Passing the CFA Level II exam is widely considered highly impressive, often regarded as the most challenging of the three levels due to a shift from simple item sets to complex, vignette-based vignettes focusing on asset valuation. It signifies a deep, practical understanding of investment tools, which can significantly boost credibility and career prospects in finance.
Level II goes more in-depth into investment management and portfolio concepts. It tests your ability to apply these concepts to real-life scenarios. It's important to master 10 key topics, including equity valuation and portfolio management, to succeed in the Level II exam.
TOP TOPICS OF THIS PAGE
The Level II CFA exam is widely considered to be one of the most difficult professional exams. Of the three CFA exams–Level II often claims the title of the most difficult level. However, candidates who dedicate time and effort to study can excel.
You can state that you passed Level II, but you can't use the word “candidate” until you've registered for the next exam.
(Though this only includes the June exam for 2018; the average age for December test takers ticked slightly higher – between 0.2 and 0.3 years – from 2013 through 2017). For Level II, the average age at registration has dropped from 28.6 to 28.1 over the last five years.
Neither the CFA nor the MBA is universally "better"; their value depends on your career goals, with the CFA offering deep investment expertise for roles like portfolio management and the MBA providing broad business skills for leadership and strategy, often through strong networking. The CFA is ideal for specialized finance careers (research, asset management) and is globally recognized for technical depth, while an MBA offers flexibility across industries (consulting, general management) and often higher senior leadership representation, with top school prestige being crucial.
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.
Reason 1: Insufficient Study Hours
This is the 1st cause of candidates fail in CFA exams. The CFA Institute recommends 300–350 study hours per level, but many underestimate this. Candidates who procrastinate are typically reduced to last-minute cramming, which is counterproductive.
The level-wise salary expectations for CFA aspirants in India are roughly ₹4–6 LPA at Level 1, ₹6–9 LPA at Level 2, and ₹10–25 LPA+ at Level 3/charterholder, with ₹30–50 LPA+ achievable for high performers. Moreover, higher brackets are possible in choosing senior investment roles over time in India's top markets.
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.
If you aspire to be employed by JP Morgan, ICICI Bank, or an international consulting behemoth like EY, the CFA certification provides that competitive advantage.
Is the CFA Equivalent to a Master's Degree? Since both the CFA Program and an MSFA require an undergraduate degree in most cases and require about the same total amount of study, the CFA is generally considered to be equivalent to a master degree.
Gaining experience and proving your knowledge with the CFA certification can fast-track your career growth. Or if you're further along in your career but want to make the switch to a financial management career, it still might be a good time to earn this prestigious designation.
For example: “CFA® Program participant, CFA Institute.” In the education section of your resume, you can also include which level you can complete and the date of completion. For example: “Completed Level II in 20XX.” You may only use the term “candidate” if you are actively registered for an upcoming CFA exam.
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.
Although the digital currency is widely recognized and has had extraordinary moments like recently hitting $100,000 in value for the first time, Buffett is not a fan.
The 7-3-2 rule is a financial strategy for wealth building, suggesting it takes 7 years to save your first major financial goal (like a crore), then accelerating to achieve the next goal in 3 years, and the third goal in just 2 years, leveraging compounding and disciplined, increased investments (like a 10% annual SIP hike). It highlights how returns compound faster over time, drastically reducing the time needed for subsequent wealth targets, emphasizing patience and consistent, growing contributions.