How Much Does CFA Level 1 Cost in 2027? Exam Fees, Prep Costs and the Real Total
By CFA Master Team · Updated
Short answer: CFA Level 1 registration costs US$1,140 if you register by the early deadline and US$1,490 after it, plus any local taxes. There is no enrollment fee any more: CFA Institute dropped the old US$350 one-time fee for exams from February 2026. The fee includes the official curriculum, practice questions and mock exams. Prep courses are optional and range from about US$200 for a question bank to around US$1,500 for a full course, so expect to spend between US$1,140 and about US$3,000 in total on Level 1.
The registration fee is the cost everyone pays. After that, what you spend depends on how you study and on one date: whether you register before the early deadline. This guide covers both, with every 2027 deadline in one place.
Fees and dates below come from CFA Institute's dates-and-fees tool, checked on 29 October 2026. Prep prices come from each provider's website, checked in October 2026; they change often, so confirm before you buy. Fees exclude local taxes, which CFA Institute adds at checkout where they apply.
CFA Level 1 fees at a glance
| Fee | Amount (USD) | Who pays it |
|---|---|---|
| Early registration | 1,140 | Everyone who registers by the early deadline |
| Standard registration | 1,490 | Everyone who registers after the early deadline |
| Enrollment fee | 0 | Eliminated for exams from February 2026 (it was 350) |
| Rescheduling (same window) | 250 | Only if you move your appointment |
| Scheduling your exam | 0 | Free, but you must book by the scheduling deadline |
Registering early saves US$350, the same amount the old enrollment fee used to cost. That is the single easiest saving in the whole CFA Program.
2027 deadlines: what each window costs today
Each window has an early deadline (lower fee), a final registration deadline, and a scheduling deadline after which you can no longer book a test seat. Here is where each 2027 Level 1 window stands on 12 November 2026:
| Exam window | Early fee (US$1,140) until | Registration closes | Book your seat by | Fee if you register now |
|---|---|---|---|---|
| February 2027 (22–28 Feb) | 7 Jul 2026 (passed) | 5 Nov 2026 (closed) | 10 Nov 2026 (closed) | Closed |
| May 2027 (11–17 May) | 14 Oct 2026 (passed) | 10 Feb 2027 | 16 Feb 2027 | US$1,490 |
| August 2027 (15–22 Aug) | 20 Jan 2027 | 29 Apr 2027 | 6 May 2027 | US$1,140 |
| November 2027 (13–19 Nov) | Not yet published | Not yet published | Not yet published | Not yet open |
Two practical points:
- February 2027 registration has closed (5 November 2026). The next window you can still book is May 2027, at the standard US$1,490 fee until 10 February 2027.
- The cheapest 2027 option right now is August 2027. Registration is open, and the US$1,140 early fee runs until 20 January 2027.
For every window with a countdown, see our CFA Level 1 exam dates and deadlines page.
What the registration fee already includes
Before you budget for prep, check what you already get. Your registration includes access to the CFA Institute Learning Ecosystem, with:
- The full official curriculum for Level 1
- Practice questions for each learning module
- Mock exams released in the weeks before your window
These come from the organisation that writes the exam, so they are the best guide to its difficulty and wording. For more mock options, free and paid, see our CFA Level 1 mock exam guide. Some candidates pass using only this material. Many add something on top, usually because the curriculum is long (about 3,000 pages) and they want shorter notes and more questions.
What CFA Level 1 prep costs
| Option | Typical price (USD) | What you get |
|---|---|---|
| Official material only | 0 extra | Curriculum, practice questions and mocks, included in your fee |
| A question bank | about 200–430 | SchweserPro QBank is listed at $199; AnalystPrep's practice package starts at $349; UWorld's Level 1 QBank is listed at $429 in its iOS app |
| A full prep course | about 650–1,500 | Kaplan Schweser lists packages from about $649 to $1,499, with notes, videos, a question bank and mocks |
| A revision tool | low, one-time | Cheat sheets, formula sheets, flashcards and quizzes for revising what you have already studied |
| Calculator | a one-off purchase | A TI BA II Plus or HP 12C (including their Professional and Platinum versions) is required in the exam |
Our comparison of CFA Level 1 question banks covers the question banks in more detail.
