Here’s what nobody tells CFA candidates about CFA exam:
The honest truth about the CFA Program
(1) The CFA pass rates you see exclude no-shows, so it’s even harder than it looks.
(2) Level 2 is way tougher than Level 1.
(3) You’ll lose basically every weekend for 18+ months.
(4) Proctors are incredibly strict – fidgeting too much can get you disqualified.
(5) CFA won’t guarantee your dream job, but it helps a lot.
(6) Mock exams are more important than reading.
(7) The official CFA Institute materials are dry but free mock exams are gold.
(8) You can’t bring water into the CBT exam room.
From a charterholder who’s been through it all.
Years ago, I signed up for CFA Level 1 as a wide-eyed, optimistic candidate who thought “How hard could it be?”
Famous last words.
Now that I’m a charterholder, I wish someone had pulled me aside and said: “Look, here’s what they DON’T tell you on the CFA Institute website.” Would’ve saved me a lot of stress, a few panic attacks, and at least one calculator-related nightmare.
So here’s that conversation I wish I’d had – 20 things nobody tells CFA candidates until it’s too late. Some are practical (you can’t bring water into the exam room), some are psychological (people will say annoying things to you), and some are brutally honest (CFA won’t magically land you your dream job).
If you’re about to start this journey, or you’re knee-deep in it right now, here’s what I learned the hard way.
#1. CFA exams are not easy, and Level 1 is just the start
Commonly cited as one of the world’s hardest exams, CFA Level 1’s difficulty is comparable to a diploma level and gets harder from then on. But I didn’t know that it’s never-seen-before-and-by-the-way-you-could-definitely-fail tough.
Oh, and by the way, Level 2 and Level 3 are way harder than Level 1, although which is the most difficult CFA level is up for debate.
Although Level 1 and 2 are multiple-choice questions, Level 3 introduces half the paper in constructed response (‘essay’) format too.
Or if you’re a half glass full kind of person, it could also mean that you’re more likely to pass Level 2 and Level 3 once you passed Level 1.
According to CFA Institute, about 50% of successful candidates passing the CFA Level 3 exam passed each exam on the first attempt (i.e. sat a total of 3 exams,) while about 25% sat a total of 4 exams.
What to do about it:
Don’t underestimate any level. Treat Level 1 with respect even if you aced college. Allocate the full 300 hours and actually track your study time honestly. And when you pass Level 1? Don’t get cocky – Level 2 will humble you quickly if you slack off.
#2. I’d have no weekends for the 6 months before each exam
That’s at least 18 months of no weekends, or 153 holidays’ worth of time. Hopefully sticking to your study plan.
Gone.
Poof.
What to do about it:
Set expectations with your family, partner, and friends UPFRONT. I’m talking “sorry, I can’t do brunch for the next 5 months” level of communication. Book important events (weddings, vacations) well in advance and plan your study schedule around them. Don’t try to be a hero and cram it all into weekdays – you’ll burn out fast.
#3. That it is crazy difficult to juggle work, life & studying
Between a hectic full time job and having a young family, it took some real discipline and ruthless time management to balance so many different priorities.
Got pretty burnt out in the end.
What to do about it:
Be strategic about when you sacrifice what. You can’t do everything, so pick your battles:
- Months 1-3 (early prep): Maintain some social life, ease into studying (10-15 hrs/week)
- Months 4-5 (crunch time): Social life takes a hit, increase to 15-20 hrs/week
- Final month: Go full hermit mode, max out study time
Also, communicate with your manager – some firms are supportive and will adjust workload during CFA season. If yours won’t, consider taking 1-2 weeks vacation before exam for final review.
#4. That I will have nightmares of malfunctioning calculators
Closer to the exams, I developed a sudden paranoia of calculators running out of batteries, or forgetting how to set up my BA II Plus again if a proctor does it to mine on exam day.
What to do about it:
Buy TWO calculators (BA II Plus is around $50, just buy a backup).
Change the batteries 2 weeks before exam day. Test both calculators during every mock exam. Learn your calculator settings cold – if a proctor resets it, you should be able to reconfigure it in 30 seconds. Keep the backup calculator in your bag at the test center (you can’t bring it in, but it’ll be there if your primary dies during check-in).
#5. That the low CFA pass rates EXCLUDES no-shows
Oh yeah, no wonder we all have a cold sweat when CFA difficulty is discussed – it’s one of the world’s hardest exams (see #1).
Erm, should I be taking the CFA exams in the first place? Or look at CFA alternative courses?
What to do about it:
Use this knowledge to calibrate your confidence realistically. The published 40-45% pass rate is for people who actually showed up and tried. The “real” pass rate (including no-shows) is probably closer to 35-38%. So if you’re prepared and you show up, your odds are better than the headline number suggests. But don’t get cocky – it’s still hard. Aim to be in the top quartile of prepared candidates, not just “above average.”
