We have already written about Top 5 certification programs in finances such as CFA, FRM, CPA, CAIA, CFA etc. In the following chapters, we bring you quick guide of the costs of financial certification programs.
Chartered Financial Analyst (CFA)
Let`s start with the most known, globally-recognized designation – Chartered Financial Analyst (CFA),
First, to enroll to CFA program, one-time enrollment fee needs to be paid. For many years, it was set at USD 450, but from 2023, CFA Institute decided to lower the price to USD 350. On the other hand, prices of individual exam registrations will increase. From USD 700 to USD 900 for early registration and from USD 1,000 to USD 1,200 for standard registration. There is no difference in price of Level I, II and III exams. Therefore, the minimum cost to complete the program is currently USD 2,950 but will increase to USD 3,050 in 2023 – assuming that you pass all three exams from first try and that you always register well in advance catching the early registration discount. In case you fail to pass the exam from first try, returning candidate pays the full price of exam.
After successfully passing exams, and in order to become a member (either regular of affiliated one), there is additional annual cost of USD 275.
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Basic Package49.00 $ -
Free Sample0.00 $
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Examary Pro Package69.00 $
Second on our list is, Financial Risk Manager (FRM), organized by GARP.
Similar to CFA, there is one-time enrollment fee of USD 400. FRM certification process for risk managers is divided in Part I and Part II. Early registration fee is USD 600 for each exam while standard fee is USD 800. Prices are the same for returning candidates. For most successful candidates who pass both exams from first attempt and register early, minimum cost of FRM certification is USD 2000.
Once passing the exams, access to GAARP Membership is offered at rate of USD 195 annually. Find more information about the deadlines to apply for FRM exam in 2023 here.
Chartered Alternative Investment Analyst (CAIA)
is next on our list. With USD 400 program enrollment fee, it is very similar to previous two certification programs. However, its exam fees are slightly more expensive, ranging between USD 1,150 for early registration and USD 1,250 for standard registration. And the price is the same for both of the two exams. Good news is that candidates who fail can retake the exam at reduced price of USD 450. The minimum cost of gaining the CAIA charter is USD 2,700. Furthermore, membership in the CAIA Association cost USD 350 for one year or USD 650 for two years. More info about the deadlines to apply find here.
Certified Management Accountant, or CMA
Next on our list is the certification program with long tradition, being around for more than 50 years and with global recognition. Although, the cheapest on our list, Certified Management Accountant, or CMA is certainly not less valued. Program makes distinction between Professional Members and Student/Academic Members. Nonrefundable entrance fee of USD 280 is charged to Professional Members for enrolling to the program. For Student/Academic Members, enrollment fee is slightly cheaper costing USD 210. In addition, IMA membership is also required. The price to join IMA® (Institute of Management Accountants), worldwide association of accountants and financial professionals in business, is between USD 45 for Student Membership up to USD 275 for Professional Membership. Afterwards, enrollment to each of the two exams cost additional USD 460 per part for Professional Members or USD 345 per part for Student/Academic Members.
To sum up, the total cost of CMA certification for Professional Members is USD 1,475 while for Student Members it is only USD 945. Follow our blog to keep informed about the CMA exam deadlines in 2023.
Certified Financial Planner
Last but not the least on our list is CFP, or Certified Financial Planner. Early bird rate to enroll to an exam is USD 825, standard rate is USD 925 while late registration costs USD 1,025. There is no enrollment fee but there are special education requirements before candidate can register for the exam. This includes completing coursework on financial planning through a CFP Board Registered Program and holding a bachelor’s degree or higher (in any discipline) from an accredited college or university. If a candidate already holds CFA, CPA or similar certification, this requirement can be bypassed.
Final word
As we`ve seen the costs of financial certification programs can vary significantly. And there is no one fit all rule. Each person interested in pursuing its career in financial industry should try to choose for him/herself the best option.
If you decided to pursue in one of the programs mentioned above, here are the links for starting the application process:
- CFA – https://www.cfainstitute.org/en/programs/cfa/exam
- FRM – https://www.garp.org/frm/program-exams
- CMA – https://www.imanet.org/cma-certification/getting-started?ssopc=1
- CFP – https://www.cfp.net/account-registration
- CAIA – https://myaccount.caia.org/eweb/DynamicPage.aspx?WebCode=LoginRequired&expires=yes&Site=CAIA
