CFA in college decision:
- Eligible: Final 2 years of undergraduate degree (11 months before graduation)
- 300+ hours needed per level, similar effort as 2-3 college courses
- Still need 4,000 work hours for charter (2-4 years post-graduation)
Best timing: Final year with grad job secured, light course load. Better ROI from networking/internships if job-hunting.
Key trade-off: More free time now vs. juggling work later. “Level 1 Candidate” status means nothing — you must pass. Salary benefits kick in after CFA Level 2+.
You can register for CFA Level 1 during your final two years of university, but should you?
The answer depends on your current situation. If you already have a graduate job lined up and a manageable course load, starting CFA in college makes sense. If you’re still job hunting or struggling academically, those 300+ hours per exam would yield better results spent networking and interviewing.
Here are 10 honest pros and cons to help you decide whether CFA in college is right for your specific circumstances.
#1. Taking CFA in college is yet another thing to study for (and it isn’t a small add-on).
Although balancing work and CFA studies can be really time-constraining, candidates can find it mentally easier than juggling their university and CFA studies.
When working and studying for the CFA exams, the differing natures mean that you can mentally ‘take a break’ when you switch from one to the other. Candidates may also find that work knowledge and experience can help in their CFA studies. As a university student, you may find it exhausting to trawl through a seemingly endless barrage of study notes, whether it’s for your degree or CFA charter.
Oh, and I know you have heard this before, but CFA exams are a lot harder than you think, and not like college/university. And Level 2 and Level 3 are significantly harder.
For detailed study planning, use our Free CFA Study Planner to map out how CFA fits with your college schedule.
#2. Your degree in finance doesn’t necessarily help.
Don’t make the mistake of thinking your degree in finance will significantly give you a leg up and enable you to study a lot less time and still pass. Results actually can state the opposite.
I will reluctantly say you might be able to cut 50 hours off of the “300 hours” which is needed for the average passing candidate, if you’ve got a solid grounding in finance in your degree. However, the volume of material you’ll have to remember for the exam, Ethics, and the time pressure will make this a very challenging experience. If you do take this on, take it very seriously.
#3. You’ll still need 4,000 hours of relevant work experience.
Starting early on the CFA exams doesn’t award you the CFA charter straightaway.
You’ll still need to qualify 4,000 hours worth of relevant work experience – something you’re unlikely to have as a fresh graduate. So do keep in mind that although you’ll pass your CFA exams earlier, you’re likely to still have to wait for a few more years to get that sweet CFA charter.
#4. You might end up missing out on ‘the university experience’.
Ah, the wistful memories university brings up.
Besides earning your degree, your university years are something that you won’t be able to experience again. Whether you’d like to dedicate a significant portion of that time to the CFA program is something only you can decide for yourself.
But I think that postponing your CFA ambitions because you want to truly experience university is a completely valid reason. So if you’re thinking along similar lines, remember that that is not a ‘soft’ reason, and is perfectly justifiable.
#5. ”Level 1 candidate” status means nothing. You’ll have to pass, and you should try and pass all 3 levels.
Remember that stating “CFA Level 1 candidate” on your resume only showcases that you have the knowledge to fill out an application form and there is no guarantee you will pass.
As research on 300 Hours shows, the salary benefits of the CFA qualification are there, but only kicks into gear mostly after you’ve passed CFA Level 2 and above.
That said, with the recent eligibility rule change, studying for CFA Level 1 with 2 years remaining in your undergraduate program could help differentiate you better for summer internships, which is one of the best route to secure a full time job.
#6. Your time as a college student may be better spent in job-hunting.
The first thing to think about (and I know you’re sick of college and probably wish you could graduate tomorrow) is that you are about to give away your last months of freedom and friends in a world of much less responsibility that you will never have the opportunity to get back.
The next thing to know if you are using this is a tactic to help land a job, is honestly those 300 hours needed to pass this exam would probably yield better results if you spent them networking, calling alumni, cold emailing senior people at an employer you would like to work for or attending your local CFA society events.
To put it simply, your job as a college student is to secure a graduate job.
