The hardest parts of CFA Level 1 are widely considered to be Financial Statement Analysis (FSA), Fixed Income, and Derivatives due to their complex, calculation-heavy, and conceptually dense nature. FSA is often deemed the toughest because it is heavily weighted (13–17%) and requires mastering intricate accounting standards.
Financial Statement Analysis, or FSA, is often regarded by students to be the most challenging topic in CFA Level 1, not just because of the subject's difficulty but also because of how heavily weighted it is on the exam (13–17%).
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.
CFA Level 1 passing scores 2012-2025 (estimated)
We estimated that CFA Level 1's MPS ranged from 56%-74% from 2012-2025, with an 13 year average of 65%. The latest estimated MPS for CFA Level 1 is estimated to be around 68%.
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.
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.
Most students aim for 120 to 126 correct answers, which is around 67% to 70%, as this aligns with the general CFA Level 1 pass criteria. Understanding the concept of the CFA Level 1 passing marks helps candidates set realistic targets. Knowing how many questions to get right gives clear goals.
The answers depend on your career goals. An MBA and CFA can complement each other, so earning both is worth consideration. An MBA program provides a broader education than the CFA program. The CFA focuses more on detailed topics like investment management.
The top 5 toughest exams in the world are generally considered to be:
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.
The 3 most important level 1 CFA exam topics are:
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.
6 Tips to Help You Pass the CFA® Level I 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.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.
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.
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, 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 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.