# What is CPA?

> CPA (cost per acquisition) is what a prop firm pays to win one paying customer, either as a fixed affiliate fee per sale or as total marketing spend divided by new buyers.

- Source: https://pipvalley.com/glossary/cpa
- Publisher: PipValley - web design studio for prop trading firms
- Updated: 2026-10-03

In a prop firm, CPA has two common meanings. In affiliate deals, a CPA is a flat fee paid per referred sale, as opposed to a revenue share percentage. In marketing analysis, CPA (or CAC, customer acquisition cost) is total spend on a channel divided by new paying customers from it.

The marketing version only makes sense next to the value of a customer. Prop firm buyers often buy several evaluations and resets over time, so first-order revenue understates what a customer is worth.

Discount codes, affiliate commissions and refunds all change effective CPA, so measure it on net revenue.

## Why it matters

Knowing CPA by channel tells you where to spend. Paid ads in this market are often restricted by ad platform financial services policies, so affiliates, creators, SEO and email carry more weight. Track every channel to a purchase in your CRM so CPA is measured, not guessed.