Independent guide. If you buy through links on this page we may earn a commission at no extra cost to you. Our verdicts are based on the evidence, not on who pays. How we make money.
Quick answer
All three teach Excel-based financial modeling with a certificate at the end, but they are priced and built differently. CFI (FMVA) is an annual subscription — $497/year list — that covers a large library and an 18-course certification path; payments are non-refundable1. Wall Street Prep Premium Package is a $499 one-time purchase of six investment-banking-style courses (about 46 hours) with lifetime access and a 30-day refund window under WSP’s terms4. Breaking Into Wall Street sells one-time courses from $297 (Core Financial Modeling) to $497 (Premium, 90 hours), with five years of video access, exams that require 90%, and a 90-day money-back guarantee7. Choose CFI for breadth and a beginner-friendly path, WSP for the classic IB sequence you own outright, and BIWS for the lowest-risk purchase and the most demanding exams.
The three programs compared
| Criterion | CFI — FMVA® | Wall Street Prep — Premium Package | BIWS — Core / Premium |
|---|---|---|---|
| US price | $497/yr Self-Study; $847/yr Full-Immersion (list; 20% promo seen) | $499 one-time (15%-off code seen) | $297 Core; $497 Premium; instalments offered |
| Price model | Annual subscription, auto-renews, no monthly plan | One-time purchase | One-time purchase |
| Access | While subscribed | Lifetime (stated in WSP’s knowledge base) | Course files unlimited; 5 years of video access, support and updates |
| Content scope | “250+” courses in the library; FMVA path = 9 prep + 15 core + 3 of 12 electives | 6 core courses (financial statement, DCF, M&A, trading comps, transaction comps, LBO) + bonus + “25+ mini-courses”; 45h 59m video | Core: 13 modules, 40 h. Premium adds Excel & VBA (24 h) and PowerPoint Pro; 90 h total |
| Stated time | “100 – 120 hours” (older material: 120–200) | ~46 hours of video | 40 h (Core) / 90 h (Premium) of video |
| Certification | FMVA®: 80% on each course assessment, then a 3-hour, 50-question online final exam at 70%; unlimited free retakes after 30 days | Financial & Valuation Modeling Certification: product page says pass each of the six course exams; WSP’s knowledge base describes one 50-question, 2.5–3-hour assessment with two attempts. Pass mark not published | Per-course BIWS Certification; exam requires 90%; “very few students pass them the first time around”; question count not published |
| Proctored? | No | No | No |
| Refunds | None, except where law requires | 30-day credit/refund request (WSP terms) | 90-day money-back guarantee |
| Extras | Full-Immersion: expert Q&A, AI tutor, model review, partner discounts | 1-month PitchBook access; 30-min instructor call | Support for 5 years; instalment plans |
| Best for | Beginners and career changers who want structure and breadth at the lowest cost per course | People targeting investment banking or valuation roles who want the standard IB sequence and to own it | Budget-conscious buyers who want a real refund window and a tough exam; Excel/VBA-heavy learners |
| Key weakness | No refund, auto-renewal, unproctored exam | Narrower scope; certification mechanics described inconsistently; refund terms only found on a non-canonical WSP host | Video access expires after five years; smallest brand of the three |
How we compared them
We compared what each provider publishes: prices and billing model, access period, course list and stated hours, how the certificate is earned and at what threshold, refund terms, and extras. We then judged fit by reader profile. We have not enrolled in any of the three; nothing here is first-hand testing. Independent evidence is thin for all three — Trustpilot shows 924 reviews for CFI (4.7), eight for Wall Street Prep (3.5) and none for BIWS — so we do not use review scores to rank them10. Our full approach is on the editorial methodology page.
CFI — FMVA®
At a glance: FMVA® (CFI)
| Provider | Corporate Finance Institute (CFI) |
|---|---|
| What it is | Financial Modeling & Valuation Analyst — a course-based certification: complete CFI’s required courses, then pass a final exam. |
| US price | $497/year Self-Study or $847/year Full-Immersion (list; a 20% promotion was showing on the verification date). Annual subscription only; auto-renews; certification included. |
| Curriculum | 9 optional prep courses, 15 required core courses, at least 3 of 12 electives (18 required in total). |
| Time | CFI: “most learners finish in 100 – 120 hours” (older CFI material says 120–200). |
| Exam | Final exam: 50 multiple-choice questions incl. Excel case studies, 3 hours, online, 70% to pass; 80% needed on each course assessment first; unlimited retakes after a 30-day wait. |
| Refunds | “All payments to CFI are non-refundable” except where law requires. |
| Last verified |
Who it is for
CFI is the broadest of the three and the most beginner-friendly: nine optional prep courses precede the core, and the subscription includes every other CFI certification and CPE-credit courses1. It suits career changers, students and early-career FP&A or corporate-finance staff who want a structured path and are not specifically targeting investment banking.
