How to Study for the CFA Exam

• The CFA Curriculum is made up of three exams, each of which requires over 300 hours of study time.
• CFA candidates should begin studying for each exam six to nine months before the exam date.
• Developing a study plan and utilizing a trusted CFA prep course sets you up for success as you work your way towards your goals.
• The CFA Program will give you a strong foundation in advanced investment analysis as well as real-world portfolio management skills.

You’ll need to understand each of these study methods and how to apply them to Level I, Level II, and Level III study sessions so you’re ready to excel by the time you sit down to take the actual exam. Studying for the CFA exam with Wiley’s award-winning CFA study materials gives you an advantage from start to finish.

The time you allocate to study for each CFA exam could be the difference between a passing grade and multiple retakes. Grab a calendar and begin to schedule study sessions throughout the week and on the weekends if that’s a better fit.

Follow the CFA Program Curriculum and customize it to best suit your learning style. Take time for practice questions and mock exams and consider joining a study group to enhance your learning experience and maximize your study time.

Get Your CFA® Program Curriculum Print Book.

Prioritize topic areas based on how they are weighted, keep in mind your own personal strengths and weaknesses, and take advantage of all the resources Wiley offers to ensure you’re using each of your 300 plus hours wisely.

Learn more about CFA weights by topic level.

Level 1

To study for the CFA Level I exam, successful candidates reported spending over 300 hours preparing. You can choose how long to spread this out over, but we recommend allotting at least six months.

Level 2

To study for the CFA Level II exam, successful candidates reported spending around 328 hours preparing. You can choose how long to spread this out over, but we recommend allotting at least six months.

Level 3

To study for the CFA Level III exam, successful candidates reported spending over 344 hours preparing. You can choose how long to spread this out over, but we recommend allotting at least six months.

Total Prep Time

If you total up the hours for each level, you’re left with nearly 1,000 total hours of prep time for the CFA exams. Most candidates will need at least two years to complete the program and earn their CFA charter.

As you approach your CFA exam study plan, you’ll want to research each of the CFA Curriculum’s basic concepts. Lots of reading is required, along with learning through listening to instructors and absorbing tons of information. You’ll dig into vocabulary, theory concepts, and principles related to the Learning Outcome Statements and much more.

This important approach builds a strong foundation for Level I, Level II, and Level III exams, and increases in difficulty as you progress through each stage.

Practice testing is one of the most important study tools as you prepare for the CFA exam. Mock exams not only help you understand what the main test topics are, but it also gets you accustomed to the exam format and helps with retention.

Plus, you’ll be practicing under a time constraint to better prepare you for the real conditions you’ll experience on exam day. Wiley offers plenty of practice tests to aid you on your journey.

The elaborative interrogation approach to studying for the CFA exam is a strategy for enhancing memory during the process of learning. The approach asks and explains why stated facts are true or untrue.

It can be applied at CFA Level I, II, and III, and has been found to be most valuable in topic areas like Ethical and Professional Standards and GIPS where you’re forced to learn the concepts before examining why a standard has or has not been violated.

Self-explanation is another study method as you prepare for the CFA exam. This method involves explaining your thought process along with the steps you’ve taken to get to your answer. This can often help uncover the strength of your answer as you study.

This method is worth exploring at Level I and Level II of the CFA exam and is most valuable as you practice the constructed response or essay questions on the Level III exam.

CFA Flashcards is a great tool to help during your study sessions. These might not be your main study techniques, but they can help refresh your memory as you learn new concepts. You’ll find them most useful as you prepare for multiple-choice questions on each exam level.