{"id":5157,"date":"2026-10-06T18:30:57","date_gmt":"2026-10-06T13:00:57","guid":{"rendered":"https:\/\/skillarbitra.ge\/blog\/?p=5157"},"modified":"2026-10-06T22:14:13","modified_gmt":"2026-10-06T16:44:13","slug":"cfa-eligibility-and-fees-in-india","status":"publish","type":"post","link":"https:\/\/skillarbitra.ge\/blog\/cfa-eligibility-and-fees-in-india\/","title":{"rendered":"CFA Eligibility And Fees In India"},"content":{"rendered":"\n<p>CFA eligibility and fees in India follow CFA Institute&#8217;s global rules. You qualify with a bachelor&#8217;s degree, as a student whose Level I exam window falls within 23 months of your graduation month, or with 4,000 hours of work and higher education built up over at least three years, so nobody sits Level I straight after Class 12. Each level costs USD 1,140 if you register early or USD 1,490 at the standard price (USD 1,240 or USD 1,590 for Level III). That&#8217;s roughly \u20b91.09 lakh to \u20b91.53 lakh per level at FBIL&#8217;s reference rate of \u20b995.9681 per dollar on 28 September 2026, with GST added at checkout.<\/p>\n<hr>\n\n<nav class=\"ls-toc\" aria-label=\"Table of contents\">\n<h2>Table of Contents<\/h2>\n<ol class=\"ls-toc-list\">\n<li><a href=\"#h2-1\">CFA eligibility criteria in India<\/a>\n<\/li>\n<li><a href=\"#h2-2\">Exam timing for each level<\/a>\n<ul>\n<li><a href=\"#h3-2a\">CFA after 12th<\/a><\/li>\n<li><a href=\"#h3-2b\">CFA after graduation<\/a><\/li>\n<\/ul>\n<\/li>\n<li><a href=\"#h2-3\">CFA fees in India<\/a>\n<\/li>\n<li><a href=\"#h2-4\">Registering from India<\/a>\n<\/li>\n<li><a href=\"#faqs\">FAQs<\/a>\n<\/li>\n<li><a href=\"#references\">References<\/a>\n<ul>\n<li><a href=\"#cfa-institute-eligibility-identification-and-membership\">CFA Institute: eligibility, identification and membership<\/a><\/li>\n<li><a href=\"#cfa-institute-fees-tax-and-scholarships\">CFA Institute: fees, tax and scholarships<\/a><\/li>\n<li><a href=\"#test-centres-and-exchange-rate\">Test centres and exchange rate<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/nav>\n\n<hr>\n\n<p>Say you&#8217;ve just started a three-year B.Com and your university will award the degree in June 2029. Your earliest Level I window is August 2027, and you&#8217;ll register for it during this academic year, because registration for that window opens on 3 November 2026. The 23-month test applies to the month of the exam window, not to the day you sign up. So the advice to wait until final year, which plenty of Indian pages still give, comes from a rule CFA Institute retired in November 2022.<\/p>\n<p>Some of the same pages also print a one-time enrolment fee that CFA Institute scrapped from 29 April 2025, and rupee figures with no rate or date behind them. Every rule and price below comes from CFA Institute&#8217;s own pages, rechecked on 6 October 2026, and every rupee figure uses the one FBIL rate above (rerun it on the day you pay). On those pages, the May 2027 window keeps its early price until 14 October 2026 and the August 2027 window until 20 January 2027, and missing either deadline adds USD 350 to a Level I registration.<\/p>\n\n<a id=\"h2-1\"><\/a><\/p>\n<h2 id=\"cfa-eligibility-criteria-in-india\">CFA eligibility criteria in India<\/h2>\n<p>CFA eligibility criteria in India are CFA Institute&#8217;s global criteria: as an Indian student or graduate, you must meet one of three entry routes, and nothing in them is India-specific. The <a href=\"https:\/\/www.cfainstitute.org\/programs\/cfa-program\/policies\" target=\"_blank\" rel=\"noopener\">CFA Program policies<\/a> set the routes out, and the institute&#8217;s enrolment help article, dated 1 October 2026, words them the same way. Your first job is to work out which route you&#8217;re on today, because the route decides when you can register.<\/p>\n<p>The first route is a completed bachelor&#8217;s degree. CFA Institute asks for &#8220;completion of a bachelor&#8217;s program or equivalent program, with a degree received from the college\/university&#8221;, and if you&#8217;re unsure whether your programme counts, it tells you to &#8220;speak to your college or university&#8221;. There&#8217;s no credit-hour count and no equivalence test, and neither the policies page nor the enrolment article separates three-year from four-year degrees. So a three-year B.Com, BA or BSc from an Indian university counts, which isn&#8217;t true for every global credential: <a href=\"https:\/\/skillarbitra.ge\/blog\/cpa-exam-eligibility-for-indian-b-com-graduates\/\" target=\"_blank\" rel=\"noopener\">a 3-year B.Com needs a credit evaluation for the US CPA<\/a>, and CFA asks for nothing like it.<\/p>\n<p>The second route is being an undergraduate student. You qualify if the Level I exam window you choose falls within 23 months of the month you earn your degree (the month-by-month workings for your own degree are in the timing section below). Your institution, not CFA Institute, determines whether you&#8217;re an undergraduate.