CFA Program: Levels 1, 2 & 3
How to clear each level of the world’s toughest finance credential
3 LevelsComputer-basedGlobal recognition~300 hrs/level
Exam Pattern & Papers
Level 1 — Foundations
- 180 MCQs across 10 topics
- Big weights: Ethics, FSA, Quantitative Methods
- No negative marking — attempt everything
- Focus: breadth and concept recall
Level 2 — Application
- Item-set (vignette) format
- Deep dive: valuation, FSA, equity & fixed income
- Hardest jump — application over recall
- Focus: practise item-sets daily
Level 3 — Synthesis
- Essay (constructed response) + item-sets
- Portfolio management & wealth planning core
- Writing concise justified answers is the skill
- Focus: past essay papers, timed
Charter Requirements
- Pass all 3 levels
- 4,000 hours of relevant work experience
- Ethics commitment & references
Pass criteria: CFA Institute sets a minimum passing score per window. Ethics performance can tip borderline results in your favour.
First-Attempt Strategy
300 honest hours per level
Spread over 5-6 months; the calendar is the syllabus.
Ethics from the original text
The Standards handbook is heavily weighted at every level and tips borderline scores.
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Question banks over re-reading
After the first pass, live in practice questions and review wrong answers weekly.
Mocks in the last 6 weeks
Minimum 4 full timed mocks; review takes as long as the mock — schedule it.
For Level 3, write daily
One past essay question a day from month two — brevity scores.
Mistakes that cost attempts
Leaving Ethics to the last week
Reading notes passively without question practice
Ignoring FSA weight at Levels 1-2
No timed essay practice for Level 3
Get the complete CFA success kit — free
Study plan PDF + chapter priority list + past-paper analysis, on WhatsApp