How To Pass the CFA^® Exams in 18 Months

Passing all three levels of the CFA exams within 18 months is an ambitious goal, but with the right strategy, it's achievable. To become a CFA charter holder in such a compressed timeline, you’ll need to develop a highly structured study plan and be committed to prioritizing this in your life over the next year and a half.

This article will help you understand what you are getting into and how you can set yourself up for success to pass the CFA exams in 18 months. 

Key Takeaways

1. To pass all three CFA exams in 18 months you will need to strategically pick your exam dates and pass all three exams on your first attempt.
2. Plan to spend 6 months preparing for each CFA exam and having very little free time during this endeavor. 
3. Dedicate yourself to your CFA study plan and stick to the Prepare > Practice > Perform® method.

TABLE OF CONTENTS

• Curriculum Topics
  
• Requirements
  
• Choosing Exam Dates
  
• Setting Up Study Schedule
  
• Taking Breaks
  
• Fast Track Study Tips & Practice Questions
  
• CFA Prep Resources

CFA Curriculum Topics

Below are the topic areas and associated exam weights for each CFA exam level.

Topic Area	Level I Weight	Level II Weight	Level III Weight
Quantitative Methods	6–9%	5–10%	N/A
Economics	6–9%	5–10%	N/A
Financial Statement Analysis	11–14%	N/A	N/A
Corporate Issuers	6–9%	5–10%	N/A
Financial Reporting Analysis	N/A	10–15%	N/A
Equity Investments	11–14%	N/A	N/A
Equity Valuation	N/A	10–15%	N/A
Fixed Income	11–14%	10–15%	N/A
Derivatives	5–8%	5–10%	N/A
Alternative Investments	7–10%	5–10%	N/A
Portfolio Management	8–12%	10–15%	N/A
Ethical and Professional Standards	15–20%	10–15%	10–15%
Asset Allocation	N/A	N/A	15–20%
Portfolio Construction	N/A	N/A	15–20%
Performance Measurements	N/A	N/A	5–10%
Derivatives and Risk Management	N/A	N/A	10–15%
Pathways (Portfolio Management, Private Markets, or Private Wealth)	N/A	N/A	30–35%

 

Requirements to Become a CFA Charterholder in 18 Months

Trying to become a CFA Charterholder in 18 months is only suited for you if you have prior financial knowledge or a degree in a mathematical field like engineering. It would not be a good idea for you to attempt to become a CFA Charterholder in 18 months if you have an arts background.

The main requirement to become a CFA charterholder in 18 months is that you pass each CFA exam on your first attempt and you’ve already fulfilled most of your education and work experience requirements. This means you should already have a bachelor's (or equivalent) degree and most if not all of your 4,000 hours of work experience.

Since it’s recommended that you spend at least 6 months preparing for a CFA exam, you’ll want to make sure you have lots of free time to study for each exam. You should be ready to take minimal breaks between exam levels and plan your CFA exam dates appropriately.

You’ll also need to trust that you passed each exam on your first attempt and not wait for your CFA exam results before preparing for the next exam.

After passing all three exams you’ll still need to apply to become a CFA Charterholder. Your CFA Regular Membership application should include the following:

• 2-3 professional references
• Application fee of $275 USD
• A brief description explaining how you meet the relevant work experience requirement

How Much Will the CFA Program Cost Me? >>

How to Become a CFA Charterholder in 18 Months

To become a CFA Charterholder in 18 months you’ll need to choose exam dates that fit within 18 months, and set a study schedule for each exam level. 

How to Choose Your Exam Dates

Level I CFA exam dates are typically offered four times a year. Level II CFA exam dates are usually offered three times a year. Level III CFA exam dates are usually offered only two times per year.

So to time this right, you’ll prep and pass for Level I and Level II in the same year and then sit and pass for Level III in the following year to become a CFA in 18 months.

For example, you could choose the February exam window for Level I, then choose the August exam window for Level II, and finally pick the February exam window for Level III.

Or if you feel very comfortable with the CFA curriculum you could attempt to pass Level I during a May exam window, pass Level II in November of the same year, and then finally take some extra time to prepare for Level III by sitting for Level III during the following year's August exam window.

Remember it’s recommended that CFA candidates spend at least 6 months preparing for each exam window and some candidates report spending up to 9 months preparing for Level III.

How Hard are CFA Exams? >>  

How to Setup Your CFA Study Schedule

Just because you are trying to pass all three CFA exams in 18 months does not mean you get to cut corners. You still should break down your CFA study schedules for each exam using the  Prepare > Practice > Perform® method. Here's how:

1. Prepare (50% of your time): Focus on building your technical knowledge by reading the curriculum, watching videos, and studying. Go through the content in order since later topics build on earlier ones. Avoid skipping sections, as each topic is interconnected.
2. Practice (50% of your time): Once you’ve built a foundation, shift to CFA practice questions. Review the reasoning behind every answer, even the ones you got right. Pay extra attention to questions you guessed on or got wrong, and revisit those topics in the curriculum to strengthen your understanding.
3. Perform (later in your study plan): You don’t need to start simulating exam conditions until later in your study plan. Around the fourth month, begin taking mock exams to assess your readiness. This will help you get used to the exam format and manage your time effectively on exam day.

