Resources to Help You Become a CFA^® Charterholder

Currently, the minimum cost of the CFA Program is $3,320 USD, which includes a one-time enrollment fee and discounted early registration.

$3,320 USD might not be enough to earn the CFA charter though. Investing more than the bare minimum can increase your odds of passing the exam. This article explains all the costs and why you are likely to benefit from spending more than just the basic fees.

2026 CFA Price Changes

Starting with the 2026 exams, early bird registration and standard registration fees for Levels I, Level II and Level III exams will increase. Also the new level I enrollment fee will be removed.

2026 CFA Registration Costs

At Level I, the early bird registration fee will increase from $990 to $1,140. The standard registration fee will increase from $1,290 to $1,490.

The same thing applies for Level II registration fees. The early bird registration fee will increase from $990 to $1,140 and the standard registration fee will increase from $1,290 to $1,490.

At Level III, the fees will increase from $1,090 to $1,240 for early birds and from $1,390 to $1,590 for standard registrants.

In addition, the new Level I enrollment fee will be removed and candidates will no longer have to pay the $350 to enroll into the CFA program.

CFA Program Cost: The Bare Essentials

When you register for the Level I CFA exam in 2025, you will pay a one-time enrollment fee of $350 USD. That gets you into the CFA Program. Then you will pay an additional registration fee to sit for the exam at each of the three levels.

Currently, the fees for each exam level of the CFA from CFA Institute are:

• Early registration fee: $990 USD
• Standard registration fee: $1,290 USD

So depending on when you register, you can pay anywhere from $2,970 to $3,870 USD total to take all three levels assuming that you pass each CFA exam the first time. Add the $350 USD enrollment fee, and the total CFA exam fees range from $3,320 to $4,220 USD, excluding CFA prep.

Are you thinking about taking the CFA exam? Download this free Before You Decide to Sit for the CFA® Exam eBook.

Compared to earning an MBA at a top university, which can cost as much as $60,000–$100,000, the CFA Program looks like a steal no matter when you register. However, the CFA exams are only offered in certain cities, so you might need to add travel costs to the exam fees if you don’t live in one of those cities.

Adding to Basic CFA Program Costs Is a Worthwhile Investment

As we mentioned, not passing a level of the CFA Program exam means that you have invested your registration fees for nothing. If you are determined to become a charterholder, you will have to pay the same registration fee to take the exam or exams you failed again. And because only 20% of the people who start out in the CFA Program end up earning the charter, and few pass all three levels on the first try, you might have to take at least one level of the exam again and save funds for that purpose.

While there are no guarantees that you will pass all three levels of the CFA exam the first time around, you can significantly increase your odds by investing in a CFA exam preparation package or course.

Interestingly, the price of the top offerings ranges from $649 to $1,499, which is within the range of the money you might be allotting as a contingency for failing the exam. These packages include practice questions, online resources, in-person and online classes, reviews, and, in some cases, mock exams.

If you go all out and purchase packages for all three levels, you’ll spend between $1,947 and $4,497 to greatly increase your chances of earning the charter. And when you think about it, that is still much less than you would spend earning that MBA.

CFA Scholarship Guide

Interested in CFA^® Exam Study Packages or Courses?

If you think CFA Program prep is the way to go, check out our 10 tips for choosing the best exam prep. Or visit our CFA exam prep resources to learn about different CFA study packages.

"When is the CFA^® exam?" is one of the first questions you want to be answered if you’re planning to sit for the exam. This article has information about the CFA exam dates and schedules for each exam level.

• CFA Exam Dates
• CFA Exam Cost
• How To Register For The CFA Exam
• What To Bring On CFA Exam Day

CFA Exam Schedule: A Regular Cadence for CFA Exam Dates and Schedules

2025-2026 CFA Level l Exam Dates

2025-2026 CFA Level ll Exam Dates

2025-2026 CFA Level lll Exam Dates

Before you choose your CFA exam date, download this free Before You Decide to Sit for the CFA Exam eBook.

Download

 How Much Does the CFA Exam Cost?

How To Register for the CFA Exam in 2025-2026

The CFA exam is administered to registrants in a computer-based testing format for three levels, which ended 60 years of paper-based testing for Level ll and Level lll.  To register for the CFA exam, you must first register with the CFA Institute; then you will be given the option to schedule your exam during one of the dates provided by the CFA Institute. 

Sign up for our CFA question of the day and get a question sent directly to your inbox every day to help you prepare.

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What to Bring to the CFA Exam in 2025-2026

Bring these materials to your CFA Exam:

1. A valid international passport: this is the only type of identification that will be accepted for admission
2. Your CFA Exam Admission Ticket: the CFA Institute will alert you when your ticket is available, at which point you should print it on clean paper
3. An approved calculator: the TI BAII Plus or the Hewlett Packard 12C
   1. Tip: bring extra batteries and a backup calculator, if you have one
4. Pencils: multiple sharpened #2 pencils
   1. High-quality erasers
   2. Pencil sharpener
5. A sweater or jacket in case you get cold in your testing room
6. A wristwatch to make timing as simple as possible
   1. FYI: Smartwatches are not allowed!
7. Earplugs to help avoid distractions in your testing room

Do Not Bring these materials to your CFA Exam:

1. Food
2. Drinks
3. Study/prep materials
4. Phones
5. Tablets
6. Computers
7. Highlighters
8. Correction fluid
9. Rulers
10. Pencil cases
11. Large purses/bags
12. Scratch paper
13. Unapproved calculators
14. Calculator manuals
15. Timers

What To Expect On Exam Day >>

Ready To Start Preparing for the CFA Exam?

As you get ready for your next CFA exam, consider making a Kaplan Schweser CFA study materials—complete with classes, study tools, Kaplan Schweser Community forum access, exam prep study packages, and mock exams—the centerpiece of your mission to earn a passing grade.

The CFA® (Chartered Financial Analyst®) charter is primarily a postgraduate professional designation that certifies the competence and ethics of financial analysts. According to CFA Institute, which offers the charter, it is the most respected and recognized investment management designation in the world. The process of earning the CFA charter will give you deep knowledge in the areas of investment analysis, asset management, and ethics.

TABLE OF CONTENTS:

1. What Is A CFA Charterholder
2. What Is The CFA Exam
3. Common Roles and Industries For CFA Charterholders
4. Format, Questions, Topic Weights For Each CFA Exam Level
5. How Hard is the CFA Exam
6. CFA Exam Pass Rates and Results
7. Preparing For The CFA Exam

CFA Institute has a global network of over 167,000 investment professionals and numerous societies around the world. The CFA charter is recognized by regulators, universities, and certification programs in at least 30 countries and territories. You’ll gain unmatched career resources and relationships by holding the charter and joining a CFA Society, as well as access to jobs around the world that require a CFA charter or candidacy. 

Requirements for Becoming a CFA Charterholder

• Achieve the required work and/or educational experience. Before registering for the CFA level I exam, you need to have completed a bachelor’s degree, have two years remaining in your undergraduate studies, or have 4,000 hours years of combined work experience and/or undergraduate education.
• Practical Skill Modules (PSMs) need to be completed in CFAI's Learning Ecosystem before your exam results are released. PSMs cover a variety of CFA curriculum topics like financial modeling and AI. These PSMs must be finished before exam results are released, failure to do so will result in your exam result being voided, and you won't be provided you a pass or fail result. This means that in order to advance to the next exam level, you'll need to retest at the same exam level.
  
• Pass all three levels of the CFA exam. Although passing even just Level I of the CFA exam is an impressive addition to your resume, you need to pass all three to become a CFA charterholder.
• Submit reference letters. Submit two to three professional reference letters (two if one is an active member of the local CFA society to which you’re applying, three if not). Have a valid international passport and live in a participating country.
• Complete your application to become a CFA charterholder. The CFA charterholder application requires that you have qualifying work experience in addition to your professional references.

How To Become a CFA Charterholder >>

What is the CFA Exam?

The CFA exam is made up of three levels, each designed to test your knowledge of different investment tools and skills. You should expect to spend approximately 300 hours studying for each level. Candidates typically take between 4 and 5 years to pass all three levels of the CFA exam.

Considering the CFA charter? Download this free Before You Decide to Sit for the CFA Exam eBook.

CFA Exam Topics

The Learning Outcome Statements (LOS) and core concepts on the CFA exams are built from the Candidate Body of Knowledge™, which is developed by the CFA Institute. While the curriculum is updated every exam cycle, all three levels of the CFA exam focus on the same 10 topic areas. Exam weights vary by level and can change slightly from year-to-year.

The following topic areas are covered in the CFA Program:

• Ethical and Professional Standards
• Quantitative Methods
• Economics
• Corporate Issuers
• Financial Statement Analysis
• Equity Investments
• Fixed Income
• Derivatives
• Alternative Investments
• Portfolio Management and Wealth Planning
• Asset Allocation
  
• Portfolio Construction
  
• Performance Measurement
  
• Derivatives and Risk Management
  
• Pathways (Portfolio Management, Private Markets, or Private Wealth)

84% of CFA^® charterholders agree that the CFA curriculum is valuable in their career after having earned the CFA charter_*

The CFA curriculum is comprehensive and challenging even for experienced financial professionals. For candidates just getting introduced to the skills required of financial professionals, financial modeling courses can help enhance excel skills and prepare individuals for a shift into a finance or investment-related career.

Assess your baseline knowledge of the Level I CFA Program curriculum with a free CFA diagnostic exam

Common Roles and Industries For CFA Charterholders

Many of the top financial firms employ CFA charterholders because they are seen as having attained the “gold standard” of the industry. Holding the CFA charter demonstrates mastery of a broad range of practical portfolio management and advanced investment analysis skills.

Finance professionals who are active CFA charterholders can be rewarded with significant earning benefits such as:

• Performance-based bonuses
  
• Access to high-net-worth clients
  
• Consulting and advisory roles
  
• Opportunities in alternative investments
  
• Entrepreneurial pursuits

42% of surveyed CFA^® charterholders stated they received a salary increase after having earned the CFA charter_**

CFA charterholders guide businesses and individuals who are making investment decisions. Assessing the performance of stocks, bonds, and other types of investments, they work in banks, pension funds, insurance companies, and other businesses. Some of the most common roles for CFA charterholders include:

• Portfolio managers are in charge of a fund or group of funds, working with analysts, researchers, and clients to stay current on the markets.
• Research analysts review data and market movements to make future predictions.
• Risk managers help their company anticipate changes and avoid potential financial pitfalls.
• Financial advisors typically help clients with investments, tax laws, and insurance product selection decisions.

The CFA Levels Explained

What is the CFA Level I Exam?

The CFA Level I exam is a computer-based, multiple-choice test that will take you approximately 4.5 hours to complete (broken into two 2.25-hour sections with an optional break in between). The CFA Level I exam is offered four times a year so find a CFA exam date that works for you. 

The pass rates for the Level I exam are the lowest of the three levels and you must meet certain qualifications in order to take the CFA Level I exam. 

CFA Level I Exam Format

Level I of the CFA exam tests knowledge and comprehension. The focus is on investment tools and ethical and professional standards. The Level I curriculum mainly focuses on recalling formulas and definitions from memory, and most of the material is a straightforward introduction to the concepts covered.

The Level I CFA exam covers 19 study sessions, 57 readings, and 10 topics. 

CFA Level I Exam Questions

There are 180 total questions in the CFA Level I exam, all of which are free-standing. There is no penalty for incorrect answers, so try to answer as many questions as you can. Each of the Level I exam questions is unrelated to the others and is usually a prompt, such as, “The period of time within which a hedge fund must fulfill a redemption request is called…” This is not the case for Level II and Level III.

Try Today's CFA Level I Practice Question

CFA Level I Exam Topic Weights

Free CFA Level I Study Resources »

What is the CFA Level II Exam?

The CFA Level II exam is a computer-based, 4.5-hour exam similar to Level I in administration method and timing, but the questions on the CFA Level II exam are vignette-based, not free-standing. The CFA Level II exam is offered three times per year.

The pass rate for the Level II exam historically hovers between 45% and 46% depending on the timeframe. That means that even though fewer candidates sat for the Level II exam than Level I and less than half of them passed. It is generally believed by CFA charterholders that Level II is the hardest level.

CFA Level II Exam Pass Rates >>

CFA Level II Exam Format

Level II of the CFA exam tests application and analysis with a focus on asset valuation. Unlike Level I, Level II focuses on how you apply standards to situations that analysts face. 

Top 10 Differences Between Level I and II >>

CFA Level II Exam Questions

The CFA Level II exam has 88 multiple-choice questions that cover 48 readings and has 14 study sessions. The Level II exam has questions organized as “item sets,” each based on a shared situation, called a vignette, with four to six multiple-choice questions that go deep into a single topic. 

Be prepared to demonstrate that you can apply tools and relationships to the analysis of financial data and the valuation of assets. Memorizing concepts should not be your focus; instead, you need to show you understand how to use them. 

Each vignette uses a combination of text, tables, financial statements, and more to describe a business scenario. Learn how to scan through a vignette quickly and pick out the pieces of data needed to answer a particular question.

Free CFA Level II Exam Practice Questions »

CFA Level II Exam Topic Weights

The 10 topics for the CFA Level II exam are the same as Level I, but at Level II, CFA Institute provides a different range of topic weights.

For example, Portfolio Management in Level II can have a weight anywhere from 10–15% (each 5% weighting represents one item set on the exam).

Ethical and Professional Standards, Financial Statement Analysis, Equity Investments, Fixed Income, and Portfolio Management and Wealth Planning are the key topics for passing Level II with topic weights of 10–15%.

You can register for Level II of the CFA exam once you pass Level I. 

Free CFA Level II Study Resources »

What is the CFA Level III Exam?

