No, the CFA exams (Level I, II, and III) are not open-book exams. They are strictly proctored, closed-book, computer-based tests administered at authorized test centers. Candidates cannot access any notes, textbooks, or online materials, and are only allowed to use approved calculators (Texas Instruments BA II Plus or HP 12C).
Each CFA® exam (Levels I, II, and III) consists of two sessions lasting 2 hours and 12–15 minutes each, totaling 4 hours and 24–30 minutes per exam. Is CFA® Level 1 open book? No, the CFA® Level I exam is not an open-book exam.
The CFA Program curriculum is available in two formats: digital and print.
Exams will be delivered in proctored exam centers with robust security measures in place. Each test center will closely monitor candidates for cheating in any form.
Derivatives, Alternative Investments, and Portfolio Management round out the Level I topics. You won't be able to bring the sheet on exam day, but it's an incredibly valuable resource during your season of preparation, and UWorld's Formula Sheet is the best you'll find. Get access to our Level I CFA Formula Sheets now.
How Long To Study For the Level I CFA Exam. According to the CFA Institute, candidates who pass the Level I CFA exam say they spent just over 300 hours preparing. We recommend that you begin to study anywhere between 6-9 months before exam day. You'll also need to customize those study hours to best fit your schedule.
AI Can Pass the CFA® Exam, But It Cannot Replace Analysts. Recent headlines have highlighted how large language models (LLMs) perform well and quickly on the CFA® exam.
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.
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.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 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.
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.
Will AI replace CFA professionals in finance jobs? No. While AI optimises efficiency, it does not replace intelligent decision-making, client engagement, or ethics oversight performed by CFAs.
Yes, it's possible to pass CFA Level 1 in 1 month with focused study, disciplined daily schedules, and frequent practice with mock exams and quizzes.
How hard is the CFA Level III exam? Due to the difficulty of the essay format of the CFA Level III exam, it's deemed the most challenging CFA exam to pass although it has a higher pass rate than the Level II exam.
Water in a clear glass is allowed during testing; however, eating, smoking (including electronic cigarettes,) and chewing gum are prohibited.
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.
Yes, you absolutely can. Many charterholders succeeded by following a structured CFA study plan for working professionals that prioritized high-yield topics and steady progress. AnalystPrep's study tools are tailored to help you pass the CFA while working.