Key facts
- Level I of the CFA® Program costs US$1,140 (check the official website) with early registration for 2027 – about €1,024 at the ECB reference rate of 29 October 2026.
- Part I of the FRM® Exam with the one-time enrolment fee costs US$400 (check the official website) plus US$600 (check the official website) with early registration – about €898 at the same rate.
- DVFA's CIIA® Online costs €12,376 in total (check the official website), tuition included; its exams are held in Frankfurt am Main, in German, the Final Exam also in English.
- Exam costs can be Werbungskosten under § 9 EStG; for a first training or first degree outside an employment they count only once a first training or degree is completed.
- Full-time employees in financial and insurance services earned a median of €6,140 gross a month at the end of 2025 (Statistik der BA) – industry data, not the effect of a qualification.
From Germany, Level I of the CFA® Program costs US$1,140 (check the official website) with early registration for 2027 – about €1,024 at the ECB reference rate of 29 October 2026 – and Part I of the FRM® Exam with the one-time enrolment fee about €898. DVFA’s German-language CIIA® programme costs €12,376 in total (check the official website) in its online variant, with tuition and exams included. (ECB, euro reference rates of 29 October 2026) (ZFU, CIIA® Online listing (secondary source))
In Germany the question is rarely only which of the two exams to take. It is also whether DVFA’s CIIA® in German would serve you better, whether your employer or the tax office will share the cost, and what the work pays – the Gehalt question. This page answers each with a dated source: the ECB for the rate, DVFA and the Staatliche Zentralstelle für Fernunterricht (ZFU) for the CIIA®, German law for the rules and the Statistik der Bundesagentur für Arbeit (BA) for pay.
What do the exams cost in euros?
CFA Institute and GARP charge in US dollars, so the amount on your statement depends on your bank’s rate on the day and any fee for card payments outside the euro area. The table converts the 2027 fees at the ECB reference rate of 29 October 2026. (ECB, euro reference rates of 29 October 2026)
| Exam and registration | Fees in US dollars | In euros (estimate) |
|---|---|---|
| CFA® Program | ||
| Level I, early registration | US$1,140 (check the official website) | €1,024 |
| Level I, standard registration | US$1,490 (check the official website) | €1,339 |
| Level I, early registration, plus one retake | US$2,280 (check the official website) | €2,049 |
| FRM® Exam | ||
| Part I with the enrolment fee, early registration | US$1,000 (check the official website) | €898 |
| Part I with the enrolment fee, standard registration | US$1,200 (check the official website) | €1,078 |
| Parts I and II with the enrolment fee, both early | US$1,600 (check the official website) | €1,438 |
These are exam fees only. A Level I retake costs the full registration fee again, with no discount for retakers (check the official website); study materials, a calculator, the journey to the test centre and any tax added at checkout come on top. Book your appointment by the scheduling deadline – for May 2027, 16 February 2027 (check the official website) for Level I and 23 April 2027 (check the official website) for Part I. To try your own choices in euros, use the Level I cost calculator or the FRM® Exam cost calculator and pick the euro.
Can you claim the costs against your tax?
Often, yes. Under § 9(1) of the Einkommensteuergesetz, Werbungskosten are expenses to acquire, secure and maintain income – costs of an exam taken for your work can fall under it. § 9(6) limits this for a first vocational training or a first degree: those costs count only if you have already completed a first training or degree, or if the training is part of an employment. If you already hold a degree or a completed vocational training, that limit does not stand in your way. (§ 9 EStG)
Keep every invoice – exam fees, materials, a calculator, travel to the test centre – and enter them in your tax return as Werbungskosten. Whether a cost is deductible in your case is for a Steuerberater or a Lohnsteuerhilfeverein to confirm; this page is not tax advice. Costs your employer pays for you are not your own expenses, so they are not yours to claim.
CFA® Program or CIIA®?