The CFA Level III exam is a computer-based, 4.5-hour exam, but the format is significantly different from Levels I and II. The CFA Level III exam requires you to demonstrate the same skills as Level II, but you also have to show that you can make judgment calls and that you can write about them. The exam is also more subjective than Level II.

Free CFA Level III Study Resources »

CFA Level III Exam Format

The constructed-response section of the Level III CFA exam is Level III’s biggest difference from Level II and Level I. You must answer open-ended questions on a blank piece of paper without any answers to choose from.

The CFA Level III exam only covers six topics and includes Specialized Pathways which must be chosen by each candidate to represent their "specialty".

What are CFA Level III Specialized Pathways? >>

CFA Level III Exam Questions

The first session of the CFA Level III exam is comprised of 8 to 11 vignettes followed by several questions that require a written response." ... "The second session of the CFA Level III exam is comprised of 44 multiple-choice items, each worth 3 points. Each item set on the CFA exam consists of a vignette followed by either 4 or 6 multiple-choice questions. In total there are 52 - 55 questions on the CFA III exam.

The Level lll CFA exam integrates more topics in a question than Level II. For example, a question may combine the concepts from Ethical and Professional Standards with Asset Allocation.

Free CFA Level III Exam Practice Questions »

CFA Level III Exam Topic Weights

The topic weights for the Level III CFA exam are as follows:

• Asset Allocation: 15–20%
  
• Portfolio Construction: 15–20%
  
• Performance Measurement: 5–10%
  
• Derivatives and Risk Management: 10–15%
  
• Ethical and Professional Standards: 10–15%
  
• Pathways (Portfolio Management, Private Markets, or Private Wealth): 30–35%
  

The pass rate for Level III is the highest of the three levels. It is usually over 50%.

CFA Level III Exam Pass Rates >>

How to Study for the CFA Level I Exam in 6 Months

Ready to start preparing for the CFA Exam?

As you get ready for your next CFA exam, consider making a Kaplan Schweser CFA exam prep package—complete with classes, practice exams, and mock exams—the centerpiece of your mission to earn a passing grade.

_________________________

*These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 307 are CFA charterholders.

**Earnings increases are dependent on numerous factors other than, or in addition to, earning the CFA® charter, including specific employment conditions and individual experience. Kaplan Schweser does not guarantee any earnings increase resulting directly from such designation. These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA Level I, II, and III candidates was interviewed online, of which 305 are CFA charterholders and were employed at the time of the survey.

Picking a prep provider to help you succeed in your pursuit of the prestigious CFA designation can be difficult. Each provider offers different prep packages and individual study materials specifically developed to give you the best chance at passing each CFA exam. In this article, we compare Kaplan Schweser vs. Wiley to help you understand which products and services have proven to be most helpful and favored by CFA candidates. 

Wiley was recently purchased by UWorld CFA Prep.

• CFA Prep Package Comparison
• Cost Differences
• Pass Protections
• Practice Questions
• Mock Exams
• Prep Course Formats
• Final Reviews
• Kaplan Schweser vs. Wiley CFA Summary

Kaplan Schweser vs. Wiley: CFA Prep Package Comparison

CFA candidates rely on high-quality, easy-to-use study materials designed by experts that closely mimic the actual exam. Recent candidates have expressed their overwhelming satisfaction with the mock exams, practice questions, and study notes offered by Kaplan Schweser compared to Wiley.

“94% of those surveyed who most recently passed the CFA® Level I exam and prepared with Kaplan Schweser believe that Kaplan Schweser played a significant role in helping them pass the exam”_**

Start a free trial and see how Kaplan Schweser’s core study tools will help you prepare for the CFA exam

Kaplan Schweser vs. Wiley: CFA Cost Comparison

Kaplan Schweser and Wiley offer different CFA prep packages at different costs. Each provider’s prices are similar however candidates prefer Kaplan Schweser’s CFA prep packages over Wiley because Kaplan Schweser’s are seen by candidates as having a higher value and are more easily customizable for each person’s specific needs. 

“U.S. CFA Level I and Level II candidates consider Kaplan Schweser to be among the highest quality, most comprehensive, and easiest to use CFA exam prep providers in the industry.”_*

CFA Basic Exam Prep Pacakge

Candidates that choose Kaplan Schweser’s basic exam prep package over Wiley will benefit from having additional features such as:

• The Kaplan Schweser Community
• 2 Mock Exams with Exam Sim
• The SchweserPro™ QBank
• Study Notes
  

CFA Essential Exam Prep Package

Kaplan Schweser’s Essential Exam Prep Package turns your self-study path into a guided tour with concise study notes to help you master each exam topic.

CFA Premium Exam Prep Package

Kaplan Schweser’s Premium Exam Prep Package contains everything you need to be successful on exam day, including convenient OnDemand classes and review sessions that are led by the industry’s largest team of expert CFA instructors.

CFA Ultimate Exam Prep Package

Kaplan Schweser’s Ultimate CFA Prep Package is an all-inclusive study package that contains the same Core + Instruction + Review tools found in the Premium Package but includes either the Live Online or OnDemand options for your Instruction and Review. 

In addition, the Ultimate Package includes flashcards and an audio version of SchweserNotes™ for study on the go.

Wiley vs Kaplan Schweser: CFA Pass Protection

Kaplan Schweser offers Schweser’s PassProtection™, which means if CFA candidates need a second chance, their entire exam prep package for the next exam sitting will be free and this is included in all prep packages. Wiley’s also offers a “Partner Until You Pass” policy. if a candidate fails an exam, they will need to call in to renew their access with Wiley.  

Practice Question Comparison

CFA candidates want access to a large number of CFA practice questions that mimic the real exam when preparing for each level, especially when self-studying. Both Wiley and Kaplan Schweser offer a large number of practice questions but candidates prefer Kaplan Schweser’s QBank because they most closely match the actual exam and candidates have the ability to control their experience with different question difficulties, topic coverage, and create custom quizzes. 

Get a CFA exam question delivered to your inbox every day. Sign up for Schweser’s Questions of the Day

Mock Exam Differences

All Kaplan Schweser prep packages come with 6 CFA mock exams and exam sim which allows candidates to experience what the actual test will be like. Wiley offers 2 mock exams without exam sim which doesn’t allow candidates enough time to get comfortable with the testing software and develop effective test-taking skills. 

Kaplan Schweser also offers a free diagnostic CFA exam designed to give Level I candidates a way to evaluate their baseline knowledge of the Level I Program curriculum.

Another major advantage of taking a mock exam with Kaplan Schweser is through Kaplan Schweser you can visit a Prometric exam center near you and take a practice test just like you will on exam day. Your in-person mock exam appointment can be scheduled for any day; there are no predetermined dates for “Mock Exam Windows”.

CFA Prep Course Formats

Flexibility in how prep courses are offered is an important aspect of what CFA candidates expect to have when choosing a prep course. Kaplan Schweser’s courses are available OnDemand and Live and recent CFA candidates have preferred Kaplan Schweser’s classes 2:1 over Wiley. No matter which format is chosen, with Kaplan Schweser, candidates have access to

• A two-volume set of Class Workbooks containing material, examples, and questions to support instruction.
• Access to the Kaplan Schweser Community forum, where they can engage with instructors and fellow candidates.
• InstructorLink which gives them a direct line to expert instructors.

Curriculum Topic Lessons

Kaplan Schweser really exceeds Wiley’s curriculum prep content in terms of comprehensiveness and accuracy. Recent candidates strongly prefer Kaplan Schweser’s rigorous curriculum and felt challenged and better prepared for the actual exam when using an exam prep package from Kaplan Schweser.  

OnDemand Video Lectures

Both Kaplan Schweser and Wiley offer OnDemand video lectures for each exam level. Kaplan Schweser offers this option in prep packages and as an individual study resource. So both self-study candidates and traditional candidates have the option to use OnDemand video lectures to help them prepare.

One benefit of Kaplan Schweser’s OnDemand classes over Wiley is each candidate gets access to the Kaplan Schweser Community forum when they purchase an OnDemand class. The Kaplan Schweser community forum is a great place for candidates to continue learning after watching video lectures and ask follow-up questions to instructors and other candidates.  

Expert Online Mentoring

Kaplan Schweser has the industry's largest team of expert CFA instructors. Wiley gives candidates access to their instructors when they purchase a prep package but Kaplan Schweser gives candidates multiple ways to get in touch with their experts. Kaplan Schweser’s InstructorLink and Community forum provide candidates a direct line to their knowledgeable and experienced CFA instructors. 

Both options are included in individual study materials like OnDemand courses and all CFA prep packages. Candidates often express how Kaplan Schweser’s instructors helped them learn the curriculum and CFA-specific exam-taking strategies.

“U.S. CFA Level I and Level II candidates consider Kaplan Schweser to be the most experienced CFA exam prep provider in the industry.”_*

CFA Final Review Options

Both Wiley and Kaplan Schweser offer CFA Final Review products. Wiley’s 11th Hour Review course is available in their Platinum package or as an individual product. Kaplan Schweser’s Final Review products are also available as individual products in OnDemand and Live Online formats and in both Premium and PremiumPlus prep packages.

Kaplan Schweser vs. Wiley CFA Summary

Wiley was recently purchased by UWorld CFA Prep. Read our latest CFA prep comparison article: Kaplan Schweser vs. UWorld.

When considering an exam prep provider, candidates look for quality, comprehensiveness, value for money, and ease of use which Kaplan Schweser consistently provides for all CFA candidates. Wiley, who was recently purchased by UWorld CFA prep, offers some lower-cost prep packages but lacks comprehensiveness and value. Candidates typically use one exam prep provider in addition to their CFA Institute-provided materials for either Level I or Level II, and Kaplan Schweser is the most commonly used.   

“U.S. CFA Level I and Level II candidates consider Kaplan Schweser to be the leader in CFA exam prep.”_*

Need Help Deciding Which CFA Prep Package is Right For You?

Contact Kaplan Schweser directly for more information or choose the best CFA Program study package for you. 

* These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.

**These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 104 last passed the CFA Level I exam and prepared for that exam with Kaplan Schweser.

Unsure about which CFA prep provider to use during your CFA journey? This breakdown highlights the similarities and key differences between Kaplan Schweser and Bloomberg to help you pick the perfect fit for your studies.

• CFA Prep Package Comparison
• Cost Differences
• Study Tool Differences
• Teaching Styles
• Mock Exams
• Course Formats
• Practice Questions
• Instructors
• Kaplan Schweser vs. Bloomberg Summary

Kaplan Schweser vs. Bloomberg: CFA Prep Package Comparison

CFA candidates want expertly designed study materials that closely resemble the real exam and are easy to use. Kaplan Schweser's Study Notes, Activity Feed, In-Person Exam Day Simulation, and Live Review Workshops are just some of the features that help distinguish Kaplan Schweser from Bloomberg.

"94% of those surveyed who most recently passed the CFA® Level I exam and prepared with Kaplan Schweser believe that Kaplan Schweser played a significant role in helping them pass the exam"***

Start a free trial and see how Kaplan Schweser’s core study tools will help you prepare for the CFA exam

Kaplan Schweser vs. Bloomberg: CFA Cost Comparison

Both Kaplan Schweser and Bloomberg provide more than one CFA prep package. However, there is a price disparity when comparing both provider’s Premium and Ultimate prep packages as illustrated by these cost comparison tables. Kaplan Schweser offers more affordable prep packages than Bloomberg and provides individual study materials, which Bloomberg does not.

"Kaplan Schweser is used by more CFA Level I candidates than any other CFA exam prep provider"*

Basic Exam Prep Package Comparison

Candidates that choose Kaplan Schweser’s basic exam prep package over Bloomberg will benefit from having additional features such as:

• The Kaplan Schweser Community
• The SchweserPro™ QBank Customizable Quizzes
• Mock Exams with Exam Simulation

CFA Essential Exam Prep Package Comparison

Candidates that choose Kaplan Schweser’s Essential Exam Prep Package over Bloomberg will benefit from having unique features such as:

• The Kaplan Schweser Community
• The SchweserPro™ QBank Customizable Quizzes
• Mock Exams with Exam Simulation

"U.S. CFA Level I and Level II candidates consider Kaplan Schweser to be among the highest quality, most comprehensive, and easiest to use CFA exam prep providers in the industry"*

CFA Premium Exam Prep Package Comparison

Candidates that choose Kaplan Schweser’s Premium Exam Prep Package over Bloomberg will benefit from having unique features such as:

• Study Notes
• OnDemand Classes
• OnDemand Workshops
• The Kaplan Schweser Community
• Mock Exams with Exam Simulation

CFA Ultimate Exam Prep Package Comparison

Candidates who choose Kaplan Schweser’s Ultimate CFA Prep Package over Bloomberg will truly benefit from having a unique prep package.

This all-inclusive study package from Kaplan Schweser contains the same Core + Instruction + Review tools found in the Premium Package and includes either the Live Online or OnDemand options for your Instruction and Review.

In addition, the Ultimate Package includes flashcards, an audio version of SchweserNotes™ for study on the go, the exclusive opportunity for an In-Person Mock Exam Simulation, and InstructorLink, which allows candidates to “link up” with an Instructor to ask an unlimited amount of questions.

Bloomberg vs. Kaplan Schweser: Study Tool Differences

One big difference between the Study Tools that Kaplan Schweser and Bloomberg offer is that Kaplan Schweser offers them as individual study materials. This means you don’t need to buy an entire prep package to get access to a diagnostic exam, and common individual study tools like our Qbank and Mock Exams.

Another major difference between Kaplan Schweser and Bloomberg is that Kaplan Schweser offers an Activity Feed, which Bloomberg does not. The activity feed keeps you on track every day between now and exam day. It’s highly customizable and adjusts based on your progress.

