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.

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.

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.

Yes, it is possible to pass the CFA Level I Exam with self-study. However, most CFA members strongly suggest that you prepare with a CFA expert who can help guide you through the curriculum and keep you motivated along the way.

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!

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.

Generally, our research shows that candidates' CFA Level 1 hardest topics are Financial Statement Analysis, Fixed Income, Quantitative Methods, Derivatives and Economics. Meanwhile, CFA Level 2 most difficult topics are typically Financial Statement Analysis, Portfolio Management, Ethics and Derivatives.

Considering their pass rates—approximately 50% for the CPA exams, around 13.5% for candidates completing all three levels of the CFA exams, and roughly 70% for the Florida bar—statistics would suggest that the CFA credential is in fact the hardest.

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.

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.

Is a CFA or MBA better? ›

Career aspirations: While there is certainly overlap in how business school graduates and charterholders apply their expertise, MBA programs are generally ideal for professionals who want to pursue management positions in any industry. A CFA designation suits professionals dedicated to working in the finance industry.

CFA is a professional course that consists of three levels namely knowledge, skill and professional level. This course takes about two to three years for completion wherein you'd be required to clear 10 examinations at each level.

According to the CFA Institute, this credential "is the professional standard of choice for more than 31,000 investment firms worldwide."1 It can be especially helpful if you don't have an undergraduate degree in finance, economics, or accounting, and your goal is a job or career in the finance industry.

In short, ​the CFA charter alone is not going to help change your career, but it becomes powerful when combined with heavy networking and intense job hunting. No qualification in the world automatically lines up jobs for you – the skill you need is networking and interviewing.

The Bottom Line

Overall, the CFA exams are very difficult, but candidates can increase their chances of passing by studying for over 300 hours, utilizing alternative prep materials, answering as many practice questions as possible, and creating a structured study plan.

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.

In November, 35% of candidates passed the Level I test, down from 37% for those who sat for the exam in August and 39% in May, the CFA Institute said Tuesday.

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.

Level 1: 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.