CFAs make 53% more than their non-certified peers on average, and for good reason. They’ve undergone one of the most demanding certification processes in the industry, proving not only their knowledge but their indomitable mental strength, endurance, and ambition.
The CFA® exam is no joke. Maybe you’re wondering if you’ve got what it takes—or if the pass rates are so low that it’s just not worth the effort. The truth? It is hard. But it’s not impossible. Thousands of candidates pass every year, and the salary bump, career opportunities, and credibility that come with earning your CFA® charter make it all worth it.
So, let’s get real: how hard is it to pass? What are your chances? And how can you actually set yourself up for success? I’m here to tell you by giving you the facts, stats, and tips you need to know.
Key Takeaways
- CFA® Exam Pass Rates Are Low: Fewer than half of test takers pass most levels, with Level I passing at around 41%, Level II at around 45%, and Level III at around 52%.
- It Takes 3-5 Years to Earn the CFA® Charter: Even if you pass each level on the first try, the entire CFA® journey requires years of commitment and preparation.
- The Exam Covers a Massive Amount of Material: You’ll need to study at least 300 hours per level, covering ethics, financial analysis, portfolio management, and more.
- Mock Exams Are Essential for Success: Taking 4-6 full-length practice exams can improve your chances by helping with time management and knowledge retention.
- Choosing the Right CFA® Prep Course Can Make a Huge Difference: Resources like AnalystPrep and Kaplan Schweser help candidates pass.
CFA® Exam Pass Rates: What Are Your Odds?
First, let’s talk numbers. The CFA® exam has three levels, each getting progressively more challenging. The CFA Institute Board releases official pass rates after each exam cycle, and—well, let’s just say they’re not encouraging.
Here’s what we’re looking at for the 10-year average pass rates for the CFA® exam:
- Level I: 41%
- Level II: 45%
- Level III: 52%
So, over the past decade, around half or fewer test takers have passed any given level. And remember, you have to pass all three levels to get your CFA® charter. That’s why earning this certification takes serious dedication—usually 3 to 5 years of studying and testing.
Why Are the CFA® Exam Pass Rates So Low?
It’s not that CFA® candidates aren’t smart (trust me, they are!). It’s that:
- The Exams Are Brutal – You’re looking at a six-hour exam for each level, covering a huge amount of material. The CFA® exam administration is rigorous, ensuring that only well-prepared candidates succeed.
- The Minimum Passing Score (MPS) Is Unclear – The CFA Institute Board doesn’t publicly release the exact MPS, but we know it varies based on exam difficulty. Historically, it’s estimated to be between 60% and 70%.
- Life Gets in the Way – Many candidates juggle full-time jobs, families, and other commitments while studying. Balancing everything is a challenge!
- Underestimating the Difficulty – Some candidates know the CFA® is a hard exam, but they usually do fine on exams, so they don’t put in the suggested amount of effort. This is no everyday exam, and you’ll struggle to pass unless you give it your all.
What Makes the CFA® Exams So Hard?
Okay, so we’ve established that the pass rates aren’t great. But why is this exam so tough?
A Vast Volume of Material
The CFA® Program covers everything from financial reporting and analysis to ethics, fixed income, derivatives, and portfolio management. Each level builds on the last, meaning the workload never lets up.
You Need 300+ Hours of Study Per Level
CFA Institute recommends spending at least 300 hours preparing for each level. For many candidates, that’s like studying for a full-time college course while already being in school, managing a family, or working a full-time job.
You Can’t Just Memorize—You Have to Apply Knowledge
Unlike exams where you can cram formulas and definitions, the CFA® exam forces you to apply concepts to real-world scenarios. This is especially true for Level III, which includes essay-style questions.
It’s a Marathon, Not a Sprint
Even if you pass every level on your first attempt (which most people don’t), the entire CFA® journey takes 3-5 years. That’s a long time to stay disciplined!
How to Boost Your Chances of Passing
Alright, enough of the scary stats. The CFA® exam is passable—you just need a solid game plan.
1. Choose the Right CFA® Prep Course
Let’s be real: trying to study only with CFA Institute materials is like trying to climb Everest with no guide… blindfolded. CFA® study materials can break things down, provide practice questions, and keep you on track. Some of the best options include:
- AnalystPrep – Affordable with AnalystPrep coupons and great for practice questions and mock exams
- Kaplan Schweser – Super popular, with in-depth study notes and extensive question banks
- The Princeton Review – Offers structured study plans and live online classes for extra support
2. Take a Ton of Mock Exams
One of the biggest mistakes candidates make? Not taking enough mock exams. “Practice makes perfect” isn’t just a phrase; it’s a fact—especially when it comes to prepping for one of the toughest exams out there.
Mock exams help you:
- Get used to the format of the entire exam
- Improve time management
- Identify weak areas before test day
Aim to take at least 4-6 full-length mock exams before sitting for the real thing.
3. Stick to a Study Plan (and Start Early!)
300 hours sounds like a lot—and it is. But if you start early and break it down, it’s manageable.
Try this study schedule:
📅 6 Months Before Exam: Start light reading and take notes.
📅 4 Months Before Exam: Increase study hours; review heavily.
📅 2 Months Before Exam: Focus on problem-solving and take mock exams.
📅 Last Month: Full exam simulations, focus on weak areas.
4. Focus on High-Weight Topics
Not all CFA® exam topics are created equal. Some sections are weighted more heavily than others. For example:
- Ethics & Professional Standards: The exam tests ethics heavily at every level—don’t skip it!
- Financial Statement Analysis, Equity Investments, Fixed Income (Level I & II): These make up a chunk of the exam, so make sure you’re solid in these areas.
- Pathway (Level III): CFA® candidates can expect up to 35% of the Level III exam to be about their pathway of choice: portfolio management, private markets, or private wealth.
5. Learn from Past Candidates
Thousands of candidates have taken this exam before you—so learn from their experiences! Online forums like Reddit’s r/CFA and LinkedIn groups can be great for study tips and motivation.
Final Thoughts: Is the CFA® Exam Worth It?
Here’s the honest truth: Passing the CFA® exam is one of the hardest things you’ll ever do. It requires unwavering dedication, discipline, and mental toughness.
But if you stick with it, you’ll realize the risk was worth the reward, leading to six-figure salaries, a 53% increased paycheck compared to your non-certified peers, more job opportunities, and greater respect and prestige.
So, is it hard? Yes. Is becoming a CFA® worth it? Absolutely.
Good luck—you’ve got this! 🚀
FAQs
Exam results vary by level: on average, 41% pass Level I, 45% pass Level II, and 52% pass Level III.
It’s one of the toughest finance exams, with low pass rates and a huge curriculum requiring years of study.
The CFA® covers more finance topics and takes longer, while the CPA focuses on accounting and is shorter, though it has more parts. The tougher one is subjective, but the CFA® has lower pass rates.
Not necessarily—the minimum passing score changes depending on the particular exam but is estimated to be 60-70%.
Historically, around 41% of candidates pass, meaning more than half don’t make it through. Estimates for first-time test takers are even lower.
