Adding a chartered financial analyst (CFA) designation to your professional resume can enhance your credibility, increase your career prospects, and potentially boost your earning power. But just how much does a CFA make? Let’s take a look at the average CFA salary and break down the specifics.
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What Is the Average CFA Salary?
The average CFA earns an annual salary of $190,000, according to the CFA Institute. The CFA Institute issues CFA designations to financial advisors who complete the required curriculum and exams.
How much you earn as a CFA is influenced by several factors, including your level of experience, skill level, the type of firm you work for and your geographic location. Here’s how CFA salaries compare, according to data from top compensation websites:
- As of March 2025, ZipRecruiter reports the average CFA salary as $100,458 per year. Salaries typically range from $65,500 in the 25th percentile to $130,000 in the 75th percentile, the ZipRecruiter data show.
- Salary.com puts the average CFA salary at $82,697 in March 2025, although most earn between $72,242 and $93,379.
- The average CFA salary according to Payscale is a bit higher, at $97,591 annually. That figure represents the base salary the average CFA earns and doesn’t include bonuses or profit-sharing, which can increase total pay.
- The median annual salary for a CFA, according to Glassdoor, is $162,000, as of June 2024. In terms of the salary range, CFAs earn between $121,000 and $221,000 annually.
Where do CFAs make the most money? According to ZipRecruiter, CFAs pull in the highest salaries in Washington state, making $113,779 annually on average. CFAs make the least in Florida, drawing an average salary of $75,072.
For perspective, the Bureau of Labor Statistics reports the median financial advisor salary as $99,580.
How Does a CFA Salary Break Down?
As you evaluate salary expectations on the CFA career path, it’s helpful to understand how that pay is determined. Your CFA compensation typically consists of several components, including:
- Base pay/salary
- Performance bonuses
- Stock options
- Equity
- Commissions
- Employee benefits, such as health insurance or a 401(k) with matching contributions
The exact makeup of your compensation package will depend on where you’re employed. All of the CFA salary numbers outlined above reflect the base pay you could earn on average.
When you factor in bonuses, profit-sharing and other forms of compensation, the average CFA salary can end up being much higher.
What Determines a CFA Salary?
Your salary as a CFA depends on several factors. It’s helpful to understand what can influence your earnings if you’re considering obtaining a CFA designation:
- Education: The type of degree you hold can impact your salary expectations. CFAs with a master’s degree or higher typically earn more than CFAs who only have a bachelor’s degree.
- Experience: Entry-level CFA jobs will by nature pay less than more advanced roles. Early-career CFAs typically earn less and work their way up the salary ladder.
- Location: Location matters as well, as it can determine the demand for your services. A CFA who works in a major metro area may have access to a broader range of clients, including higher-net-worth investors, which can drive higher revenues.
- Industry and Role: Where you choose to apply your CFA skills in the financial services industry can make a difference in your salary. Investment management, investment banking, corporate finance and hedge funds are areas in which CFAs are in high demand.
Your CFA exam level also affects salary, particularly in the early stages of certification. The CFA program has three exam levels: Level I, Level II and Level III. You must pass all three to obtain certification.
The CFA Institute states that the average candidate takes four years to complete the exams. Your employer may offer pay increases as you complete each exam level, which is a great incentive to obtain full certification.
How Can a CFA Increase Their Salary?
A CFA can increase their salary by expanding their client base and enhancing their services. Financial advisors with a CFA designation may benefit from investing in lead generation and marketing strategies to attract more high-net-worth clients.
For example, SmartAsset’s Advisor Marketing Platform (AMP) is a subscription-based platform that provides fiduciary financial advisors with up to 540 client referrals per year. AMP also offers automated marketing tools, including email and text outreach, to help advisors nurture leads and convert them into long-term clients.
By leveraging platforms like AMP and refining their niche expertise, CFAs can potentially enhance their earning potential and grow their business more efficiently.
Is Becoming a CFA Worth It?
Becoming a CFA requires a significant investment of time, money, and commitment to completing the coursework and exams. You might consider this path if you:
- Are interested in specializing in investment management and financial analysis
- Would like to move into a sector that requires advanced analytical skills
- Want to build out a client base that includes high-net-worth individuals, large corporations or institutional investors
Earning potential is a key consideration. It’s certainly possible to pull in an annual salary in the $200,000 to $300,000 range as a CFA. Keep in mind, however, that a CFA path is often highly demanding.
You may also consider earning other designations. Some of the most popular financial advisor certifications include:
- Certified Financial Planner™ (CFP®)
- Chartered Financial Consultant (ChFC)
- Certified Investment Management Analyst (CIMA)
- Certified Public Accountant (CPA)
- Chartered Life Underwriter (CLU)
- Certified Funds Specialist (CFS)
- Chartered Investment Counselor (CIC)
Each designation has different requirements and applications within the financial services industry. Comparing each one can help you decide if any of these credentials make sense for the career path you hope to chart.
Frequently Asked Questions
What Is a Chartered Financial Analyst?
Chartered financial analysts are financial professionals specializing in data analysis and investment research. CFAs can work for investment banks, hedge funds, private equity firms and other companies within the financial services sector.
How Can You Become a Chartered Financial Analyst?
You’ll need to obtain a CFA designation to become a chartered financial analyst. To earn a CFA charter, you must:
- Complete all three levels of the CFA exam
- Satisfy work experience requirements
- Apply for membership in the CFA Institute
The process to become a CFA can take anywhere from two to four years to complete for the typical student, though it may move faster or slower for some candidates.
Who Is the CFA Designation For?
The CFA designation is designed for professionals who are interested in pursuing a career in investment research and analysis. Ideal CFA candidates include recent finance graduates, financial advisors seeking career advancement and professionals transitioning into financial services.
Bottom Line
Salary expectations play an important role in the CFA job search. If you’re trying to secure your first CFA role, it helps to understand what kind of base salary range you’re likely to be working with. These salary ranges can provide a useful benchmark for CFAs negotiating compensation with prospective employers.
Tips for Growing Your Advisory Business
- New financial advisors often face challenges when it comes to attracting new clients. Establishing a digital footprint can help you increase your visibility and gain new leads for your business. Working with an advisor marketing platform can complement your efforts and connect you with your target audience. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
- If you plan to pursue a CFA designation, it’s important to develop a study plan. The CFA Institute offers a full curriculum that you can use to prepare, but you may supplement this with other study materials. You may want to look into CFA exam prep courses to enhance your learning. When comparing courses, consider the format (e.g., live seminars, self-guided, etc.), the range of study materials provided, and the cost.
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