CFA Exam Fees and Preparation 2023

CFA Exam is administrated by CFA Institute since 1963. The cfa exam fees and curriculum is decided by the CFA Institute USA. The CFA Institute (formerly known as the Association for Investment Management and Research) merged with the FAF and the Institute of Chartered Financial Analysts (ICFA) in 1990. This merger changed the future of investment and financial education around the world.

As per a report published by CFA Institute USA 167,000 students appeared in CFA Exam in 2019 from 164 countries.

CFA Exam Pattern

There are three levels in the CFA exam. You need to pass all of them one by one. It is known for highest ethical standards. CFA exam in India is conducted since 2001. CFA Exam pattern didn’t change last 10 years. However, The major change happened in 2021. CFA institute introduced computer based testing – CBT. They also, reduced number of questions and exam time.

Leve 1 of CFA Exam:

This is the beginner or introductory level. The aims is to introduce you with financial concepts related to investment and financial. The difficulty level is easy. You learn 10 subjects like Economics, Equity Investments, Fixed income, Financial Reporting and others.
CFA Exam is conducted four times in an year.

Exam months: Feb, May August and November.
Early Registrations Closes: 5 months before each exam.
Exam Format: There are 90 questions in exam, all multiple choice (MCQ) in morning session and 90 questions in afternoon. There is still no negative marking. You’ll get 2 hours 15 minutes to solve the paper in each session. CFA institute from 2021 is conducting computer based testing CBT. You can use financial calculator in exam.
Exam Result: CFA Exam result is declared normally 7-8 weeks after the exam.
Minimum Passing Marks: Estimated%

Calculator: It’s good to buy Texas Instrument BA II PLUS financial Calculator. You can get it on Amazon for aprox Rs. 3,000.

Level 2 of CFA Exam:

This is the advance level. Here, you learn the advance concepts in financial research, quantitative analysis, portfolio management and more in 10 subjects. The subjects are same as in cfa level 1. However it has more advance concepts and applications. Earlier cfa level 2 exam was conducted once per year. However, It will be conducted twice per year from 2021.

Exam months: May, August and November
Early Registrations Closes: 4-5 months before each exam.
Exam Format: This exam is also conducted in two sessions. Each session has 10-12 small case studies (also referred as vignettes). Each vignettes has 4-6 question. However, total number of questions are 44 in morning and 44 questions in after noon session. There are 3 marks for question. You’ll have same 2 hours and 15 minutes in each session. cfa Level 2 exam is also conducted CBT.
Exam Result: CFA level 2 Exam result is also declared normally 7-8 weeks after the exam.
Minimum Passing Marks: Estimated 50-55 %

Level 3 of CFA Exam:

You have to study only 6 subjects in cfa level 3. Same old subjects as level 1 and level 2. However. concepts are more applied and practical. More focus is given to portfolio management and investment decision making. By now, you start thinking like a financial analyst and you become capable of handling any sort of investment portfolio.

Exam months: Aug and Feb
Early Registrations Closes: 4-5 months before each exam.
Exam Format: This exam is also conducted in two sessions. First session has 8-11 case studies which requires written solution, it may also have few multiple choice question . Second session has 44 multiple choice questions with 3 marks each questions. No negative marking. You’ll have same 2 hours and 15 minutes in each session, this exam is also computer based.
Exam Result: Approximately 9-10 weeks
Minimum Passing Marks: Estimated 50-55 %

CFA Exam Fees and Registration

CFA Institute provides you two registration dates for each exam. Early bird registration cost you USD 300 less. Normally, you have gap of one month in early and standard registration. Below fee is for CFA Exam November 2022, Feb 2023 and May 2023

Standard Reg.Early Reg.Standard Reg.Early Reg.
Exam Date Level 116-22 November14to20 Feb-202314-20 Feb-202316-22 May-2023
Registration Ends20-July09-Aug-202208-Nov-202202-Nov-2022
Program Enrollment$450$350$350$350
Exam Registration$1100$900$1200$900

Above fee is only for cfa level 1 exam. You have to pay exam fee of USD 900 (early registration) for Level 2 and same for level 3 after passing each exam. You pay almost USD 3350 for complete cfa course (All 3 levels).

Apart from cfa institute’s exam and registration fee, you may have to pay cfa coaching fee of approximately Rs. 30,000 per level. CFA coaching is not mandatory. However, if you want to prepare timely and need placement assistance. We recommend to enroll for cfa classes in mumbai, delhi or a cfa online class.

CFA Exam Centres in India

There are over 200+ examination centers world wide. Students from over 130 countries are appearing in cfa exams. If you planning to appear for cfa exam from India, you have multiple cities options. CFA exam centers in India are announced at the time of registration every year. Also, you can change your examination date and cfa exam center in India to another city approx. one month before the exam. Currently following cities has cfa exam centers in India:

  • Ahmedabad
  • Bangalore
  • Bhopal
  • Bhubaneshwar
  • Calcutta
  • Chandigarh
  • Chennai
  • Guwahati
  • Hyderabad
  • Indore
  • Jaipur
  • Kochi
  • Lucknow
  • Mumbai
  • New Delhi
  • Pune