Most candidates find CFA Level 2 the hardest due to its deep application of concepts through detailed vignettes, requiring interpretation and problem-solving over mere memorization, though some find Level 3's subjective written responses more challenging. Level 1 is a broad introduction, but Level 2 is a significant jump in rigor, focusing on applying Level 1 knowledge to complex scenarios with data. Level 3 introduces constructed response questions (essays) and portfolio management, demanding synthesis and precise communication, making it cognitively demanding despite fewer readings than Level 2, say AnalystPrep.
The Level I CFA exam has the lowest pass rate out of the three CFA exams. It is generally considered the “easiest” of the three because it tests the material using lower-level cognitive skills and consists of all multiple-choice questions, but it is also often underestimated, resulting in the low pass rate.
CFA Level 2 Difficulty
The Level 2 test is widely considered to be the most difficult of the three exams. The biggest change when moving from Level 1 to Level 2 is the questions taking the form of what is referred to as “item sets.”
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.
Fixed income is generally regarded as one of the most difficult CFA subjects in CFA studies. Its difficulty lies in grasping bond features, pricing models, yield computation, and sensitivity to changes in interest rates.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.
People blame burnout after months of study, overconfidence from past academic success, poor time management during the exam, or simply not practicing enough with mocks. Others admit to skipping entire topics like derivatives or ethics, or to suffering from crippling exam anxiety on test day.
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, 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 may be down, but it's not out, financial advisors say. A total of 116,727 people sat for all three levels of the CFA exam in the first eight months of 2024, down 2,735 from the same period in 2023, according to the CFA Institute.
How Long to Study for CFA Level III Exam. A 2019 survey conducted by the CFA Institute showed that CFA Level III candidates spent an average of 344 hours studying for the Level III exam. You'll need to set aside anywhere from 6-9 months to prepare. Customize those hours to best fit your schedule.
Yes, you can get a job once you clear CFA Level 1, as it shows your strong financial reporting, quantitative, corporate finance, and income-based skills to employers.
How many hours should I study for each CFA® level? For CFA® Level I, aim for about 300-350 hours; for Level II, around 350-400 hours; and for Level III, 400-450 hours.
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.
Yes, it is definitely feasible. I self-studied for all 3 levels of my CFA exams, with a basic study notes package from Kaplan Schweser and tons of practice papers. You'll need to spend time with Level 2 to understand the materials and make time for practice tests.
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.”)
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.
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.
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.