<\/p>\n<p>The third route is work experience, higher education or a mix of the two. You need 4,000 hours built up over at least three sequential years (36 months), and you must reach that total by the date you register for Level I. Count each year of higher education as 1,000 hours, and don&#8217;t let education and work periods overlap. The work needn&#8217;t be investment related: paid internships and articleships count, and time in your own or a family business counts only if it was paid professional work.<\/p>\n<p><em>Take a CA-route student with two years of college and no degree. The two years of college count as 2,000 hours. Add 2,000 hours of paid articleship that began after college ended, and the total reaches 4,000, but only once the whole span, college plus articleship, covers at least three sequential years.<\/em><\/p>\n<p>That&#8217;s arithmetic on the stated rule, not a ruling. CFA Institute &#8220;does not provide pre-enrollment eligibility evaluations for individual candidates&#8221;, so you self-assess.<\/p>\n<p>Articleship isn&#8217;t required for CFA at all. If you&#8217;re a CA student, a paid articleship simply counts as work hours under the third route. But CFA Institute&#8217;s criteria don&#8217;t say that a CA, CS or CMA qualification equals a bachelor&#8217;s degree, so don&#8217;t assume it does (or doesn&#8217;t). Rely on the third route or a university degree, and ask your institution when you&#8217;re unsure, as CFA instructs.<\/p>\n<p>CFA Institute&#8217;s criteria list none of these: a minimum age, a minimum percentage, a particular stream or a finance degree, an entrance exam, or an English test score. The only language point is that every exam is administered in English. Worried that a BSc or BA with average marks rules you out? The short answer: it doesn&#8217;t, because the criteria never mention either.<\/p>\n<p>Everyone also meets three conditions at registration. You sign the Professional Conduct and Candidate Responsibility statements, you hold a valid international travel passport (the registration section covers this in detail), and you live in a participating country, which India is.<\/p>\n<p>The practical reality is that self-assessment carries risk. CFA Institute may ask for proof of eligibility, and if you can&#8217;t provide it, the result can be a cancelled registration, withheld results, voided past results and a Professional Conduct investigation. The mistakes behind this are predictable: counting education and work periods that overlap, counting unpaid work, or treating a qualification as a bachelor&#8217;s equivalent without asking the institution. Keep your degree certificate, articleship records and pay slips where you can find them.<\/p>\n<p>Exam eligibility isn&#8217;t the charter, either. Passing all three levels is a separate step from charterholder membership, which CFA Institute&#8217;s membership page ties to 4,000 hours of eligible work experience. Write down which of the three routes you&#8217;re on today: degree, student window or 4,000 hours, because every date in the next step depends on it.<\/p>\n<a id=\"h2-2\"><\/a>\n<h2 id=\"exam-timing-for-each-level\">Exam timing for each level<\/h2>\n<p>Exam timing for each level depends on one date: the month your university awards your degree. CFA Institute&#8217;s enrolment help article sets a different test for each level. Level I&#8217;s exam window must fall within 23 months of your graduation month, Level II&#8217;s within 11 months, and Level III needs the degree completed by the month before the exam date (or the 4,000 hours from the third route). Level I runs in February, May, August and November, Level II in May, August and November, and Level III in February and August only.<\/p>\n<p>Here&#8217;s the thing: the 23-month test applies to the exam window month, not to the day you register, so you can register months ahead. But the rule is newer than many pages suggest. On 16 November 2022 CFA Institute announced it was extending student eligibility by one year, effective 1 November 2022 and applying from the August 2023 exams, so that students with two years of study left could sit Level I. A page that still says &#8220;final year only&#8221; is quoting the old rule.<\/p>\n<a id=\"h3-2a\"><\/a>\n<h3 id=\"cfa-after-12th\">CFA after 12th<\/h3>\n<p>CFA after 12th means preparation, not registration: no one can sit Level I straight after Class 12, because the earliest window still has to fall within 23 months of your graduation month. The same goes for CFA after 10th.<\/p>\n<p><em>Say you finished Class 12 in March 2026 and your three-year B.Com, BA, BSc or BBA will be awarded in June 2029. May 2027 is 25 months before June 2029, so it&#8217;s out. August 2027 is 22 months before, so it&#8217;s your first Level I window, at the start of second year. Registration for it opens on 3 November 2026 and the early-price deadline is 20 January 2027, which means you register in first year.