What percent of people pass the CFA on the first try?

Level 1 pass rates have hovered around 37% Level 2 pass rates have been around 45% Level 3 pass rates have been better around 52% COVID had an impact on the CFA exam pass rates.

What percentage of people finish the CFA program?

Since the CFA began administering the program in 1963, Level I, II, and III pass rates have averaged 41%, 46%, and 56%, respectively, with a total of 2.1 million, 963,594, and 543,322 separate exams taken at those respective levels.

How hard is it to pass CFA Level 1?

Passing the CFA Level I exam, which has around a 40% pass rate over the past years, requires following a solid study plan. Successful Level I candidates spend more than 300 hours preparing for the exam on average.

Is it common to fail CFA Level 1?

Very few candidates pass all three CFA exams on their first attempt. CFA Institute estimates it takes the average successful candidate four years to complete the CFA Program. So failing one level, if not two, makes you an average candidate.

How many people pass CFA on first attempt?

As one would expect, the average pass rates increases as one progresses throughout the 3 levels. Since 2014, the historical CFA pass rates for: Level 1 ranges from 22%-49%, with a 10-year average of 39%; Level 2 ranges from 29%-55%, with a 10-year average of 45%;

How I Passed All 3 CFA Exams on the First Try

What is the average age of CFA Level 1 candidates?

For Level I exams in 2013, the average age of test takers was 27.2. Five years later, that number fell to 26.6 – a difference of around seven months. (Though this only includes the June exam for 2018; the average age for December test takers ticked slightly higher – between 0.2 and 0.3 years – from 2013 through 2017).

Why do so many people fail CFA Level 1?

Many candidates handle their studying exclusively in short, one-hour chunks then do poorly on the exam because they are not prepared for the level of mental fatigue. Further, mock exams force you to answer problems across the curriculum instead of only looking at specific sections.

Is it normal to fail CFA?

CFA exams are famed for being difficult to pass. Failing CFA exams is unfortunately pretty common, but certainly not discussed enough. When I failed CFA Level 2 many years ago (just below the Minimum Passing Score), I remember the overwhelming devastation and anger after spending 350+ hours studying for it.

Is 6 months enough for CFA Level 3?

Across the six-to-nine months that you should spend studying for the CFA Level III exam, you should plan to devote at least 344 total hours (the average study time) to your Level III prep. If that number seems daunting to you, then consider spreading your studies across nine months instead of six.

Is CFA outdated?

Although the CFA Charter was generally considered important for a career in finance, there are suggestions that it's becoming outdated. Studying for the exams has also been noted to put severe pressures on some students' mental health.

Is CFA harder than ACCA?

No, the CFA qualification tends to be considered slightly more difficult than ACCA - but this is to some extent a subjective matter, differing from person to person. Many people don't make it through the three levels of CFA because of the time required to finish the course.

Am I smart enough to pass CFA?

Truth is, it doesn't matter how much finance background you have or even how smart you are. The questions in a CFA exam are so detailed that you will never be able to answer them correctly without studying enough.

Is CFA harder than the bar?

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.

Is passing CFA a big deal?

If you're aiming to work in roles such as financial analysts, portfolio managers, or investment bankers, the CFA designation can be a valuable asset. However, if you want to pursue careers in other areas of finance, an alternative certification or qualification may be more relevant.

Is being a CFA a big deal?

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.

How old is the average CFA?

Age and Generational Diversity in Finance

In fact, among CFA Institute members, the average age is 42.5.

Is CFA Level 3 very hard?

Is the CFA Level III Exam Harder than Level II? Yes, the Level III exam is harder than the Level II exam because the Level III exam contains a constructed response section, and your knowledge in Portfolio Management and Wealth Planning makes up 35-40% of your score.

Can you pass CFA in 18 months?

You can complete CFA in just 18 months. We know it's a little hard to believe, but it's true. The average duration of a Chartered Financial Analyst course ranges from two to three years. But you have the option of speeding up your learning and examination process to achieve the degree much earlier.

What is the fail rate for CFA Level 3?

CFA Level 3 Exam Pass Rates

On average, over the past 10 years, approximately 52% of Level 3 test-takers passed the exam. While the pass rate percentage for the May 2023 window saw a jump of 7%, i.e., 48% from 2021's 41% rate, it was a percent less for August 2023 (47%).

Is CFA extremely difficult?

CFA Exams Pass Rates

The CFA exams are perhaps the most challenging exams out there. They are often referred to as “bar none” the toughest exams—even harder than medical school or law school exams—with pass rates that hover around 50% and were much lower during the recent pandemic.

Is CFA well respected?

The CFA charter is widely respected, globally-recognized, and a difficult undertaking to accomplish. However, it is not a guaranteed path to riches and glory. Before taking the plunge, carefully consider several drawbacks to earning one. The CFA is not a quick-fix for an ailing career.

Why have CFA pass rates dropped?

That's the lowest pass rate since 2021, when results hit record lows across all levels of the CFA exam as performance was hurt by test-taking deferrals following the Covid-19 outbreak. It's also below the 40% average for the past decade, according to the institute.

What is the hardest topic in CFA 1?

What is the hardest subject in CFA Level 1?

Based on historical pass rates, the hardest topics for the CFA Level I exam are: Financial Reporting and Analysis: This topic has consistently been one of the most challenging for candidates, with a historical pass rate of around 45-55%.

Is Kaplan Schweser enough for CFA?

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.