Cost of CFA? Here Is a Complete Breakdown.
Written by
Charterbuddyy.com
Deciding to pursue the Chartered Financial Analyst (CFA) designation is a major career step, and understanding the cost is crucial. If you're planning your CFA journey, you might be wondering: How much will the CFA program cost in 2025 and 2026?
The total cost varies based on several factors, including registration fees, study materials, and potential retakes. In this guide, we break down the costs for two different scenarios:
- A candidate who passes all three CFA levels on the first attempt.
- A candidate who fails at least one level and needs to retake an exam.
The CFA Institute has increased its registration fees starting in 2025 and 2026, making the program more expensive than before. However, compared to an MBA, the CFA remains a more affordable and cost-effective route to advancing your finance career. [Check out our blog on MBA v/s CFA to find out the key differences between the 2]
We’ll also explain early and standard registration fees, helping you understand how to optimize costs while pursuing the CFA charter.
Key Costs Involved in the CFA Program
Before we dive into the cost scenarios, let’s explore the main components of CFA program expenses.
-
Enrollment & Registration Fees
- 2025 Enrollment Fee: $350
- 2026 Enrollment Fee: Removed
-
CFA Registration Windows
- Early Registration
- Standard Registration
-
Study Materials
- CFA Institute offers a PDF version of the curriculum and additional mock exams for an extra fee.
- Third-party study materials range from $500 to $1,000 per level.
-
Rescheduling Fees
-
Deferral Fees
The one-time enrollment fee is payable when registering for Level I of the CFA exam. However, from 2026 onward, the CFA Institute is removing the enrollment fee, meaning candidates will only pay registration fees for each level.
The registration fee is charged per exam level and varies based on the registration period:
There are two CFA exam registration periods:
Candidates who register early receive a discount on the standard registration fee. However, the early registration window is open for a limited time.
Candidates who miss the early registration deadline must pay the higher standard registration fee.
The CFA Institute provides free online access to the CFA curriculum, but candidates often invest in third-party study materials for additional resources and mock exams.
If you need to change your exam date, time, or location within the same exam window, the CFA Institute charges a rescheduling fee.
➡️ Check the rescheduling fees here: CFA Exam Rescheduling Costs
Candidates who are unable to sit for the exam due to unforeseen circumstances can defer their exam, but this comes with an additional charge.
➡️ Check the deferral policy here: CFA Exam Deferral Costs
Scenario 1: Candidate Passes All Three Levels on the First Attempt
Let’s calculate the total cost if a candidate clears all CFA levels on the first try.
-
Early Registration Costs
-
Standard Registration Costs
| Expense | 2025 Cost (USD) | 2026 Cost (USD) |
|---|---|---|
| One-time Enrollment Fee | 350 | - |
| Level I Registration | 990 | 1140 |
| Level II Registration | 990 | 1140 |
| Level III Registration | 1090 | 1240 |
| Total Exam Costs | 3420 | 3520 |
| Study Materials (Optional) | 500-1,000/level | 500-1,000/level |
| Total Estimated Cost | $3,420 - $4,420 | $3,520 - $4,520 |
| Expense | 2025 Cost (USD) | 2026 Cost (USD) |
|---|---|---|
| One-time Enrollment Fee | 350 | - |
| Level I Registration | 1290 | 1490 |
| Level II Registration | 1290 | 1490 |
| Level III Registration | 1390 | 1590 |
| Total Exam Costs | 4320 | 4570 |
| Study Materials (Optional) | 500-1,000/level | 500-1,000/level |
| Total Estimated Cost | $4,320 - $5,320 | $4,570 - $5,570 |
This scenario assumes the candidate passes each exam on the first attempt, minimizing additional costs.
Scenario 2: Candidate Fails One Level and Retakes It
If a candidate fails one level (e.g., Level I), they must pay to retake the exam.
-
Early Registration (Failed One Level)
-
Standard Registration (Failed One Level)
| Expense | 2025 Cost (USD) | 2026 Cost (USD) |
|---|---|---|
| Enrollment Fee | 350 | - |
| Level I Registration | 990 | 1140 |
| Level I Retake (Early) | 990 | 1140 |
| Level II Registration | 990 | 1140 |
| Level III Registration | 1090 | 1240 |
| Total Exam Costs | $4,410 | $4,660 |
| Study Materials (Optional) | 500-1,000/level | 500-1,000/level |
| Total Estimated Cost | $4,410 - $5,410 | $4,660 - $5,760 |
| Expense | 2025 Cost (USD) | 2026 Cost (USD) |
|---|---|---|
| Enrollment Fee | 350 | - |
| Level I Registration | 1290 | 1490 |
| Level I Retake (Early) | 1290 | 1490 |
| Level II Registration | 1290 | 1490 |
| Level III Registration | 1390 | 1590 |
| Total Exam Costs | $5,510 | $6,060 |
| Study Materials (Optional) | 500-1,000/level | 500-1,000/level |
| Total Estimated Cost | $5,510 - $6,510 | $6,060 - $7,060 |
Final Cost Comparison
| Scenario | 2025 (Early) | 2026 (Early) | 2025 (Standard) | 2026 (Standard) |
|---|---|---|---|---|
| Passed All Levels | $3,420-$4,420 | $3,520-$4,520 | $4,320-$5,320 | $4,570-$5,570 |
| Failed One Level (Retake) | $4,410-$5,410 | $4,660-$5,760 | $5,510-$6,510 | $6,060-$7,060 |
Conclusion
The CFA program is a significant financial investment, costing anywhere from $3,000 to over $7,000 depending on registration timing and exam performance. However, the long-term career benefits often outweigh the costs. By planning strategically, registering early, and passing exams on the first attempt, you can minimize expenses while maximizing your career potential.
Ready to start your CFA journey? Plan wisely and check out our other blogs for more insights!