80% of students spend less than a week studying for an exam.
But if you’re eyeing the CFA® designation, you probably already know that just one week of cramming won’t cut it.
The good news is that once you pass all three exams, you’re getting much more than just a passing grade: you’re leveling up your expertise and gaining access to a rewarding (and high-paying!) career.
But exactly how long should you study for CFA® exams? And how will you know when enough is enough?
In this guide, I’ll share tips for planning your study schedule, making the most of every hour of study time, and skipping common study mistakes in hopes that this info helps you pass every CFA® exam level on your first try.
Key Takeaways
- Plan for 300 Hours Per Exam Level: Each CFA® level generally requires about 300 hours of study time, with Level II sometimes needing up to 400 hours.
- Start Early and Stay Consistent: Begin studying 6–9 months before your exam date to spread out your preparation period and avoid burnout.
- Practice Exams Are Essential: Use mock exams and practice questions to simulate exam conditions and build confidence.
- Tailor Your Study Plan to the Exam Level: Focus on ethical standards for Level I, item sets for Level II, and essay questions for Level III.
- Adapt to Your Background: Adjust your study routine and materials based on your educational background and familiarity with financial concepts.
How Long to Study for the CFA® Level I Exam
The Level I exam is your introduction to the CFA® program—but don’t mistake “introduction” for “easy.” Level I has the lowest pass rate of the three at a dismal 41%.
Topics and Format
The exam format for the Level I Exam offers a total of 180 questions or 90 questions per session. Each CFA® test session lasts 2 hours and 15 minutes, for a total of 4 hours and 30 minutes. Every Level offers an optional break between the two sessions.
The questions are standalone multiple-choice questions, and you’ll have roughly 90 seconds to answer each one.
Here are the topics you should plan to study, as well as their weight in the exam:
| Session | Topic | Weight |
|---|---|---|
| 1 | Ethical and Professional Standards | 15-20% |
| 1 | Financial Statement Analysis | 11-14% |
| 1 | Quantitative Methods | 6-9% |
| 1 | Economics | 6-9% |
| 1 | Corporate Issuers | 6-9% |
| 2 | Equity Investments | 11-14% |
| 2 | Fixed Income | 11-14% |
| 2 | Portfolio Management | 8-12% |
| 2 | Alternative Investments | 7-10% |
| 2 | Derivatives | 5–8% |
Recommended Study Hours
The CFA Institute recommends around 300 hours of study time for the Level I exam, but let’s be honest—this isn’t a one-size-fits-all number. You may need more or less time depending on your educational background and familiarity with finance.
Study Tips for Level I
- Break It Down: Focus on the CFA® curriculum topic by topic. Ethical and professional standards deserve extra attention since they set the foundation for all three exams.
- Practice, Practice, Practice: Use practice exams, mock exams, and end-of-chapter questions to cement your understanding. Simulating exam conditions will help you build familiarity and, as a result, confidence.
- Join a Study Group: Studying with others can keep you motivated and help you tackle tricky concepts like alternative investments or portfolio management.
- Become an MCQ Guru: There are tons of tips depending on the question type you’ll be answering, and the same is true for multiple-choice questions. Study MCQ tips specifically for a serious edge.
- Memorization is Key: Understanding and application are important, but for this level, you’re mainly looking at terms, concepts, and formulas; for now, memorization is a safe, time-saving approach.
How Long to Study for the CFA® Level II Exam
Level II is a step up in complexity. It dives deeper into financial analysis and adds a layer of application. So, whereas memorization may be enough to get you through Level I, you’ll need to truly understand the concepts to pass Level II.
Topics and Format
For Level II, the question type is a little different. Rather than standalone multiple-choice questions, candidates are faced with 22 vignette-driven item sets and 88 corresponding multiple-choice questions. So, expect around four questions per vignette set.
You have a slightly shorter timeframe to complete the exam at 2 hours and 12 minutes per session or a total of 4 hours and 24 minutes. And, unlike Level I, you’ll focus on analyzing scenarios and developing solutions rather than offering definitions and identifying formulas.
Here are the topics you’ll face in Level II, which aren’t bound by specific sessions:
| Topic | Exam Weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Equity Valuation | 10–15% |
| Financial Reporting and Analysis | 10–15% |
| Fixed Income | 10–15% |
| Portfolio Management | 10–15% |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Corporate Issuers | 5–10% |
| Derivatives | 5–10% |
| Alternative Investments | 5–10% |
Recommended Study Hours
Most candidates need at least 350–400 hours for Level II, especially since the CFA® exam topics become more technical. Plan for a longer preparation period if you work full-time or have other commitments.
