CFA CFA General Successful candidates take an average of four years to complete the program

Successful candidates take an average of four years to complete the program

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      This is the official statement of the CFAI. Does anybody know how this is calculated? My guess would be first exam date to last, meaning five exams on average, or does it include perpetration time for the first exam.

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      Sorry, I have to take that back. They say “successful candidates” so actually no survivorship bias in that average… 😉

    • Avatar of MM12MM12
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        • CFA Level 3
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        On the same page of the CFAI website they also post that you should take into account roughly 6 months of studying per exam. So I believe it includes preparation. Also, there is of course survivorship-bias in this statistic, as it only includes the people that actually passed all three levels and doesn’t include all the people that didn’t. Hope this helps! 🙂

      • Avatar of vincenttvincentt
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          • CFA Level 3
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          @timbo since we are only taking “successful candidates” wouldn’t that confirmed the survivorship bias that @mm12 raised?

          As in candidates who only completed 1 or 2 levels are not taken into account, otherwise the average might be ‘increasing’.

          The only way I can think of on how to achieve the 4 years average is as follows:

          Starts Level 1 in Dec:

          Dec 10 – passed
          Jun 11 – failed
          Jun 12 – passed
          Jun 13 – failed
          Jun 14 – passed
          Total 3.5 + 0.5 (6 months revision) = 4

          Starts Level 1 in Jun:

          Jun 10
          Jun 11 – failed
          Jun 12
          Jun 13 – failed
          Jun 14

          Total 4 + 0.5 (6 months revision) = 4.5

          Average = (4.5 + 4) / 2 = 4.25

          However, these are only my assumptions.

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          @timbo – why care about average? You all here are way above average anyway 😉

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          I was probably framing there 😉 thanks for your input.

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