The CIIA® (Certified International Investment Analyst) is a postgraduate programme for investment professionals that DVFA, the German association of investment professionals, runs in German. It takes place once a year over eight months in three parts: the Foundation Level 1 exam; the Foundation Level 2 and National exams, the National part covering German and European regulation such as MiFID II, the WpHG and BaFin’s MaComp; and the international Final Exam 1 and 2. All exams are held in Frankfurt am Main. Teaching and handouts are in German; exam questions are in German, the Final Exam also in English, and you may answer in either; the core textbook, the CIIA® Manual, is in English. (DVFA, CIIA® brochure 2026)
After the Foundation and National exams you can apply for the European CEFA® title; the CIIA® title itself is awarded by ACIIA, and you may use it only as a member of a national ACIIA member association – in Germany, DVFA e.V. (DVFA, CIIA® brochure 2026) The ZFU lists the online variant at €12,376 in total (check the official website), with eight months and 516 hours in total (688 teaching units of 45 minutes), about 15 hours of self-study a week, ending with the CIIA® Final Exam (check the official website) and, as entry requirements, the Abitur, a university degree with work experience, and English (check the official website). DVFA’s variants with classroom days in Frankfurt cost more. DVFA’s registration form gives these prices for the 2026 programme, which runs from July 2026 to March 2027, so ask DVFA what the next intake costs before you plan with them. (DVFA, CIIA® registration form 2026)
| Question | CIIA® (DVFA) | CFA® Program Level I | FRM® Exam Part I |
|---|---|---|---|
| What you pay for | Tuition, materials and exams: €12,376 in total (check the official website) | The exam only: US$1,140 (check the official website) (early) | The exam only: US$1,000 (check the official website) (early, with enrolment) |
| Shape | One programme, eight months, exams in three stages | First of three levels | First of two parts |
| When and where | Once a year; exams in Frankfurt am Main | In windows at test centres, e.g. 11–17 May 2027 (check the official website) | In windows at test centres, e.g. 8–13 May 2027 (check the official website) |
| Who may start | the Abitur, a university degree with work experience, and English (check the official website) | a bachelor’s degree, being within 23 months of completing one, or 4,000 hours of work experience and/or higher education over at least 36 months (check the official website) | no formal educational or work-experience prerequisites – anyone may register for Part I (check the official website) |
The prices are not like for like: the CIIA® price includes the teaching, while the fees for the CFA® Program and the FRM® Exam pay for the exam alone, and study materials or a course come on top. If you might move to London, note that the UK regulator’s qualification table lists the CIIA® – together with qualifications in regulation and ethics, investment principles and risk, and personal taxation – for personal recommendations on securities and derivatives, and counts it, like Level I of the CFA® Program, as the technical part for managing investments. (FCA Handbook, TC App 4.1)
- The CIIA® tends to fit if you work in German asset management, banking or insurance, want to learn in German with a cohort, and value a National part on German and European regulation.
- Level I of the CFA® Program tends to fit if you want to keep options open outside the German-speaking market, start in any of several windows a year, or pay only for the exam and study on your own.
- The FRM® Exam tends to fit if your work is in risk – market, credit or operational – rather than in selecting investments.
The wider decision between investment and risk work is in CFA® Program or FRM® Exam, and the cost against the benefit in is the CFA® Program worth it?
Do you need a qualification to work in German finance?
Not one of these by name. § 87 of the Wertpapierhandelsgesetz lets an investment firm entrust staff with investment advice, informing clients about financial instruments, portfolio management, sales targets or compliance only if they are expert (sachkundig) and reliable, and BaFin can bar a firm from using someone who is not. The law leaves the detailed Sachkunde requirements to a regulation of the Federal Ministry of Finance, which may pass this power to BaFin – not to an exam body. (§ 87 WpHG) Your firm decides how you show Sachkunde; ask HR before you assume that any exam replaces it. This page is not legal advice.
What does finance pay in Germany?
In financial and insurance services, full-time employees earned a median of €6,140 gross a month at the end of 2025 – the highest of all industries – against €4,217 across all full-time employees. The occupation group finance, accounting and tax advice had a median of €5,608. (Statistik der BA, Entgeltstatistik 2025)
| Group | Lower quartile | Median | Upper quartile |
|---|---|---|---|
| All full-time employees in Germany | €3,207 | €4,217 | €5,694 |
| With a university degree | €4,631 | €6,146 | €7,922 |
| Industry: financial and insurance services (WZ 2008, section K) | €4,682 | €6,140 | €7,673 |
| Occupations: finance, accounting, tax advice (KldB 2010, group 72) | €4,209 | €5,608 | €7,344 |
| Place of work: Hesse | €3,394 | €4,530 | €6,303 |
| Place of work: Frankfurt am Main (city) | €3,961 | €5,469 | €7,554 |
| Place of work: Munich (city) | €4,113 | €5,600 | €7,791 |
Read the figures with what they count. They are medians and quartiles of monthly gross pay of full-time employees, excluding apprentices; employers report pay only up to the pension contribution ceiling of €8,050 a month in 2025, so the statistics give no averages and cannot show how far the top earners go. (Statistik der BA, Entgeltstatistik 2025) Source: © Statistik der Bundesagentur für Arbeit (statistik.arbeitsagentur.de); the selection and the table layout are ours.
