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CFA Program and Exam Fee Schedule

CFA Program applicants pay an initial one-time enrollment fee. In addition, applicants are required to pay an exam registration fee.

Returning candidates pay only the exam registration fee.

The enrollment fee and the exam registration fee increase with each deadline.

December 2010 CFA Exam (Level I only)

All fees are in U.S. dollars.*

Payment deadline New Level I CFA Program enrollment    + CFA exam registration    = Total cost
15 September             $480    +         $905    = $1,385

The 2010 curriculum eBook is available to December 2010 candidates for US$50. Learn more (login required)


June 2011 CFA Exam (Levels I, II, and III)

All fees are in U.S. dollars.*


Payment deadlines 		New Level I
CFA Program enrollment
CFA exam registration 		Discount if you select eBook‡
(details below)

Total cost
22 September         $405       + $630      - $40  = $995
16 February         $405       + $720      - $40  = $1,085
16 March         $490       + $970      - $40  = $1,420

‡2011 curriculum pricing details

When you register for the June 2011 exam, you can choose from three curriculum options (all fees are in U.S. dollars):

  • If you select the eBook version of the curriculum only, we offer a US$40 discount: Enrollment + exam registration - $40 = total cost.
  • If you select the printed version of the curriculum only, you do not receive the $40 discount: Enrollment + exam registration + $20 (shipping) = total cost.
  • If you select both the eBook version and the printed version of the curriculum, you pay the cost of the additional curriculum ($30) plus shipping: Enrollment + exam registration + $30  (+$20 shipping for the printed version) = total cost.

For example, if you enroll and register for the June 2011 Level I exam before September 22, the fee structure is as follows (all fees are in U.S. dollars):

  • If you select the eBook version of the curriculum only: $405 + $630 - $40 =  $995.
  • If you select the printed version of the curriculum only: $405 + $630 + $20 (shipping) = $1055.
  • If you select both the eBook version and the printed version of the curriculum: $405 + $630 + $30 + $20 (shipping) = $1085.

We are unable to offer refunds or exchanges so we urge you to make your selection carefully. More information about the 2011 curriculum format choices

*The exam registration fees also include the complete curriculum and one mock exam per level. Sample exams are available for purchase. The curriculum portion of the fees may be taxed in some jurisdictions. Customs policies vary widely from country to country. International shipments may be subject to import duties and taxes, which are levied once a shipment reaches your country. You must pay any additional charges for customs clearance; we have no control over these charges and cannot predict what they may be. Delivery delays may result if customs does not receive appropriate documentation. Contact your local customs office for further information.

Enrollment and registration fees are nontransferable and nonrefundable. Application and payment must be received by CFA Institute by 12:00 midnight Eastern Time on or before the application deadline. Full refunds are available within two business days of payment if you change your mind; however, for the June 2011 exam, shipping fees are not refundable. Registration deferrals are also considered on a case-by-case basis for life-threatening or serious illnesses (candidate or immediate family), extreme emergencies, and mandatory military service. Due to fluctuating exchange rates outside our control, we cannot guarantee that the exact amount paid to CFA Institute will be the same amount (in other currency) returned.

If you need to apply for a visa to travel to a distant test center, please make arrangements well in advance. It is your responsibility to secure any necessary travel documents.

Candidates re-registering for the Level I exam will receive a $50 discount on the December 2010 exam registration fee. The discount will be applied in the shopping cart during online registration. June Level I candidates who re-register in the same calendar year (Level I exams are held in June and December) will not be charged again for the curriculum.