How Long to Study for the CFA® Exams (Level I, II, III)

Becoming a Chartered Financial Analyst® (CFA®) designation is one of the most prestigious achievements you can accomplish in the finance industry. According to the CFA® Institute, over 200,000 candidates worldwide take the CFA® exams annually. Nevertheless, only a small fraction of the candidates go on to become a CFA®.

And it can’t happen without a solid CFA® exam study plan.

But how long does it take to study for CFA®? This is a question most CFA® candidates ask early on in the process.

In this guide, I’ll cover how long you need to study for each CFA® level and throw in some practical study tips and strategies that will help you maximize your chances of success.

Key Takeaways

• Study Time Requirements: Candidates typically need between 300 to 450 hours of study for each CFA® level.
• Effective Study Plan: A well-structured study plan with practice exams and review is essential.
• Importance of Practice Questions: Regular use of practice questions and mock exams improves performance.
• Consistent Study Routine: Effective time management and a structured study routine are critical.
• Focus on the Final Month: Use the last month for intensive review and practice to refine your strategy.

Understanding the CFA® Program

The CFA® program consists of three levels, each requiring distinct study strategies and effective exam preparation. For CFA® candidates, knowing how long to study for the CFA® exams is essential for success.

The CFA® Level I Exam emphasizes foundational knowledge and comprehension of key financial concepts. Candidates focus on:

• Ethical and professional standards
• Quantitative methods
• Financial reporting

To prepare adequately, it’s recommended to allocate approximately 300 to 350 hours of study time. Key areas of study include understanding financial statements, basic statistics, and the CFA® Institute’s ethical guidelines. A well-structured CFA® exam study plan will help manage this study time effectively, including:

• Weekly study hours
• Regular review sessions

The CFA® Level II Exam requires deeper application and analysis of financial concepts, covering areas such as:

• Financial reporting
• Portfolio management
• Various asset classes

This level typically requires about 350 to 400 hours of dedicated study. Important topics include detailed financial statement analysis and valuation techniques. Incorporating practice exams into your exam prep is crucial for reinforcing the material during study sessions.

The CFA® Level III Exam focuses on synthesis and evaluation, particularly in portfolio management and wealth planning. Candidates generally need to invest around 400 to 450 hours in preparation. This level includes:

• Essay-type questions
• Case studies that assess your ability to integrate and apply concepts

A solid study process should include a clear schedule and a variety of CFA® study materials. Effective time management and a structured plan are essential for handling the challenges of exam day.

What CFA® Exam Candidates Have to Say

Although I am an exam prep expert, I’ve never taken the CFA® exam. For this reason, I think that it is important to get your info from others who have. During my research for this article, I did a lot of research about studying for the CFA® with a full-time job. This is what actual CFA® candidates on a thread had to say:

Studying for the CFA® with a Full-Time Job

Many candidates recommend starting with a structured study plan that gradually ramps up in intensity. For instance, one candidate shared, “I studied right at 7 months for all three levels… I usually ramped up to that over the course of a few months.” This gradual approach helps prevent burnout while allowing for a consistent study rhythm.

Sample Study Schedules:

• Weekdays: Many candidates suggest studying early in the morning. One candidate reported, “I study 4:15 or 4:30 – 6:30 AM most days.” This early slot takes advantage of a fresh mind before a normal workday begins. Others study around 1.5 hours each evening after work. Some candidates, when feeling particularly motivated, extend their sessions to include longer days, which allows for guilt-free days off later on.
• Saturday: Candidates often dedicate substantial time on weekends. “I study Saturday whenever I woke up (6 or 7 AM) till 2 PM,” noted another candidate, highlighting the importance of using weekend time effectively. Others aim for 4-6 hours, focusing on key topics and practice questions.
• Sunday: Some prefer to take Sundays off or study lightly, focusing on 2-3 hours in the afternoon.

In total, candidates typically study around 2-4 hours on weekdays and ramp up to 8 hours on weekends, particularly as the exam date approaches. One candidate stated, “I felt about right for Level II, felt a little overkill for Level III,” indicating that the study load may vary by level. Additionally, some candidates find value in studying during slow periods at work or utilizing breaks effectively.

Ultimately, the key to success in preparing for the CFA® exams while working full-time is discipline and consistency. As one candidate aptly put it, “It sucks, but the devil is in the discipline when it comes to the charter.” By establishing a balanced study schedule and sticking to it, candidates can effectively prepare for their CFA® exams without sacrificing their job performance. Incorporating practice exams and review sessions during this time can further enhance exam readiness, ensuring that candidates are well-prepared for the challenges of each CFA® level.