Occupation data, not the effect of a qualification. The BA does not record who is a CFA® charterholder or holds the FRM® certification or the CIIA®, so none of these figures is the pay of a holder. For a single job title – Finanzanalyst, Risikomanager, Portfoliomanager – the BA’s Entgeltatlas shows the median and quartiles by federal state and large city. We link it instead of copying its values. (Bundesagentur für Arbeit, Entgeltatlas)
What does this mean for you?
- Ask your employer first: if the firm pays for one of these programmes, its choice may decide between them.
- Compare like with like: add a course or materials to the exam fees of the CFA® Program and the FRM® Exam before you set them against the CIIA®.
- Keep invoices and claim what your employer does not pay as Werbungskosten.
- Plan the exam around your working year; the CIIA® runs on a fixed annual timetable, the other two in windows.
- Look up your own job title in the Entgeltatlas rather than relying on a national median.
What are the common mistakes?
- Comparing the CIIA® price, which includes tuition, with the CFA® exam fee alone.
- Assuming an exam replaces the Sachkunde your firm must check under § 87 WpHG.
- Paying the fees yourself and forgetting the tax return.
- Reading the median of financial services as the starting pay of a graduate.
- Choosing by a salary headline rather than by the work you want to do.
What does this page cover?
- Last updated
- Based on
- CFA Institute, GARP and CIIA® values from our fact register, linked to the bodies’ own pages for checking
- ECB euro reference rates of 29 October 2026; DVFA’s CIIA® brochure and registration form for 2026; the ZFU listing
- § 87 WpHG and § 9 EStG; Statistik der Bundesagentur für Arbeit, Entgeltstatistik 2025
- Includes
- Exam fees in euros, tax treatment in outline, the CIIA® compared with Level I and Part I, and pay by industry, occupation group and city
- Not included
- Values from the Entgeltatlas, VAT on the fees, and how many candidates pass
- This is not tax, legal, financial or careers advice
CIIA® and CEFA® are registered trade marks; the titles are awarded by ACIIA and EFFAS. They are named only to identify the qualifications; neither these bodies nor DVFA are connected with this page.
Frequently asked questions
How much does Level I of the CFA® Program cost in euros?
US$1,140 (check the official website) with early registration and US$1,490 (check the official website) with standard registration for 2027 – about €1,024 or €1,339 at the ECB reference rate of 29 October 2026. The fees are charged in US dollars, so your bank's rate decides the final amount.
How much does the FRM® Exam cost in euros?
Part I with the one-time enrolment fee costs US$400 (check the official website) plus US$600 (check the official website) with early registration – about €898 at the ECB reference rate of 29 October 2026; both parts with early registration come to about €1,438.
CFA® Program or CIIA® – which is right for me?
The CIIA® suits you if you want to learn in German with a cohort and have a National part on German and European regulation; it costs €12,376 in total (check the official website) for the online variant, tuition included. Level I of the CFA® Program suits you if you want to keep options open outside the German-speaking market or prefer to pay only for the exam; its fee does not include tuition.
Can I deduct the fees of the CFA® Program or the FRM® Exam from my tax in Germany?
They can be Werbungskosten under § 9 EStG when the exam serves your work. Costs of a first training or first degree outside an employment count only if a first training or degree is already completed. A Steuerberater or Lohnsteuerhilfeverein can confirm your case.
What do finance employees earn in Germany?
At the end of 2025, full-time employees in financial and insurance services earned a median of €6,140 gross a month and those in finance, accounting and tax advice occupations €5,608, against €4,217 for all full-time employees (Statistik der Bundesagentur für Arbeit).
Where can I find the Gehalt for my job title?
The Bundesagentur für Arbeit's Entgeltatlas shows the median and quartiles of monthly gross pay for single occupations by federal state and large city. We link it rather than copy its values.
Related tools and pages
Sources
- European Central Bank: Euro foreign exchange reference rates – rates of 29 October 2026 (all currencies quoted against the euro) (29 October 2026). Accessed 30 October 2026.
