No, the CFA exam does not allow the use of Excel during the actual exam, as of 2026. Candidates are strictly restricted to using approved calculators—the Texas Instruments BA II Plus or Hewlett Packard 12C. While Excel is not allowed on exam day, it is used in the Practical Skills Modules (PSM).
I am writing level 1 in May. I have looked up this questions many times now. In the new readings for statistics in level 1, we are taught to use excel function for coming up with z and t values based off probabilities and degrees of freedom. Obviously, we can't use excel during an exam.
Derivatives, Alternative Investments, and Portfolio Management round out the Level I topics. You won't be able to bring the sheet on exam day, but it's an incredibly valuable resource during your season of preparation, and UWorld's Formula Sheet is the best you'll find. Get access to our Level I CFA Formula Sheets now.
CFA Level 1 is widely considered a very difficult exam due to its broad curriculum, demanding study commitment (often 300+ hours), challenging technical content, and typical ~40% pass rates, requiring strong discipline to learn and recall foundational finance concepts, though it's often seen as the most manageable of the three levels because it focuses on learning and describing rather than deep analysis. Success hinges on consistent study, mastering core topics like Ethics, FSA, and Investments, and effective exam technique, making it a significant hurdle for many.
How many hours should I study for each CFA® level? For CFA® Level I, aim for about 300-350 hours; for Level II, around 350-400 hours; and for Level III, 400-450 hours.
On average, allocate 15-20 hours per week for CFA Level 1 preparation. Plan for a longer overall preparation period, ideally around 5-6 months.
The Chartered Financial Analyst credential is one of the most demanding exams on Earth when it comes to preparation and study time required. The average pass rate for the CFA Level 1 is only 43%. For Level 2, you're looking at a passage rate of 44%. And Level 3 is not much easier at 50%.
Average Age of CFA Candidates
Although many candidates are in their late twenties or early thirties, the Program has a wide age range. Many begin at 35, 40, or even 50. Some of the most thoughtful, determined candidates are the ones who start later. Experience is not a burden.
CFA Level I Pass Rate Stays at 43% for November Test
Candidates who put off taking the test have a smaller likelihood of success. Those who took the Level I exam in November with at least one deferral saw a 29% pass rate, compared with 49% for first-time candidates, the CFA Institute said.
The 10th and 90th percentiles were removed from the report because we have added scale scores. Scale scores add more precision to your results interpretation. The 10th and 90th percentiles only provide a comparison of your result against other candidates in the same administration.
How Long to Study for CFA Level III Exam. A 2019 survey conducted by the CFA Institute showed that CFA Level III candidates spent an average of 344 hours studying for the Level III exam. You'll need to set aside anywhere from 6-9 months to prepare. Customize those hours to best fit your schedule.
CFA Level 1 is widely considered a very difficult exam due to its broad curriculum, demanding study commitment (often 300+ hours), challenging technical content, and typical ~40% pass rates, requiring strong discipline to learn and recall foundational finance concepts, though it's often seen as the most manageable of the three levels because it focuses on learning and describing rather than deep analysis. Success hinges on consistent study, mastering core topics like Ethics, FSA, and Investments, and effective exam technique, making it a significant hurdle for many.
Yes, the answer to Is CFA easy for CA students is that many CA students find CFA easier. It is due to the rigidity of the CA exams, as it is considered the toughest of all the accounting and finance exams to crack.
Yes, it is possible to pass the CFA Level I Exam with self-study. However, most CFA members strongly suggest that you prepare with a CFA expert who can help guide you through the curriculum and keep you motivated along the way.
Key Highlights:
CFA Exams Pass Rates
The CFA exams are perhaps the most challenging exams out there. They are often referred to as “bar none” the toughest exams—even harder than medical school or law school exams—with pass rates that hover around 50% and were much lower during the recent pandemic.
10 careers you can pursue with a CFA designation
The CFA exams are known to be taxing, and there are specific subjects of particular difficulty. This post examines the most difficult CFA subjects are fixed income, derivatives, and financial statement analysis (FSA) and why they're so tough, as well as providing strategic CFA tips to conquer them.
The CFA Level I exam consists of 180 multiple-choice questions, divided into two sessions of 135 minutes each. Each session contains 90 questions, and candidates are advised to spend approximately 90 seconds per question.