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The CFA Program does not stay static. Every year brings changes to fees, exam structure, or curriculum depth, and 2026 is no different from that pattern. Before you register or restart your prep, it makes sense to sit with the actual year-on-year numbers and see what has shifted, what has stayed the same, and where the biggest changes are this cycle.
This article covers verified CFA course details for 2026, compared against recent prior years, drawn from official CFA Institute data and confirmed third-party sources.
What Changed in CFA Course Fees Going Into 2026
This is the biggest structural update in the CFA course for 2026, and it affects every candidate at every level.
Starting February 2026, CFA Institute removed the one-time USD 350 enrollment fee that first-time Level I candidates used to pay. In its place, per-exam registration fees went up across all three levels.
Here is the year-on-year fee comparison:
| Registration Type | Level I & II (2025) | Level I & II (2026) | Level III (2025) | Level III (2026) |
| Early Registration | USD 990 | USD 1,140 | USD 1,090 | USD 1,240 |
| Standard Registration | USD 1,290 | USD 1,490 | USD 1,390 | USD 1,590 |
The total fees for all three levels of the CFA Program now range from USD 3,520 to USD 4,600, depending on whether you register during the early or standard window. All fees are paid in US dollars.
What This Means for New vs Returning Candidates
For a first-time Level I candidate, the removal of the USD 350 enrollment fee sounds like a saving. But when you add the higher registration fee, the net cost in 2026 is still more than what candidates paid in 2025. The early bird registration fee increased by USD 150 and the standard fee went up by USD 200 compared to 2025.
Returning candidates who already paid the enrollment fee in a prior year see no refund or credit. They simply pay the new per-level registration rate going forward.
CFA Course Exam Windows in 2026: What the Schedule Looks Like
The exam frequency structure has not changed from the 2025 cycle. Level I is offered four times a year in February, May, August, and November. Level II is offered three times a year in May, August, and November. Level III is offered twice a year in February and August.
| Level | Exam Windows in 2026 |
| Level I | February, May, August, November |
| Level II | May, August, November |
| Level III | February, August |
One scheduling rule worth knowing: candidates can take the CFA exam a maximum of twice per calendar year, but not in consecutive windows or in windows within six months of each other.
The February and August windows are already past for 2026. The remaining windows as of June 2026 are August and November for Level I and II, and August only for Level III.
CFA Course Pass Rates: Year-on-Year Data Through 2026
Pass rate data is now available for multiple 2026 windows. Here is what the numbers show across recent exam sittings.
Level I Pass Rates
In the February 2026 window, 35,275 candidates sat for the Level I exam, with an overall pass rate of 46 percent. In May 2026, 49,677 candidates appeared, and the pass rate came in at 40 percent.
The CFA Level I pass rate for May 2026 was 39 percent, which sits below the historical 10-year average of 41 percent.
For context, the November 2025 Level I pass rate was 43 percent, and the 10-year average across all Level I sittings is 40 percent.
Level II and Level III Pass Rates
For the August 2025 Level II exam, the pass rate was 44 percent, with first-time candidates achieving 52 percent while those with at least one prior deferral reached 28 percent.
For the February 2026 Level III exam, first-time test takers achieved 59 percent, while candidates with at least one deferral achieved 34 percent.
A consistent gap of 20 to 26 percentage points separates first-time candidates from deferred candidates across all recent exam windows. For May 2026 Level I, first-timers passed at 45 percent versus 25 percent for deferred candidates.
The data across all three levels points to the same pattern every year: candidates who sit on schedule pass at significantly higher rates than those who defer.
CFA Course Curriculum Changes in 2026: What Is Actually New
This is the area where 2026 is notably calmer than the previous three years.
The 2026 CFA curriculum has minimal changes across all three levels. Level I has zero changes, with all 93 Learning Modules unchanged. Level II has one Learning Outcome Statement removed from Machine Learning. Level III has zero changes to either the Core topics or the Specialized Pathways.
That is a significant contrast to 2023, 2024, and 2025, which each brought curriculum restructuring, new readings, and topic weight shifts. This year, CFA Institute has held the structure steady.
The Level III Pathway System: Still the Biggest Structural Shift
While 2026 brings no new curriculum changes, the pathway system introduced in 2025 is still the most important structural shift in the CFA course in recent years. Candidates at Level III must choose one of three specialized pathways at registration.
The 2026 Level III curriculum has a unique structure: 22 Core readings covering 65 to 70 percent of exam weight that all candidates must complete, plus one Specialized Pathway that accounts for 30 to 35 percent of exam weight.
The three pathways are:
- Portfolio Management: covers institutional and individual portfolio management across public market asset classes. This is the traditional pre-2025 path and remains the most widely chosen option.
- Private Wealth: covers high-net-worth client needs including estate planning, tax strategy, behavioral finance, and goal-based wealth management.
- Private Markets: covers private equity, venture capital, private credit, real assets, and infrastructure from a General Partner perspective.
The pathway choice is locked once the 14-day registration cooling-off period expires and cannot be changed unless a candidate withdraws and re-registers.
This means pathway selection should be made before registration, not after, based on current role or target career direction.
Recommended Study Hours for CFA
The CFA Institute recommends over 300 hours of study for each level of the exam. Successful candidates consistently report this as a realistic minimum, not a ceiling.
Third-party data from prep providers and candidate surveys in 2026 suggests Level II and III candidates are averaging closer to 350 to 400 hours, particularly given the depth now required in alternative investments and the pathway-specific readings at Level III.
Wrapping Up the Year-on-Year Comparison
The CFA course in 2026 carries higher registration fees, a stable curriculum after years of changes, and the Level III pathway system now in its second year of operation. Pass rates in early 2026 windows have tracked close to historical averages, with the May 2026 Level I result coming in slightly below the 10-year average.
For candidates deciding when to register, the fee structure rewards early action. For Level III candidates, choosing the right pathway before registration is as important as how many hours you log before exam day.
If you want structured guidance on any of these levels, Zell Education offers CFA prep programs aligned with the current 2026 curriculum across all three levels and all three pathways.
