USD depending on when you register, which prep products you use, and how many times you sit for each exam. When planning your budget, it’s important to remember that “affordable” doesn’t necessarily mean the “cheapest upfront” price. True affordability is about strategically investing in tools that maximize your chances of passing the first time. This guide breaks down various CFA prep resources and will help you find free and premium tools that offer the best long-term value.
After registering for an exam with CFAI, you’ll also get access to the official CFA curriculum which can help you start diving into each curriculum topic. However, many candidates choose to study with a third-party prep provider, especially those with condensed curriculum, instructor guidance, and pass guarantees. Start with a sample and get free access to study notes, practice questions, online classes, and more with a Free Trial. Below are some more great options for starting to prepare for a CFA exam.
After figuring out your strengths and weaknesses with some free resources, transition to developing a structured study plan. Figure out:
When you want to sit for the exam
If you want to prepare alone
How much time you can dedicate each week to studying
What’s your budget for prep materials
After answering those questions, start researching various prep materials that fit with your preferences. If you start to feel overwhelmed by all the options, remember that the most important budget-friendly tool you have is a structured study plan that follows the Prepare > Practice > Perform® method of studying.
If you qualify for a CFA scholarship, CFA Institute offers a variety of scholarships including:
Access scholarships
Women scholarships
Student scholarships
Your scholarship application should be submitted through the CFAI website during designated enrollment periods. Remember that scholarship availability can be limited so if you think you qualify, apply as early as you can.
You need to apply for these scholarships before you pay your exam registration.
What’s included in a cost-efficient, high-value CFA prep toolkit will look differently depending on your timeframe, budget, and studying preferences. If you are able to, using a prep package is a great way to efficiently prep because they are usually expertly curated with all the tools needed to stay on track each month plus some come with guarantees. At the bare minimum, you’ll need a resource to help you with each stage of the Prepare > Practice > Perform® method which should include the official CFA curriculum for preparing, a QBank for practicing, and a Mock Exam for performance.
Creating a CFA study schedule that is affordable will take some time to piece together. Important factors like answers to “when do I want to sit for the CFA exam?” and “what is my budget for CFA prep?” will be crucial. Remember that you should plan to dedicate at least 300 hours over 6 months to prepare for a CFA exam. While it is possible to pass all three exams in 18 months, only sitting for each exam once is one of the best ways to ensure your CFA study plan stays affordable.
Here is a condensed sample CFA study schedule that assumes you are new to the syllabus and following the Prepare > Practice > Perform® method.
Monday–Wednesday: Read study notes and watch explainer videos for each curriculum topic.
Thursday–Friday: Practice on weak content areas using your QBank.
Saturday: Take a Mock Exam to build endurance and get familiar with exam conditions.
Sunday: Review the results of your Mock Exam and rest.
Choosing the right CFA prep provider requires evaluating cost against the features that actually impact pass rates, not just comparing sticker prices. The most affordable option is usually the one that gives you the best chance of passing on your first attempt at a price you can sustain.
When comparing providers, focus on these value indicators:
Comprehensive topic coverage aligned with the current curriculum
Sufficient practice question volume
Realistic Mock Exams
Clear explanations for incorrect answers
A study structure that matches your learning style.
A detailed breakdown of what makes a CFA prep provider worth the investment can help you evaluate these factors.
If you’re wondering what is really the difference between an Essential and Premium CFA Prep Package, you need to look at the details. Essential packages typically include basic study materials and practice questions at lower price points, while premium packages add features like live instruction, additional Mock Exams, and extended access periods.
If you are a very budget-conscious candidate with existing knowledge of the CFA curriculum, an Essential Package might be a sufficient resource for you to pass, especially when supplemented with free materials from CFA Institute. This option is great for self-directed learners who plan on only using basic prep tools and don’t expect to have access to a live class.
However if you want to attend live classes and review with CFA experts during your study schedule, a Premium Package can be a more affordable option for you versus adding those items on after choosing an Essential Package.
Don’t forget to consider the total cost across all three levels when making your decision on a CFA prep package. Some providers offer multi-level discounts or loyalty pricing that reduces costs for returning candidates. Planning your full CFA journey from the start can unlock savings that aren't available to candidates who choose providers level by level.
Using a-la-carte study tools to supplement your CFA exam prep is a great way to save some money. Spreading your budget across multiple mediocre resources typically delivers worse results than concentrating on one excellent tool.
