It takes three to four years to complete all three levels of the CFA Program. This takes into account the recommended study time of 300 hours per level. To become a member and use the CFA Charterholder designation, you also need at least 4,000 hours of relevant work experience, completed in a minimum of 36 months.
The answers depend on your career goals. An MBA and CFA can complement each other, so earning both is worth consideration. An MBA program provides a broader education than the CFA program. The CFA focuses more on detailed topics like investment management.
Or are the CPA exams harder than the CFA exams? As we've established when looking at the differences between the CFA and CPA exams, the breadth, depth and length of the CFA exams combined make the CFA exams a lot more challenging to undertake and pass than the CPA exams.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.
To pass all three CFA exams in 18 months you will need to strategically pick your exam dates and pass all three exams on your first attempt. Plan to spend 6 months preparing for each CFA exam and having very little free time during this endeavor.
Most students aim for 120 to 126 correct answers, which is around 67% to 70%, as this aligns with the general CFA Level 1 pass criteria. Understanding the concept of the CFA Level 1 passing marks helps candidates set realistic targets. Knowing how many questions to get right gives clear goals.
Level I of the CFA Program usually has the lowest pass rate which could imply it's the most difficult exam in the program. However, this will not apply to every candidate because each person will have different strengths and weaknesses.
How much does the CFA Program cost? Total exam fees for all three levels of the CFA Program range from USD 3520 – 4,600, depending on whether you register during the early or standard registration window.
How hard is the CFA Level III exam? Due to the difficulty of the essay format of the CFA Level III exam, it's deemed the most challenging CFA exam to pass although it has a higher pass rate than the Level II exam.
The CFA Level 2 exam has a reputation for being the trickiest stage. Only about half the candidates pass, which says a lot about how tough it is. The questions feel longer, the topics go deeper, and the pressure is real.
The coveted role of a CFA typically earns a substantial salary, with a base pay of about $90,000 and make up to $180,000 not including bonuses, profit sharing, and other benefits.
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.
How Is the CPA Exam Scored? The Discipline sections (BAR, ISC, TCP) were introduced under the updated (2024) CPA Exam structure. Each section is scored on a scale of 0–99, with a score of 75 required to pass.
If you aspire to be employed by JP Morgan, ICICI Bank, or an international consulting behemoth like EY, the CFA certification provides that competitive advantage.
Yes. The CFA remains highly relevant, especially in investment-driven roles. It's still the gold standard for professionals in portfolio management, equity research, and institutional asset management,thanks to its global recognition and ethical focus.
Some of the major negatives to attaining the CFA credential are the long time frame for completing the programme, the inability to guarantee a job, limited opportunities to utilise the certification outside of investment-related positions, and the extensive amount of work required to attain the CFA.
However, let's put things into perspective: the CFA Level 1 exam is not a math test. The CFA Institute has made it clear that calculations will account for no more than 30% of the questions on the exam. To put it in numbers, that's a maximum of 54 out of the 180 questions.
The top 5 toughest exams in the world are generally considered to be:
In spite of all odds, average students pass CFA exams regularly by: Employing study schedules with an emphasis on key subjects. Focusing on ethics and key notions, which have high exam weighting. Utilising quality preparation materials and practice exams.
Average CFA Salary: The average annual salary for a CFA in India ranges from ₹6 to ₹25 lakh or more, depending on experience and job role. CFA Entry-Level Salary (0-2 years): Fresh CFA candidates can expect to earn between ₹6 and ₹12 lakh per annum in roles like Financial Analyst or Investment Banking Associate.
The short answer is, again, no. The CFA Institute simply requires you to have a bachelor's degree (or equivalent) or be in the final year of your bachelor's degree program. You'll also need to have four years of relevant work experience, and, of course, you must pass all three levels of the CFA exam.
10 careers you can pursue with a CFA designation
CFA Charterholder vs.
MBAs are in a much broader field of careers than CFA Charterholders but where they do overlap can be in the fields of finance and management. Regardless, according CFA Institute, the average salary for a CFA is $180,000 and the average salary for an MBA is $107,000.
CFA is one of the toughest courses in the field of finance. To clear every level, the candidate needs to dedicate at least 300 hours of learning. MBA, on the other hand, is much easier as compared to CFA.
CFA Level 1 passing scores 2012-2025 (estimated)
We estimated that CFA Level 1's MPS ranged from 56%-74% from 2012-2025, with an 13 year average of 65%. The latest estimated MPS for CFA Level 1 is estimated to be around 68%.