The average pass rate for the CFA exam for the past ten years is 44%. Candidates must prepare six months in advance to cover all the important topics in the CFA exam.
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How Hard Is the CFA Exam?: The CFA exam is considered one of the most difficult exams in the world. The CFA Program includes three levels of exams: Levels 1, 2, and 3.
Only 38% of students passed the CFA level 1 exam this year, and 48% passed the CFA level 2 exams.
Candidates can get all the preparation materials from the CFA’s official website. The Chartered Financial Analyst (CFA) examines a candidate's knowledge of investment tools, valuing assets, portfolio management, and wealth planning.
Top 5 Tips to Pass the CFA Exam (Level 1, 2 & 3)
How hard is the CFA exam? can be understood by the fact that the average pass rate for the past ten years has been 44%. The CFA is a difficult and time-limited exam.
Candidates must prepare for the exams in advance to be well prepared for the type of questions asked at each exam level. Candidates must give more time to topics with more weightage in the CFA exam.
Making structured notes, practising mock tests and a study plan will help candidates use their time efficiently.
Also Check: How to Become a CFA?
1. Weightage of Topics in CFA
Important Points related to the Weightage of Topics in the CFA exam have been given below:
- Candidates must focus on the study material provided on the official website of CFA.
- The weightage of topics is given under the Learning Outcome Statements.
- Candidates need to focus on the important topics they must cover in the examination to help them use their time efficiently and effectively.
- Topics such as Ethical and Professional Standards and Financial statement analysis carry 15-20% weightage in the CFA level 1 exam and must be prepared well by the candidates.
| CFA Weightage of Topics | Level 1 | Level 2 | Level 3 |
| Quantitative Methods | 8-12% | 5-10% | 0% |
| Economics | 8-12% | 5-10% | 5-10% |
| Financial Statement Analysis | 13-17% | 10-15% | 0% |
| Corporate Issuers | 8-12% | 5-10% | 0% |
| Equity Investments | 10-12% | 10-15% | 10-15% |
| Fixed Income | 10-12% | 10-15% | 15-20% |
| Derivatives | 5-8% | 5-10% | 5-10% |
| Alternative Investments | 5-8% | 5-10% | 5-10% |
| Portfolio Management & Wealth Planning | 5-8% | 10-15% | 35-40% |
| Ethical & Professional Standards | 15-20% | 10-15% | 10-15% |
Also Check: CFA Syllabus 2024
2. Time Management
Important Points related to Time management in the CFA exam have been given below:
- Candidates must study for at least 285 hours to prepare for the Chartered Financial Analyst (CFA) tests.
- Consistency and discipline will help candidates score well in the exam.
- The CFA Institute recommends candidates leave at least four weeks for review.
Also Check: CFA Exam Pattern 2024
3. Make a Study Plan
The importance of making a study plan for the CFA exam has been given below:
- Aspirants preparing for the CFA must make a study plan to stay on track with the topics they have covered and have left to do.
- It is recommended that candidates at least make a study plan for six months.
- Cramming is not recommended, and setting aside study session hours each day will help effectively cover all the important topics.
- A solid routine will also help prevent burnout and allow candidates to achieve their learning goals.
- Candidates who study based on a scheduled plan have better productivity output.
- Setting everyday goals will also help keep candidates encouraged and give them a sense of objective.
Also Check: CFA Pass Percentage 2024
4. Taking up a Prep Course
The importance of the prep course for the CFA exam has been given below:
- Candidates can take a prep course if they feel confused about the amount of work required for the preparation.
- A prep course will help candidates understand and solve difficult questions on time.
- They will ensure that candidates keep up with missed deadlines, missed time, overlooked details, and under-learned material.
- Candidates must start practising mock tests two months before the examination.
Also Check: CFA Course Details
5. Practice and Review your Tests
The importance of practising and reviewing mock tests for the CFA exam has been given below:
- Candidates must use the practice problems given in the Learning Ecosystem of the CFA’s website.
- It will help them understand how much time they should spend on each question.
- Candidates must also review their answers to questions to help them identify their strengths and weaknesses.
- Using a financial calculator will help students with their calculations. Candidates must start using them during mock tests to get used to their functioning.
- Practising mock tests will help them understand the questions asked in the exam.
- The adaptive plan in the learning ecosystem of CFA helps students assess their current knowledge and focus on their weak areas.
Also Check: CFA Scope in India
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