- CFA Institute (2024)

FAQs

Is CFA Institute material enough? ›

The CFA curriculum is comprehensive and covers the topics adequately. The CFA Institute® Candidate Survey reports that the most commonly used study material was the CFA Institute curriculum (75%). That makes sense since the CFA Institute includes these materials when a candidate registers for the exam.

The exam is composed of 90 questions in the first session and 90 questions in the second session. To pass this exam, aim for correctly answering at least 75% of the questions. That means you need to correctly answer at least 180(0.75) = 135 questions total, or about 68 questions in each session.

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.

Are CFA Practice Questions Harder than the Actual CFA Exam? CFA practice questions are designed to be similar to the actual exam questions at every level. If candidates are experiencing difficulty with practice questions this usually means that candidate is not fully prepared or their nerves got the best of them.

A newbie cannot just rely on Schweser notes to pass the CFA Level 1 exams. Others think the practice questions could be more representative of the exam questions. It is important to remember that Schweser study materials are designed to supplement the CFA Institute curriculum, not replace it.

To pass CFA Level I, you probably need to target 70% in as many topics as possible... In other words, you don't have to get more than 70% in everything to pass. Some say you can get as low as 65%, or even 63%. You don't even need to get more than 51% in everything to pass.

According to 300 Hours, as of the day of writing, 10-year average pass rates are 39% for Level I, 45% for Level II, and 50% for Level III. The percent of people who pass all three levels on their first try may even be in the single digits, though there is no official stat.

Average Pass Rate on the CFA Exam

Many students, even the most talented test takers, express concerns over the low pass rates of each of the three exams in the CFA program: on average, less than half the test takers in a room are going to pass.

If you can be 100% sure of the answers to half of the questions, and correctly guess at a 50% rate for the other half, you've just passed the exam!

Is 3 months enough for CFA level 1? ›

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.

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.

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.

CFA vs CPA Exam difficulty

Both are challenging and require gaining skills and knowledge in complex topics. However, the CPA Exam generally requires less studying - around 80 to 120 hours per section compared to 300 hours per section of the CFA Exam, and the CPA Exam also has a higher pass rate.

The average age of a CFA level I test taker was 26.6 in 2018. 12 However, these days, younger students frequently enter the program in their last year of school or shortly thereafter.

From 2012 to 2022, pass rates for the level 1 exam have averaged 41%. Since 2020, the average has been hovering around 37%. Anecdotal evidence suggests that many level 1 candidates begin the process without fully appreciating the challenge of the exam.

The Investment Foundations certificate is accepted by the Investment Industry Regulatory Organization of Canada (IIROC) Glossary of Financial Certifications. CFA Institute is designated as a Recognized Educational Institution by Revenu Quebec, the taxing authority in Quebec.

When you register for the CFA exam, you automatically get access to study materials through CFAI (CFA Institute). However, many CFA (Chartered Financial Analyst) candidates still choose to use a CFA prep course to adequately prepare for the exam.