The LIFA Exam Program

The toughest exam.
Pay only if you pass.

Become a Charterholder

The International Research Association offers the Licensed International Financial Analyst (LIFA) exam to anyone in the world with an internet connection – no enrollment fee is required. And, you pay only if you pass.

With the lowest pass rates in the industry, along with a three-attempt exam limit, the LIFA Exam Program does not have an oversupply issue.

LIFA Exam CFA Exam     
Enrollment Fee US$ 0 US$ 450
Registration Fee US$ 475/exam
(pay only if you pass)
US$ 930/exam
(no refund if you fail)
Pass Rates Level I: 28%
Level II: 33%
Level III: 39%
Level I: 43%
Level II: 46%
Level III: 54%
Exam Dates 365 Days a Year 1-2 Days a Year
Attempt Limits 3-Attempt Limit Unlimited Attempts
Waiting Period 60-day waiting period 180 to 365-day waiting period
Refund Policy Not Applicable No Refunds
Exam Grading No Charterholder Grading Charterholder Grading
Prior Disclosure Full Prior Disclosure No Prior Disclosure
Charter Dues US$ 275 US$ 275

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