CFA Level 1 is not considered "math-heavy" in terms of complex, theoretical mathematics (like calculus), but it is calculation-intensive. Only about 20-30% of the 180 questions involve calculations, focusing heavily on basic arithmetic, algebra, and financial calculator proficiency rather than advanced formulas.
You really shouldn't worry about math too much on the level 1 exam. No more than 30% of the questions on a CF a level 1 exam can be asked. In other words, 30% of your 180 questions, which makes 54. That's the Max.
Here are the hardest CFA Level 1 topics to watch out for:
Level 2 is notoriously tough than level 1, and its even harder for a person with not-so much mathematical rigor. Eventually, the portfolio management, which is the essence of cfa, boils down to number crunching and judgement, so maths skills are inevitable for making it big.
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.
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.
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.
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.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.
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.
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.
Q2: Do I need to memorize all formulas for CFA Level 1? A: Yes. The CFA exam does not provide formula sheets during the test, so candidates must memorize key formulas, especially in Quantitative Methods, Fixed Income, and Financial Reporting.
While CFA Level 1 on its own may not greatly impact job or university applications, it's an excellent foundation for anyone new to finance.
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.
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.
Due to the vast material covered on the exams, the CFA® Institute suggests that candidates begin to prepare for each Level at least six months in advance, and recommends approximately 300 study hours per exam.
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.
To sit your next level 1 exam, you need to obey the rule of 6 months between the exams. It means that at least 6 months need to pass between the exam you failed and your new exam window. Of course, you can retake your CFA exam at a later date, say in a year.