CFA candidates can rely on their Diagnostic Exam results to help them identify their strengths and weaknesses and use the Activity Feed to make sure their time spent preparing is optimized for success.

Bloomberg vs. Kaplan Schweser: Teaching Styles

Kaplan Schweser and Bloomberg both employ a hybrid teaching approach that prioritizes instruction tailored to the needs of CFA candidates. Each provider offers OnDemand videos and thorough coverage of every CFA curriculum topic.

Where Kaplan Schweser’s teaching style stands out is in its exam-focused approach, which cuts out extraneous material that is a distraction to candidates’ primary objective: passing the CFA exam.

Kaplan Schweser also offers live online options where candidates can interact with the instructor during class, which Bloomberg does not.

An Inside Look at Kaplan Schweser’s CFA Program Curriculum Update Process >>

Bloomberg vs. Kaplan Schweser: Mock Exam Differences

Kaplan Schweser and Bloomberg provide CFA Mock Exams as part of their CFA prep products. Both providers offer them in their prep packages and as an additional standalone product. They both also offer candidates the opportunity to compare scores with other candidates.

However, the most significant difference between Kaplan Schweser Mock Exams and Bloomberg Mock Exams is the exclusive opportunity to take a Mock Exam In Person at an official testing center to get that true testing experience and the Exam Sim mode which replicates Prometric’s interface and settings.

Bloomberg vs. Kaplan Schweser: Course Formats

Kaplan Schweser and Bloomberg both provide online CFA course options, which include OnDemand videos and practice questions and quizzes. Each provider offers comprehensive video coverage of every curriculum topic, accompanied by detailed explanations of complex concepts and corresponding quizzes to assess your progress.

The most significant disparity between Kaplan Schweser and Bloomberg’s course formats emerges when candidates opt for Kaplan Schweser's Ultimate prep package. The Ultimate prep package offers additional benefits, such as access to Live Online or OnDemand class options, as well as a 5-day live online review workshop, which is not available through Bloomberg’s offerings.

Another difference between providers' course formats is in their Study Planners and Activity Feeds. Bloomberg has a study planner but it doesn’t break down all of the content into tasks over time. Kaplan Schweser’s Activity Feed breaks down individual tasks into daily/weekly assignments, which helps candidates keep track of their course progress more efficiently.

Bloomberg vs. Kaplan Schweser: Practice Questions Comparison

When preparing for each level of the CFA exam, candidates want access to an extensive collection of CFA practice questions that replicate the actual exam, particularly when piecing together self-study materials.

While both Bloomberg and Kaplan Schweser provide a large number of practice questions, candidates prefer Kaplan Schweser's QBank due to its close resemblance to the actual exam. Additionally, Kaplan Schweser's QBank allows candidates to personalize their experience by adjusting the question difficulties, and topic coverage, and creating custom quizzes, which Bloomberg does not.

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Instructor Differences Between Kaplan Schweser and Bloomberg

Candidates who choose to prep with either Kaplan Schweser or Bloomberg will undoubtedly have access to CFA experts who are hired to support them during their CFA preparation.

Where Kaplan Schweser stands out from Bloomberg is in the number of CFA charterholders candidates have access to. Kaplan Schweser has the largest number of CFA charterholders as instructors and subject matter experts who are available worldwide to support candidates.

Another advantage of Kaplan Schweser’s is its InstructorLink feature, which is included in the Ultimate prep package. This feature allows candidates to “link up” with an Instructor to ask an unlimited amount of questions.

Additionally, all Kaplan Schweser prep package customers get access to an extensive CFA candidate community. In this online forum, candidates at all Levels can ask specific exam questions and get quick answers about curriculum topics or difficult concepts, prep course features, popular investment management topics, and anything else they can think of. In the Kaplan Schweser Community, candidates can engage with fellow CFA candidates as well as expert CFA instructors all in the same place.

"9 out of 10 CFA candidates who have used Kaplan Schweser to prep for the CFA Levels I, II, or III would recommend Kaplan Schweser"**

Kaplan Schweser vs. Bloomberg CFA Summary

When selecting a prep provider, CFA candidates seek top-notch quality, thoroughness, affordability, and user-friendliness, all of which Kaplan Schweser consistently delivers to all CFA candidates. In contrast, Bloomberg offers less flexibility, more expensive, and less personalized study tools that candidates depend on to stay on track and succeed.

Typically, candidates rely on one exam prep provider and the CFA Institute's materials for either Level I or Level II, and Kaplan Schweser is the most popular choice among prep providers.

"92% of CFA Level I candidates who have used Kaplan Schweser to prep for CFA Level I agree that Kaplan Schweser played a key role in helping them pass the CFA Level I exam"**

Need Help Deciding Which CFA Prep Package is Right For You?

Contact Kaplan Schweser directly for more information or choose the best CFA Program study package for you.

Choosing a CFA prep provider to support you in your quest for the distinguished CFA designation can be a challenging decision to make. Each prep provider presents unique prep packages and study materials tailored to enhance your chances of success in passing each CFA exam. This article provides a comparison between Kaplan Schweser and Mark Meldrum, highlighting the most thoughtful and popular products and services favored by CFA candidates.

• CFA Prep Package Comparison
• Cost Differences
• Mock Exams
• Practice Questions
• Teaching Styles
• Course Formats
• Mentoring
• Kaplan Schweser vs. Mark Meldrum Summary

Kaplan Schweser vs. Mark Meldrum: CFA Prep Package Comparison

According to recent feedback from CFA candidates, they prefer using expertly designed study materials that closely resemble the actual exam and are easy to use. Kaplan Schweser's mock exams, practice questions, and study notes exceeded those expectations and received overwhelmingly positive reviews compared to those offered by Mark Meldrum.

"94% of those surveyed who most recently passed the CFA® Level I exam and prepared with Kaplan Schweser believe that Kaplan Schweser played a significant role in helping them pass the exam.”_**

Start a free trial and see how Kaplan Schweser’s core study tools will help you prepare for the CFA exam

Kaplan Schweser vs. Mark Meldrum: CFA Cost Comparison

Both Kaplan Schweser and Mark Meldrum provide various preparation packages and study materials at varying prices. However, there is a price disparity between Kaplan Schweser and Mark Meldrum, with Kaplan Schweser being relatively less expensive, particularly in terms of prep packages. This can be attributed to the fact that Kaplan Schweser offers a more extensive and holistic range of products and services in their prep packages, as shown in the cost comparison table below.

“U.S. CFA Level I and Level II candidates consider Kaplan Schweser to be among the highest quality, most comprehensive, and easiest to use CFA exam prep providers in the industry.”_*

Basic Exam Prep Package Comparison

Candidates that choose Kaplan Schweser’s basic exam prep package over Mark Meldrum will benefit from having additional features such as:

• The Kaplan Schweser Community
• 2 Mock Exams with Exam Sim
• The SchweserPro™ QBank

CFA Essential Exam Prep Package Comparison

Candidates that choose Kaplan Schweser’s Essential Exam Prep Package over Mark Meldrum will benefit from having unique features such as:

• The Kaplan Schweser Community
• 4 Mock Exams with Exam Sim 
• The SchweserPro™ QBank
• 24/7 Instructor Assistance

"U.S. CFA Level I candidates surveyed who prep with Kaplan Schweser are more likely to pass the CFA Level I exam than those who prep with other providers"_*

CFA Premium Exam Prep Package Comparison

Candidates that choose Kaplan Schweser’s Premium Exam Prep Package over Mark Meldrum will benefit from having unique features such as:

• Live Online or OnDemand Classes
• Review Workshops
• The Kaplan Schweser Community
• 6 Mock Exams with Exam Sim 
• 24/7 Instructor Assistance
• Summarized Printed Study Notes

CFA Ultimate Exam Prep Package Comparison

Candidates who choose Kaplan Schweser’s Ultimate CFA Prep Package over Mark Meldrum will truly benefit from having a unique prep package because a true comparison does not exist for candidates choosing to prep with Mark Meldrum.

This all-inclusive study package from Kaplan Schweser contains the same Core + Instruction + Review tools found in the Premium Package and includes either the Live Online or OnDemand options for your Instruction and Review.

In addition, the Ultimate Package includes flashcards, an audio version of SchweserNotes™ for study on the go, the exclusive opportunity for an In-Person Mock Exam Simulation, and InstructorLink, which allows candidates to “link up” with an Instructor to ask an unlimited amount of questions.

Mark Meldrum vs. Kaplan Schweser: Mock Exam Differences

Kaplan Schweser and Mark Meldrum provide CFA Mock Exams as part of their CFA prep products. Both providers offer them in their prep packages and as an additional standalone product. They both also offer candidates the opportunity to compare scores with other candidates and take them in two sessions (AM and PM).

However, the most significant difference between Kaplan Schweser Mock Exams and Mark Meldrum Mock Exams is the exclusive opportunity to take a Mock Exam In Person at an official testing center to get that true testing experience and the Exam Sim mode which replicates Prometric’s interface and settings.

Mark Meldrum vs. Kaplan Schweser: Practice Question Comparison

When preparing for each level of the CFA exam, candidates want access to an extensive collection of CFA practice questions that replicate the actual exam, particularly when piecing together self-study materials.

While both Mark Meldrum and Kaplan Schweser provide a large number of practice questions, candidates prefer Kaplan Schweser's QBank due to its close resemblance to the actual exam. Additionally, Kaplan Schweser's QBank allows candidates to personalize their experience by adjusting the question difficulties, and topic coverage, and creating custom quizzes.

Get a CFA exam question delivered to your inbox every day. Sign up for Schweser’s Questions of the Day

Mark Meldrum vs. Kaplan Schweser: Teaching Styles

Kaplan Schweser and Mark Meldrum both employ a hybrid teaching approach that prioritizes instruction tailored to the needs of CFA candidates. Each provider offers OnDemand videos and thorough coverage of every CFA curriculum topic.

Where Kaplan Schweser’s teaching style stands out is in its exam-focused approach, which cuts out extraneous material that is a distraction to candidates’ primary objective: passing the CFA exam.

Mark Meldrum covers a lot of material that will not be tested on a CFA exam.

Kaplan Schweser also offers a diverse set of instructions who are CFA charterholders and have been through what candidates are going through. Mark Meldrum is not a CFA charterholder.

Kaplan Schweser also offers live online options where candidates can interact with the instructor during class and these classes are offered in multiple time zones around the world.

An Inside Look at Kaplan Schweser’s CFA Program Curriculum Update Process >>

Mark Meldrum vs. Kaplan Schweser: Course Formats

Kaplan Schweser and Mark Meldrum both provide online CFA course options, which include OnDemand videos and practice questions and quizzes. Each provider offers comprehensive video coverage of every curriculum topic, accompanied by detailed explanations of complex concepts and corresponding quizzes to assess your progress.

The most significant disparity between Kaplan Schweser and Mark Meldrum's course formats emerges when candidates opt for Kaplan Schweser's Ultimate prep package. The Ultimate prep package offers additional benefits, such as access to live online and OnDemand class options, as well as a 5-day live online review workshop, which is not available through Mark Meldrum's offerings.

Another difference between providers' course formats is in their Study Planners and Activity Feeds. Mark Meldrum has a study planner but it doesn’t break down all of the content into tasks over time. Kaplan Schweser’s Activity Feed breaks down individual tasks into daily/weekly assignments, which helps candidates keep track of their course progress more efficiently.

Online Mentoring Differences Between Kaplan Schweser and Mark Meldrum

Candidates that choose to prep with either Kaplan Schweser or Mark Medlrum will undoubtedly have access to CFA experts that are hired to support them during their CFA preparation.

Where Kaplan Schweser stands out from Mark Meldrum is in the number of CFA charterholders candidates who have access to. Kaplan Schweser has the largest number of CFA charterholders as instructors and subject matter experts who are available worldwide to support candidates.

Another advantage of Kaplan Schweser’s is its InstructorLink feature, which is included in the Ultimate Prep package. Mark Meldrum charges an additional fee for tutoring and counseling that candidates pay for by the hour.

Additionally, all Kaplan Schweser prep package customers get access to an extensive CFA candidate community, including the forums. In these forums candidates at all Levels can ask specific exam questions and get quick answers about curriculum topics or difficult concepts, prep course features, popular investment management topics, and anything else they can think of. In the Kaplan Schweser Community, candidates can engage with fellow CFA candidates as well as expert CFA instructors all in the same place.

Kaplan Schweser vs. Mark Meldrum CFA Summary

“U.S. CFA Level I and Level II candidates consider Kaplan Schweser to be the leader in CFA exam prep.”_*

When selecting an exam prep provider, CFA candidates seek top-notch quality, thoroughness, affordability, and user-friendliness, all of which Kaplan Schweser consistently delivers to all CFA candidates.

In contrast, Mark Meldrum offers more expensive prep packages and falls short in terms of comprehensiveness and value. Typically, candidates rely on one exam prep provider and the CFA Institute's materials for either Level I or Level II, and Kaplan Schweser is the most popular choice among prep providers.

Need Help Deciding Which CFA Prep Package is Right For You?

Contact Kaplan Schweser directly for more information or choose the best CFA Program study package for you. 

* These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.

**These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 104 last passed the CFA Level I exam and prepared for that exam with Kaplan Schweser.

By this point, you’re a CFA^® exam veteran. After passing the Level I and Level II exams, your confidence is strong. That confidence is an asset, but don’t take your foot off the gas just yet. Passing Level III is going to take some work.

In this article we answer commonly asked questions we hear every day from candidates preparing to sit for Level III of the CFA exam.

What To Expect on the CFA Level III Exam?

