The cheapest way to prepare for the CFA
CFA prep is sold per level, so the cheapest provider is only part of the story. A failed attempt costs $1,140 to $1,490 in exam fees, which is more than most prep packages, so the cheapest route is the one that gets you through first time.
Low-cost options compared
| Option | Price | What you get | The catch |
|---|---|---|---|
| CFA Institute curriculum | Free with registration | The official reading, in digital form | Large, and no personal feedback |
| UWorld QBank | $299 | Question bank, analytics, mobile app | No mock exams |
| AnalystPrep Practice | From $349 | Question bank, mock exams, analytics | No guarantee found |
| Kaplan Schweser Basic | $429 | Notes, question bank, 2 mock exams | Described by Schweser as a supplement |
| Mark Meldrum entry | From about $440 | Video lectures, notes and questions | Needs self-discipline |
Level I list prices in US dollars, 2026 cycle, as published or reported. Providers sometimes run discounts, so check before you pay list price.
Multiply by three if you plan to prepare for all three levels. The table shows the cost of one level.
Where saving money backfires
The 2027 curriculum changed Level I's Quantitative Methods and Equity Investments. Older materials can leave real gaps.
A failed Level II costs $1,140 to $1,490 in fees alone. Spending $300 more on prep is cheap insurance against it.
Candidates who deferred in recent official results passed at about 29% at Level I, against 49% for first-timers. Registering for a window you are not ready for costs more than prep does.
Cutting the exam fees too
- Register early. It saves $350 per exam, more than most prep costs.
- Apply for the Access Scholarship. CFA Institute has offered it to reduce fees substantially for some candidates.
- Ask your employer. Some investment firms reimburse the CFA.
Common questions
What is the cheapest realistic path?
Probably the CFA Institute curriculum plus a low-cost question bank, if you are disciplined and pass first time. The risk is a retake, which costs more than the prep you saved.
Can I pass using only the official curriculum?
It is possible, since the curriculum is the source material for the exam. But it is a large, dense text with no feedback, which is why most people add a question bank or mock exams.