The International Research Association offers the Licensed International Financial Analyst (LIFA) exam worldwide - no enrollment fee is required. And, you pay only if you pass.
The LIFA exam has, by far, the lowest pass rates, making it the toughest exam in the industry. Tap each for details.
|Enrollment Fee||USD $0||USD $450|
|Total Exam Fees||No enrollment fee.
No upfront registration payment.
No rescheduling fee.
$750 exam fee
only if you pass.
|$450 enrollment fee (Lev. I only).
$700-$1,000 registration fee.
$250 rescheduling fee.
Upfront payment required.
No refund if you fail.
|Pass Rates||Level I: 27%
Level II: 32%
Level III: 48%
|Level I: 42%
Level II: 46%
Level III: 56%
|Exam Dates||365 Days a Year||Limited Days Each Year|
|Attempt Limits||4-Attempt Limit||Unlimited Attempts|
|Waiting Period||60 Days||180 to 365 Days|
|Refund Policy||Not Applicable||No Refunds|
|Pass Rate Disclosure||Full Prior Disclosure||No Prior Disclosure|
|Charter Dues||USD $275||USD $275|
Do you have questions about the LIFA Exam Program?
We believe there is no reasonable justification to levy enrollment fees on candidates, simply to enroll (in minutes, online) for an exam.
The International Research Association utilizes industry-standard technology to make online LIFA exam enrollment efficient and virtually cost-free. Who would levy enrollment fees for that?
Why would an exam administrator repeatedly collect money from candidates who cannot pass an exam?
Some believe it's necessary to feed the huge bureaucracy's overhead and expenses (extensive travel expenses and layers of management, for example).
If you fail the LIFA exam, you pay nothing.
Other exam pass rates continue to trend upward, almost reaching or exceeding 50 percent!
Highly bureaucratic exam administrations that charge significant enrollment and registration fees are in a really tough spot - Lower pass rates bring in much less revenue, but the value of a scarce designations is higher.
Higher pass rates generate considerably more revenue, but the value of the resulting increased number of designations is lower.
The LIFA Exam Program has the lowest pass rates, by far, in the industry.
The LIFA Exam Program offers maximum flexibility, with virtually no limits when scheduling an exam.
Take the exam when you are ready, not when some exam administrator tells you.
Why would a not-for-profit exam administrator market to, and then accept thousands of dollars from, candidates who repeatedly fail an exam?
We believe a 60-day waiting period between exam attempts is reasonable and fair.
When CFA exams where cancelled because of COVID-19, CFA Institute made the astounding decision to refuse refunds for CFA candidates. That decision during the pandemic will never be forgotten by former CFA candidates worldwide.
Since there are no LIFA exam registration fees unless you pass, you would never have to be refunded. If you can't make it on your exam day, you pay nothing.
Some believe, when charterholders grade exams, there is a possibility of unfairness. Not 'letting you in the club' should never be an issue.
Having an independent grading system ensures there are no potential or real conflicts of interest.
Simply set the rate, communicate the rate, and execute. This ensures transparency and promotes confidence in the program.
Charterholder dues are paid annually after a candidate successfully completes the Level III exam.