Your journey to becoming a charterholder of the highly regarded Chartered Financial Analyst (CFA) designation begins by sitting for the CFA Level 1 exam. With a broad syllabus and a strict test pattern, it is a very challenging task to pass the CFA Level 1 for the first time by adhering to discipline, planning, and using proper study material.
In this guide, we cover everything that you need—from a proper CFA study plan to the top CFA exam tips, so that you can pass the exam in the first attempt.
Understanding the CFA Level 1 Exam
The CFA Level 1 exam is a two 135-minute sessions of 90 multiple-choice questions each. The syllabus covers:
- Ethical and Professional Standards
- Quantitative Methods
- Economics
- Financial Reporting and Analysis
- Corporate Finance
- Equity Investments
- Fixed Income
- Derivatives
- Alternative Investments
- Portfolio Management and Wealth Planning
It is administered four times a year (February, May, August, November) with a pass rate of approximately 42%.
Pro Tip: 300+ hours of study time is advised by the CFA Institute for CFA Level 1.
CFA exam date and format information: Click Here
How Challenging is CFA Level 1?
CFA Level 1 is generally challenging but achievable. The challenge arises from:
- Comprehensive syllabus – 10 topics in finance, economics, and accounting.
- Conceptual difficulty – Demands understanding, not memorization.
- Time limitation – 180 questions in 4.5 hours.
Historical pass rate is 42%, according to CFA Institute statistics
CFA Level 1 pass rate statistics: Click Here
Best CFA Study Materials
Selecting the best study materials is important. Here are the top picks:
| Study Material | Key Features | Best For |
| CFA Institute Curriculum | Official guide study, clear explanations | Complete knowledge |
| Kaplan Schweser | Lean notes, QBank, practice exams | Time-saving learning |
| Wiley CFA Review | Bite-sized learning, adaptive learning | Busy professionals |
| IFT Video Lectures | Concept-based instruction, budget-friendly | Visual learners |
| Bloomberg Exam Prep | AI-powered personalized learning | Adaptive learners |
Pro Tip: Use CFA Institute materials with third-party study materials for best results.
CFA Preparation Strategy
1. Make a Study Plan
- Invest 300-350 hours in 4-6 months.
- Study 5-6 days per week for 2-3 hours.
- Apply the 40-50-10 rule:
- 40% reading and concept building
- 50% practice questions
- 10% revision
2. Concentrate on High-Weightage Topics
Some subjects have greater weight in the exam:
- Ethics (15-20%)
- Financial Reporting & Analysis (13-17%)
- Equity & Fixed Income (10-15% each)
Focus on these topics to score highest.
Official CFA topic weightage details: Click Here
CFA Exam Success Tips
1. Start Early
Begin preparing at least 4-6 months in advance.
2. Don't Ignore Ethics
Ethics has high weightage and can be the deciding factor if you are at borderline.
3. Practice, Practice, Practice
Try 2,500+ practice questions.
Focus on timed quizzes to improve speed.
Obtain free CFA practice questions: Click Here
FAQs
- For how many hours should I prepare for CFA Level 1?
Minimum of 300 hours is recommended.
- What is CFA Level 1 pass rate?
Pass rate is approximately 42%.
- Is CFA Level 1 more difficult than CA or FRM?
It's relative. CFA is more common, CA is accounting-focused, FRM is risk-focused.
- Can I pass CFA Level 1 within 3 months?
Yes, but it needs intense 25-30 hours a week.
- What is the most challenging subject in CFA Level 1?
Financial Reporting & Analysis is challenging for most.
- Are mock CFA exams more difficult than the real exam?
Yes, practice exams are usually tougher to prepare you better.
- Do I use CFA Institute material or third-party vendors?
Either one or the other.
- How much does CFA Level 1 cost?
Between $900 and $1,200.
- Is CFA Level 1 sufficient for hiring?
It can improve career prospects but Level 2 & 3 are needed to get the CFA charter.
- Will I be allowed to repeat CFA Level 1 in the event that I fail it?
Yes, you can attempt twice a year.
Conclusion
You can pass CFA Level 1 in the first attempt using the right strategy. Use a structured CFA study plan, utilise high-quality CFA study materials, and make full use of practice exams.
Key Takeaways
- Study for 300+ hours and have a structured plan.
- Prioritise clear weightage topics such as Ethics, FRA, and Equity.
- Solve mock tests and go through mistakes regularly.
Next Steps
Ready to crack CFA Level 1? Enrol today for the CFA certification preparation program!
