How much does the CFA Level I exam cost?
| Exam registration, early | USD 1,140 |
|---|---|
| Exam registration, standard | USD 1,490 |
| Rescheduling within your window | USD 250 |
| All three levels (exam fees) | USD 3,520–4,570 |
Fees are paid in US dollars and don't include local taxes, which are added at payment where they apply. The early deadline is usually about ten months before the exam; the exam dates page lists it for every window.
What else to budget for
| Item | Typical cost | Needed? |
|---|---|---|
| Approved calculator (TI BA II Plus or HP 12C) | About USD 30–70 | Yes, only these models are allowed |
| Prep provider (lessons, question bank, mocks) | From $16.67/month to several hundred dollars (prices compared) | Optional |
| Retake, if you don't pass | USD 1,140–1,490 again | Fewer than half pass (pass rates) |
| Rescheduling within your window | USD 250 | Only if you move your appointment |
How to keep the cost down
- Register early. It is the single biggest saving: USD 350.
- Pass the first time. A retake costs more than any prep course. Test yourself with timed mocks before exam day, not after.
- Use what you already paid for. Your registration includes CFA Institute's curriculum, practice questions and mocks.
- Pay for prep only for the months you need it. CheapMocks All Access is $29.99 a month, or $199.99 for a 12-month pass that never renews, and every new account gets 7 days of the lessons and question bank free, with no card. The first full mock exam is free.
- Check for a scholarship. CFA Institute offers reduced fees to eligible candidates.
Cost FAQ
- How much is the CFA Level 1 exam fee?
- USD 1,140 if you register before the early deadline, or USD 1,490 at the standard rate. The fee includes the curriculum and CFA Institute's practice questions and mock exams in its Learning Ecosystem.
- How much does the whole CFA Program cost?
- CFA Institute puts the exam fees for all three levels at USD 3,520 to USD 4,570, depending on whether you register early or at the standard rate. That excludes prep providers, retakes and annual membership dues after you earn the charter.
- Is the CFA exam fee refundable?
- No. Exam fees are non-refundable and can't be deferred or transferred. If you miss your appointment you lose the fee, and rescheduling within your window costs USD 250.
- Do I need a paid prep course for CFA Level 1?
- No. The curriculum and CFA Institute's practice material come with your registration. Many candidates add a prep provider for shorter explanations, more questions and extra mock exams, which can cost anything from a few dollars a month to several hundred dollars.
- Are there scholarships for the CFA exam?
- Yes. CFA Institute runs scholarship programmes that reduce the exam fee for eligible candidates, such as students and people facing financial hardship. Check the scholarships section of its dates and fees page for the current rules and deadlines.
Source: CFA Institute, CFA exam dates & fees, checked 12 Oct 2026. Calculator prices are typical retail prices and vary by country.