Cost, access and exam
Self-Study costs $497 a year at list price, Full-Immersion $847; both auto-renew and there is no monthly plan1. Payments are non-refundable except where the law requires2. The FMVA final exam is a three-hour, 50-question online test passed at 70%, after 80% on each course assessment; retakes are free after 30 days3. Full detail: FMVA review.
Strengths
- Most content per dollar; seven certifications in one subscription.
- Genuine beginner path with prep courses.
- Low exam risk (70%, unlimited free retakes).
Weaknesses
- No refund and automatic renewal.
- Access ends with the subscription.
- CFI’s own pages disagree on course counts and hours3.
Wall Street Prep — Premium Package
At a glance: Wall Street Prep Premium Package
| Provider | Wall Street Prep (WSP) |
|---|---|
| What it is | Self-study financial and valuation modeling package with WSP’s “Financial & Valuation Modeling Certification” |
| US price | $499 one-time (a 15%-off code banner was showing on the verification date) |
| Content | Six core courses — Financial Statement Modeling, DCF, M&A, Trading Comps, Transaction Comps, LBO — plus a bonus course, “25+ mini-courses” and one month of PitchBook access; 45h 59m of video in total |
| Access | WSP states lifetime access (in its knowledge base; not on the product page) |
| Certification | Product page: pass the final exam of each of the six courses. WSP knowledge base describes a single 50-question online assessment (2.5–3 hours, two attempts). Passing score not published. |
| Refunds | WSP’s terms describe a 30-day credit/refund request window |
| Last verified |
Who it is for
Wall Street Prep’s Premium Package is the classic investment-banking analyst curriculum: financial statement modeling, DCF, M&A, trading and transaction comps, and LBO, in six courses with about 46 hours of video4. WSP describes itself as the training provider for “the world’s top investment banks, private equity firms, Fortune 1000 companies and business schools” and lists named clients — a provider claim we have not verified, but the curriculum’s shape supports the IB focus5. It suits people targeting banking, private equity or valuation roles, and anyone who prefers to buy once.
Cost, access and exam
The listed price is $499 one-time; a 15%-off code banner was showing when we checked4. WSP’s knowledge base states that purchasers have lifetime access; the product page does not say so6. On certification, WSP’s pages conflict: the product page says the certification “is earned by successfully completing the final exam from each of the program’s 6 courses”, while the knowledge base describes a single online assessment of 50 multiple-choice questions taking 2.5–3 hours, with two attempts46. WSP does not publish the pass mark. WSP’s terms of use describe a 30-day window to request a credit or refund; we could only find those terms on a non-canonical WSP host, so confirm before buying6.
Strengths
- The standard IB modeling sequence, in one purchase.
- Lifetime access (per WSP’s knowledge base).
- PitchBook access and an instructor call included.
Weaknesses
- Narrower than CFI: no FP&A, data or dashboard content in the package.
- Certification mechanics and pass mark are not clearly documented.
- Refund terms hard to find on the main site.
Breaking Into Wall Street — Core and Premium
At a glance: Breaking Into Wall Street (BIWS)
| Provider | Breaking Into Wall Street (Mergers & Inquisitions) |
|---|---|
| Products | Core Financial Modeling $297 (40 hours of video, 13 modules) · Excel & VBA $197 (24 hours) · BIWS Premium $497 (90 hours; Excel & VBA + Core Financial Modeling + PowerPoint Pro). One-time payments; instalment plans offered. |
| Access | “Unlimited access to course files, 5 years of support/updates/video access” — not lifetime |
| Certification | Per-course BIWS Certification; each exam requires a 90% score. BIWS: “very few students pass them the first time around.” Question count and time limit not published. |
| Refunds | 90-day money-back guarantee |
| Last verified |
Who it is for
BIWS, the course arm of Mergers & Inquisitions, sells modular one-time courses: Core Financial Modeling ($297, 40 hours, 13 modules), Excel & VBA ($197, 24 hours) and BIWS Premium ($497, 90 hours) which bundles both with PowerPoint Pro7. It suits buyers who want the lowest entry price with a real refund window, people who want serious Excel and VBA training alongside modeling, and anyone who values a hard exam: BIWS certifications require a 90% score and BIWS says “very few students pass them the first time around”8.
Cost, access and exam
All BIWS courses are one-time purchases with instalment options7. Access is “unlimited access to course files, 5 years of support/updates/video access” — not lifetime7. Refunds are available on request within 90 days of enrollment9. Certification is per course, by exam at 90%; BIWS does not publish question counts or time limits8.
Strengths
- Cheapest entry point ($297) and the only 90-day refund of the three.
- Strong Excel & VBA component in Premium.