Creating an Effective Study Plan

Your success in the CFA® program reflects how good and effective your study plan is. Creating an effective study plan requires you to compare the amount of work ahead of you against the available study time. Here is a suggestion of how you can create an effective study plan.

• Assess Your Time: You should determine the number of months before the exam. Then, divide your total study hours by the weeks available to set a weekly study target.

For example, if you have six months and need 300 hours, aim for approximately 12 study hours per week. With the weekly breakdown, you can further plan your daily study routine; you can schedule 2-3 study hours daily.

• Balanced Study Sessions: The CFA® program comprises various areas of study (topics), such as quantitative methods, fixed income, and alternative investments. Allocating sufficient study time to all the different CFA® exam topics would help ensure comprehensive coverage, especially for core areas like quantitative methods.

Properly use available study materials to ease the revision process. For a well-rounded approach, you can utilize CFA® curriculum textbooks, study guides, and online resources.

• Practice Exams: Incorporate regular and mock exams into your study plan. These simulate exam conditions, helping you get used to the format and timing. Aim to complete full-length practice exams at least once a month.
• Join Study Groups: Study groups can offer motivation and diverse perspectives. Discussing topics with peers and sharing resources can enhance your understanding and keep you on track.

Time Management

Time management will improve your study methods and your timing during exams. The best way to manage your study time properly is by using a well-planned study schedule.

• Daily and Weekly Goals: Set specific daily and weekly goals to ensure consistent progress. You can use a timetable to plan your study hours easily. The timetable will assist you in breaking down study sessions into focused blocks, including review time and practice questions. Use tools like flashcards and summaries for quick reviews.
• Regular Review: Incorporate regular review sessions to reinforce learning. Revisit complex topics and focus on practicing questions related to these areas to solidify your understanding.
• Final Month Strategy: Dedicate the final month to intensive review. Concentrate on practicing end-of-chapter questions, revisiting mock exams, and refining your exam strategy. Ensure you are familiar with the exam types and format of questions.

Practice Exams and Questions Regularly

Most study materials include questions at the end of every topic. These questions help you remember what you have covered in the topic. Some other benefits of practicing with exams and end-topic questions are:

• Identify Weak Areas: Practice questions are vital to identifying weak areas that need extra attention. It is recommended that you invest additional study time on these topics to address weaknesses.
• Simulate Exam Conditions: The most efficient method of ensuring success in your CFA® exams is creating a real-life exam situation. Full-length mock exams under timed conditions help build stamina and familiarity with the exam format. This practice can reduce anxiety during the actual exam and also help improve time management.
• Review and Amend any Mistakes: After each practice exam, review incorrect answers to understand your mistakes. Analyzing why you got a question wrong helps you avoid making similar errors in the actual examination.

Study Tips for Better Results

There are other guidelines that you can follow to help increase your success rate in a CFA® exam. Some of these guidelines include:

• Learning Outcome Statements: The CFA® program guidelines and exam results help you focus your study on the most vital areas, such as the topics in which you are weak. You should use these results to ensure you cover all essential concepts.
• Diverse Study Materials: Utilize various study materials, including CFA® Institute resources, third-party study guides, and online question banks. This approach ensures a comprehensive understanding of exam topics.
• Engage with Study Groups: Study groups help reduce the time and effort invested in covering challenging topics alone. Study groups can provide invaluable support and insights. Furthermore, you will share knowledge and discuss more topics with peers to enhance your preparation.
• Consistent Practice: Regularly practice with mock exams and questions to reinforce your learning and improve your ability to apply concepts under exam conditions.

Conclusion

Preparing for the CFA® exams requires a substantial commitment of time and a strategic approach. Candidates typically need between 300 to 450 hours of study for each level, making it essential to develop a structured study plan that incorporates both regular practice and review. Understanding the specific study requirements for each level—300 to 350 hours for Level I, 350 to 400 hours for Level II, and 400 to 450 hours for Level III—will help you allocate your time effectively.

Effective time management is critical; consider setting weekly and daily study goals to maintain consistent progress. Incorporating practice exams and questions into your routine not only reinforces learning but also helps identify weak areas that need additional focus.

By establishing a disciplined study schedule and adhering to it, you can navigate the challenges of CFA® exam preparation while balancing full-time work. Remember, consistency and thorough preparation are key to successfully earning your CFA® designation. With dedication and the right strategies, you can achieve your goal of becoming a Chartered Financial Analyst.

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