Yes, 350 hours is generally considered sufficient and aligns with or exceeds the 300-hour recommendation from the CFA Institute for Level 1. Successful candidates often report spending roughly 300–350 hours on preparation, although some studies suggest higher effort (450+ hours) may be required for thoroughness.
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.
How long does it take to study for the Level I exam? Successful candidates report spending over 300 hours on average preparing for each level of the CFA exam. The CFA Program allows candidates to tailor their preparation to individual needs and circumstances.
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.
On average, allocate 15-20 hours per week for CFA Level 1 preparation. Plan for a longer overall preparation period, ideally around 5-6 months.
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.
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.
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.”)
In-Depth Breakdown of the Most Difficult CFA Level 1 Topics & How to Tackle Them
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.
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.
On the final exam, students who slept ≥8.0 hours performed better than students who opted-out or slept ≤7.9 hours, even after controlling for pre-final grades. The Eight Hour Sleep Challenge provides proof of principle that many students can maintain optimal sleep while studying, without sacrificing test performance.
CFA Institute recommends to study 300 Hours in total. Others might recommend something else. CFA passing rate is 45% almost every year for level 1, preparing from this perspective will help you study hard also CFA cost a lot of money, some might have only 1 chance to crack this exam.
To help you stay calm and confident right before and during the test, do relaxation techniques. These include deep breathing, tensing then relaxing your muscles one at a time, or closing your eyes and imagining a positive outcome. Practice these methods daily so they feel like a habit when test day comes.
Listing CFA Level One in the education section of the resume
Write "Chartered Financial Analyst." Include a hyphen and "Passed Level 1" next to it with the year you earned the qualification. Write "CFA Institute" in parentheses. Place this above your college degree information.
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.
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.
Yes, if you fail CFA Level 1, you do have to pay again. That's why taking the time to prepare better this time matters. Use this opportunity to retool your process. Review your notes, revisit tough topics and make mock exams a cornerstone of your prep.
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.