CFA Exam Preparation: How Long Should You Study?

23 Jun 24

New Insights from Nathan Ronen, CFA

Hey everybody, Nathan Ronen, CFA, here with another update for CFA® Level I (“Level 1”) and CFA Level III (“Level 3”) candidates considering taking their exams in February 2025. We're about 7-8 months away from the exam, and I’ve been receiving questions like, "Nathan, how long in advance should I start studying?" and "How many hours should I be studying?"

How Long Should You Study for the CFA Exam?

Congratulations on considering taking the Level 1 or Level 3 exam in February 2025! Since the CFA Level II exam is not administered in February 2025, we’ll focus on Levels 1 and 3.

Common Question: How long should you start studying in advance?

  • Level 1: 5-6 months of preparation.
  • Level 3: Around 5 months of preparation.

While some might think 9 months of study is necessary to pass a CFA exam, I believe it might be excessive and could lead to burnout. It's essential to tailor your study time to your background (whether you have a finance background or not), your work schedule, family commitments, and your study habits.

Studying Effectively

Rather than providing a one-size-fits-all answer, here are some considerations when studying for a CFA exam:

  • If you’re working a standard job, studying for about five to six months is sufficient.
  • Make efficient use of your time by integrating CFA exam study material rather than compartmentalizing it.

Important Tip: Reading the CFA curriculum in a linear fashion might not help you see how CFA concepts tie together. CFA exams often integrate multiple topics into questions, so your study plan should reflect that.

Integrated Learning Approach

When preparing, you need to see everything holistically. That’s exactly what I focus on in my CFA videos, classes, and mock exams. I tie everything together, which is crucial for success, especially for Level 3, where 50% of your CFA exam points come from your constructed responses (essay answers).

For Level 3 Candidates: Knowing how to write CFA exam essays and give the graders what they want is critical. If your prep company isn't teaching you this, it’s time to reconsider your resources. At Chalk & Board, we focus on this and I review and grade your essay answers.

Personalized Study Plans

Chalk & Board provides personalized study plans to our students that help you focus on the most important aspects of the curriculum without burning out. The Chalk & Board approach ensures you understand the CFA exam material in the way the exam requires, not just memorizing details.

If you’re preparing for Level 1 or Level 3 in February 2025, now is the time to start. Check out Chalk & Board at chalkandboard.org and Chalk & Board YouTube channel for a more personalized approach. Work with an instructor who’s available to answer your questions and guide you to success.

Start studying now and ensure you’re ready for the February 2025 exam. Have a great day, and I look forward to working with you! If you have any questions, my phone number and email are on the website.

Nathan Ronen, CFA

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