CFA Program Fees

Related Information

CFA Program fees include a one-time enrollment fee and a registration fee for each exam. Your study materials and tools are included in the exam registration fee.

Program Enrollment Fee

The one-time enrollment fee is payable when you register for your first CFA Program exam.

Enrollment fee: US$ 450 (for candidates whose first CFA exam will be the June 2015 exam)

Exam Registration Fee

The exam registration fee is payable in US dollars only, and the fee is nontransferable and nonrefundable. (View the CFA exam Level I withdrawal policy.)

You may choose to register early for a reduced fee, or if you miss the standard registration deadline, there is a late registration fee.

The CFA exam registration fee includes the cost of:

  • The eBook (contains the complete curriculum you need to study)*
  • An interactive study planner to guide and track your exam preparation
  • Topic-based practice tests
  • Mock exams
  • A mobile study app with access to everything listed above

More about the candidate resources provided

*You may purchase a print version of the curriculum (available for a non-refundable fee of US$150, plus any fees associated with shipping)** at the same time you register for an exam, or later.

Exam Registration Deadlines

All registration deadlines end at 11:59 pm ET.

6 June 2015 Exam (Levels I, II, and III)
Early registration fee Deadline passed (ended 24 September 2014)
Standard registration fee
US$ 825 (ends 18 February 2015)
Late registration fee
US$ 1,210 (ends 18 March 2015)

Register for the June 2015 exam

**Curriculum shipments:  Refund policy, import duties, customs fees, taxes, and shipping fees

Payments for print curriculum orders are nonrefundable once the order has been placed. International print curriculum shipments may be subject to import duties and taxes, which are levied once a shipment reaches your country. You must pay any additional charge for customs clearance – we have no control over these charges and they vary from country to country. To avoid any issues with delivery of your curriculum, contact your local customs office. Review shipping and customs fees details.

Refund and deferral policies

A full refund of your enrollment and registration fees is available within two (2) business days of payment if you change your mind. 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. Thereafter, enrollment and registration fees are nonrefundable, even in the event of a medical condition or other extreme circumstance. Enrollment and registration fees are non-transferrable.

Registration deferrals to the next available exam are considered on a case-by-case basis for life-threatening or very serious illnesses (candidate or immediate family), natural disasters, and mandatory military service. This does not guarantee a deferral to any candidate for any condition but instead provides CFA Institute with the discretion to determine which deferral requests it approves and denies. Candidates awarded a deferral are responsible for all applicable new curriculum charges. Deferral requests must be received by CFA Institute prior to the scheduled exam or within 10 U.S. business days after the exam date.