Along with the other requirements for enrolling in the CFA Program, there are the enrollment fees, which can be expensive. It gets more expensive when you add in the cost of a third-party prep company. While getting a charter will help you economically, we understand that it’s a significant upfront outlay. That’s why we are happy to offer a few ways to make the CFA Exam experience a little more affordable.
1) Register Early
You'll need to spend anywhere from $1,150 to $1,450 to enroll and register for the CFA exam. If you want to save money, it’s better to schedule your CFA Exam early to pay the Early Registration Fee, which saves you around $300.
2) Apply for a Scholarship
The CFA Institute also offers an Access Scholarship Program to ease the financial burden of CFA candidates who can't afford to pay the total program fees. The Access scholarship award waives the CFA Program enrollment fee and reduces the exam registration fee to $250. Still, there are specific eligibility requirements that CFA candidates must meet to apply for the scholarship.
3) Prepare Thoroughly
One of the most effective ways to keep costs low is to pass your CFA exams on your first attempt. If you fail one of the levels, you not only have to wait almost another year to take it but must also pay $700 – $1,000 in registration fees once more.
Avoid the additional costs by not having to pay them. And if you pass the first time, you won’t have to. Ensure that you are fully committed to the program and are willing to put forth the time and energy to pass the exam on your first attempt.
4) Choose the Best Prep Provider
The best way to ensure that you set yourself up for success on the CFA Exam is to prepare with best CFA prep provider. Do your research before you commit to a particular provider. Choosing a CFA prep provider is a significant investment of both time and money, so make sure you choose wisely. Get recommendations from friends/family and make sure you really know what you'll get out of a prep provider before you put down any costs. Your studying technique is unique to you so make sure you sign up with a provider that best meets your individual needs.
As you prepare to embark on your journey to the CFA Charter, we hope you'll take these tips into consideration to help you pass the CFA Exam the first time, and save some money in the process! Who wouldn't like that!?