Candidates will have 4 hours and 24 minutes to finish the exam and should expect to demonstrate advanced portfolio management and wealth planning knowledge. A new question format called constructed response questions or essay questions will be introduced which will require candidates to justify or explain their answers.

What Makes Level III of the CFA^® Exam Different?

The Level III exam is markedly different from the previous two levels. The most significant difference is that you have to write. It’s no longer just multiple-choice questions. If you learn and can recall the appropriate factoids, you’re going to pass the exam. But CFA Institute really throws you for a loop on Level III by changing the format of the test.

Level III CFA exam questions are more like case studies. There’s math involved, but it often can’t be reduced to a single equation. Level III essentially tests your ability to effectively do what employers will expect of you as a CFA charterholder.

Because the exam is so different, you also need to drastically adapt your preparation strategy in order to pass. Not adopting a Level III-specific preparation strategy is a primary reason candidates who did well on the previous two levels struggle when they get to Level III.

What is the Format of Level III of the CFA Exam?

The Level III exam is computer-based and includes two exam sessions. Each session is a mix of either 5 constructed response (essay) sets and 6 item sets or 6 essay sets and 5 item sets for a total of 11 sets of questions per exam session.

All question sets are worth 12 points. Each essay sets test your real-world application of the curriculum by presenting you with a scenario that you must solve or advise on. Each multiple-choice item set begins with a case statement and then asks four multiple-choice questions related to the statement.

When is Level III of the CFA Exam Offered?

The Level III exam is offered twice a year. Find out when Level III exam dates are coming up and when they have occurred in the past.

Before you choose your CFA exam date, download this free Before You Decide to Sit for the CFA Exam eBook.

Download

Can I Postpone My CFA Exam After I’ve Registered?

You can only postpone your CFA exam after you’ve registered in specific circumstances, mostly related to medical reasons. It’s easier to withdraw, but unless you withdraw within three days of registering, you will have to pay the registration fees again and re-register.

CFA Exam Postponement >>

What Subjects are Tested on Level III?

Candidates preparing for the Level III exam are not tested on all the topics that were part of the Level I and Level II syllabus. Here’s the curriculum you will be tested on:

• Asset Allocation
  
• Portfolio Construction
  
• Performance Measurement
  
• Derivatives and Risk Management
  
• Ethical and Professional Standards
• Specialized Pathways

The topics that are most tested on the Level III CFA exam is Asset Allocation and Portfolio Construction.

Sign up for our Level III question of the day and get a CFA question sent directly to your inbox every day to help you prepare.

Try Today's Level III Question

What Are the Topic Weights for the Level III Exam?

Each year, Level III exam topic weights are subject to change at the discretion of CFA Institute. Here are the current syllabus topic weights for the Level III exam:

How Much Time Should I Spend Studying for Level III of the CFA Exam?

While CFA Institute recommends candidates spend a minimum of 300 hours preparing for each level of the CFA exam, in a recent Kaplan Schweser CFA Program Survey, we saw 62% of those who recently passed the CFA Level III exam spent over 300 hours preparing.

7 Tips for Effectively Using Your 300 Hours >>

How Difficult is the Level III Exam?

The Level III CFA exam is challenging because, as detailed previously, the exam format is quite a bit different than the Level II and Level I formats.

Explore Fellow Candidate's Views On CFA Level III Exam Difficulty

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What Score Should I Aim for in My Level III Mock Exams?

Level III candidates should strive for a target mock exam score of 65% or higher. If you find yourself scoring below 65%, assess your performance in each topic area to identify where improvements are needed and adjust your study plan accordingly.

What is the Level III CFA Exam Pass Rate?

The pass rate for Level III of the CFA Exam usually falls within the 50-57% range but some recent CFA pass rates have been lower. It’s important to remember that everyone sitting for Level III has already passed the first two levels. So these are the best of the brightest candidates, and still only slightly more than half passed.

How is the Level III Exam Graded?

CFA^® exam grading is done by machines and charterholders. CFA Institute then uses a methodology to determine a minimum passing score that is applied to each exam.

CFA Exam Grading Process >>

How Much Does it Cost to Sit for Level III?

What you’ll pay to sit for Level III of the CFA exam varies depending on when you register. If you register early, there is a smaller fee, which will give you extra money to invest in CFA Level III exam prep materials. Expect to pay around $1,000 - 2,500 USD for the Level III exam, including prep materials.

CFA Level III Exam Fees >>

Contact Kaplan Schweser

Ready To Start Preparing for the CFA Exam?

You’ve reached your first milestone on the way to becoming a CFA^® charterholder by passing the CFA Level I exam. So, next up is Level II. As a recognized leader in CFA exam prep, Kaplan Schweser fields a wide variety of questions from candidates preparing for the CFA Level II exam. Here, we compiled those questions (and answers) into one simple place for Level II candidates to get the information they need.

What is the Difference Between Level II of the CFA^® Exam and Level I?

Level I tests your understanding of the basics of investment valuation. Level II begins to test your ability to put that understanding to practical use. You will be presented with real-life scenarios and be asked to put your knowledge of investment management and portfolio concepts to the test.

Top 10 Differences Between Level I & Level II >>

What To Expect on the CFA Level II Exam?

Candidates should expect the CFA Level II exam to test their curriculum knowledge in more depth than Level I. Candidates can count on facing new question types called vignettes and will have 4 hours and 24 minutes to finish the exam

What is the Date for Level II of the CFA exam?

Level II of the CFA exam will be offered three times a year. To learn the dates, read this article, which breaks the changes to the Level II exam dates and provides information on Levels II and III also.

Before you choose your CFA exam date, download this free Before You Decide to Sit for the CFA Exam eBook.

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Can I Postpone My CFA Exam After I’ve Registered?

You can only postpone your CFA exam after you’ve registered in specific circumstances, mostly related to medical reasons. It’s easier to withdraw, but unless you withdraw within three days of registering, you will have to pay the registration fees again and re-register.

What is the Format of Level II of the CFA^® Exam?

Level II of the CFA exam is a multiple-choice exam, like Level I. These questions are divided into question sets, and you will be tested on half of the item sets in the morning and a half in the afternoon. For each item set, you will be provided information, and the questions will require you to use the information provided to solve them.

What Subjects Are Tested on Level II?

When sitting for Level II of the CFA exam, you will be tested on the following topics:

• Quantitative Methods
• Economics
• Financial Reporting and Analysis
  
• Corporate Issuers
• Equity Valuation
• Fixed Income
• Derivatives
• Alternative Investments
• Portfolio Management
• Ethical and Professional Standards

Sign up for our question of the day and get a Level II CFA question sent directly to your inbox every day to help you prepare.

Try Today's Level II Question

What are the Level II Topic Weights?

The Level II exam topic weights are subject to change yearly at the discretion of CFA Institute. Currently, for Level II of the CFA exam, the syllabus topics are weighted as follows:

How Much Time Do I Need to Dedicate to Studying For Level II?

The general consensus is that you should dedicate a minimum of 300 hours to studying for Level II. In a recent Kaplan Schweser CFA Program Survey, we saw the number of hours spent preparing for exams increase after Level I. 73% of those who most recently passed the CFA Level II exam said they spent more than 300 hours preparing. 

Typically, candidates will spread that time over a 6-month period, which averages out to about 12.5 hours per week. However, some candidates do not begin studying as early and compress their study time into a shorter window. How intense your study schedule depends on how early you begin preparing.

What Mock Exam Score Should I Strive for in Level II?

Level II candidates should try to score 70% or higher when taking mock exams. If your score remains below 70%, analyze your performance in each topic to pinpoint where adjustments are needed, and enhance your study plan accordingly.

How Hard is the Level II Exam?

Don’t let anyone tell you any level of the CFA exam is easy. They all require focused study and preparation. That’s because the CFA charter is an exclusive designation, designed to truly demonstrate mastery.

Explore Fellow Candidate's Views On CFA Level II Exam Difficulty

Kaplan Schweser Community

How is the Level II Exam Graded?

CFA exam grading is done by machines and charterholders. CFA Institute then uses a methodology to determine a minimum passing score that is applied to each exam. Our article on how the CFA exam is graded has all the details.

What is the Level II CFA Exam Pass Rate?

The 10-year average pass rate for the Level II CFA Exam is 45% but some recent CFA pass rates have been lower.  According to CFA Institute, only 20% of candidates who begin the program actually earn the charter. Preparation is critical to reaching the finish line. We’ve outlined other candidate experiences and some of the common pitfalls people encounter to help you along the way.

How Much Does It Cost To Sit For Level II of the CFA Exam?

The Level II CFA exam is not free and there are multiple components that determine the total cost of the Level II exam such as:

• Registration costs
• Prep materials

Depending on when you register for the Level II exam and how much you pay for CFA prep, expect to pay around $1,000 - 2,500 USD for the Level II exam, including prep materials.

We suggest registering during the early period for two reasons. First, you will save $300, which you can put toward a CFA exam prep course. Second, the earlier you commit to sitting for the exam, the sooner you can begin preparing.

Total CFA Program Cost »

When Do Practical Skill Modules (PSMs) start for Level II CFA Candidates?

Starting with the May 2024 cohort, Level II CFA candidates need to complete an additional education requirement called Practical Skill Modules (PSMs).

They need to be finished before exam results are released and should take about 10-15 hours to complete. PSMs are a requirement to receive CFA Level II exam results and are available to Level II candidates in CFAI's Learning Ecosystem.

CFA Program Practical Skills Modules Guide >>

Contact Kaplan Schweser

If you have additional questions, feel free to reach out to the Kaplan Schweser Student Support team for the answers you need to take this next step in your career.

Ready To Start Preparing for the CFA Exam?

Looking for more guidance on how to prepare for Level II of the CFA® exam? Enroll in one of our CFA Level II Premium study packages to receive expert instruction, CFA Program study materials, and more. Give yourself the best chance to prepare, practice, and perform on the CFA exam.

If you have considered sitting for CFA level I exam, you probably have questions. You’re always welcome to reach out to our knowledgeable Student Support team with any questions you have about preparing for the exam. We’ve also created this article to answer some of the most common questions we receive from people preparing to take the first step toward becoming a CFA charterholder.

What is the CFA^® Charter?

Let’s start with the basics. The Chartered Financial Analyst^® (CFA) charter is a professional designation administered by CFA Institute. According to CFA Institute, it’s the most respected and recognized investment management designation in the world.

How Do I Earn the CFA Charter?

To earn the CFA charter, you must pass three levels of the exam in order: Level I, Level II, and Level III. Each exam builds on the mastery demonstrated by achieving a passing score on the previous exams.

Join Kaplan Schweser’s Expert CFA Instructors for a Series of Free Webinars Discussing the CFA Program

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Is the CFA Charter a Degree?

It is not a degree. It’s a professional credential that demonstrates mastery of advanced investment analysis and real-world portfolio management. Candidates often weigh the benefits of the CFA charter against those of an MBA, which may be a contributing factor in this common misunderstanding.

What To Expect on the CFA Level I Exam?

Candidates should expect the CFA Level I exam to be complicated. Candidates should take their prep seriously and anticipate using an approved CFA calculator when answering the 180 multiple-choice questions in 4 hours and 30 minutes.

What is the Date for Level I of the CFA Exam?

The Level I CFA exam is offered multiple times per year so find a CFA exam date that works for you.

Considering the CFA charter? Download this free Before You Decide to Sit for the CFA Exam eBook

Download

Can I Postpone My CFA Exam After I’ve Registered?

You can only postpone your CFA exam after you’ve registered in specific circumstances, mostly related to medical reasons. It’s easier to withdraw, but unless you withdraw within three days of registering, you will have to pay the registration fees again and re-register. There are many CFA exam postponement rules for candidates to be aware of, especially if you think you can’t take the exam on the scheduled date.

What are the Requirements To Sit for the CFA Exam?

An individual wishing to enroll in the CFA Program and register for the Level I exam for the first time must possess an international travel passport. In addition, candidates must meet one of the following requirements:

• Have a bachelor’s degree (or equivalent) or two years remaining in your undergraduate studies
• Have accumulated 4,000 hours of applicable professional work experience (not required to be investment-related)

Candidates may also have a combination of full-time professional experience and education that totals a minimum of 4,000 hours. Those hours of experience/education must be accrued prior to enrollment in the program. Continue learning about enrollment requirements for the CFA Program.

What is the Format of Level I of the CFA Exam?

The exam format is computer-based with 180 multiple-choice questions. There are two 2 hours and 15 minute session times.  Learn about the best way to study for the CFA Level I exam. 

What Subjects or Topics are Tested on the Level I CFA Exam?

The CFA Level 1 syllabus covers a broad range of foundational topics in finance including:

• Ethical and Professional Standards
• Quantitative Methods
• Economics
• Corporate Issuers
• Financial Statement Analysis
  
• Equity Investments
• Fixed Income
• Derivatives
• Alternative Investments
• Portfolio Management

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What are the Weights of the Topics of Level I of the CFA Exam?

The weights of Level I curriculum topics are subject to change on a year-to-year basis, at the discretion of the CFA Institute. Currently the Level I CFA exam weights and topics are:

How Much Time Does it Take to Study for the Exam?

The average candidate for Level I of the CFA exam should spend a minimum of 300 hours over the course of six months preparing for the exam. In a recent Kaplan Schweser CFA Study, 50% of those who most recently passed the CFA Level I exam spent 300 or more hours preparing.

How Hard is the Exam?

The CFA exam as a whole is difficult by design. It’s an exclusive designation that truly demonstrates mastery of the investment management field.  Continue learning about what makes the CFA Program the most respected and recognized investment management designation in the world. 

Explore Fellow Candidate's Views On CFA Level I Exam Difficulty

Kaplan Schweser Community

How is Level I of the Exam Graded?

