CFA® Program Level I cost calculator

How is the result calculated?

The calculator adds the fees CFA Institute sets in US dollars and converts them into your currency. Your own costs – a financial calculator, study materials – you enter in your currency; they are converted back for the US dollar total.

$F$ is the total of the exam fees in US dollars, $E$ the one-time enrolment fee and $R_1$ the first registration: the early or standard fee, or the scholarship fee if you choose one. $n$ is the number of retakes, each at the early or standard fee $R$; $m$ is the number of appointment changes within the window, each at the rescheduling fee $S$. $C$ and $P$ are your calculator and study costs in your currency.

$x$ is the number of units of your currency per US$1. The European Central Bank quotes every rate against the euro, so the calculator divides the rate of your currency by the rate of the US dollar and rounds the result to five significant figures (ECB, euro reference rates of 29 October 2026):

You can replace $x$ with the rate your bank or card provider uses. The calculation keeps every decimal; only the amounts on screen are rounded to whole units.

Worked example

You live in the UK, register at the standard fee of US$1,490 (check the official website), budget for one retake at the same fee and enter £40 for a calculator and £300 for study materials. The enrolment fee is US$0 (check the official website). On 29 October 2026, the ECB rates give US$1 = 0.75093 GBP.

So you budget about £2,578 (US$3,433). Of that, £2,238 are exam fees. If you needed a second retake, it would add £1,119 and take the total to £3,697.

Which windows and registration deadlines apply in 2027?

The calculator uses the fees for exams from February 2027. Each window has its own registration deadline: register before the deadline of the window you choose. The early registration deadline is not in this table, so check it on the CFA Institute dates and fees page.

What should you budget for besides the exam fee?

Plan for the exam fee you will actually pay, a reserve for a retake and your own costs. If you need to buy a financial calculator, check which models CFA Institute allows before you buy one. Study materials range from books to full prep courses; enter what you plan to spend. If you pay by card in another currency, your bank may add a fee and use its own rate – enter that rate if you know it.

Which cost mistakes are common?

• Budgeting only for a first-time pass. Add one retake to see what a second attempt would cost; the result shows it either way.
• Planning with the early fee after early registration has closed. Check the deadline of your window before you count on it.
• Assuming a scholarship covers every attempt. The calculator applies it to the first registration only; the terms are set by CFA Institute.
• Treating the reference rate as the price you pay. The ECB publishes its reference rates for information only (ECB, euro reference rates of 29 October 2026); your card provider uses its own rate.

Study aid only – not legal, financial or careers advice. The tool runs in your browser and stores nothing.

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.