<\/em><\/p>\n<p><em>Level II opens to you from July 2028, so your window is August or November 2028. Level III needs the degree done by the month before the exam, so August 2029 is the earliest, if the current February and August pattern holds.<\/em><\/p>\n<p><em>On a four-year B.Tech, or a four-year BCom (Hons) or BBA that starts in August 2026 with the degree awarded in June 2030, Level I opens from July 2028, so your first window is August 2028, at the start of third year. Level II follows in August or November 2029, and Level III in August 2030.<\/em><\/p>\n<p>Two caveats apply. Windows after 2027 aren&#8217;t published yet, so every later date above assumes the current pattern holds. And if your four-year programme allows a three-year exit with a degree, your graduation month is whatever your university certifies, so confirm it with your college, exactly as CFA Institute instructs.<\/p>\n<p>A smarter strategy is to apply for your passport in first year. CFA Institute needs it for enrolment and warns that the application process &#8220;may take several months&#8221;, so don&#8217;t leave it until the month you register.<\/p>\n<p>Coaching pages that advertise &#8220;CFA after 12th&#8221; are selling preparation, which you can start whenever you like, not an exam seat. Bottom line: count back from your own degree month now and write down your first Level I window.<\/p>\n<a id=\"h3-2b\"><\/a>\n<h3 id=\"cfa-after-graduation\">CFA after graduation<\/h3>\n<p>CFA after graduation is the simple case: with your degree awarded, every Level I window is open to you, and Level II and III follow as soon as you pass. So which window should you pick? That comes down to price and date.<\/p>\n<p><em>Say your degree was awarded in June 2026 and you&#8217;re choosing in October 2026. November 2026 is gone, since its registration closed on 11 August. February 2027 takes registrations at the standard USD 1,490 until 5 November 2026. May 2027 holds the early USD 1,140 until 14 October 2026 and the standard USD 1,490 until 10 February 2027, and August 2027 opens on 3 November 2026 with its early price until 20 January 2027.<\/em><\/p>\n<p>Recheck CFA Institute&#8217;s dates and fees tool before you pay, since these are the dates it published on 5 October 2026.<\/p>\n<p>After Level I, a graduate already meets the Level II and Level III education tests. Level III runs only in February and August, though, so plan the gap between your Level II result and your Level III window.<\/p>\n<p>If you&#8217;re already working, the credential shows up in hiring: <a href=\"https:\/\/skillarbitra.ge\/blog\/gcc-jobs-india-freshers-finance-accounting\/\" target=\"_blank\" rel=\"noopener\">finance intakes at India&#8217;s global capability centres<\/a> list CFA among accepted qualifications. It&#8217;s also a common step toward <a href=\"https:\/\/skillarbitra.ge\/blog\/investment-banking-career\/\" target=\"_blank\" rel=\"noopener\">a career in investment banking<\/a>.<\/p>\n<!-- INFOGRAPHIC-01 -->\n\n<p>\n\n<figure class=\"ls-infographic-wrap\" style=\"margin:2rem 0;\">\n<div class=\"sa-ig-wrap-cfa-timeline\" style=\"margin:2rem 0;max-width:860px;\">\n<style>.sa-ig-cfa{font-family:-apple-system,BlinkMacSystemFont,\"Segoe UI\",Roboto,sans-serif;color:#212121;background:#fff;max-width:860px;margin:28px auto;border:1px solid #e0e0e0;border-radius:8px;overflow:hidden;}\n.sa-ig-cfa *{box-sizing:border-box;margin:0;padding:0;}\n.sa-ig-cfa .title-bar{background:#2941ba;color:#fff;padding:20px 24px;font-size:21px;font-weight:700;text-align:center;line-height:1.3;}\n.sa-ig-cfa .subtitle{font-size:14px;font-weight:400;margin-top:6px;opacity:.92;}\n.sa-ig-cfa .content{padding:18px 22px 6px;}\n\n.sa-ig-cfa 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class=\"title-bar\">CFA eligibility timeline for Indian degrees\n    <div class=\"subtitle\">When each CFA level opens for a student, counted back from the month the degree is awarded<\/div>\n  <\/div>\n\n  <div class=\"content\">\n    <div class=\"flag\"><span class=\"fx\">!<\/span><span><b>March 2026, Class 12 done: no Level I straight after Class 12.<\/b> The first window opens only once the exam month is within 23 months of your graduation month.<\/span><\/div>\n\n    <div class=\"years\">\n      <span>2026 <small>from Mar<\/small><\/span>\n      <span>2027<\/span>\n      <span>2028<\/span>\n      <span>2029<\/span>\n      <span>2030 <small>to Aug<\/small><\/span>\n    <\/div>\n\n    <div class=\"track\">\n      <div class=\"tlabel\"><span class=\"tag\">Track A<\/span>3-year degree (B.Com, BA, BSc, BBA) <span class=\"tsub\">Degree awarded June 2029<\/span><\/div>\n      <div class=\"row\">\n        <div class=\"cell\">\n          <span class=\"dot reg\"><\/span>\n          <div class=\"card reg\">\n            <div class=\"when\">Nov 2026 to Jan 2027<\/div>\n            <div class=\"lvl\">Register in year 1<\/div>\n            <div class=\"txt\">Opens 3 Nov 2026, early deadline 20 Jan 2027<\/div>\n          <\/div>\n        <\/div>\n        <div class=\"cell\">\n          <span class=\"dot\"><\/span>\n          <div class=\"card\">\n            <div class=\"when\">Aug 2027<\/div>\n            <div class=\"lvl\">Level I earliest<\/div>\n            <div class=\"txt\">22 months before graduation<\/div>\n            <span class=\"chip\">Start of year 2<\/span>\n          <\/div>\n        <\/div>\n        <div class=\"cell\">\n          <span class=\"dot l2\"><\/span>\n          <div class=\"card l2\">\n            <div class=\"when\">Aug or Nov 2028<\/div>\n            <div class=\"lvl\">Level II<\/div>\n            <div class=\"txt\">Within 11 months of graduation<\/div>\n            <span class=\"chip\">Year 3<\/span>\n          <\/div>\n        <\/div>\n        <div class=\"cell\">\n          <span class=\"dot l3\"><\/span>\n          <div class=\"card deg\">\n            <div class=\"when\">June 2029<\/div>\n            <div class=\"lvl\">Degree awarded<\/div>\n          <\/div>\n          <div class=\"card l3\">\n            <div class=\"when\">Aug 2029<\/div>\n            <div class=\"lvl\">Level III<\/div>\n            <div class=\"txt\">Degree done by the month before<\/div>\n          <\/div>\n        <\/div>\n        <div class=\"cell empty\"><\/div>\n      <\/div>\n    <\/div>\n\n    <div class=\"track\">\n      <div class=\"tlabel\"><span class=\"tag\">Track B<\/span>4-year degree (B.Tech, BCom Hons, BBA 4-year) <span class=\"tsub\">Degree awarded June 2030<\/span><\/div>\n      <div class=\"row\">\n        <div class=\"cell empty\"><\/div>\n        <div class=\"cell\">\n          <div class=\"card note\">\n            <div class=\"txt\">No eligible Level I window yet: every 2027 window is more than 23 months before June 2030<\/div>\n          <\/div>\n        <\/div>\n        <div class=\"cell\">\n          <span class=\"dot\"><\/span>\n          <div class=\"card\">\n            <div class=\"when\">Aug 2028<\/div>\n            <div class=\"lvl\">Level I earliest<\/div>\n            <div class=\"txt\">Within 23 months of graduation<\/div>\n            <span class=\"chip\">Start of year 3<\/span>\n          <\/div>\n        <\/div>\n        <div class=\"cell\">\n          <span class=\"dot l2\"><\/span>\n          <div class=\"card l2\">\n            <div class=\"when\">Aug or Nov 2029<\/div>\n            <div class=\"lvl\">Level II<\/div>\n            <div class=\"txt\">Within 11 months of graduation<\/div>\n          <\/div>\n        <\/div>\n        <div class=\"cell\">\n          <span class=\"dot l3\"><\/span>\n          <div class=\"card deg\">\n            <div class=\"when\">June 2030<\/div>\n            <div class=\"lvl\">Degree awarded<\/div>\n          <\/div>\n          <div class=\"card l3\">\n            <div class=\"when\">Aug 2030<\/div>\n            <div class=\"lvl\">Level III<\/div>\n            <div class=\"txt\">Degree done by the month before<\/div>\n          <\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n\n    <div class=\"legend\">\n      <div class=\"rule\"><span class=\"sw\"><\/span><span><b>Level I:<\/b> exam window within 23 months of your graduation month<\/span><\/div>\n      <div class=\"rule\"><span class=\"sw l2\"><\/span><span><b>Level II:<\/b> exam window within 11 months of graduation<\/span><\/div>\n      <div class=\"rule\"><span class=\"sw l3\"><\/span><span><b>Level III:<\/b> degree completed by the month before the exam (or 4,000 hours)<\/span><\/div>\n    <\/div>\n\n    <div class=\"alt\">\n      <p><b>Already a graduate?<\/b> A completed bachelor&#8217;s degree makes any Level I window open to you.<\/p>\n      <p><b>No degree?<\/b> 4,000 hours of work and\/or higher education, built up over at least three sequential years with no overlap, achieved by the date you register for Level I. Each year of higher education counts as 1,000 hours.<\/p>\n    <\/div>\n  <\/div>\n\n  <div class=\"foot\">Windows after 2027 assume the current Feb\/May\/Aug\/Nov pattern. Your graduation month is the one your institution certifies. Source: CFA Institute, read 5 October 2026.<\/div>\n  <div class=\"brand\"><img loading=\"lazy\" decoding=\"async\" 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\" alt=\"SkillArbitrage\" width=\"127\" height=\"30\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n\n<a id=\"h2-3\"><\/a><\/p>\n<h2 id=\"cfa-fees-in-india\">CFA fees in India<\/h2>\n<p>CFA fees in India are charged in US dollars, per exam registration: USD 1,140 early or USD 1,490 standard for Level I and Level II, and USD 1,240 or USD 1,590 for Level III, with no enrolment fee since 29 April 2025. <a href=\"https:\/\/www.cfainstitute.org\/programs\/cfa-program\/dates-fees\" target=\"_blank\" rel=\"noopener\">CFA Institute&#8217;s dates and fees page<\/a> states that &#8220;all fees are paid in US dollars&#8221;, so your rupee cost depends on the exchange rate on the day you pay.