How much are the CFA exam fees?
From CFA Institute's dates and fees tool, read on 19 October 2026:
| Level | Early registration | Standard registration |
|---|---|---|
| Level I | USD 1,140 | USD 1,490 |
| Level II | USD 1,140 | USD 1,490 |
| Level III | USD 1,240 | USD 1,590 |
CFA Institute states that, based on exam fees, the three levels cost USD 3,520 to 4,570 in total, correct from the 2026 exams. The tool also shows a line for a one-time enrollment fee, without an amount on the day we checked, so confirm the full total at checkout. Fees are in US dollars and exclude local taxes, which are added at payment where they apply.
Other fees to know:
- Rescheduling: USD 250 to move your appointment within the same exam window.
- Missed exam: if you miss your appointment and do not or cannot reschedule within the window, the exam fee is forfeited. CFA Institute says the fees are nonrefundable, non-deferrable and non-transferable for missed appointments.
CFA Institute's own learning materials are included in the registration fee.
When do the early registration deadlines fall?
Registering early saves USD 350 at every level. The deadlines for the next windows (all deadlines 11:59 PM US Eastern time):
| Exam window | Levels | Early deadline | Registration closes | Scheduling deadline |
|---|---|---|---|---|
| February 2027 | I, III | 7 July 2026 (passed) | 5 November 2026 | 10 November 2026 |
| May 2027 | I, II | 14 October 2026 (passed) | 10 February 2027 | 16 February 2027 |
| August 2027 | I, II, III | 20 January 2027 | 29 April 2027 | 6 May 2027 |
Registration for the November 2027 window had not opened when we checked. CFA exam dates lists the exam days themselves.
Who can register?
To enroll and register for Level I, CFA Institute requires a valid international travel passport, readiness to take the exam in English, residence in a participating country, and one of three routes:
- A bachelor's degree (or equivalent program) already awarded.
- Undergraduate study, where your Level I exam window is 23 months or less before your graduation month. You must be within 11 months of graduation to sit Level II, and have your degree or 4,000 hours of professional work experience to sit Level III.
- Work experience: 4,000 hours of work experience and/or higher education, gathered over at least three sequential years by the date you register. Higher education counts as 1,000 hours a year, and work and study periods cannot overlap.
CFA Institute may ask for proof of education or work experience, and can cancel a registration or withhold results if it cannot be provided.
How do you register, step by step?
- Create an account on CFA Institute's website and check your eligibility.
- Enroll in the CFA Program and register for an exam window, choosing early or standard pricing by when you pay. CFA Institute accepts Visa, MasterCard, American Express and Alipay, or payment by invoice.
- Schedule your appointment with the test-center provider before the scheduling deadline. Seats are first-come, first-served, so book early.
- Prepare your passport and an approved calculator for exam day.
You must register yourself: CFA Institute says third parties cannot register on your behalf, though an employer or other third party may pay the fee for you.
Are there scholarships?
CFA Institute lists three: an Access Scholarship for people who may not be able to afford the fees, a Student Scholarship for students at affiliated universities, and a Professor Scholarship for full-time faculty and administrators. Eligibility rules are on CFA Institute's scholarships page.
What should you do after registering?
Build your study plan around the window you chose. How long to study for CFA Level I explains the 300-hour guideline, and the free study plan generator turns your exam date into a weekly plan.
Frequently asked questions
How much does the CFA Level I exam cost?
For the 2027 windows, USD 1,140 with early registration or USD 1,490 at the standard rate, before local tax.
How much does the whole CFA Program cost?
CFA Institute states USD 3,520 to 4,570 in exam fees for all three levels, correct from the 2026 exams, depending on early or standard registration.
Can I register for CFA Level I as a student?
Yes, if your Level I exam window is 23 months or less before your graduation month, according to CFA Institute.
What is the early registration deadline for the August 2027 CFA exam?
20 January 2027, 11:59 PM US Eastern time. Registration for the August 2027 window closes on 29 April 2027.
Can I get a refund if I miss my CFA exam?
No. CFA Institute says exam fees are nonrefundable, non-deferrable and non-transferable for missed appointments. Within the window you can try to reschedule for USD 250.
Sources
- CFA Institute: CFA exam dates and fees
- CFA Institute: CFA Program policies (registration requirements)
- CFA Institute: CFA Program overview
- CFA Institute: CFA Program exam information
- CFA Institute: CFA Institute Prep Providers
Figures that change by year were read from these pages on 19 October 2026. Fees, dates and rules can change: check the source before you register.