#6. That I will not have the willpower to study on weekdays
The combination of the long day at work plus the CFA exams is just a bit too much for me personally.
But fret not, lots of CFA candidates manage to grab 1-3 hours of studying on weekdays to minimize the weekend load. Do what works for you.
What to do about it:
Know yourself. If weekday studying doesn’t work for you, DON’T plan for it – you’ll just feel guilty and behind. Instead:
- Go all-in on weekends (Saturday: 6-8 hours, Sunday: 4-6 hours = 10-14 hours/week)
- Use weekday commute for passive review (audio lectures, flashcard apps)
- Wake up 30 mins early for formula review (not deep study, just maintenance)
If you CAN study weekdays, even 1-2 hours makes a huge difference – it keeps momentum and reduces weekend pressure.
#7. That the CFA Institute study material is dry as hell
Disclaimer: Candidates find it much better now, but I found it very challenging to digest due to the sheer amount of text when I was a candidate.
Third party study materials are hell of a time saver!
What to do about it:
Budget $300-800 for third-party materials (Schweser, UWorld, Let Me Explain etc). It’s worth it. Think of it as buying back 100+ hours of your life – the condensed materials save that much time vs slogging through official curriculum. If money is tight, prioritize:
(1) Question bank (most important),
(2) Video lectures (if you’re a visual learner),
(3) Study notes (nice to have).
Free resources: 300Hours guides, CFA Institute’s own practice questions.
#8. ‘Mock till you drop’ is the name of the game
That the key to passing CFA Level 1, Level 2 and Level 3 is to practice the hell out of the mock exams, preferably under timed constraint.
Here’s our free practice exam guide roundup, and what ‘safe’ target mock scores to aim for.
What to do about it:
Plan for at least 4-6 full mock exams in your final month. Do them under real exam conditions – no bathroom breaks, no phone, proper calculator only. Review EVERY question, not just the ones you got wrong. Scoring 75%+ on mocks gives you decent odds, but anything under 65% means you need to seriously rethink your timeline.
#9. CFA Institute provides a free mock exam For candidates
Yeah, I didn’t know this until Level 2.
*face palm*
Use it wisely, as it’s the best practice you can have.
What to do about it:
Save the official CFA mock for 2-3 weeks before your exam (don’t waste it early). Treat it like the real thing – full 4.5 hours, timed, proper calculator only, no breaks. Score it immediately and review every question. This mock is the gold standard for difficulty calibration – if you score 70%+ on it, you’re in good shape. Below 65%? You need another 2-3 weeks of serious study. Schedule it strategically so you have time to address weak areas it reveals.
#10. CFA is not necessarily a silver bullet for my dream career
It certainly helps, but it’s definitely not the answer to everything as many candidates think/hope it would be.
It’s worth checking out our career switching guide, typical charterholder career paths, as well as asset management outlook guide to figure out if a CFA charter could be useful for your career.
What to do about it:
Think of CFA as opening doors, not walking through them for you. You still need to network, develop interview skills, understand the job market, and hustle. Use the CFA network actively – join local chapter events, connect with other candidates, leverage the designation. But don’t stop there – CFA + good networking + solid experience is the winning combination, not CFA alone.
#11. That CFA proctors are extremely strict
A little more than wiggling around and fidgeting could get me accused of cheating and my exam disqualified by the CFA Institute’s Professional Conduct Program (PCP).
There is some regional variation (London usually is more reasonable), but the proctors don’t screw around.
Be good during the exam.
What to do about it:
Treat exam day like airport security – follow every rule to the letter. Show up 40 minutes early so you’re not rushed through check-in. Read the candidate agreement the night before so you know what’s allowed.
During the exam: hands visible, minimal movement, eyes on your screen. If you need the bathroom, raise your hand and wait patiently. Don’t argue with proctors even if they’re wrong – just comply and file a complaint later if necessary. Better to lose 30 seconds following a dumb rule than to risk disqualification.
#12. The security during exam is impressive and tight
Especially with the new computer-based testing security procedures.
Be at least 30 minutes early to give yourself time to go through the procedure calmly and unflustered.
What to do about it:
Plan to arrive 40-50 minutes before your scheduled time. Security check-in involves: ID verification, palm vein scan, locker assignment, metal detector, and rules briefing.
Budget 20-30 minutes for this process. Don’t bring anything you don’t need – the less you have, the faster check-in goes. Dress simply (no watches, minimal jewelry, no hoodies with pockets).
If you’re nervous, visit the test center a week before just to see the layout – familiarity helps calm nerves on game day.
#13. The CFA exam experience is special
Someone will probably show up for the exam in a suit. And on the opposite spectrum, someone will probably show up looking only slightly better than a homeless person.