CFA exam grading is done by machines and charterholders. CFA Institute then uses a methodology to determine a minimum passing score that is applied to each exam. Our article on how the CFA exam is graded at all levels has all the details.

What is the Level I CFA Exam Pass Rate?

Knowing the pass rate for the CFA exam is an important metric to know considering only 20% of candidates who begin the program actually earn the charter, according to the CFA Insitute. You can greatly improve your odds of success by learning from other candidates’ experiences and avoiding common pitfalls in your preparation. 

How Much Does it Cost to Sit for the Exam?

How much you'll pay to sit for the Level I exam depends on how early you register. First of all, there is a one-time CFA enrollment fee of $350. In addition, you must pay an exam fee each time you register to sit for an exam. CFA Institute has early and standard deadlines, and the price goes up the later you register.

Expect to pay around $1,000 - 2,500 USD for the Level I exam, including prep materials.

There are two really good reasons to register early.

1. You will save $300, which you could put towards CFA exam prep.

2. The earlier you commit to sitting for the exam, the sooner you can begin preparing.

Total CFA Program Cost »

Can I Take a CFA Level I Mock Exam In-Person?

Yes, through Kaplan Schweser you can visit a Prometric exam center near you and take a practice test just like you will on exam day. Your in-person mock exam appointment can be scheduled for any day; there are no predetermined dates for “Mock Exam Windows”.

What are Practical Skill Modules (PSMs)?

Practical Skill Modules are an additional educational requirement you need to complete to receive your CFA Level I exam results. PSM's take about 10-15 hours to complete and must be finished before your exam results are released. To start a PSM, login to CFAI's Learning Ecosystem and navigate to the Practical Skills Module content.

CFA Program Practical Skills Modules Guide >>

What Score Should I Be Getting on My Level I Mock Exams?

Level I candidates should aim for a target mock exam score of 70% or higher. If you are find yourself scoring below 70%, evaluate your performance in each topic area to see where you need to focus more time and improve your study plan. 

Contact Kaplan Schweser

If you have additional questions, feel free to reach out to the Kaplan Schweser Student Support team for the answers you need to take this next step in your career.

Ready To Start Preparing for the CFA Exam?

Looking for more guidance on how to prepare for Level I of the CFA® exam? Enroll in one of our CFA Level I Premium study packages to receive expert instruction, CFA Program study materials, and more. Give yourself the best chance to prepare, practice, and perform on the CFA exam.

A CFA Scholarship is financial support for individuals who may be unable to afford all the fees of the CFA program. All CFA Institute Scholarships include a waived enrollment fee and discounted registration.

There are multiple scholarships and each one has a different set of application requirements, eligibility rules, and application windows.  CFA scholarships are available for existing CFA program candidates and people considering pursuing the CFA charter.  If you are an existing CFA program candidate you can apply for a scholarship for Level I, II, or III exams depending on which stage of the program you are at.  

TABLE OF CONTENTS

• What Are The Total Fees of The CFA Program?
• CFA Access Scholarship
• CFA Women’s Scholarship
• CFA Student Scholarship
• CFA Professor Scholarship
• CFA Regulator Scholarship
• How To Check Your CFA Scholarship Application Status
• Can You Reapply for A CFA Scholarship If You Aren’t Chosen?
• How Many People Get CFA Scholarships?

What Are The Total Fees of The CFA Program?

The total fees for a CFA program candidate are over $3,000 USD. Considering it’s common for CFA program candidates to have accrued debt from gaining a traditional education in finance from a college or university, a CFA Scholarship can make a difference.  

What Is The CFA Access Scholarship?

The CFA Access Scholarship is designed to specifically improve access for individuals who are considering the CFA program and may be unable to afford all the fees associated with the program.  Recipients of the CFA Access Scholarship will be able to enroll in the CFA Program for free and pay $250 USD to register for the CFA exam vs the standard exam registration fee. 

CFA Access Scholarship Application Requirements

As you gather materials for the CFA Access Scholarship application don’t forget to:

• Disclose any potential conflicts of interest
• Include references
• Write a personal statement
• Submit the application within the designated application window

How To Apply For The CFA Access Scholarship

The first step to applying for the CFA Access Scholarship is to make sure you meet the enrollment criteria and requirements for the CFA program. 

If you meet those requirements, check to see when applications are being accepted for the CFA Access Scholarship. 

The CFA Institute usually opens registration for the CFA Access Scholarship once or twice a year.  When the application window is open you can submit your application for the scholarship through your CFA Institute account.

How To Write A Personal Statement For The CFA Access Scholarship

Writing a personal statement for the CFA Access Scholarship is an important part of developing your application because awards may be granted based on a combination of factors.  The factors to emphasize in your personal statement should be:

• Financial need
• Academic, professional, or other accomplishments
• Any obstacles you’ve overcome
• Any contributions to your local community
• Why you’re interested in pursuing the CFA charter
• Some personal characteristics that indicate why you should be considered for the scholarship

What Are The Rules For The CFA Access Scholarship?

Besides being eligible to enroll in the CFA program and submitting your application on time, there are rules that you should be aware of when applying for the CFA Access Scholarship.

1. While your scholarship application is pending, you should not register for a CFA Program exam.
2. If you are awarded the CFA Access Scholarship, you’ll receive email instructions that must be followed about when you can register for the exam.
3. Awards may not be sold, transferred, deferred, or assigned and are not convertible to cash.
4. If you are awarded the CFA Access Scholarship, and you don’t show up for the exam, you may be ineligible to receive future scholarships.

CFA Access Scholarship Deadlines

CFA Access Scholarship application windows contain an open date and a deadline. The deadlines for applying to the CFA Access Scholarship fluctuate each year but are usually around 35 days after the open date.  

What Is The CFA Women’s Scholarship?

The CFA Women’s Scholarship is designed to specifically improve access for women who are considering or currently enrolled in the CFA program and do not qualify for other CFA Institute scholarships.  Recipients of the CFA Women’s Scholarship will be able to enroll in the CFA Program for free and pay $350 USD for exam registration vs the standard exam registration fee.

CFA Women’s Scholarship Application Requirements

Make sure to include these components in your CFA Women’s Scholarship Application:

• Disclosure of any potential conflicts of interest
• References
• A personal statement

How To Apply For The CFA Women’s Scholarship

CFA Women’s Scholarship applicants can be currently enrolled in or be in the consideration phase of enrolling into the CFA program.  The steps for applying are the same however if you are not already enrolled in the CFA program you should make sure you meet the enrollment criteria and requirements for the CFA program first. 

The next step regardless of what stage of the CFA Program you are in is to check when applications are being accepted for the CFA Women's Scholarship. 

The CFA Institute usually opens registration for the CFA Women’s Scholarship once or twice a year.  When the application window is open you can submit your application for the scholarship through your CFA Institute account. 

If you receive the CFA Women’s Scholarship, apply for Kaplan Schweser’s materials scholarship to help cover the cost of your materials.

How To Write Your Essay For The CFA Women’s Scholarship

Writing a personal statement for the CFA Women’s Scholarship is an important part of developing your application because awards may be granted based on a combination of factors.  

The factors to emphasize in your personal statement should be:

• Financial need
• Academic, professional, or other accomplishments
• Experience in the investment management industry
• Any contributions to your local community
• Why you’re interested in pursuing the CFA charter
• Some personal characteristics that indicate why you should be considered for the scholarship

What Are The Rules For The CFA Women’s Scholarship?

Besides submitting your application on time and being eligible to enroll in the CFA program if you haven’t enrolled yet, there are rules you should be aware of when applying for the CFA Women’s Scholarship.

1. While your scholarship application is pending, you should not register for a CFA Program exam.
2. If you are awarded the CFA Women’s Scholarship, you’ll receive email instructions that must be followed about when you can register for the exam.
3. Awards may not be sold, transferred, deferred, or assigned and are not convertible to cash.
4. If you are awarded the CFA Women’s Scholarship, and you don’t show up for the exam, you may be ineligible to receive future scholarships.

CFA Women’s Scholarship Deadlines

The CFA Women’s Scholarship application window contains an open date and a deadline. The deadlines to apply for the CFA Women’s Scholarship fluctuate each year but are usually around 28 days after the open date.

What Is The CFA Student Scholarship?

CFA Student Scholarship Application Requirements

Each CFA Institute-affiliated university has a different set of requirements for the CFA Student Scholarship so pay extra attention to the additional documentation pertaining to your college or university for the CFA Student Scholarship.

How To Apply For The CFA Student Scholarship

The first step to applying for the CFA Student Scholarship is to make sure your school or college is in the CFA Insitute University Affiliation Program. If they are not currently enrolled in that program you will need to discuss enrolling your college or university into this program with the appropriate person at your school.  

If your college or university is enrolled in the CFA Institute University Affiliation Program, start by checking when applications are being accepted for the CFA Student Scholarship.

The CFA Institute usually opens registration for the CFA Student Scholarship once or twice a year.  When the application window is open you can submit your application for the scholarship through your CFA Institute account. 

If you receive the CFA Student Scholarship, apply for Kaplan Schweser’s student scholarship to help with the cost of your exam prep materials.

What Are The Rules For The CFA Student Scholarship?

Besides being enrolled at a college or university that is a part of the CFA Institute University Affiliation Program, there are rules that you should be aware of when applying for the CFA Student Scholarship.

1. While your scholarship application is pending, you should not register for a CFA Program exam.
2. If you are awarded the CFA Student Scholarship, you’ll receive email instructions that must be followed about when you can register for the exam.
3. Awards may not be sold, transferred, deferred, or assigned and are not convertible to cash.
4. If you are awarded the CFA Student Scholarship, and you don’t show up for the exam, you may be ineligible to receive future scholarships.

CFA Student Scholarship Deadlines

The CFA Student Scholarship application window is open for most of the year but does contain an open date and a deadline. The deadline to apply for the CFA Student Scholarship fluctuates each year but is usually around 10 months after the open date.

What Is The CFA Professor Scholarship?

The CFA Professor Scholarship is designed specifically for full-time college or university professors or department administrators who teach topics found in the CFA Program Candidate Body of Knowledge. Recipients of the CFA Professor Scholarship will be able to enroll in the CFA Program for free and pay $350 USD for exam registration vs the standard exam registration fee.

CFA Professor Scholarship Application Requirements

Applications for the CFA Professor Scholarship must:

• Disclose any potential conflicts of interest
• Confirm you are a full-time professor and the number of credit hours you teach per quarter or semester
• Include a CV
• Attach a form of employment verification
• Be submitted within the designated application window
• Be submitted before registering for an exam

How To Apply For The CFA Professor Scholarship

The first step to applying for the CFA Professor Scholarship is to make sure you teach the minimum number of credit hours at your institution, which is set by the CFA Institute. 

If you do, then you must get that information verified by obtaining an English language letter from your university.  This English language letter should be on a university-branded letterhead and signed by an administrator from your institution. 

Then you’ll need to gather one of the following forms of employment verification:

• A copy of a university-issued identification card
• A university-affiliated email address
• Proof of a teaching license from an issuing government agency
• A list of current publications, research papers, or some other document that confirms your affiliation with said institution

Once you have those materials, you can start checking to see when applications are being accepted for the CFA Professor Scholarship.

The CFA Institute usually opens registration for the CFA Professor Scholarship once a year.  When the application window is open you can submit your application for the scholarship through your CFA Institute account. 

If you receive the CFA Professor Scholarship, apply for Kaplan Schweser’s professor discount to help with the cost of your exam prep materials.

What Are The Rules For The CFA Professor Scholarship?

Besides being teaching the minimum number of credit hours in topics covered in the CFA Program Candidate Body of Knowledge, there are rules that you should be aware of when applying for the CFA Professor Scholarship.

1. While your scholarship application is pending, you should not register for a CFA Program exam.
2. If you are awarded the CFA Professor Scholarship, you’ll receive email instructions that must be followed about when you can register for the exam.
3. Awards may not be sold, transferred, deferred, or assigned and are not convertible to cash.
4. If you are awarded the CFA Professor Scholarship, and you don’t show up for the exam, you may be ineligible to receive future scholarships.

CFA Professor Scholarship Deadlines

The CFA Professor Scholarship application window is usually for most months of the year but it does contain an open date and a deadline. The deadline to apply for the CFA Professor Scholarship fluctuates each year but the application window usually closes around 11 months after the open date.

What Is The CFA Regulator Scholarship?

The CFA Regulator Scholarship is designed specifically for organizations in the financial industry that regulate operations in the investment management industry. Organizations that receive CFA Regulator Scholarships will be able to nominate employees to apply internally to receive free enrollment in the CFA Program and a reduced exam registration fee of $350 USD vs the standard exam registration fee. 

CFA Regulator Scholarship Application Requirements

If you are applying for the CFA Regulator Scholarship as an organization, the application should contain:

• Disclosures of any potential conflicts of interest
• Confirmation that the organization oversees or regulates operations, standards of practice, or business conduct in the investment management industry
• Agreement to the terms and conditions of participation set by the CFA Institute 

How To Apply For CFA Regulator Scholarship

If you represent an organization, you will need to get in touch with the CFA scholarship team at CFA Institute to discuss the process of entering into a program agreement with CFA Institute.  

If you have been nominated to receive a CFA Regulator Scholarship on behalf of your organization, HR or the CFA representative in your organization will determine the requirements for your scholarship application.

What Are The Rules For The CFA Regulator Scholarship?

As an individual who gets nominated for the CFA Regulator Scholarship through their employer, you should be aware of the rules below if you are awarded the CFA Regulator Scholarship.

1. You’ll receive email instructions that must be followed about when you can register for the exam.
2. Awards may not be sold, transferred, deferred, or assigned and are not convertible to cash.
3. If you don’t show up for the exam, you may be ineligible to receive future scholarships.

