Passing the CFA Level 1 exam in 5 months requires a disciplined, structured approach, dedicating at least 300+ hours to studying, roughly 15-20 hours per week. Focus 50% of your time on learning the curriculum via third-party prep providers (like Kaplan Schweser) and 50% on practice questions and mock exams, especially in the last 4-6 weeks.
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.
You'll need to allot anywhere from 6-9 months for preparation. Customize those hours to best fit your schedule—plan an hour or more of study time each day or map out longer weekend sessions if finding time during the workweek is difficult.
Let us have a look at the comprehensive month-wise plan to help you prepare for the CFA Level study plan 6 month:
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.
Is CFA tougher than CA? A: The CFA and CA (Chartered Accountant) qualifications have different focuses and challenges. While both are demanding, many find CA to be more rigorous due to its extensive practical training and exams.
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® 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.
The one thing standing between you and success on the Level I CFA Program exam is hard work. CFA Institute recommends you aim to spend at least 300 hours preparing for the Level I 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.
Therefore, the quickest (practical) way to a CFA charter is about 12-18 months, from starting Level 1 to finishing Level 3. This assumes 6 months' study per level and consecutive passes when pass rates are averaging less than 50%. FYI – 300Hours Members have an 85% pass rate, and it's FREE to join!
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.
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.
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.
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.
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 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.”)
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, 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 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.
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.