Yes, 5 months is generally considered enough time to study for the CFA Level 2 exam, provided you can dedicate approximately 15–20 hours per week (totaling 300+ hours) to study. While the CFA Institute recommends 6 months for preparation, 5 months allows for a focused, rigorous, and accelerated approach, with the final month reserved for intensive review and mock exams.
How long do I need to study for CFA Level II? The CFA Institute reports that it will take around 328 hours spread across at least six months to prepare for the CFA Level II 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.
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.
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.
Is CFA Level 2 much harder than Level 1. Yes, many find Level 2 harder. The questions are longer, the concepts more complex, and the item set format tests application, not just recall. It feels like a big step up.
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.
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.
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.
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.
Water in a clear glass is allowed during testing; however, eating, smoking (including electronic cigarettes,) and chewing gum are prohibited.
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.
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.
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.
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.
But obtaining a CFA is no easy feat. CFA exams are considered the most challenging out there—even harder than medical school or law school exams—with pass rates under 50%. The certification process demands years (yes, you read that right) of dedication, time, and effort.
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.