And the most direct way to do that is applying for jobs, networking and interviewing, rather than spending it studying for another qualification that doesn’t guarantee a job.
#7. You can get to it while you have the time (really).
All right, time for some advantages of taking CFA in college!
Students, you may not believe it, but you’re most like to to have the most time to study for the CFA exams as a full-time student.
Although university life is far from a walk in the park, the average CFA candidate finds it easiest to allocate time for CFA study while in university.
Commitments tend to increase after university – whether it’s a full time job, a young and growing family or both. The CFA exams do require a lot of time commitment, so it might be advantageous to get to it while you have time, and/or have a graduate job lined up already.
#8. There are good support structures in universities.
The support structure for learning is never better than when you’re in university. Many universities are now aware of the CFA program: CFA-partnered universities now include the MBA courses in Cambridge University, Oxford University, INSEAD and London Business School. Many other finance courses are also CFA-partnered – you can find the full list here.
Even if your university or course isn’t CFA-affiliated, the university infrastructure itself greatly supports a CFA candidate in their learning.
Need more reference? A wealth of reference books in the university library await. Need discussion partners? Get your buddies who are acing those finance courses. Really need some guidance? Lecturers are readily available to help out. Need good places to study? Libraries, university campus grounds, cafes abound.
If you find that your course workloads aren’t too heavy, and that you’ve got a grad job lined up, it may be worthwhile to start your CFA studies whilst at university.
#9. Your brain peaks in the right places during your early 20s.
Biologically, you’re likely to be best placed to take on the CFA exams as a young adult.
Research performed by psychologists Joshua Hartshorne and Laura Germine, who tested 21,926 people aged 10 to 71, has shown that although different functions of the human brain peak at different ages, brain functions key to CFA exams (such as logical and numerical thinking, working memory) peak in your early twenties. Brain-wise, the odds will be in your favour.
So, that indicates that the ‘best time’ to take the CFA exams can range from last year of college/university to first few years on the job. In fact, some charterholders feel that CFA exams are best started after 1-2 years of finance work experience to maximize career impact
#10. Taking the CFA exams is a serious undertaking. But worth it.
That said, most of the disadvantages of deciding to undertake the CFA exams are related to the effort and time involved.
If you’re ready to work hard, the CFA charter is definitely worth it. For detailed analysis of charter benefits including salary impact, career opportunities, and networking advantages, see our comprehensive guide on 7 Benefits of CFA Charter.
CFA in college FAQs
No — CFA Institute requires you to be within 23 months (approximately 2 years) of your undergraduate graduation date when you register. This typically means you can first register during the second semester of your junior year or anytime during senior year.
The specific eligibility window is 11 months before your graduation month. For example, if you graduate in May 2026, you can register starting June 2025. However, exam dates must be scheduled for after you meet the 23-month threshold.
PhD and master’s students can register earlier since graduate programs count toward eligibility. If you’re in a 5-year combined bachelor’s/master’s program, your eligibility starts based on your final graduation date.
For detailed requirements, see our CFA Entry Requirements Guide.
You can state “Passed CFA Level 1” or “CFA Level 1 Candidate (passed Level 1, pursuing Level 2)” on your resume, but never “CFA Level 1” alone—this violates CFA Institute’s usage guidelines and can result in candidacy termination.
The proper format is listing your status in an “Education” or “Professional Development” section: “CFA Program: Passed Level 1 (Month Year), pursuing Level 2 (Month Year).”
However, recruiters view Level 1 passes modestly—it shows commitment and basic finance knowledge, but won’t differentiate you significantly since approximately 40% of Level 1 candidates pass. The real resume impact comes after passing Level 2, which demonstrates advanced analytical ability.
For exact formatting rules, see How to Display CFA Status on Resume.
It helps marginally but isn’t a substitute for internship experience or strong networking. Investment banks and asset managers prioritize relevant internships, GPA (typically 3.5+ for elite firms), and target school status over CFA Level 1 passes.