You’ll experience a lot of different ups and downs emotionally on the day itself. There’s nothing quite like this.
What to do about it:
Embrace the weirdness. You’ll see people in suits, people in pajamas, people crying, people crushing it. Focus on YOUR exam, not the room dynamics.
Some tips: Pick a seat away from high-traffic areas (bathrooms, entrance). If someone’s typing loudly or breathing heavily, ask to move seats (they’ll usually accommodate). Bring earplugs if you’re noise-sensitive (check if allowed at your test center). And remember: everyone else is just as nervous as you, even suit guy who looks confident.
#14. That you can’t bring water into the computer-based test room
Nor a second calculator, or chewing gum.
Check out the latest CFA exam day checklist updated for computer-based testing.
What to do about it:
Hydrate heavily the night before and morning of. Drink 16-20 oz of water 2 hours before exam, then sip lightly in the final hour (you don’t want bathroom emergencies).
At the test center, chug water during check-in (it’ll be in your locker during exam, but you can access it during breaks). Practice your mock exams without water so your body adapts.
If you absolutely need water mid-exam, you CAN take a bathroom break, grab your water from the locker, drink, and return – but the clock keeps running, so budget 3-5 minutes.
#15. The start and end time for CBT exams seem to be more flexible vs. paper-based exam
Previously for paper-based exams, you’ll be kept outside the exam room if you’re not in there before your exam start time.
However, we have heard some first CBT candidate reports that some started earlier than their official test time (and ended earlier), whilst some were 15 minutes late and it was still OK.
Don’t chance it though, it’s best to arrive at least 40 minutes before your exam for the check in and security procedures.
What to do about it:
Don’t rely on this flexibility – it’s not guaranteed. Plan to arrive 40 minutes before your scheduled time as if the old strict rules apply. If you get lucky and they’re lenient, great. If not, you’re covered. That said, if you’re genuinely running late (traffic, emergency), call the test center immediately – they may be able to accommodate. But banking on flexibility is gambling with months of work. Just show up early and eliminate the risk.
#16. That I couldn’t tolerate other people using the term ‘CFA’ as a noun
(I probably make this mistake all the time too, but I can’t let it slide when I do realize.)
#17. Figuring out what relevant work experience means isn’t straightforward
What constitutes relevant, qualified work experience? How is it investment-related? Does this particular work experience count? How do I write my work experience properly?
All these are clarified in our CFA work experience guide.
What to do about it:
Start documenting your work experience NOW, before you pass Level 3. Keep a running doc with:
- Job title and dates
- Specific tasks involving investment decision-making, risk analysis, portfolio construction, research, or financial advisory
- Quantified impact when possible (“analyzed $50M portfolio,” “built credit models for 20+ transactions”)
When you submit to CFA Institute, be specific but concise (4-5 sentences per role). If your work is borderline relevant, focus on the parts that involve evaluating investments, managing risk, or making financial decisions. Check our CFA work experience guide for detailed examples of what counts.
#18. How to correctly display my current CFA exam status is a minefield
I mean, there are digital badges now.
Yes folks.
An image. Of some badges. For social media.
What to do about it:
Here’s the cheat sheet for LinkedIn/resume:
- Level 1 candidate (registered but haven’t taken exam): Don’t put anything yet – wait until you pass
- Passed Level 1 AND registered for Level 2: “CFA Level 2 Candidate” in Education/Certifications section
- Passed Level 2 AND registered for Level 3: “CFA Level 3 Candidate”
- Passed Level 3 but awaiting work experience approval: “CFA Level 3 Candidate”
- Passed Level 3 AND work experience approved: “CFA Charterholder” or add “CFA” after your name
Never say “CFA Level 1 certified” or “CFA Level 2 completed” – these aren’t real designations. The only real designation is charterholder (after passing all 3 + work experience). Full guide: How to Display CFA on Resume/LinkedIn.
#19. That people will start saying silly crap to me
Bless them, but no one will quite understand what a CFA candidate goes through until they are one.
But saying “oh, you’ll be fine” will just bug the hell out of me.
What to do about it:
Develop your stock responses now:
- “You’ll be fine!” – Smile, nod, “Thanks, I hope so” (don’t waste energy explaining the stats)
- “Why are you doing this to yourself?” – “It’s rough but worth it for my career goals”
- “Isn’t that exam really easy?” – “Actually, pass rates are around 40-45%, so it’s pretty challenging”
- “My cousin did CFA in 3 months!” – “That’s impressive” (don’t engage – it’s probably BS)
People mean well but have no idea what they’re talking about. Don’t let their clueless optimism OR their horror stories mess with your head. Find other CFA candidates to talk to – they’re the only ones who really get it.
#20. It doesn’t matter how awesome I was in exams before this
The chance of failing is very real, and will present a huge dilemma – do I retake? When do I give up?
