Preparing for the CFA Level II exam typically requires 300 to 400 hours of study over 4 to 6 months. Due to its depth and focus on application, most candidates require a minimum of 300-350+ hours. A recommended schedule involves roughly 13-20 hours per week over 4-6 months, with increased focus on practice questions and mock exams in the final weeks.
It's generally recommended to set aside over 300 hours to study for the CFA Level 2 exam. Those hours can be customized based on whether you've decided on a more traditional approach or by taking a fast-track approach.
Some say that the CFA Level II exam is the most difficult of the three. In any case, Level II should be taken very seriously. While Level I focuses on basic financial concepts and formulas, Level II focuses on the application of investment concepts and tools to all types of assets, with an emphasis on asset valuation.
No, studying for any CFA exam in less than 6 months will not give you enough time to adequately prepare unless you have a relevant background in the curriculum. According to CFA Institute, candidates study on average 348 hours for the Level I exam, 364 hours for the Level II exam, and 365 hours for the Level III exam.
The CFA Level 2 syllabus includes topics from Level 1, but they are studied more deeply. Key areas include equity valuation, fixed income, corporate finance, derivatives and portfolio management. Ethics scenarios are more complex and the exam tests your ability to integrate multiple topics within a single vignette.
An MBA program provides a broader education than the CFA program. The CFA focuses more on detailed topics like investment management. Completing both may give you a comprehensive education that could help prepare you for a career in portfolio and corporate management.
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.
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.
Most Difficult CFA Level 2 Topics
Financial Statement Analysis: Requires a solid grasp of formulas, calculations, and data interpretation. A significant portion of the exam focuses on using financial statement data to compute key values, making familiarity with the FSA formula sheet essential.
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.
Each candidate is allowed up to six total attempts per exam level. Candidates who are unsuccessful after six attempts at the same level are no longer eligible to register —this applies to attempts under both existing and newly created accounts.
10 careers you can pursue with a CFA designation
Reasons why CFA Level 2 is the hardest CFA level
There is no strict CFA age limit, so people of all ages can join. The CFA age requirement only asks for a degree or relevant work experience. Many individuals who choose to pursue the CFA do so around the age of 40 or later. The age limit for CFA course should not stop anyone motivated to grow.
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.
Is the CFA Equivalent to a Master's Degree? Since both the CFA Program and an MSFA require an undergraduate degree in most cases and require about the same total amount of study, the CFA is generally considered to be equivalent to a master degree.
Many CFA charterholders consider the Level 3 CFA Exam the most difficult because of the time and thought needed to answer the constructed responses successfully. While the typical Level 3 CFA Exam pass rates are the highest of the CFA Exams, only around 56% of CFA candidates pass the exam.