A quality QBank will enable you to identify weak areas and focus your review efficiently. To maximize value from your practice questions, follow a strategic approach.
First, complete questions in study mode as you learn each topic, using explanations to deepen understanding.
Second, shift to timed practice as your exam date approaches, simulating real testing conditions.
Third, review every incorrect answer thoroughly—understanding why you missed that particular question.
Realistic Mock Exams are also great a-la-carte study tools because there is no better way to prepare for what taking a computer-based test is like. It's recommended that you take multiple Mock Exams throughout your study schedule so going with one provider the whole way through will give you the chance to keep your momentum going and potentially save money. To maximize the value you’ll get from using a realistic Mock Exam, follow these guidelines:
Start taking mock exams a few months before your exam window. (If you want to test yourself earlier, use a diagnostic exam instead). Aim to complete at least 5 mocks, alternating them every other Saturday as you near exam day.
When choosing which Mock Exams to use, one of the most important factors to consider when deciding is how realistic they are. Also you’re going to want to make sure they are computer-based and if you can find an in-person Mock Exam, even better.
Make sure to thoroughly review your performance after each Mock Exam. Utilize the scoring metrics, topic-area performance tracking, and detailed answer explanations. At the end of your study schedule try to avoid wasting time restudying concepts and focus on reviewing selected topics from your Mock Exams and using practice questions to reinforce concepts
CFA Curriculum notes are another great individual study tool and often used by budget conscious CFA candidates. CFAI will give you the official CFA curriculum to use during your study schedule for free but having summary notes to help you absorb the entire curriculum can be a great way to save time and quickly retain important information.
Preparing for a CFA exam can feel isolating, but you don’t have to do it alone. By using existing support communities, you can tap into very helpful online communities of CFA Charterholders and current CFA candidates that can help you keep progressing.
r/CFA (Reddit): Known for its crowd-sourced study strategies, formula cheat sheets, and real-time reaction threads where candidates discuss recent exam windows.
The Kaplan Schweser Community: Anyone who purchases a Schweser study package, class, or review workshop can join the forum. You’ll become part of an active online community of more than 20,000 candidates, instructors, and exam prep experts.
Find answers to commonly asked questions about affordable CFA prep.
The cheapest way to prepare for the CFA exam is to use the official CFA Institute curriculum (included with registration) supplemented by free online CFA resources and a single quality QBank. While some candidates have passed using primarily free materials this is a risky approach that can lead to substantial unexpected costs.
A CFA Prep Course can be very valuable, especially if you might need help staying on track and want to speak with an expert during your study schedule. The official CFAI curriculum is comprehensive so utilizing a high-quality prep course can help distill the information into doable chucks that won’t leave you feeling unprepared. The true value of a prep course lies in the higher probability of you passing the exam.
The total cost of earning your CFA Charter includes both exam fees, study materials and eventually a membership fee. CFA Institute registration and exam fees vary based on when you register so registering during the “early registration period” is one way to easily save some money on your CFA prep.
Beyond exam fees, most candidates invest in third-party CFA study materials to supplement the official curriculum. When evaluating how much you can afford to pay for CFA prep, think in terms of cost-per-pass-attempt rather than upfront price alone. A cheaper course that leaves you underprepared may cost more in the long run if you need to retake the exam.
For candidates across all three levels, the total investment in CFA fees and study materials can range from a few hundred dollars (using primarily free resources) to several thousand dollars (using premium packages for each level).
Yes, premium prep providers like Kaplan Schweser can be worth the extra cost compared to some lower priced options. Kaplan Schweser has decades of proven success, expertly condensed SchweserNotes™, an industry-leading QBank, and Pass Protection guarantees, which significantly reduce your risk of failing.
The most valuable free CFA study resources include the official CFA Institute curriculum and learning ecosystem, free sample materials from established prep providers like Kaplan Schweser, educational videos from CFA experts, and active candidate communities on platforms like Reddit where recent test-takers share insights.
Assess Your Baseline Knowledge of the CFA Program Curriculum with a Free CFA Diagnostic Exam.
Before You Sit for the CFA Exam eBook
Get advice from CFA Charterholders for a successful exam day.
CFA Program Fundamentals eBook
Unlock in-depth overviews of CFA Program curriculum topics.
More Likely to Pass: These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.
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