CFA Regulator Scholarship Deadlines

CFA Regulator Scholarships are allocated annually to participating organizations and those organizations will determine the application window.

Check Your CFA Scholarship Application Status

If you want to check the status of your CFA Scholarship application, start by logging in to your CFA Institute account and looking for a status update on your application.  Pay attention to the dates listed for the application window and make sure the application deadline has passed.  

If you would like to speak with someone directly about your application email the CFA Insitute Scholarship department. 

When Are CFA Scholarships Recipients Announced?

It can take a few weeks or months for the CFA Institute to announce CFA Scholarship recipients. Sometimes members of the CFA society will request additional information from you or request to conduct a reference check or personal interview.  

If you would like to speak with someone directly about your application email the CFA Insitute Scholarship department. 

Can You Reapply For A CFA Scholarship If You Aren’t Chosen?

Yes, if you are eligible and apply for a CFA scholarship and don’t get selected, you can re-apply.  Even if you receive a CFA scholarship, you can be selected again for the same CFA scholarship if you re-apply.  

How Many People Get CFA Scholarships?

The CFA Institute does not disclose how many scholarships are awarded each year, however, it is fair to assume that at least one CFA scholarship is awarded each year for each type of scholarship.

Each CFA exam is demanding and will test your knowledge of the program’s curriculum in a computer-based format. Recently, the Level I CFA exam has been especially tough on program candidates, which is reflected in the current CFA pass rates. To increase your chance of passing each exam you should take your CFA prep seriously and utilize free study materials to help with the overall cost of pursuing the CFA charter. 

TABLE OF CONTENTS:

• Why is Earning the CFA Designation So Difficult?
• What is a Passing Score on the CFA Exams?
• How Hard is the CFA Level I Exam?
• How Hard is the CFA Level II Exam?
• How Hard is the CFA Level III Exam?
• Are CFA Practice Questions Harder than the Actual CFA Exam?
• Are Mock Exams Easier than the CFA Exam?

Why is Earning the CFA Designation So Difficult?

Program candidates rarely pass all three exams the first time and completing the CFA program can take 4+ years. If you factor in the hundreds of hours needed to study and practice for each exam while working a full-time job, you’ll realize just how major an accomplishment it is to become a CFA charterholder and add the CFA® designation to your resume.

What is a Passing Score on the CFA Exams?

The CFA exam is a pass/fail exam that has a Minimum Passing Score (MPS) assigned each time the exam is administered. This means candidates do not receive a numeral score when receiving exam results. Instead, candidates receive a breakdown of how they performed in each topic area, which will be represented within a percentage range:

• More than 70 percent
• Between 50 and 70 percent
• Less than 50 percent

Each time the exam is administered, the CFA Institute and its members thoroughly review the results and determine a score range that dictates whether a candidate has passed or failed the exam. 

How CFA Exams Are Graded? »

How Hard is the CFA Level I Exam?

Level I of the CFA Program usually has the lowest pass rate which could imply it’s the most difficult exam in the program. However, this will not apply to every candidate because each person will have different strengths and weaknesses.

One reason Level I can be hard for program candidates is they don’t take the exam as seriously as it requires. The Level I exam may be the most comprehensive and rigorous exam they have ever experienced. 

One advantage Level I candidates have is they are in the beginning stages of pursuing the charter so there is less risk of burnout whereas candidates preparing for the Level III exam will have an increased risk of burnout. 

Hardest Topics on CFA Level I

The hardest Level I topics will vary for each candidate based on their background but if you struggle with learning mathematical formulas you should expect Quantitative Methods to be the most difficult. If math is one of your strengths but you have a difficult time remembering lots of rules and procedures you may find Ethical and Professional Standards the most difficult topic. No matter your background, all topics on the CFA Level I exam can be challenging to those that are not prepared. 

Try Today's CFA Level I Practice Question

What is a Passing Score on the CFA Level I Exam?

To pass the Level I exam, candidates will need to score above 70% on multiple topics and can only afford to score below 50% on one or two of the least weighted topics. Since the CFAI does not issue traditional scores, to pass Level I, candidates will need to prove they are ready to advance to Level II.

CFA Level I vs. Level II Difficulty

There are quite a few differences between Level I and Level II which can make either exam more difficult than the other.  The Level II exam will introduce new question types and ask candidates to dig deeper for answers. The Level I exam however requires candidates to memorize and recall the foundations, including formulas and definitions, which could trip up candidates who learned about these topics on the job.

How to Prep for the CFA Level I Exam?

To study for the CFA Level I exam, candidates should start by getting familiar with the curriculum topics of the CFA Program. Then they should take some time to figure out their strengths and weaknesses, which can be done by utilizing a CFA prep package. Once candidates understand which syllabus topics they need to focus on the most, they should develop a study schedule that prioritizes those topics and keeps them on track.

How Hard is the CFA Level II Exam?

Level II of the CFA Program is when candidates need to dig deep and demonstrate their ability to apply the foundational syllabus knowledge learned while preparing for Level I to more complex subtopics within the program curriculum.

Candidates will be introduced to a new question format, called vignettes, which can be very difficult to interpret. These questions can be long reads and require test-takers to learn how to quickly scan multiple paragraphs and pull relevant data points to answer a series of questions which are called “item sets.”

Hardest Topics on CFA Level II

The hardest Level II topics will vary for each candidate based on their background and what they learned during their preparation for Level I. Candidates should notice the increase in the weight given to Portfolio Management for the Level II exam compared to the Level I exam.

If you scored low in this topic on Level I, you may find it to be the most difficult topic on Level II. All topics on the CFA Level II exam are guaranteed to be challenging to those that are not prepared to demonstrate a deeper understanding than was required on the Level I exam. 

What is a Passing Score on the CFA Level II Exam?

To pass the Level II exam, candidates will need to score at least 70% on multiple topics and can only afford to score between 50% - 70% on one or two of the least weighted topics. Since most topics on the Level II exam carry the same weight, getting below 50% on one of the topics could cost you the exam.

CFA Level II vs Level III Difficulty

Candidates should expect the Level III exam to be more difficult than the Level II exam. The primary reasons Level III is more difficult than Level II are:

• Level III covers fewer topics which increases the weight of each topic, especially Portfolio Management and Wealth Planning
• A new question format introduced called constructed response questions
• Advanced judgment and writing skills are required
• Mental fatigue can kick in after spending years of preparation to get to this stage of the program

How to Prep for the CFA Level II Exam?

Program candidates preparing for the CFA Level II exam should start by assessing their performance on the Level I exam. Use your CFA prep package analytics to determine which topics need to be emphasized.

Then start reading and working through the Level II Learning Outcome Statements of the CFA Program. When you are ready to begin preparing for the vignette questions, remember that quantitative methods can consist of one or two item sets.

Try Today's CFA Level II Practice Question

How Hard is the CFA Level III Exam?

Don’t be deceived by historical pass rates for Level III of the CFA Program. The all-time average pass rates are higher than Level I, but barely. Level III is difficult and requires candidates to master time management and a new question format called “constructed response questions.”

The Portfolio and Wealth Management topic is weighted 35-40% of the total exam so expect to demonstrate your expert writing and judgment skills when answering questions from this topic.

Hardest Topics on CFA Level III

Take what you will, performance in Asset Allocation and Portfolio Construction is 30-40% of the total weight on the Level III exam. Past candidates have expressed Derivatives and Risk Management to be the hardest topic on Level III for them, but that seems mostly to come from their lack of interest in the subject matter.

Candidates' interests and previous work experience can be a big factor in determining which topic will be the hardest on Level III. 

Try Today's CFA Level III Practice Question

What is a Passing Score on the CFA Level III Exam?

The percentage score candidates will need to pass the Level III exam fluctuates after each sitting but it’s safe to assume that if you are able to score a 70% or higher in all seven topic areas you may pass.

How to Prep for the CFA Level III Exam?

Program candidates preparing for the CFA Level III exam should try to get an early start on studying because average CFA candidates spend the most time studying for the Level III exam compared to previous exams. When you start practicing constructed response questions, remember to demonstrate your understanding of the basics in your written responses.

Are CFA Practice Questions Harder than the Actual CFA Exam?

Are Mock Exams Easier than the CFA Exam?

CFA mock exams can be slightly more challenging than the actual exam simply because candidates are still preparing for the exam and haven’t finished studying. The best mock exams are designed to simulate the actual testing interface and format. If candidates are finding mock exams easy and their scores are looking good, then they have prepared well for the CFA exam. 

Ready To Start Preparing for the CFA Exam?

As you get ready for the CFA exam, consider making a Kaplan Schweser CFA exam prep package—complete with classes, study tools, and mock exams—the centerpiece of your mission to earn a passing grade.

For college students interested in pursuing a career in finance, the Chartered Financial Analyst (CFA) Program can be a valuable asset in achieving their goals. However, the program can be challenging and requires significant preparation and dedication. 

This guide will help you gain a comprehensive overview of the CFA Program, including the program curriculum, exam structure, eligibility requirements, and career benefits. By the end, you will have a better understanding of the CFA Program and be one step closer to deciding whether or not the CFA charter is the right choice for you. 

TABLE OF CONTENTS

• CFA Program vs. Other Finance Certifications
• Requirements
• Dates and Deadlines
• Format and Structure
• Fundamental Concepts
• Tips for Passing the Exam
• Resume and Social Media Rules
• Career Choices
• Study Providers

CFA Program vs. Other Finance Certifications for College Students

While there are several finance certifications available, the CFA charter is often considered to be the most prestigious and widely recognized designation in the investment management industry. Other popular certifications financial professionals may pursue are

• Certified Financial Planner (CFP)
• Financial Risk Manager (FRM)
• Chartered Alternative Investment Analyst (CAIA)

Each financial designation has unique eligibility requirements and depending on your current experience and career goals one may be more advantageous than others for you. 

Each comparison article below breaks down the differences and similarities between the CFA charter, the CFP mark, the FRM certification, and the CAIA charter.

• CFA Charter vs CFP Mark
• CFA Charter vs. CAIA Charter
• CFA Charter vs. FRM Certification

Requirements for College Students

The main requirement for college students to enroll in the CFA program is they need to be within 23 months of graduation for undergraduate programs and pay the enrollment and exam fees. Graduate students can take the exam whenever they want. If those requirements are met, you can enroll in the CFA program and sit for the Level I CFA exam.

College students can even register for and begin studying for Level II, they just need to take the Level II exam after graduation.

How Much Will the CFA Program Cost Me? >>

Remember, to become a CFA Charterholder though, you’ll need to graduate college, pass all three exams, accumulate 4 years of qualified work experience in a relevant field, and abide by the CFA Institute's Code of Ethics and Standards of Professional Conduct.

Exam Dates and Deadlines

The CFA exams are administered several times throughout the year within specific "exam windows." Each level of the exam has its own set of exam window dates that typically span 5 to 7 days. To register for an exam, you must choose your desired exam window and sign up months in advance. After registration, you must select a specific date and time to take the exam within your chosen exam window.

When Is The Next CFA Exam? >>

Exam Format and Structure

The CFA program is divided into three levels, each with its own exam covering a broad range of topics in finance and investment management. 

The Level I exam consists of 180 multiple-choice questions and takes about 4 hours and 30 minutes to complete. When you sit for the Level I exam you’ll sit for an AM and a PM session each totaling 2 hours and 15 minutes.

The CFA Level II exam consists of 22 item sets of vignettes with 88 accompanying multiple-choice questions. You’ll spend approximately 4 hours and 24 minutes in total to complete the exam which gets split up into 2 sessions of 2 hours and 12 minutes. 

The CFA Level III exam consists of item sets consisting of vignettes with accompanying multiple-choice items and constructed response (essay) questions. You’ll spend approximately 4 hours and 24 minutes in total to complete the exam which gets split up into 2 sessions of 2 hours and 12 minutes.

Fundamental Concepts Covered in the CFA Program

The CFA program covers a wide range of concepts related to finance and investment management. College students enrolled in the CFA program will be tested on ten curriculum topics during their time as CFA candidates. 

Properly preparing for each curriculum topic is an absolute must for students of all skill levels and backgrounds. Below are brief overviews of each curriculum topic and resources for you to get introduced to the learning outcomes required for Level I.

CFA Program Pre-Requisite Knowledge Guidelines

College students who enroll in the CFA Program will be expected to understand and have a basic understanding of these commonly taught concepts:

• Economics
• Quantitative Methods
• Financial Statements

CFA Level I candidates who do not have a basic understanding of these concepts should start with these topics when beginning to prepare for the exam. If their colleges offer courses in these topics, they should consider taking one too.

Assess your baseline knowledge of the Level I CFA Program curriculum with a free CFA diagnostic exam

Quantitative Methods

The Quantitative Methods topic focuses on statistical analysis, probability theory, time series analysis, and other quantitative techniques used in financial analysis. Throughout the three levels, the complexity and depth of quantitative methods increase, and the focus shifts from foundational concepts to their practical application in the investment decision-making process. 

It's important to note that the quantitative methods section is integrated with other areas of the CFA curriculum to provide a holistic understanding of financial analysis and investment management.

Economics

The Economics section covers macroeconomics and microeconomics, including topics such as supply and demand analysis, fiscal and monetary policy, international trade, and economic growth. Throughout the three levels, the economics section evolves from foundational economic principles to their application in the context of financial analysis and investment management. The focus shifts from understanding basic economic concepts to analyzing the impact of macroeconomic variables on financial markets and investment decision-making.

Financial Statement Analysis

The Financial Reporting and Analysis topic delves into the understanding and interpretation of financial statements, including balance sheets, income statements, and cash flow statements. It also covers financial ratio analysis and valuation techniques. 

