Becoming a Chartered Financial Analyst (CFA) is now one of the most popular career choices in the investment world. The advantages of joining the CFA program lie in acquiring specific investment-related experience for a reasonably low cost. On average though, the self-study course requires a commitment of around 4 years and 1,000 hours of study—so it’s not for the faint-hearted! So, discover what to expect on the CFA Level 1 Exam…
Key Calendar Dates for the June CFA Exams (Level 1, 2, and 3)
(Cfainstitute.org, 2018)
The Level 2 and Level 3 exams are only held once a year in June. The CFA Level 1 exam is held twice a year and can also be taken in December 2018.
Key Calendar Dates for the December Exams (CFA Level 1 only)
(Cfainstitute.org, 2018)
CFA Level 1 Exam Structure
The CFA Level 1 exam includes 240 multiple choice questions, split over two 3-hour sessions. It is necessary for candidates to attend both sessions.
- Morning period (3 hours): 120 multiple choice questions which cover all topics
- Afternoon period (3 hours): 120 multiple choice questions which cover all topics
Allow roughly 90 seconds for each question. All of the questions are free-standing (not related to each other) and consist of three available answer choices. You may need to spend more or less time on each, depending on your level of topical understanding.
CFA Level 1 Subjects for 2018
(Cfainstitute.org, 2018)
CFA Level 1 Exam Results
(Cfainstitute.org, 2018)
Don’t be deceived, all of the CFA exams are tough. On top of that, as you can see, CFA results are lowest for level 1. Practice regularly and cumulatively to revise and refresh yourself on the vast breadth of content material the exam covers. And don’t fall victim to overconfidence by underestimating the CFA level 1 exam or the time required to study for it.
CFA Salary Averages
On average, CFA charter holders can earn from anywhere around $53,000 to over $150,000 a year. The wide discrepancy between typical salaries is based entirely on experience; those with less are paid much less. A CFA with 20+ years on the job can earn in the range of $156,000 per year. Such data demonstrates the importance of gaining an edge to compete with others if you are considering entering the field.
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