Yes, 400 hours is generally considered sufficient for the CFA Level II exam, exceeding the average recommended study time. While the average candidate studies for about 300-350 hours, 400 hours provides a comfortable buffer to manage the increased complexity and item-set format.
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.
Starting early to prepare for the Level II CFA Exam means beginning to prepare six-to-nine months before your exam day, and finishing three months out from your exam date. Many successful CFA charterholders credit their study routine for their success in taking the CFA exams.
Successful candidates, averaging 323 hours of preparation, follow the CFA Institute's recommendation. For CFA Level 1, allocate at least 303 hours.
The CFA Level 2 exam has a reputation for being the trickiest stage. Only about half the candidates pass, which says a lot about how tough it is. The questions feel longer, the topics go deeper, and the pressure is real.
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.
Recommended study time for Level III is at least 344 hours (compared to 303 hours for Level I and 328 for Level II).
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.
A CFA Can Improve Your Salary
And on top of that, CFA candidates experience pay increases after passing each subsequent level, earning an average of 29% more after they pass Level I of the CFA exam and 34% more after passing the Level II exam.
Congratulations! You can register yourself for Level II as soon as the day after you get your results. Or, you can opt to take a break. Remember, your results will never expire!
Most Difficult CFA Level 2 Topics
CFA Institute, the global association of investment professionals, announces that of the 15,003 candidates worldwide who sat for the Level II CFA® Program exam in November 2025, 42 percent have passed.
CFA Level 2 isn't just about recall; it's about applying tools, analyzing data, and connecting concepts under pressure. UWorld trains you to do exactly that, with expert-led study materials and explanations, exam-style practice, and a system trusted by over 4 million students preparing for high-stakes exams.
The 3-2-1 study rule offers several strategies, primarily focusing on active recall and spaced repetition for better memory, involving techniques like reading 3 times, speaking 2 times, writing 1 time to engage different learning styles, or a review schedule of 3 times in week 1, 2 times in week 2, 1 time in week 3, using principles like reviewing concepts from multiple angles and combating the forgetting curve. Other variations focus on immediate post-lesson recall (3 key ideas, 2 interesting facts, 1 question) or quick anti-procrastination tactics (3 mins focus, 2 mins prep, 1 min goal setting).
Level II exam format
The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions. The Level II exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.
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.
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.
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.