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Changes are afoot in the world of CFA® Institute and related popular/unpopular exams. On the one hand, the institute increased the price for all those taking its exams. On the other hand, it will postpone the exams in Russia indefinitely and no refunds will be given.
The price increase was quietly posted on the CFA Institute’s website last Friday and won’t take effect until the February 2023 exams (registration opens May 2022). Under the changes, the cost of each exam will go from $700 to $900 for early registrants, and from $1k to $1.2k for more irregular standard registrants.
On inflation, the CFA Institute does their own thing for inflation. Fees for early registrants are up nearly 29%; Fees for regular registrants have gone up by 20%.
The increase is already causing complaints among CFA entrants in low-income countries like India. “I’d have to bust my chops to make and save that kind of money – I’m talking 60 hours a week + maintenance,” one person writes on Reddit.
The high exam fees follow very low CFA exam pass rates, which the CFA Institute says is due to pandemic-related exam cancellations and postponements. “The overall pass rate was significantly impacted by the score for candidates who postponed exams at least once,” senior exam developer Chris Weiss said in September. However, the assumption is that the CFA Institute is cashing in on repeated exam sittings by candidates, and may now hold exams four times a year (instead of two prior to 2021).
CFA exams are big business: The CFA Institute earned nearly $338m in 2019 from its ‘credentialing programs’. However, credentialing revenue has shrunk to $118m during the pandemic, and the institute needs to make up for it.
As CFA Institute increases exam fees, it also cancels exams in Russia. A spokesperson for the institute said the May and August exams in Russia have been canceled and no refunds will be given to Russian candidates. Because “no financial transactions will take place.”
However, Russian candidates may be reactivated in the future. “We will continue to monitor the situation for future examinations; for now, those candidates are considered deferred,” says the spokesperson.
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