<\/p>\n<p>The rupee figures below, which put the CFA Level 1 fee and every other level in Indian rupees, use <a href=\"https:\/\/www.fbil.org.in\/#\/home\" target=\"_blank\" rel=\"noopener\">FBIL&#8217;s USD\/INR reference rate<\/a> of \u20b995.9681 per dollar for 28 September 2026. They&#8217;re approximate, and they sit before GST and any bank charges.<\/p>\n<table>\n<thead>\n<tr>\n<th>Level<\/th>\n<th>Early (USD)<\/th>\n<th>Standard (USD)<\/th>\n<th>Early (approx. \u20b9)<\/th>\n<th>Standard (approx. \u20b9)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Level I<\/td>\n<td>1,140<\/td>\n<td>1,490<\/td>\n<td>1,09,404<\/td>\n<td>1,42,992<\/td>\n<\/tr>\n<tr>\n<td>Level II<\/td>\n<td>1,140<\/td>\n<td>1,490<\/td>\n<td>1,09,404<\/td>\n<td>1,42,992<\/td>\n<\/tr>\n<tr>\n<td>Level III<\/td>\n<td>1,240<\/td>\n<td>1,590<\/td>\n<td>1,19,000<\/td>\n<td>1,52,589<\/td>\n<\/tr>\n<tr>\n<td>All three, first-attempt passes<\/td>\n<td>3,520<\/td>\n<td>4,570<\/td>\n<td>3,37,808<\/td>\n<td>4,38,574<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>CFA Institute&#8217;s own total is USD 3,520 to 4,570 to complete all three levels on exam fees. Two figures in circulation are wrong. The top end is 4,570, not 4,600, and registering early saves USD 350 per level (\u20b933,588 on the Level I figures above), not 300.<\/p>\n<p>Is the early deadline worth chasing? Run the sum yourself.<\/p>\n<p><em>USD 1,140 \u00d7 95.9681 = \u20b91,09,404 for Level I at the early price, before GST. Register at the standard price and it becomes USD 1,490 \u00d7 95.9681 = \u20b91,42,992, so the \u20b933,588 gap between the two is the cost of missing the early deadline.<\/em> Swap in that day&#8217;s FBIL rate before you pay.<\/p>\n<p>Budget the full run the same way. All three levels at the early price, each passed first time, comes to USD 3,520, or about \u20b93.38 lakh plus GST, and all three at the standard price come to USD 4,570, about \u20b94.39 lakh. But every failed attempt means paying a full registration fee again, because there&#8217;s no separate retake fee: one failed Level I attempt at the early price adds another \u20b91,09,404 to the total.<\/p>\n<p>In practice, though, the early deadline is now the biggest lever you control. With the enrolment fee gone, the only compulsory charges on a first Level I attempt are the registration fee and GST, so the USD 350 you save by registering early is the largest saving open to every candidate (the scholarships below cut more, but only for those who qualify).<\/p>\n<p>And GST sits on top. Worth flagging: CFA Institute&#8217;s listed fees exclude local taxes, which are added during payment, and its tax policy states that residents of India are subject to GST on online information database access and retrieval (OIDAR) services. Frankly, this gets overlooked: if you&#8217;re GST-registered, the same policy lets you claim the GST back through CFA Institute&#8217;s India GST team.<\/p>\n<p>The fee structure changed recently. On 18 December 2024 CFA Institute announced it would eliminate the one-time USD 350 enrolment fee from 29 April 2025, with new prices for exams seated from February 2026. A page quoting a \u20b931,000 to \u20b936,000 &#8220;enrolment fee&#8221; is out of date.<\/p>\n<p>The Practice Pack, listed at USD 299 for Level I or Level II (about \u20b928,694), is an optional add-on. Coaching, if you buy it, is a separate third-party cost on top of everything in the table.<\/p>\n<p>Decide on scholarships before you pay. CFA Institute currently lists three awards, each under its Premium Registration Package, which includes the Practice Pack. The need-based Access scholarship cuts the registration fee to USD 400 (about \u20b938,387), which is USD 740, or roughly \u20b971,016, less than even the early price for Level I. For the August 2027 exam its applications run from 3 to 23 November 2026, with decisions on 18 December 2026.<\/p>\n<p>The Student scholarship cuts the fee to USD 600 (about \u20b957,581) for students attending a University Affiliation Program school, with applications open from 1 September to 15 July. The Professor scholarship offers the same USD 600 to teaching staff, and there&#8217;s no Women&#8217;s or Regulator scholarship on the current list. The catch? None of the three is open to anyone currently registered for an exam or awaiting results, so settle the scholarship question before you register for anything.<\/p>\n<p>If you&#8217;re weighing a \u20b93.4 lakh to \u20b94.4 lakh outlay against the pay at the other end, see <a href=\"https:\/\/skillarbitra.ge\/blog\/india-vs-us-finance-salaries\/\" target=\"_blank\" rel=\"noopener\">how finance pay compares between India and the US<\/a>.