CFA Study Plan

• For each of the three CFA exams, a minimum of 300 hours of study is recommended.
• Starting early and staying consistent is an important way to achieve success as you prepare.
• Create a customized schedule for your study plan and stick with it.
• Each exam has different topic weights and formats. You’ll need to adjust your study schedule accordingly.
• Reviewing each topic over and over is another important element of a successful study plan.
• Practice questions and mock exams are a must each step of the way.

The study schedule you create is one of the most important tasks as you step towards becoming a CFA charterholder. It will serve as a foundation for each of the three exams and give you the structure you need to accomplish your goals.

CFA Level I Exam Study Schedule Overview

Your CFA Level I study plan will help you build the foundation of your schedule moving forward. The CFA curriculum is spread out over 10 topics that are given different weights, which will help you determine how to customize your schedule. It includes two 135-minute exam sessions with 90 multiple-choice questions each.

Ethics and Financial Reporting & Analysis (FRA) make up 28-37% of the CFA Level I exam. It’s considered to be the least difficult of the three CFA exams but is not to be taken lightly as pass rates are currently at about 26%.

CFA Exam Level II Study Schedule Overview

Creating your CFA Level II study plan should be easier after you’ve established healthy routines during your time learning the Level I material. But there’s plenty of new information and a varied format to consider. The Level II materials dive deep into the topic areas. The format consists of item sets made up of vignettes with 88 multiple-choice questions.

Investment Management and Portfolio Concepts and your ability to apply these concepts in real-life scenarios are focal points of the Level II CFA exam, and many consider it to be the most difficult exam in the CFA curriculum.

CFA Exam Level 3 Study Schedule Overview

With Level I and II conquered, it’s time to create your CFA Level III study plan for the final stage of your CFA journey. You’ll need to draw on what you’ve already learned but be prepared for a new test format. The exam format consists of a combination of item set questions and essay questions with a heavy focus on Portfolio Management and Wealth Planning. The vignettes from Level II are gone, and the essay format becomes a big focus on this incredibly challenging Level III CFA exam.

CFA Exam Level I

According to the CFA Institute, candidates that pass the CFA Level I exam say they spent just over 300 hours preparing. We recommend that you begin to study anywhere between 6-9 months before exam day.

• With 9 months to prepare, you should aim for about 9 hours of study per week
• With 6 months to prepare, you should aim for about 12.5 hours of study per week

You’ll also need to customize those study hours to best fit your schedule. So plan an hour or two into each day or longer weekend sessions if a full-time job and commitments during the week demand it.

Finally, if you’ve decided to begin your study much closer to the exam date, planning a series of 3-hour study sessions can help you reach your goal. And even if you’re in a hurry, you’ll want all that the Wiley Study Guides have to offer.

CFA Exam Level II

A 2019 survey showed that CFA Level II candidates spent an average of 328 hours studying for the Level II CFA exam. You’ll need to allow anywhere from 6-9 months for preparation.

• With 9 months to prepare, you should aim for just over 9 hours of study per week
• With 6 months to prepare, you should aim for about 14 hours of study per week

Customize those hours to best fit your schedule by planning an hour or more into each day or mapping out longer weekend sessions if finding time during the workweek is difficult.

If you’re choosing to start studying closer to the exam date, it’s wise to plan a series of 3- to 4-hour sessions to help you reach your goal without burning out. No matter what path you choose, Wiley’s Study Guides are a trusted resource worth exploring.

Boost your review with detailed text that helps you identify and master specific topics that you may need additional reinforcement on to pass the Level II CFA exam. Shop Wiley’s CFA Level II Study Guides today.

CFA Exam Level III

A recent CFA Institute survey showed that CFA Level III candidates spent an average of 344 hours studying for the Level III CFA exam. You’ll need to set aside anywhere from 6-9 months to prepare.

• With 9 months to prepare, you should aim for around 10 hours of study per week
• With 6 months to prepare, you should aim for about 14 hours of study per week

Keep your schedule in mind as you customize these numbers, whether you’re planning an hour or more into each day or mapping out longer sessions on weekends.

And if you’re taking a fast-track approach, it’s wise to plan a series of 3- to 4-hour sessions to help you reach your goal without burning out. Wiley’s Study Guides are a trusted resource worth exploring no matter how much time you have.

CFA Exam Level I

The CFA Level I exam is made up of 180 multiple-choice questions. The Level I exam covers knowledge and comprehension of investment tools and asset classes, along with portfolio management and ethical and professional standards.

To prepare, look over the topic weights in the exam curriculum and prioritize the ones that are emphasized along with those that you might need to spend more time on based on your experience. If you struggle with this format, be sure to spend extra time on practice questions and mock exams during study sessions.

CFA Exam Level II

The CFA Level II exam is made up of item sets with vignettes followed by either 4 or 6 multiple-choice questions. Each session has 44 questions. Each set of questions in the vignette is based on a common topic, making your in-depth knowledge of each topic essential. Be sure to prioritize the topic areas that are heavily weighted, along with those that you feel need more of your time. Mock exams are a trusted resource during your preparation, giving you an experience designed to simulate what you’ll experience on exam day.

CFA Exam Level III

The CFA Level III exam consists of item sets with vignettes that have multiple-choice items and constructed response or essay-style questions. The main area of focus on the third and final exam is Portfolio Management and Wealth Planning. Be sure to take into account your personal strengths and weaknesses as you prioritize, with more focus on a practical problem-solving approach via essay.

If you’re ready to start preparing for the CFA exam, partnering with Wiley is a wise approach. We offer an award-winning, best-in-class platform geared towards your learning style that helps you study and retain more in shorter time frames. You’ll also gain access to a team of world-renowned expert instructors who teach in a way that will help you not just learn but understand. You’ll also be able to identify the areas you need to study most and gain the confidence you’ll need for exam day with our predictive score range tool.