CFA® Program Fees
Program Enrollment Fee
A one-time program enrollment fee is required when you register for your first Level I CFA Program exam. You must also pay the exam registration fee (see below for deadlines).
Program enrollment fee: USD 450
Exam Registration Fees and Deadlines
All registration deadlines end at 11:59 pm ET.
December 2019 Exam (Level I)
June 2020 Exam (Levels I, II, III)
About Program Enrollment and Exam Registration Fees
The one-time program enrollment fee and the exam registration fee are payable in US dollars only (view payment options), and the fees are non-transferable and non-refundable. View the Level I CFA exam withdrawal policy.
The exam registration fee covers the cost of
- The digital curriculum (contains the complete curriculum you need to study)*
- Practice tests and mock exams
CFA Program Scholarships
CFA Institute Scholarships reduce the cost of the CFA Program.
Refund and deferral policies
A full refund of your enrollment and registration fees is available within three (3) 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-transferable.
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), expectant mothers, 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
* You may purchase a print version of the curriculum (available for a non-refundable fee of USD 150, plus any fees associated with shipping)** at the same time you register for an exam, or later.
**Curriculum shipments: Refund policy, import duties, customs fees, taxes, and shipping fees
Payments for print curriculum orders are non-refundable 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.