LIFA vs. CFA — Side-by-Side

Become a charterholder because you're qualified, not because you can afford it.

We believe there is no reasonable justification to levy enrollment fees on candidates, simply to enroll (in minutes, online) for an exam.

We agree with candidates that registration fees in the industry are too high.

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. LIFA exam registration is available on our secure registration page.

We believe pass rates in the industry are too high.

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 tough spot—lower pass rates bring in much less revenue (but raise a designation’s scarcity), while higher pass rates raise revenue (but lower scarcity).

The LIFA Exam Program has the lowest pass rates, by far, in the industry. See the LIFA Exam Curriculum & Exam Guide.

Total flexibility when choosing an exam date.

The LIFA Exam Program offers maximum flexibility, with virtually no limits when scheduling an exam. Take the exam when you are ready, not when an exam administrator tells you.

There must be attempt limits.

Why would a not-for-profit exam administrator market to—and then accept thousands of dollars from—candidates who repeatedly fail an exam?

Waiting a full year is archaic.

We believe a 60-day waiting period between exam attempts is reasonable.

Refunds should be fair to candidates.

When CFA exams were cancelled because of COVID-19, CFA Institute refused refunds for CFA candidates. Since there are no LIFA exam registration fees unless you pass, there is nothing to refund—if you can’t make it on exam day, you pay nothing.

Zero chance of real or perceived conflicts of interest.

Some believe that 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.

Tell candidates the pass rate before they sit.

The pass rate (the percentage that will pass) should be communicated prior to the exam, not after. Set the rate, communicate it, and execute—this ensures transparency and confidence in the program.