Study Tips for Level II
- Focus on Financial Reporting and Equity Investments: These sections are heavily weighted, so mastering them can significantly boost your score.
- Review Study Materials Regularly: All the reading material in the CFA® curriculum can be overwhelming, so break it into manageable chunks. Use chapter questions to test your understanding along the way.
- Take Mock Exams Seriously: Mock exams are especially important for Level II due to the unique question format. Wait until you’ve done a lot of studying before taking them for the most impact.
- Practice With Exam-Quality Practice Questions: As vignettes are a unique type of question, practicing with questions that emulate those on the exam will help you understand what the test creators are looking for in your answers.
- Read the Questions First: Save time (and precious energy!) by reading the questions before reading the vignettes. This way, you’ll know what you’re looking for as you read.
How Long to Study for the CFA® Level III Exam
By the time you reach Level III, the finish line is finally in sight! This exam focuses on portfolio management and applying what you’ve learned. The format includes essay questions and item sets, which differs from the multiple-choice-heavy Level I.
Topics and Format
In 2025, the CFA Institute plans to introduce three specialized pathways to the Level III exam: private wealth, private markets, and portfolio management. CFA® candidates choose one pathway during Level III registration and cannot change their pathway once choosing—so choose wisely!
Level III offers 11 item sets and 11 essay sets. Both set types have vignettes and multiple-choice questions, but the essay sets also, naturally, feature text boxes for exam takers to type in responses. Each session is divided into either 6 item sets and five essay sets or 5 item sets and six essay sets.
The Level III Exam is the same length as Level II at 2 hours and 12 mianutes per session, or 4 hours and 24 minutes total. Level III focuses on integrating all of the concepts discussed in the prior exams and emphasizes real-world application. Like Level II, topics are randomly distributed throughout the exam rather than being confined to one of the two sessions.
Those topics and weights include:
| Topic | Exam Weight |
|---|---|
| Pathways (Private Wealth, Private Markets, or Portfolio Management) | 30–35% |
| Asset Allocation | 15–20% |
| Portfolio Construction | 15–20% |
| Derivatives and Risk Management | 10–15% |
| Ethical and Professional Standards | 10–15% |
| Performance Measurement | 5–10% |
Recommended Study Hours
For Level III, the average candidate spends 300–350 hours studying. However, because the exam focuses more on application than memorization, it’s essential to master how to structure answers for the essay questions.
Study Tips for Level III
- Focus on Pathways: Around 1/3 of the entire exam rests on the pathway you choose, so ensure you’re dedicating at least 1/3 of your study time to the pathway you choose.
- Application, Application, Application: Applying your knowledge to real-world scenarios will be especially important in Level III. Try summarizing topics in your own words and practicing with this particular question type.
- Excel at Essay Questions: Learn about command words, and read the question thoroughly. Often, you’ll be asked to write something to the effect of, “Explain, with two reasons, why XYZ is a good idea.” One reason isn’t enough and won’t earn you full credit, so read every question at least twice!
- Show Your Work: For calculation questions, the right answer alone will earn full credit. However, showing your work, even if the answer is wrong, may earn partial credit for test takers. It’s worth showing your work to try to earn those extra points.
Practical Skill Modules
New for Level I candidates in February 2025 and Level II candidates in May 2025, CFA® candidates must participate in one practical skill module per level to receive their exam results.
Each module lasts between 10 and 20 hours and, via the CFA Institute, offers “videos, multiple-choice questions, guided practice, and case studies” related to each topic.
Topics include:
| Topic | Level I | Level II | Level III |
|---|---|---|---|
| Python Programming Fundamentals | ✔ | ✔ | ✔ |
| Financial Modeling | ✔ | ✘ | ✔ |
| Analyst Skills | ✘ | ✔ | ✔ |
| Python, Data Science, and AI | ✘ | ✔ | ✔ |
| Portfolio Development and Construction | ✘ | ✘ | ✔ |
At the time of posting, it seems like you do not have to study for practical skill modules. However, as they may take a good chunk of time, it’s worth planning them into your study schedule as you will have to complete them to receive your exam scores.
3 Tips to Build Your CFA® Study Schedule
Whether you’re studying for Level I, II, or III, a structured study routine is essential. Here’s how you can plan your time:
1. Start Early
Give yourself at least 6–9 months to prepare for each level. This timeframe allows for steady progress without feeling rushed.