You rarely need more than one of each. The most common way candidates overspend is buying a second question bank or a second set of notes "just in case", then running out of time to use either.
Three real CFA Level 1 budgets
| Budget | What you buy | Total (USD, before taxes) |
|---|---|---|
| Lean | Early registration, the official material and free revision tools | about 1,140 plus a calculator |
| Typical | Early registration and one question bank | about 1,340–1,570 |
| Full course | Standard registration and a full prep package | about 2,140–2,990 |
The lean budget works best for candidates with a finance or accounting background and the discipline to work through the curriculum. The full-course budget suits candidates who want structured video lessons and a set study path. The typical budget sits in between: official material for learning, one question bank for practice.
The hidden cost: failing and paying again
The biggest cost in CFA Level 1 is not on any price list. Between February 2024 and August 2026, only 39–46% of candidates passed (see the full pass-rate history). If you fail, you pay the registration fee again (US$1,140 to US$1,490) and lose another three to six months.
So the best way to cut your total cost is to pass the first time. That means spending money where it improves your odds:
- Register early for the window you can realistically be ready for. Rescheduling costs US$250, and switching to a later window means paying again.
- Do the official mocks. They are already paid for, and they are the closest thing to the real exam.
- Revise, don't just read. A common way to fail is to understand a topic in month two and forget it by exam day. Spaced revision of formulas and key rules matters more than a second set of notes.
Our CFA Level 1 study plan shows how to fit about 300 hours of study into 3 or 6 months.
How to keep CFA Level 1 cheap without hurting your chances
- Register before the early deadline. It saves US$350, and the August 2027 early window runs until 20 January 2027.
- Start with the official material and buy only what fills a gap you have actually found.
- Buy one question bank, not three. Finish it before you buy anything else.
- Use free tools for revision. A CFA Level 1 formula sheet, cheat sheets and free practice questions cover the "keep it fresh" part of studying at no cost.
- Check for scholarships. CFA Institute offers scholarships that reduce the registration fee for eligible candidates; see its scholarships page for the current criteria.
Where CFA Master fits
CFA Master is a revision companion: you use it alongside the official curriculum or your prep provider, not instead of it. It is built for the step most budgets leave out, which is keeping 10 subjects fresh until exam day.
- Free module: Rates and Returns: a cheat sheet, mind map, flashcards and a quiz for one full module, so you can try the workflow before spending anything.
- Top formulas: the formulas that come up most, as a free printable sheet.
- CFA Level 1 formula sheet: the key formulas by subject, with notes on when to use each.
Create a free account to save your quiz scores and add your own notes to the cheat sheets and mind maps. If you want the rest of the syllabus, Premium unlocks all 59 modules and a timed 180-question mock exam inside the dashboard. It is a one-time payment, not a subscription, and it costs far less than a prep course.
Frequently asked questions
How much does CFA Level 1 cost in 2027?
CFA Level 1 registration costs US$1,140 if you register by the early deadline and US$1,490 after it, plus any local taxes. There is no enrollment fee for exams from February 2026 onwards. Optional prep adds anything from nothing to about US$1,500.
Is there still a CFA enrollment fee?
No. CFA Institute eliminated the one-time US$350 enrollment fee for exams from February 2026. You now pay only the registration fee for each level.
What is the cheapest way to take CFA Level 1?
Register before the early deadline (US$1,140), study from the official curriculum and practice questions that come with your registration, and use free revision tools. For 2027, the August window offers the early fee until 20 January 2027.
When is the CFA Level 1 February 2027 registration deadline?
Registration for the February 2027 window (22–28 February 2027) closed on 5 November 2026, and appointments had to be scheduled by 10 November 2026. If you missed it, the next window you can register for is May 2027 (11–17 May 2027): the standard fee of US$1,490 applies until 10 February 2027, and you must schedule by 16 February 2027.
How much does it cost to become a CFA charterholder?
Based on exam fees alone, CFA Institute puts the cost of all three levels at about US$3,520 to US$4,570, depending on whether you register early or late. Prep material, retakes and calculators come on top.
Do I have to pay again if I fail CFA Level 1?
Yes. Each attempt needs a new registration, so a retake costs another US$1,140 to US$1,490. With pass rates of 39–46% since 2024, passing the first time is the biggest saving available.