This post is here to help you really figure out if chasing the CFA certification is worth your time, energy, and hard-earned money. We’ll walk you through what this certification is all about, how much it’ll cost you, and what kinds of career doors it could open.
Truth is, the best people for this path are the ones who like connecting the dots—the “big picture” thinkers. The ones who enjoy digging through tons of numbers, charts, market trends and asking, “Okay, what’s this all trying to tell me? How can I turn this into a smart move that helps my client or company win financially?”
It’s not just crunching numbers and spreadsheets. This job requires a diverse set of skills—technical, communication, analysis, and judgment. Mastering all these at once? Not exactly easy. That’s why certifications like the Chartered Financial Analyst (CFA) even exist in the first place—to prove you’ve got what it takes when the stakes (and the dollars) are high.
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So, is the CFA certification worth it? We’re about to find out.
What Is a CFA Certification?
A CFA (Chartered Financial Analyst) certification is a globally recognized credential awarded by the CFA Institute. Becoming one is actually one of the hardest things to do, as it involves a lot of processes. It’s not cheap either. But if you want to succeed in the world of investment and finance, earning the CFA certification is a must.
To earn this certification, you must:
- Pass three levels of exams. Level I, Level II, and Level III. Each level gets progressively harder.
- Have a bachelor’s degree (or be in the final year of your degree) or equivalent work experience.
- Gain 4,000 hours of professional work experience in the investment decision-making process (done over 36 months minimum).
- Apply to become a CFA charterholder and agree to follow the CFA Institute’s ethical and professional standards.
Is CFA certification worth it in the end? We would say so, yes. Nevertheless, it’s not for everyone.
Let’s start talking about the costs and rewards of earning a CFA certification.
Related Articles:
- Are Certified Financial Planner (CFP) Certifications Worth It?
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- Are Certified Management Accountant (CMA) Certifications Worth It?
- Is a Finance Degree Worth It?
How Much Does a CFA Certification Cost?
Being one of the most prestigious certifications in the United States, the Chartered Financial Analyst certification doesn’t come cheap. The total cost to earn this credential depends on several factors:
- When you registered
- Whether you need to retake exams
- If you choose to invest in extra study materials
Here’s a simple breakdown:
- One-time enrollment fee: $350 (paid only once when you register for Level I)
- Exam registration fees (per level)
- The CFA Institute gives a discount if you sign up early for any of the exams.
- For 2025, the early registration fee is $990 for both Level I and Level II; however, if you miss the early registration window, the price increases to $1,290.
- For Level III, early birds pay $1,090, while late registrants will have to pay $1,390.
- If you want to save a few hundred dollars, registering early is definitely the smart move!
- Optional expenses
- Study materials can cost anywhere from $200 to $1,500 per level, depending on the provider.
- Some candidates also pay for review courses, which can raise the total cost even higher.
- Other costs
- There’s a $250 rescheduling fee if you need to change your exam date, and after you earn the charter, maintaining your CFA Institute membership costs around $299 per year.
Total estimated cost of CFA certification: Anywhere between $3,000 and $8,000 or more, depending on how many extras you purchase and whether you pass all three exams on the first try.
What Jobs Can You Get with a CFA?
The career benefits of CFA certification are the main reason why so many people, despite the exam’s intensity, cost, and time commitment, still choose to go for it.
With a CFA charter, you open the door to some of the most respected and rewarding roles in the finance and investment world. Here are some common CFA certification career opportunities:
- Portfolio Manager: Managing investment portfolios for clients, mutual funds, or pension funds.
- Research Analyst: Analyzing market trends, stocks, bonds, and industries to guide investment decisions.
- Investment Banker: Helping companies raise capital, handle mergers, or go public.
- Risk Manager: Identifying and managing financial risks to protect an organization’s assets.
- Financial Consultant/Advisor: Providing advice to individuals or companies on how to grow and protect their wealth.
- Chief Financial Officer (CFO): Overseeing the financial operations of an entire company (many CFOs are CFA charterholders).
CFA holders are in high demand in banks, asset management firms, hedge funds, insurance companies, and even in government and regulatory agencies.
CFA vs. MBA: Which Is Better for You?
Here’s another popular debate: CFA vs MBA.
Both are respected. Both can boost your career. But they serve slightly different masters.
| CFA | MBA | |
| Focus | Investment, finance, analysis | Business, leadership, management |
| Cost | $3,000–$9,000 | $50,000–$200,000 |
| Time | 3+ years (self-paced) | 1–2 years (full-time) |
| Skills | Hard skill-focused (finance-specific) | Broader skill set (leadership, marketing, etc.) |
| Best for | Analysts, portfolio managers, investment professionals | General managers, consultants, and entrepreneurs |
So, which is “better”? Honestly, it depends on you.
If you love finance, crunching numbers, analyzing markets, and managing investments, the CFA is tailor-made for you.
But if you want to lead teams, start businesses, or move into the big corner office someday as CEO? An MBA might be more your vibe.
Some people even do both!
Will a CFA Help You Earn More Money?