Where it helps: tiebreaker situations between similar candidates, demonstrates interest in investment management for career switchers, provides conversation topics during interviews, shows self-motivation for students from non-target schools.
Where it doesn’t help: won’t overcome weak GPA (under 3.0), won’t replace lack of internship experience, won’t open doors at firms that exclusively recruit from target schools, won’t compensate for poor interviewing skills.
Better time investment if job hunting: 100 hours networking (coffee chats, alumni calls, industry events) yields higher job placement success than 300 hours studying for Level 1.
After securing your graduate job is optimal timing. Here’s why: once you have a job offer (typically by October-December of senior year), your primary stress disappears and you can dedicate mental energy to CFA studying during your final semester.
Taking Level 1 before securing a job creates three problems: the stress of job hunting distracts from CFA studying (hurting both efforts), you might waste 300 hours on CFA when those hours would better serve networking and interviewing, and you risk failing Level 1 due to divided attention, wasting $1,000+ in exam fees.
Ideal timeline: secure graduate job by December senior year, register for May/June Level 1 exam (taken right before or after graduation), study January-May during final semester while course loads are lighter.
Plan for 15-20 hours weekly over 20 weeks, or 10-15 hours weekly over 25-30 weeks. This totals 300-350 hours, the typical requirement for passing Level 1.
Compare this to your course load: 15-20 hours weekly equals a demanding college course. If you’re taking 4-5 courses plus studying for CFA, that’s effectively 5-6 courses worth of work—manageable if you have a light semester, brutal if you’re taking upper-level courses, working part-time, or leading student organizations.
Warning signs you’re overcommitted: falling behind in actual college courses (risking GPA damage that harms job prospects more than CFA helps), consistently sleeping under 6 hours, eliminating all social activities, experiencing anxiety or burnout.
Better approach: take Level 1 during a lighter semester or during the summer after graduation.
No—college courses cover maybe 30-40% of CFA Level 1 content at sufficient depth. You’ll still need dedicated CFA study materials (Schweser, UWorld, or CFA curriculum) to pass.
CFA Level 1 covers 10 topic areas including Ethics (10%), Quantitative Methods (8-12%), Financial Statement Analysis (13-17%), Corporate Finance (8-12%), Equity (10-12%), Fixed Income (10-12%), Derivatives (5-8%), Alternative Investments (5-8%), Portfolio Management (5-8%), and Economics (8-12%).
Most finance degrees cover Corporate Finance, some FSA, and basic Equity/Economics. They rarely cover Derivatives, Alternative Investments, Portfolio Management theory, or Ethics adequately. Even topics you studied require CFA-specific depth—for example, college might teach DuPont analysis basics, but CFA tests advanced ratio analysis and financial statement manipulation detection.
Budget $600-1,200 for prep materials even with a finance degree.
No—wait until you’re certain about finance career direction. The CFA requires 900+ hours across three levels plus four years of qualifying work. Starting without career certainty creates three problems: you might waste $3,000+ and 900+ hours on an unused credential, you’ll resent the sacrifice if you pivot careers, and the sunk cost fallacy might trap you in finance when you’d be happier elsewhere.
A better approach is to use college to explore careers through internships (try investment banking, corporate finance, consulting, etc.), take diverse courses to discover interests, and network with professionals in various fields.
Only start CFA when you’re confident about investment management careers specifically—not general finance, which has many paths where CFA provides minimal benefit (corporate finance, accounting, fintech often value MBA or CPA more).
Did you decide to study for CFA in college? Or still undecided? Leave a comment below!
Meanwhile, you may find these related articles helpful:
I am considering to register for Level I exam (Nov 2023) but can’t decide. I feel like I can do it. But I’m afraid I will fail. Is there any advice you can give?
Just go ahead and do it
I am a full time student currently on my summer break and I was able to put in the hours easy even when I had school thanks to proper planning.
It might hurt ur chances to socialize but an increase in chances of me finding a summer program next year (it’s hard to find one regardless) sure does sound sweet. Moreover, it’s also important that u have a good gpa before applying to any of these programs so buckle up if u do choose to get into it.