As you progress through each exam level, you’ll be asked to learn more advanced topics and apply those learnings to your statement analysis techniques. The focus shifts from understanding the basic structure of financial statements to analyzing and interpreting financial information in a more sophisticated and comprehensive manner.

Corporate Issuers

The Corporate Issuers section covers various topics related to corporate finance, including capital budgeting, cost of capital, capital structure, dividend policy, and mergers and acquisitions. As you move forward, you’ll be asked to focus on how to apply the concepts learned in Level I to financial analysis, investment decision-making, and portfolio management. 

Equity Investments

The Equity Investments topic focuses on equity valuation methodologies, industry analysis, company analysis, and the valuation of equity securities. As you advance in your CFA candidacy, you’ll be asked to shift your focus from building a foundational understanding of equity markets and valuation techniques to more advanced topics such as industry analysis, advanced valuation models, portfolio management strategies, and the integration of equity analysis in the broader context of portfolio management.

Fixed Income

The Fixed Income section covers fixed income securities such as bonds, interest rate risk, credit risk, yield curves, and bond valuation. Throughout all three levels, you’ll have to learn how to apply your understanding of fixed income securities and markets to more advanced topics such as credit analysis, advanced valuation models, fixed income portfolio management strategies, and the integration of fixed income analysis in the wider framework of portfolio management.

Derivatives

The Derivatives topic covers derivatives instruments such as options, futures, swaps, and their use in hedging, speculation, and arbitrage. As you move forward through your studies, you’ll transition from the fundamentals of understanding derivative instruments to more advanced topics such as valuation models, options strategies, derivatives in portfolio management, and the integration of derivatives analysis in the broader context of portfolio management. 

Alternative Investments

The Alternative Investments section explores alternative investment strategies and asset classes, including real estate, private equity, hedge funds, and commodities. The topic evolves across the three levels of the CFA exams by starting with introductions to basic concepts of analyzing valuations and due diligence to integrating them into portfolio management and performance evaluation.

Portfolio Management

The Portfolio Management topic covers portfolio management theory, asset allocation, risk management, performance evaluation, and wealth planning strategies. This topic really evolves over the course of each exam. Again, you’ll start off by being introduced to the basics in Level I, and by Level III, you’ll be asked to integrate your knowledge into institutional and individual wealth management techniques.

Ethical and Professional Standards

The Ethical and Professional Standards section emphasizes the importance of ethical behavior in the investment industry and covers topics such as integrity, professionalism, and fiduciary duty. As you progress you’ll be asked to apply ethical principles to investment analysis, portfolio management, and the responsibilities of investment professionals.  

How to Study for the CFA Level I Exam in 6 Months

How to Pass CFA Exams as a College Student

The CFA program is designed to be challenging and it’s common for candidates to study 300+ hours for each exam. Balancing CFA exam prep with your academic responsibilities can be hard but it is manageable with proper planning and time management. Here are some tips to help you achieve a balance between your college studies and preparing for a CFA exam.  

Develop a Study Plan That Fits Your College Schedule

Develop a realistic study schedule that incorporates your college commitments. Allocate dedicated study time for the CFA exam and stick to the schedule you create consistently.

Try working backward from your exam date and incorporating your college schedule into one study planner. Remember there are 10 curriculum topics to cover plus you need to allocate enough time to practice mock exams and take lots of practice questions. 

Keep Track of Your Progress by Downloading our Free 6-Month Level I CFA Study Progress Tracker

Take CFA Adjacent Courses

Look for opportunities to align your college coursework with CFA study material. If there are relevant topics or concepts that overlap, focus on those areas, as it can save you time and enhance your understanding of both areas simultaneously.

Utilize CFA Study Materials

Take advantage of free CFA study resources such as on-demand videos, sample study guides, practice exams, and interactive study groups. These resources can help you optimize your study time and provide additional support when you need it most.

Also, ask your university if they provide any student discounts or courses that include Kaplan Schweser study materials. Some universities may be currently offering some of these materials so at least reach out to them to see if they are available to you.

View Current Discount Codes For CFA Prep Packages

Look For CFA Program Scholarships for College Students

Kaplan Schweser offers various scholarship programs for students pursuing the CFA program. These scholarships are designed to support candidates with financial needs or those who demonstrate academic excellence or commitment to the investment profession.

CFA Institute and Local CFA Societies also offer scholarships specially designed for students in their respective regions. These scholarships may be offered based on academic merit, financial need, or other specific criteria.

You can also check with your college or financial aid office. They may have information on scholarships available for students pursuing the CFA program.

If you are currently working or interning in the investment management field, ask your employer about any scholarship programs they may offer. Some companies do provide financial assistance or reimbursement for CFA exam fees and study materials. 

Understand the Role of Ethics and Professional Standards

Besides it being a major component of each CFA exam, the role of ethics and professional standards is crucial for maintaining integrity, protecting investor interests, and building trust. By understanding and embracing the CFA Institute's ethical and professional standards, CFA charterholders are considered trustworthy and have successful careers because they safeguard the interests of their clients and the broader financial community.

Take Advantage of Practice Questions and Mock Exams

CFA practice questions are crucial for developing a routine and applying your learnings to curriculum topics. When you’re about 2 months away from sitting for your exam, you’ll want to start taking CFA mock exams to get exposed to the testing conditions you’ll face on exam day. We recommend taking 6 mock exams so make sure you give yourself enough time to fit them all in and use your time afterward to improve your scores.

Try a Sample CFA Level I Practice Question

Take Care of Yourself

It's crucial to prioritize self-care and avoid burnout when preparing for a CFA exam. Get sufficient sleep, exercise regularly, and maintain a healthy diet. Taking care of your physical and mental well-being will enhance your focus and productivity.

Adapt and Adjust

Be flexible and willing to adapt your study schedule as needed. College demands may vary each semester, so regularly assess and modify your study plan accordingly. If you need to, you’ll have the option to postpone your CFA exam but you’ll either need to meet one of the emergency deferral policy qualifications or pay to defer your exam appointment. 

Seek Support

Reach out to fellow CFA candidates or classmates who are also pursuing the CFA program. Sharing experiences, studying together, and providing support can be beneficial.

Join the Kaplan Schweser Community

Communicate with Your Professors

Inform your professors about your commitment to the CFA program. They may provide guidance or accommodate your schedule where possible. Clear communication can help manage your academic workload effectively.

How to Leverage Your CFA Program Experience in Your Resume as a College Student

Tailoring your resume to highlight your CFA program experience can significantly enhance your chances of standing out to potential employers in the finance industry. Even just passing level I can give you a competitive edge for finding a job. 

It is crucial to keep in mind that Ethics and Professional Standards play a significant role in your career as a CFA charterholder. Therefore, it is essential to be open and honest about your progress in the program.

Adding “CFA Level I Candidate” to your resume will only convey that you have enrolled in the CFA Program so it’s best to wait till you have passed the Level I exam before adding your CFA program experience to your resume.  

Resume Rules for CFA Program Candidates >>

Career Paths For CFA Charterholders

There are various career paths for CFA charterholders, including but not limited to these areas of finance

• Investment banking
• Equity research
• Portfolio management
• Asset management
• Hedge fund management
• Private equity
• Risk management
• Corporate finance

Many CFA charterholders also work in consulting, wealth management, and financial planning. The program provides a strong foundation in finance, economics, and accounting, making it applicable to a broad range of roles in the finance industry. 

The skills and knowledge gained through the CFA program are highly valued by employers in the finance industry and can lead to high-paying and rewarding careers.

How to Choose a CFA Program Study Provider

Generally, candidates tend to choose a single exam prep provider and utilize the CFA Institute's materials for either Level I or Level II exams. When choosing a CFA prep provider we strongly recommend you take into consideration

• Reputation
• Curriculum coverage
• Expertise of instructions
• Study materials and resources
• Cost
• Peer recommendations
• Flexibility of study options

All of these factors will help you assess the quality and comprehensiveness of each prep provider and determine if their expertise and flexibility align with your learning style. 

"U.S. CFA Level I candidates surveyed who prep with Kaplan Schweser are more likely to pass the CFA Level I exam than those who prep with other providers"*

Remember that CFA Institute generally recommends candidates start preparing 6 months before sitting for a CFA exam so figuring out early on which prep provider you’re going to try will prevent you from having to rush into a decision. 

Start a free trial and see how Kaplan Schweser’s core study tools will help you prepare for the CFA exam

* These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.

Selecting a CFA prep provider can be challenging. While most offer similar study materials, the nuances between study providers can make the difference between passing and failing. This article compares Kaplan Schweser versus UWorld, highlighting the similarities and differences between popular products and services favored by CFA candidates.

• CFA Prep Package Comparison
• Cost Differences
• Study Tool Differences
• Mock Exams
• Practice Questions
• Teaching Styles
• Course Formats
• Instructors
• Kaplan Schweser vs. UWorld Summary

Kaplan Schweser vs. UWorld: CFA Prep Package Comparison

CFA candidates want expertly designed study materials that closely resemble the actual exam and are easy to use. Kaplan Schweser's 24/7 Instructor Assistance, In-Person Exam Day Simulation, and Personalized Study Calendar are just some of the features that help distinguish Kaplan Schweser from UWorld.

“Kaplan Schweser has helped more than 700,000 candidates prepare for their CFA exams.”****

Start a free trial and see how Kaplan Schweser’s core study tools will help you prepare for the CFA exam

Kaplan Schweser vs. UWorld: CFA Cost Comparison

Both Kaplan Schweser and UWorld provide various preparation packages and study materials at varying prices. However, there is a price disparity between Kaplan Schweser and UWorld, with Kaplan Schweser offering more affordable prep packages and more of them.

The reason behind this is that Kaplan Schweser provides a wider array of comprehensive products and services in their prep packages than UWorld, as illustrated by these cost comparison tables.

“U.S. CFA Level I and Level II candidates consider Kaplan Schweser to be among the highest quality, most comprehensive, and easiest to use CFA exam prep providers in the industry.”**

Basic Exam Prep Package Comparison

Candidates that choose Kaplan Schweser’s basic exam prep package over UWorld will benefit from having additional features such as:

• The Kaplan Schweser Community
• The SchweserPro™ QBank Customizable Quizzes

CFA Essential Exam Prep Package Comparison

Candidates that choose Kaplan Schweser’s Essential Exam Prep Package over UWorld will benefit from having unique features such as:

• The Kaplan Schweser Community
• 4 Mock Exams with Exam Sim 
• The SchweserPro™ QBank Customizable Quizzes
• In-Person Exam Day Simulation

"9 out of 10 CFA candidates who have used Kaplan Schweser to prep for the CFA Levels I, II, or III would recommend Kaplan Schweser"***

CFA Premium Exam Prep Package Comparison

Candidates that choose Kaplan Schweser’s Premium Exam Prep Package over UWorld will benefit from having unique features such as:

• Live Online or OnDemand Classes
• Live Review Workshops
• The Kaplan Schweser Community
• 6 Mock Exams with Exam Sim 
• 24/7 Instructor Assistance

CFA Ultimate Exam Prep Package Comparison

Candidates who choose Kaplan Schweser’s Ultimate CFA Prep Package over UWorld will truly benefit from having a unique prep package because a true comparison does not exist for candidates choosing to prep with UWorld.

This all-inclusive study package from Kaplan Schweser contains the same Core + Instruction + Review tools found in the Premium Package and includes either the Live Online or OnDemand options for your Instruction and Review.

In addition, the Ultimate Package includes flashcards and an audio version of SchweserNotes™ for study on the go.

UWorld vs. Kaplan Schweser: Study Tool Differences

The difference between the Study Tools that Kaplan Schweser and UWorld offer is one main differentiator. Kaplan Schweser offers an Activity Feed and a Personalized Study Calendar, which UWorld does not.

CFA candidates can rely on the Personalized Study Calendar to stay on track during their 6-month study plan and the Activity Feed will make sure their time spent preparing is optimized for success. 

UWorld vs. Kaplan Schweser: Mock Exam Differences

Kaplan Schweser and UWorld provide CFA Mock Exams as part of their CFA prep products. Both providers offer them in their prep packages and as an additional standalone product. They both also offer candidates the opportunity to compare scores with other candidates.

However, the most significant difference between Kaplan Schweser Mock Exams and UWorld Mock Exams is in the quantity of Mock Exams included with each Kaplan Schweser study package and the exclusive opportunity to take a Mock Exam In Person at an official testing center to get that true testing experience.

UWorld vs. Kaplan Schweser: Practice Questions Comparison

When preparing for each level of the CFA exam, candidates want access to an extensive collection of CFA practice questions that replicate the actual exam, particularly when piecing together self-study materials.

While both UWorld and Kaplan Schweser provide a large number of practice questions, candidates prefer Kaplan Schweser's QBank due to its close resemblance to the actual exam. Additionally, Kaplan Schweser's QBank allows candidates to personalize their experience by adjusting the question difficulties, and topic coverage, and creating custom quizzes, which UWorld does not.

Get a CFA exam question delivered to your inbox every day. Sign up for Schweser’s Questions of the Day

UWorld vs. Kaplan Schweser: Teaching Styles

Kaplan Schweser and UWorld both employ a hybrid teaching approach that prioritizes instruction tailored to the needs of CFA candidates. Each provider offers OnDemand videos and thorough coverage of every CFA curriculum topic.

Where Kaplan Schweser’s teaching style stands out is in its exam-focused approach, which cuts out extraneous material that is a distraction to candidates’ primary objective: passing the CFA exam.

Kaplan Schweser also offers live online options where candidates can interact with the instructor during class, which UWorld does not.