<\/p>\n<a id=\"h2-4\"><\/a>\n<h2 id=\"registering-from-india\">Registering from India<\/h2>\n<p>Registering from India starts with your passport, because CFA Institute needs it for both enrolment and exam registration. Under <a href=\"https:\/\/www.cfainstitute.org\/about\/governance\/policies\/cfa-program-identification-policy\" target=\"_blank\" rel=\"noopener\">CFA&#8217;s identification policy<\/a>, you need a valid international travel passport to sit the exam: original, current, machine readable and carrying your photo, shown at check-in for both exam sessions. CFA Institute no longer collects your passport number or expiry date, only the country of issue. For India, the only alternative on its approved list is the Identity Certificate (Yellow Book), and Aadhaar, PAN, a voter ID and a driving licence aren&#8217;t on it.<\/p>\n<p>This is where most applicants go wrong. The names in your passport&#8217;s Given Name(s) and Surname fields must appear in your CFA Institute account spelled exactly as they are in the passport, and a mismatch means you&#8217;re refused admission and lose the fee. Fields such as Father&#8217;s Name stay out of the account.<\/p>\n<p><em>CFA account first or given name = everything in your passport&#8217;s Given Name(s) field, in the same order and spelling. CFA account last name = your passport&#8217;s Surname field, exactly. Leave out the father&#8217;s-name line and any initial that isn&#8217;t printed in those two fields.<\/em><\/p>\n<p>Next, create your account and enrol. There&#8217;s no enrolment fee, and you sign the Professional Conduct and Candidate Responsibility statements during registration. You pay in US dollars by Visa, MasterCard, American Express or Alipay, or by offline invoice, with GST added at checkout.<\/p>\n<p>Then pick your window and pay before the early deadline. Registration opens at 9:00 AM US Eastern time and every deadline closes at 11:59 PM US Eastern, which is already the next morning in India. That&#8217;s 9:29 AM IST while the US is on daylight saving time (until 1 November 2026, and again from 14 March 2027) and 10:29 AM IST in between.<\/p>\n<p>Our recommendation: treat the Indian calendar date as the deadline, and you&#8217;ll never cut it fine. These were the published dates on 5 October 2026:<\/p>\n<table>\n<thead>\n<tr>\n<th>Window<\/th>\n<th>Levels<\/th>\n<th>Registration opens<\/th>\n<th>Early deadline<\/th>\n<th>Registration closes<\/th>\n<th>Scheduling deadline<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>February 2027<\/td>\n<td>I, III<\/td>\n<td>5 May 2026<\/td>\n<td>7 Jul 2026 (passed)<\/td>\n<td>5 Nov 2026<\/td>\n<td>10 Nov 2026<\/td>\n<\/tr>\n<tr>\n<td>May 2027<\/td>\n<td>I, II<\/td>\n<td>12 Aug 2026<\/td>\n<td>14 Oct 2026<\/td>\n<td>10 Feb 2027<\/td>\n<td>16 Feb 2027<\/td>\n<\/tr>\n<tr>\n<td>August 2027<\/td>\n<td>I, II, III<\/td>\n<td>3 Nov 2026<\/td>\n<td>20 Jan 2027<\/td>\n<td>29 Apr 2027<\/td>\n<td>6 May 2027<\/td>\n<\/tr>\n<tr>\n<td>November 2027<\/td>\n<td>I, II<\/td>\n<td>not yet published<\/td>\n<td>not yet published<\/td>\n<td>not yet published<\/td>\n<td>not yet published<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The May 2027 Level I exam runs from 11 to 17 May, and the August 2027 Level I exam from 15 to 22 August. Missed 14 October? Then May 2027 stays open at the standard USD 1,490 until registration closes on 10 February 2027.<\/p>\n<p>Paying by offline invoice has its own earlier cut-off, the invoice payment deadline, which is 1 January 2027 for the May window and 20 March 2027 for August. Recheck CFA Institute&#8217;s dates and fees tool before you pay.<\/p>\n<p>Finally, book your test centre. The exams are computer-based, delivered at Prometric centres in more than 400 locations worldwide, and appointments go first come, first served. CFA Institute&#8217;s planned list covers 30 Indian cities, among them Mumbai, New Delhi, Bangalore, Chennai, Kolkata, Hyderabad, Pune, Jaipur and Guwahati, with Thane opening from the February 2027 administration. That&#8217;s up from 23 cities in February 2023, when CFA Institute announced seven new Indian centres for the November 2023 exams.<\/p>\n<p>Fair warning: the seat deadline comes far earlier than the exam. Scheduling opens on the same day as registration, and CFA Institute&#8217;s tool sets the scheduling deadline within a week of registration closing, so book your seat the day your registration is confirmed. For the August 2027 window, the last day to schedule is 6 May 2027.<\/p>\n<hr>\n<h2 id=\"faqs\">FAQs<\/h2>\n<p><strong>What is the CFA annual fee?<\/strong><\/p>\n<p>CFA Institute charges per exam registration, not per year, and the one-time enrolment fee ended on 29 April 2025. Annual dues apply only if you choose to join as a member: charterholder membership, which needs programme completion, 4,000 hours of eligible work experience and professional references, is listed at USD 299 a year (about \u20b928,694), with reduced rates in eligible markets. An optional Associate membership for current and past candidates, listed at USD 149 a year (about \u20b914,299), is due to reach India in late 2026. Neither is required to sit the exams.<\/p>\n<p><strong>Can you get a refund if you miss your CFA exam?