- Bundesministerium der Justiz (gesetze-im-internet.de): Einkommensteuergesetz (EStG) § 9 – Werbungskosten (paragraph 1 sentence 1; paragraph 6 on a first vocational training or first degree). Accessed 30 October 2026.
- DVFA GmbH (Deutsche Vereinigung für Finanzanalyse und Asset Management): CIIA® – Certified International Investment Analyst (programme brochure 2026): variants, structure in three parts, exams in Frankfurt am Main, language of teaching and exams, CEFA® after the Foundation and National exams, ACIIA membership rule (February 2026). Accessed 30 October 2026.
- DVFA GmbH (Deutsche Vereinigung für Finanzanalyse und Asset Management): Anmeldeformular CIIA® 2026 – prices of the three programme variants, programme and exam dates, terms of participation (November 2025). Accessed 30 October 2026.
- Staatliche Zentralstelle für Fernunterricht (ZFU; public authority listing the course, secondary source): CIIA® Online Certified International Investment Analyst, approval no. 7295715 – entry requirements, total cost and instalments, duration and weekly study time. Accessed 30 October 2026.
- Financial Conduct Authority (FCA Handbook): FCA Handbook, Training and Competence sourcebook, TC App 4.1 Appropriate Qualification tables (last updated 3 October 2025) – rows “Level 1 of CFA Program plus Investment Management Certificate (Level 4)”, “CFA Program (Level 1)”, “Investment Management Certificate (Level 3 or 4)”, “Investment Management Certificate Unit 1” and “CIIA qualification”, with the keys in TC App 4.1.1A and 4.1.1B (3 October 2025). Accessed 30 October 2026.
- Bundesministerium der Justiz (gesetze-im-internet.de): Wertpapierhandelsgesetz (WpHG) § 87 – staff in investment advice, sales, portfolio management and compliance must be expert (sachkundig) and reliable. Accessed 30 October 2026.
- Statistik der Bundesagentur für Arbeit (© Statistik der Bundesagentur für Arbeit; data and tables may be used with the source named): Berichte: Blickpunkt Arbeitsmarkt – Analyse zur Entgeltstatistik 2025 (October 2026): monthly gross pay of full-time employees subject to social insurance (core group), 31 December 2025 – figures 3, 4, 5, 6, 12 and 13 and the methodological notes (October 2026). Accessed 30 October 2026.
- Bundesagentur für Arbeit: Entgeltatlas – median pay and quartiles for single occupations by federal state and large city (linked only; no values taken over). Accessed 30 October 2026.
- UWorld Finance (exam prep provider, secondary source): CFA Exam Fees and Registration Guide for 2027. Accessed 30 October 2026.
- CFA Institute: CFA exam dates and fees. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): FRM Fees: What's The Total Cost? (4 June 2026). Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam information: format and exam topics. Accessed 26 October 2026.
- PrepProviders (comparison website, secondary source): FRM exam dates and fees, 2026 to 2027 (5 October 2026). Accessed 30 October 2026.
- Soleadea (exam prep provider, secondary source): Level 1 CFA® Exam Retake: Cost and Conditions (1 August 2026). Accessed 30 October 2026.
- Omni Finance Academy (exam prep provider, secondary source): FRM® exam dates: which deadline should you act on now? (21 October 2026). Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam logistics and test dates. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): CFA Requirements: How to Become A CFA Charterholder (15 September 2026). Accessed 30 October 2026.
- CFA Institute: CFA Program: eligibility, exams, work experience and membership.
- QuintEdge (exam prep provider, secondary source): FRM Eligibility 2026: Can You Apply? Qualification, Age & Work Experience (19 October 2026). Accessed 30 October 2026.
High Performer Certs is an independent study platform. It is not affiliated with, endorsed by, or sponsored by CFA Institute or the Global Association of Risk Professionals (GARP). We are not a CFA Institute Prep Provider and not a GARP Exam Preparation Provider. CFA Institute does not endorse, promote, review or warrant the accuracy or quality of our products and services. GARP does not endorse, promote, review or warrant the accuracy of our products or services. All questions and explanations are our own original material and contain no CFA Institute or GARP exam, curriculum or practice questions. CFA®, Chartered Financial Analyst®, CIPM® and GIPS® are registered trademarks owned by CFA Institute. FRM® and GARP® are trademarks owned by the Global Association of Risk Professionals.