You can fail the CFA Level 2 exam a maximum of five times, allowing for a total of six attempts at that specific level. According to CFA Institute policies, if you do not pass after six attempts, you are no longer eligible to participate in the CFA program.
CFA® Exam Result Validity and Attempt Policy
Candidates are permitted a maximum of six attempts per exam level.
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.
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The Level II CFA exam is widely considered to be one of the most difficult professional exams. Of the three CFA exams–Level II often claims the title of the most difficult level. However, candidates who dedicate time and effort to study can excel.
Reason 1: Insufficient Study Hours
This is the 1st cause of candidates fail in CFA exams. The CFA Institute recommends 300–350 study hours per level, but many underestimate this. Candidates who procrastinate are typically reduced to last-minute cramming, which is counterproductive.
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.
The pass rate for the Level II test was 42% in November, down from 44% in August and 54% in May. Candidates who took the Level II test in November after at least one deferral saw a 27% pass rate, compared with 50% for first-time candidates.
If I Fail the CFA Exam Do I Have to Pay Again? Yes, if you fail the CFA exam, you will need to pay the exam fee again when registering for a retake. The CFA Institute does not offer free re-attempts or fee waivers due to exam failure.
You fail—you haven't really started at all; you are still in the starting position. Now here comes level II. You pass—congratulations, you are almost done. This is a big deal—you have just one more to go; it's less than a year away and then once you pass that last one you'll practically be a charterholder.
Hardest topics by CFA Level
Meanwhile, CFA Level 2 most difficult topics are typically Financial Statement Analysis, Portfolio Management, Ethics and Derivatives. Finally, CFA Level 3 hardest topics are Fixed Income, Ethics, Equity Investments, Alternative Investments and Derivatives.
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.
Key Highlights:
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.
Influence on Higher Education and Careers
Tough exams serve as critical gateways to prestigious universities and professional opportunities.
List of Easiest Exams in the World
What is the hardest bar exam to pass? California has a notoriously hard bar exam, with only 45% of first-time takers passing the Feb 2024 bar exam, and 24% of repeat takers passing the July 2023 exam. However, there are other states with lower pass rates in July 2023, including Maine, Wyoming, and Maryland.