One of the big reasons people chase the CFA designation is simple: the potential salary boost.
According to research from 300Hours:
- Professionals who pass Level I of the CFA exam see an average salary increase of 32%.
- After Level II, that bump grows to 39%.
- By the time you pass Level III, your salary could jump by a whopping 57% on average.
So if you’ve ever asked, “Is passing CFA Level I even worth it?” — the answer is a big, confident yes. Each level you pass makes you more valuable in the eyes of employers.
But what about CFA charterholders—those who’ve completed the whole journey? Salaries can vary depending on your role, industry, and experience, but the numbers are promising.
The CFA Institute compensation survey found that CFA charterholders working as portfolio managers earn a base salary of around $126,000, with total compensation (bonuses, etc.) hitting about $177,000.
Other sources like Payscale.com report the average salary for CFA charterholders sits at $80,903, but this number can climb to $143,000 or more after 10 years of experience.
Of course, the exact CFA certification salary increase depends on where you work, your job title, and your background, but these figures show that the CFA designation can definitely pay off.
Is the CFA Certification Hard to Get?
So, how hard is the CFA exam? Well, it is very hard! Some even say they’re harder than medical or law school exams.
Here’s an overview of the CFA exam structure.
| Level | What You’ll Face | Total Time |
| Level I | 180 multiple-choice questions | 4 hours 30 minutes |
| Level II | 88 multiple-choice questions (more complex) | 4 hours 24 minutes |
| Level III | 44 multiple-choice questions + 11 written essays | 4 hours 24 minutes |
CFA exams are graded on a simple pass/fail basis. This is why the pass rates hover around 50% (sometimes lower, especially during the pandemic); it’s easy to see why they’re known as a real challenge.
Only 41% of people pass Level I, while 45% make it through Level II, and 52% pass Level III.
But does that mean you should feel discouraged? Absolutely not. As you can see, the deeper you go, the slightly better your chances get, but it’s still a serious challenge.
The key? Staying disciplined, studying smart, and practicing.
Most successful candidates say it takes around 300 hours of study per level to feel ready. Some even report studying 500+ hours, depending on their background and confidence. The point? You’ll need time, strategy, and a plan — but it’s absolutely doable.
Here are a few practical tips to increase your chances of passing the exam on your first try:
- Prioritize the most-tested topics. Not all topics are created equal. CFA Institute provides a breakdown of what percentage of the exam covers each subject — use this to your advantage. Spend more time mastering the heavily weighted areas (like Ethics, Financial Reporting, and Portfolio Management), because these are the ones that will make or break your score.
- Understand the concepts, not just the math. Sure, the math matters, but CFA exams are designed to test how well you understand the why behind the numbers, not just the how. The real challenge is applying concepts in unfamiliar ways. Don’t just memorize formulas. Grasp the underlying ideas so you can handle tricky or unfamiliar questions on exam day.
- Build (and stick to) a study plan. You won’t pass by cramming the night before — this is a marathon, not a sprint. Plan your study schedule early. If you study an hour a day for 10 months, that’s 300 hours right there. Or, do 3 hours a day for 3–4 months — whatever fits your life best. The key? Consistency. A clear, realistic plan helps keep you on track and prevents last-minute panic.
- Take full practice exams. Practice exams are gold. They not only help you review what you’ve studied but also teach you how to manage time and stress during the real thing. You’ll learn which questions slow you down, when to move on, and how to pace yourself. Want to go the extra mile? Try CFA prep courses or mock exams from trusted providers.
- Answer every question (even if you’re guessing). Good news: there’s no penalty for wrong answers. That means you should never leave a question blank — even a random guess gives you a shot at earning points.
If you get stuck, move on and come back later. But whatever you do, make sure every bubble is filled before time runs out.
Who Should Consider a CFA Certification?
The CFA is worth thinking about if:
- You want to work in investments, asset management, portfolio management, or equity research.
- You enjoy finance, markets, and analysis.
- You don’t mind studying a lot.
- You want a globally respected finance credential.
- You want to increase your salary and job options in the finance world.
But the CFA may not be for you if:
- You want a career in marketing, HR, or general business management.
- You’d rather lead teams, build startups, or do broad business stuff (an MBA fits better there).
- You hate studying or can’t commit to 2-4 years of brutal exam prep.
Also, if you’re still a student and just starting to explore finance, you don’t have to rush into the CFA right away. You can get some work experience first, pursue other financial certifications for students like Certified Financial Planner (CFP), Financial Risk Manager (FRM), or even short courses in financial modeling and analysis.
These can help you build a strong foundation, figure out which area of finance you enjoy most, and decide later if the CFA is the right fit for your long-term goals.
Is the CFA Certification Worth It? Final Thoughts
So, is the CFA certification worth it? Well, yes, especially if you want to climb the ranks in asset management or portfolio management. However, if your dream is leading companies, starting a business, or doing non-financial leadership stuff, an MBA will suit you better.
Pro tip for students and young professionals: Get an entry-level finance job first. Taste the real world. See if you like this stuff before diving headfirst into CFA-land. The door will still be open when you’re ready.