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Sludge-based activated carbon (AC) was prepared for the cadmium (Cd) removal from the aqueous solution. X-ray diffraction and Fourier transform infrared were applied as two main techniques to investigate the surface characterizations of the adsorbent. Response surface methodology (RSM), which was coupled with central composite design (CCD), was applied to study the impact of three major parameters, such as pH, dosage (D) and initial concentrate (C) on the percentage of Cadmium removal. The RSM model indicates that the optimum points of Cd removal were 90% at pH = 8.74 and D/C = 50. The Financial Feasibility and Investment Strategy was also investigated to consider key indicators in the financial feasibility of water treatment projects. The present study shows the systematic investigation of an attractive adsorbent to remove Cd from an aqueous solution. Also, in this study, modern investment strategies and efficient financing methods for water treatment projects are provided. The results showed that this type of adsorbent is appropriately able to eliminate Cd from water and aqueous solution.