<\/strong><\/p>\n<p>CFA exam fees are nonrefundable, non-deferrable and non-transferable for missed appointments. If you miss your exam, you can reschedule inside the same window for USD 250 (about \u20b923,992), but only if Prometric has a free slot. Otherwise you&#8217;ll register and pay again for a later window, at whichever price applies on the day you register.<\/p>\n<p><strong>How many times can you retake a CFA level?<\/strong><\/p>\n<p>Each level allows a maximum of six attempts, and partially completed exams count toward that limit. Across the programme you can sit at most two CFA exams in a calendar year, never in consecutive testing windows or in windows less than six months apart, and each retake costs a full registration fee. Plan around the calendar: since Level III runs only in February and August, a failed Level III attempt pushes your retake at least six months out.<\/p>\n<hr>\n<h2 id=\"references\">References<\/h2>\n<h3 id=\"cfa-institute-eligibility-identification-and-membership\">CFA Institute: eligibility, identification and membership<\/h3>\n<ol>\n<li><a href=\"https:\/\/www.cfainstitute.org\/programs\/cfa-program\/policies\" target=\"_blank\" rel=\"noopener\">CFA Program policies<\/a>, CFA Institute. Registration criteria and the three entry routes, including the bachelor&#8217;s wording, the 23-month and 11-month student windows, the 4,000-hour work and education route, paid internships and articleships, proof of eligibility, the participating-country condition, and the six-attempt and twice-a-year retake limits, set out in full in the CFA Exam Eligibility Policy linked from it (partial exams count as attempts; no consecutive windows or windows less than six months apart)<\/li>\n<li>CFA Program Enrollment Requirements, CFA Institute Self Service knowledge article dated 1 October 2026. Level-by-level student timing including the Level III &#8220;month prior to the exam date&#8221; rule, undergraduate status determined by the institution, 36 consecutive months for the 4,000-hour route, no overlapping periods, 1,000 hours per year of higher education, no pre-enrolment eligibility evaluations, the Professional Conduct statements, the passport requirement for enrolment and exam registration, and exams administered in English<\/li>\n<li><a href=\"https:\/\/www.cfainstitute.org\/about\/governance\/policies\/cfa-program-identification-policy\" target=\"_blank\" rel=\"noopener\">CFA Program Identification Policy<\/a>, CFA Institute. Valid international travel passport, original, current and machine readable with a photo, check-in for both exam sessions, exact matching of the Given Name(s) and Surname fields, exclusion of fields such as Father&#8217;s Name, country of issue collected instead of number and expiry, the Identity Certificate (Yellow Book) as the approved alternate for India, and the warning that passport applications may take several months<\/li>\n<li>&#8220;CFA Institute to Extend CFA Program Candidate Eligibility by One Year&#8221;, press release, 16 November 2022, CFA Institute. Student eligibility extended by one year, effective 1 November 2022 and applying from the August 2023 exams<\/li>\n<li>Compare membership types, CFA Institute. Charterholder membership tied to completion of the CFA Program, 4,000 hours of eligible work experience and professional references, annual dues of USD 299 (Associate USD 149, available in India from late 2026), and pricing that varies by country with reduced rates in eligible markets<\/li>\n<\/ol>\n<h3 id=\"cfa-institute-fees-tax-and-scholarships\">CFA Institute: fees, tax and scholarships<\/h3>\n<ol start=\"6\">\n<li><a href=\"https:\/\/www.cfainstitute.org\/programs\/cfa-program\/dates-fees\" target=\"_blank\" rel=\"noopener\">CFA exam dates and fees<\/a>, CFA Institute, with the exam data behind its interactive tool, read 5 October 2026. Early and standard registration fees by level, fees payable in US dollars, local taxes added during payment, the USD 3,520 to 4,570 total, the USD 250 rescheduling fee, the nonrefundable and non-deferrable policy for missed appointments, accepted payment methods, and the February, May, August and November 2027 windows with their registration, early, invoice payment and scheduling deadlines and exam dates<\/li>\n<li>&#8220;CFA Institute today announces pricing changes for its CFA Program&#8221;, press release, 18 December 2024, CFA Institute. Elimination of the one-time USD 350 enrolment fee from 29 April 2025, and new prices for exams seated from February 2026<\/li>\n<li>Tax Policy, CFA Institute. Residents of India subject to Goods and Services Tax on online information database access and retrieval (OIDAR) services, and refunds for GST-registered taxpayers through the India GST team<\/li>\n<li>Access Scholarship Program, CFA Institute. Registration fee reduced to USD 400 under the Premium Registration Package, application window of 3 to 23 November 2026 for the August 2027 exam with decisions on 18 December 2026; the scholarships hub lists only the Access, Student and Professor awards and bars anyone currently registered for an exam or awaiting results from all three<\/li>\n<li>Student