CFA Institute Self Service (2024)

FAQs

Can CFA be cleared with self-study? ›

Can I self study for CFA Level 1? Yes, it is certainly possible. I have done this myself for all 3 levels of the CFA exams. I just bought the basic study notes package from a third party provider (Kaplan Schweser) and self studied with no classes.

Are Mock Exams Easier than the CFA Exam? CFA mock exams can be slightly more challenging than the actual exam simply because candidates are still preparing for the exam and haven't finished studying. The best mock exams are designed to simulate the actual testing interface and format.

For the majority of candidates, we recommend a 6-month study plan. This would break down to about 12 hours per week or two hours per day for 6 days per week. Skipping one day each week would allow you to relax and prepare for the next week's activities.

Having said that Fixed Income, Derivatives, and FSA are the hardest level 1 CFA exam topics, it's time to rank all of the 10 level 1 topics by difficulty. Difficulty is a subjective criterion but this hard-to-easy topic hierarchy is meant as a guideline to help you approach CFA exam topics sensibly.

Three months can be enough time, but typically it takes a candidate at least six months to prepare for the Level I CFA Exam. UWorld's course is designed to be used for a more traditional six-month timetable but can be adjusted to meet each candidate's needs.

Successful Level I candidates spend more than 300 hours preparing for the exam on average. The best strategy is to leave at least four months (approximately 17 weeks) to finish all the reading material.

For the CFA Level I exam, be prepared to: Get through 180 free-standing multiple-choice questions in 4.5 hours (90 seconds per question). Answer every question, even if it's an educated guess (there is no penalty for wrong answers). Complete lots of practice questions and practice tests.

A survey carried out using a sample of 50 CFA Level I candidates reveals an average IQ of 105. Assuming that IQs are distributed normally, carry out a statistical test to determine whether the mean IQ is greater than 100.

With a pass rate of less than 11% for all three levels, the CFA passage rate is lower than most state bar exams. Virtually everyone who has taken all three exam levels will tell you it is one of the most time intensive and difficult exams they have ever sat for.

Three months can be enough time, but usually, it takes a candidate at least six months to prepare for the CFA Level III exam.

Is CFA level 1 easy? ›

The CFA exams are difficult, taking about 4-6 hours each. Candidates must complete 180 questions during that time in the Level I exam, which is not an easy task. To be successful, candidates need more than just intelligence and stamina. They also need the right tools at their disposal.

No. Your results do not expire.

Very few candidates pass all three CFA exams on their first attempt. CFA Institute estimates it takes the average successful candidate four years to complete the CFA Program. So failing one level, if not two, makes you an average candidate.

Many CFA charterholders consider the Level 3 CFA Exam the most difficult because of the time and thought needed to answer the constructed responses successfully. While the typical Level 3 CFA Exam pass rates are the highest of the CFA Exams, only around 56% of CFA candidates pass the exam.

Can I study CFA on my own? Yes. You can study for the CFA exam on your own by using the CFA study materials provided to you or by enlisting the help of a self-study CFA exam prep course like UWorld CFA.

Which Option is Right for You: In-Person Site Testing or Online Proctored Testing. CFA Institute now offers two different ways to take your exam: In-Person Site Testing (IST) at a testing center, or Online Proctored Testing (OPT), where you may take the test at home if you meet certain strict vendor requirements.

In short, ​the CFA charter alone is not going to help change your career, but it becomes powerful when combined with heavy networking and intense job hunting. No qualification in the world automatically lines up jobs for you – the skill you need is networking and interviewing.