By following this approach, you'll steadily build up your knowledge, reinforce it through practice, and finally, test yourself under exam conditions when you’re ready.

Interested in Learning Your Strengths and Weaknesses? Start With a Free CFA Diagnostic Exam

When To Take Study Breaks

You don’t have much time to take study breaks if you are trying to pass all three CFA exams in 18 months. Because your timeline will be more compressed than normal it’s even more important to take breaks and allow yourself to absorb new information and practice applying it to real-world scenarios.

In our 6-month study plan for Level I, we suggest you take Sundays off to relax and recharge each week. This is still our recommendation but instead of 6 months, this advice applies to the next 18 months.

Depending on which exam date windows you choose, you may be able to work in a rest week in between each exam level but no matter what you should try to take a week off after passing Level II. Level III is the hardest CFA exam because it requires you to apply your learnings from Level I and Level II in the form of written answers to “constructed response” questions.

What are CFA Level III Constructed Response Questions? >>

CFA Expert Tip: Make sure to complete your Practical Skills Modules at each exam level. At least one module must be finished at each level before your exam results are released or your exam attempt will be voided and you’ll have to sit for that exam again.

CFA Fast Track Study Tips

Your top priorities should be staying organized and sticking to your CFA study plan during all three levels of the CFA Program. Level II and Level III CFA build upon what you learn at Level I, so you’ll really want to make sure that you master the fundamentals of the CFA curriculum during your Level I prep.

You’ll also want to make sure you spend at least a month or two taking CFA mock exams so you get familiar with the testing conditions. If you can, schedule an in-person mock exam at your local Prometric exam center. This experience will expose you to the closest experience that you can expect on test day.

Once you make it to Level II, you’ll need to hone in on your strengths and weaknesses within the CFA curriculum and practice solving vignette questions.

Vignette questions on the Level II exam are similar to mini-case studies. They will present a business scenario over several paragraphs, often incorporating a combination of text, tables, and financial statements. By the end of your Level II prep, you should be able to quickly understand vignette questions and be able to answer specific questions related to the information presented. 

CFA Level I vs. Level II >>

As you start your Level III prep, you’ll want to start focusing on your writing skills because Level III introduces constructed response questions. These new question types will ask you to write out your answers and according to most candidates, it’s the hardest part of the Level III exam.

To gain the necessary practice in constructed response questions, you’ll want to sign up for an essay review workshop where you can practice your speed and exam-taking techniques.

Another thing to get prepared for early is choosing a specialized pathway at Level III. This will dictate 30–35% of your Level III exam result. Choosing a specialized pathway is a way for you to apply your curriculum knowledge to your career goals. Each pathway is equally as challenging so make sure you select the one that best fits your trajectory versus which one seems like the easiest to you.    

CFA Level II vs. Level III >> 

CFA Level I Exam Practice Questions

Answer these 5 questions to test your readiness for the Level I Exam.

 

CFA Prep Resources

These comprehensive exam prep materials include some of our most popular free CFA resources to help prepare you for each CFA exam.

CFA Level I 6-Month Study Progress Tracker

CFA QBanks

Kaplan Schweser’s QBanks provides you with thousands of multiple-choice practice questions that reflect the actual exam so you don’t get surprised or overwhelmed on exam day.  

CFA Notes

Kaplan SchweserNotes™ contains 5 volumes of bite-sized segments and examples that help you break down the CFA Program curriculum and learn every Learning Outcome Statement plus questions to check your understanding. Also included is our SchweserNotes™ Module Videos which provide 40+ hours of recorded videos to reinforce your understanding of the material. If you are an auditory learner, consider adding SchweserNotes™ Audio to your CFA prep materials.  

CFA OnDemand Classes

Learn from expert instructors on your own schedule with in-depth video lectures covering every topic in the CFA Program curriculum.

CFA Flashcards

Kaplan Schweser flashcards help you memorize CFA exam-specific content so you can study with confidence.

CFA Mock Exams

Kaplan Schweser mock exams allow you to practice taking computer-based exams and get feedback on your performance.  Learn how to use a CFA mock exam to sharpen your testing skills and get familiarized with the actual interface you’ll use on the actual CFA exam.  

CFA Secret Sauce

Kaplan Schweser's Secret Sauce® is a book for (expert reviews) of the CFA Program syllabus that provides (you) candidates with insights and tips to prepare for exam day.  

CFA Review Workshops

Kaplan Schweser CFA Program review workshops give you access to expert CFA instructors to help you practice exam-taking techniques and build speed during the final weeks of preparation.