CFA Course Duration: The Complete Overview of CFA Level I, II and III

The CFA (Chartered Financial Analyst) course is a great qualification to begin your growing career in the financial world. This course is uniquely designed to empower and educate aspiring finance professionals to become job-ready. While the CFA course has excellent career potential, students sometimes get confused and worried about the timing and future growth. 

Understanding the exact CFA course duration and how long each level will take to finish can help you plan, stay motivated, and recognize your accomplishments.

However, what is the actual time required to finish each level? Let’s explore.

What is the CFA Course Duration?

The three stages of the professional course “Chartered Financial Analyst” are knowledge, skill, and professional level. You must pass three exams to complete this certification, which takes two to three years to complete. To become a charter holder, you must complete 4000 hours or 36 months of work experience in addition to passing the CFA exams. You can begin your CFA course before completing the required amount of work experience. 

The three levels that make up the CFA program aim to build on the knowledge acquired at the previous level. There are three levels in this hierarchy: Level 1, Level 2, and Level 3. Because each level gradually enhances your understanding of financial principles and investment management, completing these levels in order is important.

CFA Level 1: Building the Foundation

Candidates are introduced to basic ideas and instruments that are crucial in the investment industry at CFA Level 1. This level covers a variety of financial topics to build a strong knowledge base. Multiple-choice questions covering subjects including ethics, economics, financial reporting and analysis, and quantitative methods make up the Level I test.

CFA Level 2: Examining Investment Analysis 

As they go to CFA Level 2, applicants must pass a rigorous exam that goes deeper into the study and real-world implementation of financial ideas and instruments. At this level, assets are valued, including investments in equities, fixed income, derivatives, and alternative investments. The style of the Level II exam includes sets of items that assess applicants’ ability to evaluate and comprehend financial data.

CFA Level 3: Applying Knowledge to Manage Portfolios

At this level, using investment tools and principles in practical portfolio management scenarios is heavily stressed. To properly create and manage institutional and independent

In individual portfolios, focus on combining and integrating knowledge learned in earlier stages. The Level III CFA exam consists of topic sets and essay questions planned to evaluate applicants’ ability to implement their knowledge within a portfolio management structure. 

A Synopsis of the CFA Level 1 Curriculum 

Effective time management is crucial for passing the CFA exam. Successful candidates adhere to the CFA Institute’s recommendation, having prepared for an average of 323 hours. Allocate at least 303 hours for CFA Level 1.

The amount of time you need to study depends on your background in the subject. The CFA course duration includes 323 hours as a reading and practice guide. The CFA Level 1 incorporates ten subjects with different degrees of relevance, nineteen study sessions, and sixty readings. Learners should allocate study time according to the importance of the topic.

The final month is for practice and revision, and schedule your readings for four months. You can finish reading in roughly 17 weeks if you study for two hours during the week and eight on the weekends.

CFA Level 1 Duration 

Make use of the weekends and non-working days to study CFA. Read during the week and work on practice questions over the weekends. Set aside an additional two to four hours on the weekends for practice.

End-of-chapter questions are a good idea since they give a summary, highlight the significant ideas, and expose weak areas. To stay on course, monitor outcomes consistently. After you have completed CFA Level 1, Level 2 is not as simple as Level 1. 

A Synopsis of the CFA Level 2 Curriculum

The CFA Level 2 includes ten topics, and each topic has a weight. Decide how much time you want to spend studying, depending on your skills and weaknesses and the weights on the syllabus.

 The CFA Level 2 Duration 

Think about beginning your studies a little bit earlier. To fully understand the wealth of information found in Level 2 materials, you may want to start your studies as early as possible—roughly six to nine months beforehand. 

The CFA Institute recommends putting in 300 hours to prepare for CFA Level 2.  Starting early and, if possible, having additional time is a good idea. You should allot time in your CFA Level 2 study plan for conceptual learning, mock paper practice, and final revision.

A Synopsis of the CFA Level 3 Curriculum 

With 180 of the 360 points available for the CFA Level 3 exam, portfolio management is a major component. When discussing subjects like risk management and behavioral finance, it’s essential to attend both the morning and afternoon courses. 

Expect questions regarding personal and organizational wealth. The investment policy statement and economics, which are now included in portfolio management, are important ideas. The subjects covered include asset allocation, risk management, portfolio performance evaluation, and institutional portfolio management.

Even though the CFA Institute doesn’t list essential subjects, being prepared by working through sample essay questions is helpful.

The topics covered by the CFA Level 3 test consist of 30%–35% of portfolio management and wealth planning.

CFA Level 3 Duration

The CFA Level 3 candidates put in 344 hours of study time, according to the CFA Institute’s June 2019 applicant survey. To increase the chances of passing, it is more typical, in our experience, to strive for a minimum of 350 hours of study divided over 4-6 months.

To succeed in CFA Level 3, you should begin studying six to nine months in advance and complete the syllabus three months before the test. 

Applying knowledge and developing efficient study habits are essential for success. Aim for a minimum of 350 hours of study spread across six to nine months, with longer sessions scheduled for particular days.

Assign your study time according to the relative relevance of each subject, utilizing the entire CFA Level 3 curriculum. 

Before the exam dates, make sure you have a balanced approach by concentrating on all seven of the core topics that were evaluated in both exam sessions.

This was a complete overview of the CFA course duration; hopefully,, you have found it helpful and interesting.