How to Prepare for CFA Exams: Top Advice From Previous Candidates

Preparing for the CFA exams is a rigorous and rewarding journey that requires careful planning, dedication, and the right strategies. Whether you’re tackling Level 1, Level 2, or Level 3, the CFA program demands a significant commitment of time and effort. In this blog, we’ll share actionable CFA preparation tips and strategies that apply to all three levels, helping you navigate the curriculum, manage your time effectively, and achieve success.

One of the most critical aspects of CFA preparation is starting early. Regardless of the level, you should aim to begin studying 5-6 months before the exam date. This allows you to ease into the material and gradually increase your study hours. On average, candidates need 300 hours of study time per level, but this can vary depending on your background and familiarity with the topics.

For Level 1, the focus is on building a broad understanding of finance and investment concepts. For Level 2, the emphasis shifts to applying these concepts through complex case studies. Level 3 requires a deep understanding of portfolio management and wealth planning. Starting early ensures you have enough time to master the material and adapt to the increasing complexity of each level.

Pro Tip: Supplement your studies with third-party resources like summarized study notes, which can save time and help you focus on key concepts. Use the official CFA curriculum for practice questions and deeper clarification when needed.

Preparing for the CFA exams is a significant time commitment, and it’s essential to set expectations with those around you. Let your family, friends, and colleagues know that you’ll be dedicating a substantial amount of time to studying.

Understand that the journey will be stressful, especially as the exam approaches. You may feel tired, cranky, and less available for social commitments. By communicating these challenges upfront, you’ll gain their support and understanding, making it easier to focus on your CFA preparation.

The CFA curriculum is vast, and while the concepts may not be overly complex, the sheer volume of material can be overwhelming. While some guides suggest 250 hours of study, 300 hours is the recommended minimum based on CFA Institute surveys and candidate experiences.

This time frame allows you to thoroughly cover the curriculum and complete sufficient practice exams. Remember, underestimating the exam can be a costly mistake. Treat 300 hours as your baseline and adjust based on your background and familiarity with the topics.

Ethics is a critical component of the CFA exams, accounting for at least 10% of the exam weight across all three levels. While many candidates are tempted to skip it due to its dense content, this is a mistake. Ethics is consistent across all three levels of the CFA program, so mastering it early will benefit you in the long run.

Additionally, your Ethics score can be a deciding factor if you’re near the Minimum Passing Score (MPS). Even if you excel in other areas, a poor Ethics score could jeopardize your chances of passing. Save Ethics for the end of your study plan, but don’t ignore it.

Your calculator is one of your most valuable tools during the CFA exam. The Texas Instruments BA II Plus is the most popular choice, and most study materials include guides on how to use it effectively. Familiarize yourself with its functions early in your preparation to avoid last-minute stress.

Pro Tip: Bring two identical calculators to the exam in case one fails. This simple precaution can save you from unnecessary panic on exam day.

Reading study notes is essential, but practice exams are where the real learning happens. Aim to complete 6 full practice exam sets (each set includes 2 x 90 questions) in the 4-6 weeks leading up to the exam. Timed practice exams will help you gauge your performance, identify weak areas, and improve your time management skills.

While the CFA Institute doesn’t disclose the exact Minimum Passing Score (MPS), historical trends suggest it’s around 70%. However, aiming for a slightly higher score in your mock exams is a safer strategy.

Don’t be discouraged if your first practice exam score is lower than expected. Use it as a learning opportunity to refine your knowledge and test-taking skills. Remember, scoring below 70% in practice doesn’t mean failure—it’s a chance to improve.

With 90 seconds per question, time management is crucial during the CFA exam. If you find yourself running out of time, don’t leave any questions unanswered. There’s no penalty for guessing, so make educated guesses or mark all unanswered questions with the same option (e.g., all “B”) to maximize your chances.

The CFA Institute is known for its strict exam procedures. Any breach of the rules, such as discussing questions after the exam or attempting to recreate the paper, can result in severe consequences, including being banned from future exams. Stay focused, follow the guidelines, and avoid any behavior that could jeopardize your hard work.

Preparing for the CFA exams requires discipline, dedication, and a well-structured plan. By starting early, leveraging the right resources, and practicing consistently, you can confidently tackle the exam and set yourself up for success in the CFA program.

Remember, the journey is challenging, but with the right CFA preparation tips and strategies, you’ll be well-equipped to achieve your goals. Good luck!

Get details for CFA exams dates 2025.