While the CFA Level 1 curriculum contains over 100 to 200 total formulas across all topics, you do not need to memorize every single one. Candidates should focus on 30-40 core, high-priority formulas. Key areas to focus on include Quantitative Methods, Fixed Income, and Financial Reporting.
A: Yes. The CFA exam does not provide formula sheets during the test, so candidates must memorize key formulas, especially in Quantitative Methods, Fixed Income, and Financial Reporting. Q3: How many math formulas are in CFA Level 1? A: There are over 100 essential formulas across different topics.
The CFA Level 1 passing score is not fixed every year, but it usually stays between 65% and 70%. CFA Institute does not publish an official cut-off, but this range is considered the minimum benchmark to pass.
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. But here's a critical insight—just because 30% is the ceiling doesn't mean you'll encounter that many calculation-based questions.
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.
- Is ACCA more difficult than CFA? No, the CFA qualification tends to be considered slightly more difficult than ACCA - but this is to some extent a subjective matter, differing from person to person. Many people don't make it through the three levels of CFA because of the time required to finish the course.
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.
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.
If you are currently a candidate in the CFA Program:
Include your participation in the CFA Program in the education section of your resume. (For example: “CFA® Program participant, CFA Institute.”) You may also list the levels completed. (For example: “Completed Level I in 2020.”)
3 months can be enough if you're disciplined and can actually put in 20–30 hrs a week. With a math/stats background you'll likely move faster through Quant and FI, so the key is drilling CFAI QBank, EOCs, and mocks once you cover the readings.
Many successful CFA charterholders failed Level 1 once or more before eventually passing. You're in good company. Give yourself a day or two to sit with the disappointment, then get ready to rise.
Try Auditory and Kinesthetic Learning
Create rhymes or songs to remember formulas: Put those formulas to music and make them unforgettable! Explain the formulas out loud to someone else: Having students talk through the concepts helps solidify their understanding.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.
Most candidates find Financial Statement Analysis and Fixed Income to be the most challenging CFA Level 1 subjects based on the number and difficulty of questions. Quant Methods is also challenging for candidates from a non-quant background.
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 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.
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.
Generally, CFA professionals in finance and investment roles may earn more, but ACCA professionals in accounting and finance management can also have competitive salaries.
All Big 4 accountancy firms – Deloitte, PwC, EY, and KPMG – are active recruiters of ACCA-affiliated accountants. Choice often depends on your interest area: audit, consulting, tax, or advisory.
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.
CFA® Exam Result Validity and Attempt Policy
Candidates are permitted a maximum of six attempts per exam level. Attending and completing any portion of a scheduled CFA® exam counts as one attempt.