- Demanding exams give the certificate more meaning.
Weaknesses
- Video access ends after five years.
- Least brand recognition of the three; no review-platform footprint.
- Exam details (questions, time) not published.
Which one should you choose?
Verdict
On the published facts, the three are closer in price than their marketing suggests (roughly $300–$500 for the core product) and differ mainly in scope, ownership and risk. CFI gives the most content but locks you into a non-refundable annual cycle; Wall Street Prep gives the tightest IB curriculum with lifetime access; BIWS gives the cheapest, most refundable purchase and the hardest exams.
- Career changer or student, not sure which finance role
- CFI Self-Study. Breadth and the prep tier matter more than IB polish at this stage. Turn off auto-renewal immediately.
- Targeting investment banking, PE or valuation
- Wall Street Prep Premium Package, or BIWS Core if budget is tight. Both follow the analyst-training sequence banks use.
- Want to try before committing
- BIWS: the 90-day guarantee is the only real trial among the three.
- Need strong Excel and VBA, not just modeling
- BIWS Premium (Excel & VBA is 24 of its 90 hours) or add Wall Street Prep’s separate Excel and VBA courses.
- Want independent proof of modeling skill
- None of the three: all exams are unproctored. Consider the Financial Modeling Institute’s AFM exam instead — see the hub.
Check CFI’s current price Check Wall Street Prep’s current price Check BIWS’s current price
These buttons go to the providers’ pages; where we have an affiliate agreement we may earn a commission and the price is the same for you. Which programs pay us is listed on the disclosure page.
Alternatives
- Financial Modeling Institute (AFM, $725 per exam): a proctored four-hour model build with no training included — the credential to pair with any of the three courses if you want a test that proves skill11.
- Wall Street Oasis courses ($97–$497): a smaller catalogue with completion certificates; WSO also runs a forum where these programs are discussed, so read its own course pages with that in mind12.
- Free and low-cost learning: Coursera’s finance specialisations and free provider previews teach the mechanics; they do not carry the same certificate. See free vs paid financial modeling courses when published.
What would change our view
A refund window or monthly billing at CFI, a clearly documented exam and pass mark at Wall Street Prep, or lifetime video access at BIWS would each shift the verdict for the profile most affected. We re-check all three providers’ prices, access terms and exam rules quarterly, and we will add a first-hand section only if we complete a program ourselves.
Frequently asked questions
Which is cheapest: CFI, Wall Street Prep or BIWS?
BIWS Core Financial Modeling is the cheapest entry point at $297 one-time. CFI Self-Study ($497 per year) and Wall Street Prep Premium ($499 one-time) cost about the same in year one, but CFI renews annually while WSP is a single purchase.
Which has the best refund policy?
BIWS: a 90-day money-back guarantee. Wall Street Prep’s terms describe a 30-day credit/refund request window. CFI’s payments are non-refundable except where the law requires.
Is any of these certifications proctored?
No. All three certify through online, unproctored assessments. The Financial Modeling Institute’s AFM and CFM are the proctored alternatives.
Which certificate do employers recognise most?
None of the three is an independent standard, and we have found no job-ad or survey data ranking them. All three are read by hiring managers as evidence of training. Wall Street Prep’s corporate training claims are the strongest brand signal for investment banking; CFI has the largest user base.
Can I get lifetime access?
Wall Street Prep states lifetime access in its knowledge base. BIWS gives five years of video access. CFI access lasts as long as you subscribe.
Sources
- CFI pricing and FMVA program — Corporate Finance Institute. Accessed September 3, 2026.
- Refund policy — CFI Help Center. Accessed September 3, 2026.
- FMVA final exam, FMVA program information and program updates — CFI Help Center. Accessed September 3, 2026.
- Premium Package — Wall Street Prep. Accessed September 3, 2026.
- Wall Street Prep home page and corporate training — Wall Street Prep (provider claims). Accessed September 3, 2026.
- Does Wall Street Prep’s certification matter? — Wall Street Prep; Terms of use (found on WSP’s “prod” host; the www path returned an error on the access date). Accessed September 3, 2026.
- All courses, Core Financial Modeling, BIWS Premium and Excel & VBA — Breaking Into Wall Street. Accessed September 3, 2026.
- BIWS Certifications — Breaking Into Wall Street. Accessed September 3, 2026.
- 90-day guarantee — Breaking Into Wall Street. Accessed September 3, 2026.
- CFI on Trustpilot, Wall Street Prep on Trustpilot, BIWS on Trustpilot — Trustpilot. Accessed September 3, 2026.
- FMI program comparison — Financial Modeling Institute. Accessed September 3, 2026.
- WSO courses — Wall Street Oasis. Accessed September 3, 2026.
Update log
- Published. Prices, access terms, exam rules and refund policies verified against the sources above.