What the CFA costs in 2026 and 2027
All three levels cost between $3,520 and $4,570 in CFA Institute fees if you pass first time, before you buy any prep. Registering early saves $350 on every exam, and the old $350 enrollment fee is gone.
CFA Institute registration fees
| Level | Early registration | Standard registration | You save by registering early |
|---|---|---|---|
| Level I | $1,140 | $1,490 | $350 |
| Level II | $1,140 | $1,490 | $350 |
| Level III | $1,240 | $1,590 | $350 |
| All three levels | $3,520 | $4,570 | $1,050 |
Per exam attempt, in US dollars, as published for the 2026 and 2027 cycles. Retakes cost the full fee again.
Registration includes the CFA Institute curriculum in digital form. The fee is for one exam window only, and there are no refunds on registration or rescheduling fees.
What changed for 2026
CFA Institute dropped the one-time $350 enrollment fee, but raised exam fees at the same time: early registration rose from $990 to $1,140 for Levels I and II and from $1,090 to $1,240 for Level III, and standard fees rose by $200. For most candidates the net effect is a higher total.
Costs on top of the exam fee
- Prep materials. Priced per level, from about $300 for a question bank to around $1,500 for a premium course. See the prep comparison below.
- An approved calculator. The Texas Instruments BA II Plus is about $35 and the BA II Plus Professional about $50. The HP 12C is also allowed.
- Printed curriculum. Optional; the digital version comes with registration.
- Rescheduling. Changing an appointment inside your window carries a fee, and from the February 2027 cycle paid deferrals to a later window are being discontinued.
Three realistic totals for all three levels
| Scenario | CFA Institute fees | Prep, three levels | Total |
|---|---|---|---|
| Budget prep, passing every level first time | $3,520 | About $1,050 | About $4,600 |
| Mid-price prep, passing every level first time | $3,520 | About $3,300 | About $6,800 |
| Mid-price prep, one retake at the standard fee | $5,010 | About $3,300 | About $8,300 |
Illustrative only. Uses early registration fees and list prices for prep, which most providers discount.
Ways to pay less
The $350 difference is larger than the cost of most question banks. Early deadlines fall four to six months before each window.
CFA Institute offers an Access Scholarship that has cut registration fees by more than half for some applicants. Applications open once per cycle.
Candidates who defer or retake pass at far lower rates than first-timers. Registering for a window you are ready for is the cheapest decision you can make.
Some investment employers reimburse CFA fees and prep. Ask before paying.
Common questions
Are CFA fees refundable?
No. Registration, rescheduling and, previously, enrollment fees are non-refundable.
Is a retake cheaper?
Not by default. You pay the full registration fee for each attempt, including retakes, so a failed Level II costs another $1,140 to $1,490.
What about deferring to a later window?
Starting with the February 2027 cycle, CFA Institute will no longer offer paid deferrals. If you cannot sit your window, plan to register again for a later one.