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

• Author
Posts
• 0

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.

• 2

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

• MM12
Participant
• CFA Level 3
1

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! ðŸ™‚

• vincentt
Participant
• CFA Level 3
1

@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 ðŸ˜‰

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I was probably framing there ðŸ˜‰ thanks for your input.