What to do about it:
Check your ego at the door. Even if you were top of your class, valedictorian, straight A’s – CFA is different. The breadth of material, time pressure, and application focus are unlike academic exams. Respect the process:
- Don’t skip topics because you think you know them (you probably don’t at exam depth)
- Do full mock exams even if you’re scoring well (timing is different under pressure)
- Ask for help when you’re stuck (join study groups, use forums)
If you DO fail despite being an “exam person,” don’t spiral. CFA failure ≠ you’re stupid. It means: (1) You underestimated it, (2) You didn’t prepare correctly, or (3) Bad luck on exam day. Most charterholders failed at least once. Regroup and try again. Full guide: What to Do After Failing CFA.
CFA journey: Your questions answered
I hope you’ve enjoyed my rant -_- ||.
Meanwhile, here are some related articles that may be of interest:
Hi, I am a junior doing my bachelor’s in finance. I have no work experience. Can I still take the CFA exam in my senior year?
Hi Mitali, in fact CFA Institute has recently relaxed the entry requirement and you can register for CFA Level 1 whilst still in university. The earliest you can start is when you have 2 years remaining in your Bachelor’s degree for L1 registration. In particular, your selected exam window must be 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Degree program must be completed prior to Level 2 registration.
See this article on CFA entry requirements for more details.
Very good advice. I have passed Level 1. This is great and very relatable perspective.
Congrats Drew! We’re glad you found it useful 🙂 When are you going for Level 2?
Do you know if we get a rough work material to write down some workings as we go on?
I think point 11 is the hardest one to swallow. Lots of hard work and sacrifice, yet nothing is guaranteed after passing. The fact is that completing the CFA exam is only the beginning of your career and many employers view it as a ‘plus’ that is secondary to your real world experience.
Don’t get me wrong, I think it can be a pretty powerful force to help your career. It’s just that many candidates (especially academically oriented ones) think that it somehow replaces their need to know the job market, network, acquire interview skills – basically to graft and hustle. No qualification can really be a ‘guarantee’ for a job.
I have not one but TWO HP12C calculators, and the batteries on both of them failed within 48 hours prior to taking Level II. Fortunately, I was able to refresh them in time, but I did not take that as a good sign. (I did pass, though, so who knows.)
This is all awesome to hear. I was originally planning to register for June, but after digging into the material and watching the deadlines creep up, I decided to register for December instead. Now that I’ve successfully spread out my study time frame, any advice on how to ease into the material without burning myself out too early?
Hey Joe! Thanks for dropping by! Definitely start off light and easy. Don’t feel like you have to study in order – start with the ones you think you’d find easy or more interesting. Establish a routine (time of day, place, session length) that you think works, and stick to it. Good luck!
Hey I’m a level I candidate.. Have been reading through your posts andiI chanced across one where the author says that the End of chapter questions aren’t exactly in the same format of the actual questions.. is this true?
Schweser EOC questions are simpler and to the point, so they aren’t good examples of actual exam questions. CFA EOCs are different – much better at approximating exam questions so make sure you do them!
I would recommend that you do both the Schweser and the CFA curriculum questions to make sure you understand the concepts. The Schweser ones are more simple but it gives you an idea of whether or not you need to study that topic some more before going on to the curriculum questions.
Hi There! Just bumped into your website while pouring over sites related to CFA prep. I know people who have started studying for the June 2019 L1 like last year! But is it too late to start prep from the end of February? Too harsh? Or is it advisable to prepare for the December 2019 L1?
End of Feb is aggressive but definitely not impossible. If you have a solid schedule and plan to stick to it I’d say go for it. Good luck!
Keeping in mind the very first point you made, when did you start studying for Level 2? Did you actually wait for the results to come out or started cracking earlier? I’m thinking of at least “opening the Ethics book” of Level 2 after the holidays
Hi Work_in_Progress I usually wait until the holidays are over to start studying. I took my Level I in June though, so I don’t have your Level I results issue. Sophie, our guest contributor, took the Level I in Dec and wrote about your issue in her Level II blog post – she advises to take time off start after the results are out (I think they’re out mid-Jan anyways). Here is her post: https://300hours.com/how-to-prepare-cfa-level-2/. But obviously if you think you should start earlier by all means! Good luck!
Well it made me laugh on a Friday evening 🙂
Glad that it entertained you at least. 🙂
It’s ironic that point 17 states your intolerance to using ‘CFA’ as a noun, and yet in point 18 you refer to ‘the CFA’…
Hey Matty J My peeve is more with people being referred to as ‘a CFA’. But having said that, referring to the exams as ‘the CFA’ is something that I don’t like and yet a mistake I keep making. It’s now corrected, but this probably isn’t the last time I’ll make this mistake!