An Inside Look at Kaplan Schweser’s CFA Program Curriculum Update Process >>

UWorld vs. Kaplan Schweser: Course Formats

Kaplan Schweser and UWorld both provide online CFA course options, which include OnDemand videos and practice questions and quizzes. Each provider offers comprehensive video coverage of every curriculum topic, accompanied by detailed explanations of complex concepts and corresponding quizzes to assess your progress.

The most significant disparity between Kaplan Schweser and UWorld’s course formats emerges when candidates opt for Kaplan Schweser's Ultimate prep package. The Ultimate prep package offers additional benefits, such as access to Live Online or OnDemand class options, as well as a 5-day live online review workshop, which is not available through UWorld’s offerings.

Another difference between providers' course formats is in their Study Planners and Activity Feeds. UWorld has a study planner but it doesn’t break down all of the content into tasks over time. Kaplan Schweser’s Activity Feed breaks down individual tasks into daily/weekly assignments, which helps candidates keep track of their course progress more efficiently.

Instructor Differences Between Kaplan Schweser and UWorld

Candidates who choose to prep with either Kaplan Schweser or UWorld will undoubtedly have access to CFA experts who are hired to support them during their CFA preparation.

Where Kaplan Schweser stands out from UWorld is in the number of CFA charterholders candidates have access to. Kaplan Schweser has the largest number of CFA charterholders as instructors and subject matter experts who are available worldwide to support candidates.

Another advantage of Kaplan Schweser’s is its InstructorLink feature, which is included in the Ultimate Prep package. This feature allows candidates to “link up” with an Instructor to ask questions.

Additionally, all Kaplan Schweser prep package customers get access to an extensive CFA candidate community. In this online forum, candidates at all Levels can ask specific exam questions and get quick answers about curriculum topics or difficult concepts, prep course features, popular investment management topics, and anything else they can think of. In the Kaplan Schweser Community, candidates can engage with fellow CFA candidates as well as expert CFA instructors all in the same place.

"9 out of 10 CFA candidates who have used Kaplan Schweser to prep for the CFA Levels I, II, or III would recommend Kaplan Schweser"***

Kaplan Schweser vs. UWorld CFA Summary

When selecting an exam prep provider, CFA candidates seek top-notch quality, thoroughness, affordability, and user-friendliness, all of which Kaplan Schweser consistently delivers to all CFA candidates. In contrast, UWorld which recently purchased Wiley CFA Prep, offers fewer prep packages and less personalized study tools that candidates depend on to stay on track and succeed.

Typically, candidates rely on one exam prep provider and the CFA Institute's materials for either Level I or Level II, and Kaplan Schweser is the most popular choice among prep providers.

Need Help Deciding Which CFA Prep Package is Right For You?

Contact Kaplan Schweser directly for more information or choose the best CFA Program study package for you.

* These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.

** These are the findings of a quantitative survey conducted by Kaplan between September 29 and November 4, 2022. For this survey, a sample of 838 CFA Level I, II, and III candidates was interviewed online, of which 463 prepared for a CFA exam with Kaplan Schweser.

*** Source: Net purchases of study packages containing the printed SchweserNotes™ bookset from 2011 through spring 2022.

**** Helped 700,000+ Candidates Prep for Exams: Net purchases of study packages containing the printed SchweserNotes™ bookset from 2008 through winter 2024 (less 2020).

Advice From Past Exam Takers

If you are asking yourself “Should I sit for the CFA^® exam?” this free eBook is for you. We’ve enlisted the help of over 100 CFA charterholders who have successfully gone through the program and asked them for advice on what it takes to earn the charter and succeed in the investment industry. We brought all of their advice together in this eBook to help you decide if the CFA charter is right for you.

How to Download Before You Sit for the CFA^® Exam eBook

Step 1: Enter your information in the form below and click Download Now.
Step 2: You will receive an email from Kaplan Schweser with a link to access your eBook anytime.
Step 3: Click the link in your email to access your free eBook.

Specialized pathways are curriculum tracks CFA candidates can select from when registering for the CFA Level III exam. Each path was developed to give you more options to learn content directly related to your career goals. In this article, we will help you understand each specialized pathway and help you figure out which one will work for you best.

TABLE OF CONTENTS

• Private Wealth Pathway
  
• Private Markets Pathway
  
• Portfolio Management Pathway
  
• Frequently Asked Questions

CFA Level III Path in Private Wealth

The specialized pathway in private wealth will be available for you to select starting with the February 2025 exam window for Level III. CFAI has not released the entire curriculum for the private wealth pathway yet but it will include specialized content for private wealth management topics.

Some common topics already present in the Level III curriculum that relate to private wealth management include:

• The private wealth management industry
• Client relationship management
• Financial planning
• Investment policy statement development
• Portfolio construction
• Risk management
• Tax planning 
• Estate planning

So if you are already working in private wealth management and pursuing the CFA charter as a way to demonstrate your expertise and commitment, this specialized pathway will be a good choice for you. For the same reasons, it will also be a good option for you if you intend to specialize in this area of financial planning. 

Try Today’s Level III CFA Question

CFA Level III Path in Private Markets

The specialized pathway in private markets will also be available to select starting with the February 2025 exam window for Level III. The entire curriculum for this specialized pathway is not available yet but if you decide to pursue this specialization, expect to dig deeper into curriculum topics such as:

• Private equity
• Venture capital
• Infrastructure
• Real assets
• Private debt

The private markets pathway will be a good fit for you if you already manage investments in this area of investment management or you intend to switch to or specialize in a private markets-focused role.

If you are planning to use this specialized pathway as a way to move into a new role, consider learning more about these common roles in private markets.

• Asset manager
• Portfolio manager
• Research analyst

CFA Level III Path in Portfolio Management

The specialized pathway in portfolio management is currently available for Level III candidates. It’s considered the legacy path and has been available for many years, covering a wide range of topics related to portfolio management such as:

• Asset allocation
• Portfolio construction
• Risk management
• Performance evaluation
• Behavioral finance 

The portfolio management pathway is a good option if you know you want to pursue a career specializing in this area of investment management or if you want to demonstrate your dedication to this specialization.

Common roles that specialize in portfolio management can be:

• Hedge fund manager
• Portfolio manager
• Investment manager

CFA Level III Exam Quiz

Answer these five questions to test your readiness for the Level III Exam.

How to Decide Which Specialized Pathway is Best For You

The best way to decide which specialized pathway is best for you is to take a look at where you currently are in your career and think about where you want to be in the future. Specialized pathways are a great way to differentiate yourself from other CFA charterholders.

If you see yourself as a specialist you may want to consider one of the specialized pathways. If you know you are going to be a generalist or just starting your career as a financial analyst, you may want to stick with the legacy path which is portfolio management.

Which Specialized Pathway is the Easiest?

CFAI is adamant about the Level III exam being equally difficult no matter which path you choose. Each pathway will be rigorous and you will still need to dedicate many hours of preparation for the CFA Level III exam regardless of which specialized pathway you choose. 

How Much of the Level III CFA Curriculum is the Same Across All Specialized Pathways?

According to CFAI, over 70% of the Level III curriculum will be the same across all three specialized pathways. 

Can You Choose More Than One Pathway to Pursue?

During your pursuit of earning the CFA charter, you will only be able to choose one pathway so take the time to reflect on your career goals before making a decision. After you become a charterholder, you will be able to upskill with an additional specialization if you desire to. CFAI has plans to package the specialized pathway content into continuing education materials which get offered to CFA charterholders as part of their professional learning offerings.  

Can You Reconsider Your Chosen Pathway After You’ve Already Selected One?

Yes, you will be able to reconsider your specialized pathway selection after you register for the Level III exam. If you need assistance in making a change, you should call the Global Call Center for assistance. 

Will Your CFA Charter Show Your Specialized Pathway?

No, your CFA designation will not change based on your specialized pathway. If you want to communicate which specialized pathway you choose, you should add that information as a specific detail in your CV while still following the guidelines for showing your CFA designation on your resume.

Ask a Follow-Up Question In Our Kaplan Schweser Community About Specialized Pathways

TABLE OF CONTENTS

• Practical Skills Modules
  
• CFA Practice Quiz
  
• Skills Required to Become a CFA Charterholder

What is a CFAI Practical Skills Module (PSM)?

If you are a Level I or Level II CFA candidate sitting for an exam in 2024 and beyond, you will need to complete Practical Skills Modules in conjunction with the exam to advance to the next level and receive your exam results. PSMs will not be administered during the exam but will be a combination of case studies, guided practice, videos, and multiple-choice questions that you can take before or after sitting for an exam.

PSMs are designed to help you improve your on-the-job practical skills during your CFA prep using videos, multiple-choice questions, guided practice, and case studies.If you are sitting for an exam in 2024 and beyond as a Level I or Level II candidate, you’ll need to finish at least one PSM at each level.

You can choose any PSM topic at any time during your study schedule and complete it before your exam results are out. Each PSM typically takes 10-15 hours to finish, so make sure to work this into your study planner.  

If you do not complete a PSM by the time results are released, your exam result will be voided, and you will not be provided with a pass or fail result. To continue your journey in the CFA Program, you will be required to retest at the same exam level.

CFA Program Practical Skills Modules Guide >>

Level I Practical Skills Modules

2024 CFA Level I candidates must complete at least one Practical Skill Module from the topics below.

• Financial Modeling
• Python Programming Fundamentals

Level II Practical Skills Modules

2024 CFA Level II candidates must complete at least one Practical Skill Module from the topics below.

• Python Programming Fundamentals
• Analyst Skills
• Python, Data Science & AI

Level III Practical Skills Modules

2024 CFA Level III candidates do not need to complete a Practical Skill Module. Starting in 2025, PSMs will become a requirement to advance.

CFA Level I Practice Quiz

Answer these five questions to test your readiness for the Level I Exam

Skills Required to Become a CFA Charterholder

Becoming a CFA Charterholder requires a diverse skill set and you’ll need a strong foundation in finance, accounting, and economics. Analytical and problem-solving abilities are also crucial, along with strong communication and ethical decision-making skills.

Discipline

Many people decide to pursue the CFA charter without fully grasping the level of discipline required to stay with it. At the very minimum, you are committing to at least 22 months of intense focus. Sometimes this means saying “no” to social opportunities you’d rather say “yes” to. Sometimes it means temporarily walking away from hobbies that are a big part of your life. The discipline needed to pass the CFA exam isn’t making one big decision to stay on task…it’s making a lot of little decisions.

Time Management

Considering the CFA charter? Download this free Before You Decide to Sit for the CFA Exam eBook.

The CFA^® charter requirements include specific educational prerequisites, an exam, work experience, and CFA Institute membership. Although meeting these requirements can be challenging, becoming a CFA charterholder can open many doors for you in global finance. You also gain real-world expertise that will help you better serve your clients for the rest of your career. This article breaks down the requirements in detail to help you understand what you need to do to earn the charter.

Pass the CFA Exam

To earn the CFA charter, you must first pass the CFA exam. There are three exam levels with unique topics and learning focuses. The topics include investment tools, ethics, asset valuation, and portfolio management. Each exam level tests different learning focuses. Level I focuses on knowledge and comprehension, while Level II is based on applying concepts and analysis. Level III focuses on synthesizing information and making evaluations, and a portion of it has an essay section called constructive response.

The CFA exam is challenging. According to CFA Institute, candidates spend an average of 300 hours preparing for the exam for each level, and many find it easier with exam prep packages. It takes many candidates more than one attempt to pass each level. If you do not pass a level, you can take it again the following exam season.

CFA Pass Rates »

Requirements for taking the CFA Exam

• Meet the CFA exam education prerequisite: To sit for the exam, you’ll need to have earned a bachelor’s degree or have two years remaining in your undergraduate studies. However, if you have four years of relevant work experience, or you have a combination of university education and work experience that totals four years, you could be eligible to take the exam.
• Have the proper documentation: To register for the Level I exam for the first time, you must have an international travel passport. It is the only form of identification accepted at the exam centers.
• Enroll in the CFA Program: The CFA Program is a self-study, graduate-level curriculum. You can start your enrollment from this CFA Institute web page.
• Understand the exam language: All three levels of the CFA exam are administered only in English.
• Live in a country where CFA Institute conducts business: Individuals who live in certain countries cannot take the CFA exam because of U.S. laws, sanctions, and trade regulations. CFA Institute has all the details.

Are you thinking about taking the CFA exam? Download this free Before You Decide to Sit for the CFA^® Exam eBook.

Recent CFA Program Eligibility Changes

Meet Work Experience Requirements

To become a charterholder, you must have 4,000 hours of professional work experience with a focus on investment decision-making in no less than 36 months. Internships are accepted as experience if they are paid and full-time. In addition, if you own a business or work with a family business, that business can qualify you if your work is full-time, and you are paid for it.

Become a Member of CFA Institute

To receive your charter, you must become a member of CFA Institute. You can become a member while you are in the process of getting the charter or wait until the end. The application process has three phases, and it typically takes a few weeks to get approved. To apply, you must have:

• Passed at least Level I of the CFA exam
• Earned a bachelor’s degree or equivalent education and work experience
• Provided three professional references

You are also strongly encouraged to join a local CFA Society to network with your peers and take advantage of local continuing education opportunities.

How To Study For CFA Level I »

Abide by the Code of Ethics

As a CFA Program candidate or CFA Institute member, you are required to abide by the Code and Standards of Professional Conduct, which are the ethical benchmarks for investment professionals around the world. The Code maintains that you must place the interests of your clients and the integrity of the profession above your own interests and that you must act with respect and professional competence.

Ready to Learn More about How to Become a CFA Charterholder?

If you’re thinking about becoming a CFA charterholder, we have five good reasons why you should get started. If you’re planning to take the CFA exam, explore our CFA study materials.