2. Break It Into Phases
- Phase 1: Learn the Material (Months 1–3)
Focus on reading and understanding all the material. Take notes and highlight key points. - Phase 2: Practice Questions (Months 4–6)
Start with end-of-chapter questions, then graduate to practice exams and mock papers. Track your progress and revisit weak areas. - Phase 3: Mock Exams (Last 4–6 Weeks)
Simulate the actual test environment with full-length practice tests. Review your wrong answers to learn from your mistakes.
3. Use Time Management Strategies
- Allocate 2–3 hours per study session, aiming for 15–20 hours per week.
- Use an optional break during longer sessions to stay fresh.
Common Challenges (and How to Beat Them)
Studying for the CFA® exams isn’t easy, but knowing the hurdles ahead can help you overcome them:
- Balancing Work and Study: If you’re a working professional, block out dedicated study hours and stick to them like appointments. It’s better to study consistently over time than to cram once a week, so if you only have 30 minutes a day to study, do that and get started before the timeline suggests.
- Overwhelming Material: Focus on one topic at a time and build off of each topic with the next. CFA Institute’s official curriculum is the gold standard, but don’t underestimate the value of concise study guides.
- Burnout: Join study groups or take occasional breaks to keep things fresh. And, as always, keep an eye on your health. Feeling way too stressed? Take a day off. Know when you’re getting diminishing returns on a long study session.
- Low Motivation: It sucks to admit, but you’re not going to feel like studying as much as you’ll need to pass. So, make it more fun. Play music you like, get yourself a coffee from your favorite shop and reward yourself for a productive study session by watching a TV show or playing a few hours of video games.
Ways to Shorten Your Study Time: Advice from CFAs
Advice from real CFA® candidates and charterholders offers invaluable insights for tackling the exam. In this Reddit thread, user DullChampionship717 suggests a relentless focus on practice questions, recommending, “Go ham on the Q bank—do at least 2,000 questions.” Similarly, Skr50, who passed Level 1, vouches for sticking to mock exams and question banks.
For exam day preparation, Col_Angus999, a seasoned CFA® charterholder, shares detailed strategies:
- Study up to the last minute: “Use flashcards in the car before the test.”
- During the break, stay focused: Instead of socializing, review critical formulas to keep your confidence intact.
- Write down key equations at the start: Jotting down critical formulas you’re worried about forgetting can save you stress later.
- Skip tough questions initially: Come back to them with a fresh perspective after tackling easier sections.
Formulas are a recurring focus. HOHOHAHAREBORN emphasizes, “Commit formulas to memory—review them every day in the last week.” Similarly, ExecutiveBateman advises bringing a printed formula sheet and reviewing it during the break to ensure formulas are top-of-mind.
Other tips include building confidence through deliberate practice. Rebelhottytoddy recommends:
- Tackling the CFAI question bank twice to ensure familiarity.
- Documenting mistakes: “Compile errors into a document and review it multiple times.”
- Using a review program for detailed explanations that clarify right and wrong answers.
Finally, Ok_Journalist7462 offers advice that applies to the final stretch: “Focus on mocks and practice questions. Review weak areas, simulate exam conditions, and prioritize quality over quantity.”
Conclusion: The Path to CFA® Success
Success on the CFA® exams comes down to commitment, a structured study plan, and consistent effort. Plan for 300+ hours per level, tailoring your approach to fit your background and the specific demands of each exam. Break your preparation into phases—learning the material, practicing questions, and simulating the exam environment with mocks. Leverage key resources like flashcards, question banks, and group discussions to reinforce your knowledge and maintain motivation.
This journey is about more than just passing an exam—it’s about mastering concepts that will shape your career in finance. With discipline, persistence, and a focus on continuous improvement, you’ll build the knowledge and confidence needed to excel at every level. Keep your eyes on the prize, and you’ll unlock a rewarding future in the industry. Good luck!
FAQs
Most candidates spend around 300 hours studying for each level of the CFA® exam. However, your preparation time may vary based on your experience, educational background, and availability.
Three months could be enough if you can dedicate about 20–25 hours per week and have a strong background in finance. However, many candidates prefer 6 months to fully absorb the material and complete multiple practice exams.
Some candidates find Level 3 challenging due to its essay format, which requires applying concepts in portfolio management and ethical scenarios. However, many consider Level 2 to be the most difficult level of the exam.
Candidates typically spend 350–400 hours preparing for Level 2. The item set format and focus on financial reporting and analysis make it more intensive than Level 1.
Both are difficult, but they test different skills. CFA® focuses more on investment analysis, risk management, and portfolio management, while CPA covers accounting and tax laws. The CFA® exams are often seen as more time-consuming due to their breadth and depth.
