从2008年考试开始，CFA Institute将注册费和CFA教材以及online sample exam捆绑销售，考生报考费用大幅提升。
Beginning with the 2008 exams, CFA Institute will include the assigned CFA Program curriculum and one online sample exam in the registration fee paid.
When enrollment and registration for the June 2008 CFA exams opens in mid-July 2007, the CFA Program curriculum will be included in the exam registration fee and will be delivered to all candidates.
This decision will benefit CFA candidates, the CFA Program, and — we strongly believe — the profession itself.
Candidates enrolled in the December 2007 exam will still need to purchase the curriculum separately.
This decision was made after extensive study, modeling, and the unanimous recommendation from the CFA Preparation Task Force, an external working group that convened in 2004 to address questions of candidate preparation and exam performance.
The CFA Program curriculum is driven by a rigorous global practice analysis to determine the knowledge relevant to the profession. This body of knowledge drives the curriculum development process and the exam itself. The content in the curriculum is the sole source for exam questions.
Yet for many candidates, the focus has shifted from mastering a body of knowledge to merely passing an exam. The current practice of allowing candidates to register for an exam without purchasing the curriculum sends the wrong message that studying the curriculum is optional. Some candidates even confuse third-party materials with the curriculum. This decision to provide the CFA Program curriculum to all candidates was, in part, based on these concerns.
Bundled Curriculum FAQs
How much will this cost?
The registration fee for the first deadline (26 September 2007) will be $600. This fee includes exam registration, curriculum, and one sample exam. Candidates who previously purchased the curriculum will save $120 on the curriculum and receive a free sample exam (additional $50 value). For candidates who would not have purchased the curriculum, this represents an increase of $230 over the 2006 registration fee. The enrollment fee for first-time Level I candidates will remain separate.
We view this as a mission-driven initiative to provide a service to CFA Program candidates and to the profession as a whole. To that end, we have priced the curriculum below cost to better serve our mission of educating CFA candidates. This reduced curriculum pricing within the overall bundle reflects the benefits of spreading our costs over a much larger candidate base as well as an organizational decision to absorb a portion of those costs internally.
Why is CFA Institute making the decision at all?
In 2004, the CFA Preparation Task Force convened to address declining candidate performance. In May 2005, the Task Force unanimously recommended that the CFA Program curriculum be bundled with the exam registration fees.
Providing the curriculum to all registered candidates serves our educational mission and ensures that all candidates will have equal access to this foundational material. There is no substitute for studying the curriculum.
Why is CFA Institute making the decision now?
In response to candidate feedback, we have substantially enhanced the format of the CFA Program curriculum in recent years. The most significant change is that the assigned readings — originally only available as sections of larger source books — have been assembled into multiple self-contained volumes. This new flexibility enables individual readings to be revised and updated as needed. This ability to keep the curriculum more relevant, the economies of scale inherent in a more efficient set of books, and the continued belief that studying the prescribed readings is foundational to the educational mission of the CFA Program all made this the right time to deliver the curriculum to all candidates.
Is this just a way for CFA Institute to make more money?
We are very sensitive to this perception and took great care to price this as fairly as possible. We view this as a mission-driven initiative to provide a service to CFA Program candidates and to the profession as a whole. To that end, we have priced the curriculum below cost to better serve our mission of educating CFA candidates. This reduced curriculum pricing within the overall bundle reflects the benefits of spreading our costs over a much larger candidate base as well as an organizational decision to absorb a portion of those costs internally.
Why not just give away the curriculum to candidates for free?
The CFA Program curriculum includes copyrighted material, and the pricing structure takes into account the costs of purchasing the rights to repackage that third-party material into the curriculum. There are also significant production and distribution costs.
What happens to candidates who fail Level I in June and re-take it in December of the same year? Will they get charged for the curriculum both times?
Candidates who fail the June Level I exam and register to re-take the exam in December of that same year will not be charged twice for the curriculum. Their registration fees for the December exam will be reduced to reflect the fact that they already own the curriculum for that year.
What happens to candidates who re-take the same exam but in consecutive years? Will they get charged for the curriculum both times?
The registration fees for candidates who re-take the same exam in consecutive years will be reduced. However, given the year to year changes, customization, and improvement in the curriculum, each candidate will receive a new set of curriculum.
How should candidates use the curriculum in conjunction with preparatory courses?
There is no substitute for careful study of the prescribed CFA Program curriculum. However, some candidates may find it useful to supplement their study with prep courses and/or review notes. Find out more about the CFA Institute Prep Provider Guidelines Program and those providers that participate in it.
Won't this result in lower-income candidates being "priced out of the CFA Program"?
For those candidates that previously purchased the curriculum, this new pricing structure will result in a significant decrease in out-of-pocket expense.
We approach pricing changes in a very careful and deliberate manner. While we cannot be sure of the ultimate effect of this pricing change, we will continue exploring creative ways to provide assistance to lower-income candidates.
We view this as a mission-driven initiative to provide a service to CFA candidates and to the profession as a whole. To that end, we have priced the curriculum below cost to better serve our mission of educating CFA candidates.