CFA Institute Self Service (2024)

FAQs

How many questions can you get wrong on CFA Level 1? ›

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.

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.

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.

While we prefer references from your supervisor(s), you may select other individuals who can describe and attest to your responsibilities in the investment decision-making process (as defined in our work experience guidelines). References will be asked to comment on your work experience and professional character.

It is possible to pass the CFA Level 1 exam by studying the bare minimum and guessing on the questions that are not known. However, it is not a recommended approach and the likelihood of passing is not guaranteed.

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.

No, studying for any CFA exam in less than 6 months will not give you enough time to adequately prepare unless you have a relevant background in the curriculum. According to CFA Institute, candidates study on average 348 hours for the Level I exam, 364 hours for the Level II exam, and 365 hours for the Level III exam.

The CFA designation continues to be recognized and respected globally as a mark of excellence in the field of finance.

6 months are definitely sufficient to prepare for your level 1 CFA exam. With 6 months, you can easily plan for roughly 400 hours of studying during your exam prep.

It would be safe to generalize that most CFA charterholders would call Level 2 the hardest of the CFA Exams. However, with patience, dedication, and practice, candidates can conquer the Level 2 Exam.

Is Kaplan Schweser enough for CFA? ›

The answer is yes; Schweser is good for CFA Level 1. However, it is essential to note that Schweser notes should be used as a supplement and not as a replacement for the CFA Institute books.

The CFA course takes a minimum of 2 years to complete. You also require 4000 hours of total work experience to qualify as a Charterholder.

The Chartered Financial Analyst (CFA) qualification is a big asset for an investment professional and should be highlighted on a resume. The CFA Charterholder Program involves passing three six-hour exams and putting in four years of investment-related work.

The short answer is, again, no. The CFA Institute simply requires you to have a bachelor's degree (or equivalent) or be in the final year of your bachelor's degree program. You'll also need to have four years of relevant work experience, and, of course, you must pass all three levels of the CFA exam.

Does Your Work Experience Qualify? You must have at least 4,000 hours of experience, completed in a minimum of 36 months.

CFA Level 1 Passing Score

The CFA Institute Board of Governors sets the MPS for each level, and that changes with each cycle of new candidates. Some years test takers will receive a 65% overall score and fail, while in other years candidates have received a 62% score and passed.

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.

#1. CFA exams are not easy, and Level 1 is just the start. Commonly cited as one of the world's hardest exams, CFA Level 1's difficulty is comparable to a diploma level and gets harder from then on. But I didn't know that it's never-seen-before-and-by-the-way-you-could-definitely-fail tough.

Here's what you should know about pass rates on the CFA: Average pass rates tend to fluctuate. Level 1 pass rates have hovered around 37% Level 2 pass rates have been around 45%