Certifications: what they cost, and what they are for

The CFA is three exams and three to four years^1,2

Three levels, with CFA Institute recommending about 300 hours of study per level and putting the whole programme at three to four years. Successful Level I candidates report spending over 300 hours on that level alone.

Passing is not the charter¹

Passing all three levels is half of it. The charter also needs 4,000 hours of work experience in the investment field - which can be done before, during or after the exams - and membership of CFA Institute. More than 200,000 people hold it worldwide.

What it costs, as of the 2026 exams³

For exams from February 2026, Levels I and II cost USD 1,140 with early registration or USD 1,490 standard, and Level III USD 1,240 or USD 1,590. The one-time USD 350 enrolment fee was dropped from 29 April 2025. Passing all three at early rates first time is USD 3,520 in exam fees alone.

Fewer than half pass Level I^4-6

Level I pass rates in 2026 were 45% in February, 39% in May and 43% in August; the August figure was above the ten-year average, and first-time candidates in that window passed at 49%. Plan for the possibility of a resit in the time budget.

For banking, the case is weak, on two voices^7-9

Mergers & Inquisitions is blunt: against a strong GPA, a target university or real internships the CFA loses every time, and the 300-plus hours are better spent getting work experience. An independent German practitioner's guide says the same from the other side of the Atlantic: the CFA is built for asset managers - equity research and buy-side portfolio management - and will not improve a banking application, though it is worth doing for its own sake once an offer is in hand. CFA Institute lists investment banker among its career paths but publishes nothing on how much the charter counts there.

The licence a New York banker actually needs¹⁰

Advising on M&A, restructurings or securities offerings in the US requires the FINRA Series 79, the Investment Banking Representative exam: 75 questions, with the Securities Industry Essentials exam as a corequisite. It can only be taken with sponsorship from a FINRA member firm, which in practice means after the bank has hired you.

The one exam a student can sit early^10,11

The Securities Industry Essentials exam is open to anyone aged 18 or over with no firm sponsorship, costs USD 100 and a pass stays valid for four years. It is the corequisite for the Series 79, so it is the only piece of the US licensing path you can clear before an offer.

What the Series 79 covers¹⁰

It qualifies a representative to advise on or facilitate debt and equity offerings, private placements, mergers and acquisitions, tender offers, restructurings, asset sales and divestitures. That list is, in effect, the job description of a US investment banking division.

The Certificate in Corporate Finance¹²

The CISI's Level 3 Certificate in Corporate Finance is a UK exam built for this work, in two units - corporate finance regulation and technical foundations - with no entry requirements and a total qualification time of 162 hours. It is on the Financial Conduct Authority's appropriate qualification tables for corporate finance.

The CF letters come later^12,13

The ICAEW's Corporate Finance qualification, which carries the letters CF, requires the Certificate or an equivalent, then the Diploma in Corporate Finance set jointly by the ICAEW and CISI, plus demonstrated practical experience in corporate finance work. It is a mid-career credential, not an entry ticket.

Experience beats every certificate^7,10

Against real internships, strong grades and a target university, the CFA loses every time, on the main guide's account, and the licences cannot be finished until a bank sponsors them. For a student, the hours are better spent on an internship and on the technical set.

If you want one exam, the SIE is the cheap one¹¹

At USD 100, open to anyone 18 or over and valid for four years, the Securities Industry Essentials exam is the only piece of a banking licence a student can finish before an offer. It is relevant only to US jobs.