Scholarship, CFA Institute. Registration fee reduced to USD 600 under the Premium Registration Package for students attending a University Affiliation Program school, applications from 1 September to 15 July<\/li>\n<li>Professor Scholarship, CFA Institute. Registration fee reduced to USD 600 under the Premium Registration Package for qualifying teaching staff<\/li>\n<li>CFA Program Practice Pack, CFA Institute. Optional add-on, listed at USD 299 on the Level I and Level II May 2027 product pages<\/li>\n<\/ol>\n<h3 id=\"test-centres-and-exchange-rate\">Test centres and exchange rate<\/h3>\n<ol start=\"13\">\n<li>CFA Program test center locations and planned test center list, CFA Institute. Computer-based exams at more than 400 locations worldwide delivered through Prometric, first-come first-served appointments, 30 planned Indian cities, and Thane from the February 2027 administration<\/li>\n<li>&#8220;CFA Institute Expands Student Accessibility with Seven New Test Centers in India&#8221;, press release, 10 February 2023, CFA Institute. Seven Indian cities added for the November 2023 exams, taking the total to 23<\/li>\n<li><a href=\"https:\/\/www.fbil.org.in\/#\/home\" target=\"_blank\" rel=\"noopener\">FBIL Reference Rate, INR per 1 USD<\/a>, Financial Benchmarks India Pvt Ltd. \u20b995.9681 per US dollar for 28 September 2026, the basis for every rupee figure in this article<\/li>\n<\/ol>\n<hr>\n<p><em>This article is for educational purposes only and does not constitute professional, financial, legal or immigration advice. CFA Institute&#8217;s eligibility rules, fees and deadlines change, and every rupee figure here depends on the exchange rate on the day you pay. Check CFA Institute&#8217;s official pages before you register or pay, and for guidance specific to your situation, consult a qualified professional.<\/em><\/p>\n\n\n<style>.ls-cta-br{display:none;}@media(max-width:768px){#ls-floating-cta{padding:8px 12px !important;}#ls-floating-cta .ls-wrap{flex-direction:column !important;align-items:center !important;gap:8px !important;}#ls-floating-cta a{font-size:11px !important;padding:8px 16px !important;white-space:normal !important;text-align:center !important;max-width:90vw !important;}.ls-cta-br{display:block !important;}}<\/style><div id=\"ls-floating-cta\" style=\"position:fixed;bottom:0;left:0;right:0;z-index:9999;background:#0f0f0f;border-top:3px solid #2941BA;padding:12px 20px;box-shadow:0 -4px 20px rgba(0,0,0,0.3);\"><div class=\"ls-wrap\" style=\"display:flex;align-items:center;justify-content:center;gap:24px;\"><div style=\"display:flex;align-items:center;gap:10px;\"><a href=\"https:\/\/growthx.lawsikho.com\/f\/14may-id-30day-lpcore1?p_source=id2_blog_sa&#038;p_cta=sa-id-cfa-eligibility-and-fees-in-india\" onclick=\"gtag(&#039;event&#039;,&#039;cta_click&#039;,{send_to:&#039;G-B23VVGPQ92&#039;,p_source:&#039;id2_blog_sa&#039;,p_cta:&#039;sa-id-cfa-eligibility-and-fees-in-india&#039;});\" target=\"_blank\" rel=\"noopener\" style=\"display:inline-block;background:#2941BA;color:#fff;padding:11px 20px;border-radius:7px;font-size:13px;font-weight:700;text-decoration:none;white-space:nowrap;\">Become a board-ready Independent Director in 30 days \u2014<br class=\"ls-cta-br\"> Rs. 100 \u2192<\/a><button onclick=\"document.getElementById('ls-floating-cta').style.display='none'\" style=\"background:none;border:none;color:#555;font-size:18px;cursor:pointer;padding:4px;line-height:1;position:absolute;right:16px;\">\u2715<\/button><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p> CFA eligibility and fees in India: Level I opens 23 months before graduation, not after Class 12. Each level costs USD 1,140-1,590 (\u20b91.09-1.53 lakh) plus GST<\/p>\n","protected":false},"author":35,"featured_media":5158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1189],"tags":[1889,1890,1893,1888,1895,1894,1891,1892],"class_list":["post-5157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-finance","tag-cfa-after-graduation","tag-cfa-eligibility-after-12th","tag-cfa-eligibility-for-indian-students","tag-cfa-eligibility-in-india","tag-cfa-exam-registration","tag-cfa-fees-in-india","tag-cfa-institute","tag-cfa-level-1-fees-in-rupees"],"_links":{"self":[{"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/posts\/5157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/comments?post=5157"}],"version-history":[{"count":2,"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/posts\/5157\/revisions"}],"predecessor-version":[{"id":5161,"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/posts\/5157\/revisions\/5161"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/media\/5158"}],"wp:attachment":[{"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/media?parent=5157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/categories?post=5157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skillarbitra.ge\/blog\/wp-json\/wp\/v2\/tags?post=5157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}