CFA Program Fees

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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
US$ 450

Exam Registration Fees and Deadlines

All registration deadlines end at 11:59 pm ET.

June 2017 Exam (Levels I, II, and III)

Registration for the June 2017 exam has closed. Registration for the June 2018 exam will open in July 2017.
Early registration fee US$ 650 (ended 21 September 2016)
Standard registration fee
US$ 930 (ended 15 February 2017)
Late registration fee
US$ 1,380 (ended 15 March 2017)

December 2017 Exam (Level I)

Early registration fee US$ 650 (ended 15 March 2017)
Standard registration fee
US$ 930 (ends 16 August 2017)
Late registration fee
US$ 1,380 (ends 13 September 2017)
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About Program Enrollment and Exam Registration Fees

The one-time program enrollment fee (see top of page) 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 CFA exam Level I withdrawal policy.)

The exam registration fee covers 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

Learn more about the study materials and tools we provide to candidates

*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.

**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.

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-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), 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.

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