Yes, 5 months is enough time to study for the CFA Level 2 exam, but it requires high discipline, as it is slightly below the recommended 6-month, 300+ hour, study period. You will need to dedicate roughly 13–15+ hours per week, focusing on practice questions (vignettes) and leaving the final 4–5 weeks for intense, full-length mock exams.
Based on CFA Institute's June 2019 Candidate Survey, the average Level 2 candidate studied for 328 hours. However, based on our experience to increase chances of passing, studying for a minimum of 350 hours over 4-6 months is more common.
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.
Depends on your background. If you have a good Finance or Accounting Background, 5 months is definitely suffice. But if you are from a totally different Non Finance Background, then 6-8 months is Solid time.
Most of the level 2 CFA candidates start their exam preparation approx. 5 months before the exam. Some will think that 6 months is a safer prep time and some will wait just a bit longer only to get down to intensive work when it's 4 months to the exam.
Yes, many candidates successfully pass CFA Level 1 in six months while working full-time. The key is to follow a disciplined CFA Level 1 study plan for working professionals, use shorter weekday study sessions, and dedicate longer sessions on weekends for deep learning and mock exams.
Yes, the answer to Is CFA easy for CA students is that many CA students find CFA easier. It is due to the rigidity of the CA exams, as it is considered the toughest of all the accounting and finance exams to crack.
Successful candidates, averaging 323 hours of preparation, follow the CFA Institute's recommendation. For CFA Level 1, allocate at least 303 hours.
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 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.
We don't recommend you only take three months to prepare for the CFA Level II exam, but there are many who want to speed things up. If you're choosing the fast track, be sure to not push yourself too hard, as this level of intensity can be all-consuming.
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.
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 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.
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.
You'll need to set aside anywhere from 6-9 months to prepare. Customize those hours to best fit your schedule. Plan an hour or more into each day or map out longer weekend sessions if finding time during the workweek is difficult.
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.”)
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.
Compared to the chartered financial analyst (CFA), a master of business administration (MBA) provides a broader study of business principles. An MBA teaches students valuable analytical and leadership skills that prepare them for opportunities across a number of sectors and careers in finance.