CFA Study Schedule 2025: How Many Hours You Really Need (Level 1, 2, 3)
CFA Institute recommends 300+ hours of study per level—but that number alone doesn’t help you plan. How should those hours be distributed? What’s the optimal balance between learning new material and practicing questions?
This guide provides actionable study schedules for CFA Level 1, 2, and 3, with options for different timelines based on your availability.
How Many Hours Do You Really Need?
CFA Institute Recommendation vs Reality
| Level | Official Recommendation | Passing Candidate Average | Range |
|---|---|---|---|
| Level 1 | 300 hours | 303 hours | 250-400 hours |
| Level 2 | 300 hours | 328 hours | 300-450 hours |
| Level 3 | 300 hours | 344 hours | 280-400 hours |
Your actual study time depends on your background. Finance professionals with relevant experience may need less time, while career changers from unrelated fields often need 350-400+ hours for Level 1.
Factors That Affect Study Time
| Factor | Impact |
|---|---|
| Finance background | -50 to -100 hours if relevant degree |
| Work hours | More hours needed if study sessions are fragmented |
| Learning style | Video learners vs readers have different pacing |
| Prep provider quality | Better materials = more efficient learning |
| Prior standardized test experience | Helps with timing and test-taking strategy |
CFA Level 1 Study Schedule
Level 1 covers the broadest curriculum, testing knowledge and comprehension across 10 topic areas. Here are three timeline options:
6-Month Schedule (Recommended for Working Professionals)
Weekly commitment: 12-15 hours (2 hours on weekdays, 3-4 hours each weekend day)
| Month | Phase | Focus | Hours |
|---|---|---|---|
| Month 1 | Foundation | Ethics, Quant Methods, Economics | 50 |
| Month 2 | Core Content | Financial Reporting & Analysis | 55 |
| Month 3 | Core Content | Corporate Finance, Equity | 50 |
| Month 4 | Core Content | Fixed Income, Derivatives, Alternatives | 50 |
| Month 5 | Core Content | Portfolio Management + Review | 45 |
| Month 6 | Review & Practice | Mock exams, weak areas | 50 |
| Total | 300 |
4-Month Intensive Schedule
Weekly commitment: 18-20 hours
| Month | Focus | Hours |
|---|---|---|
| Month 1 | Ethics, Quant, Econ, FRA (partial) | 75 |
| Month 2 | FRA (complete), Corp Finance, Equity | 80 |
| Month 3 | Fixed Income, Derivatives, Alts, PM | 75 |
| Month 4 | Comprehensive review, 4-6 mock exams | 70 |
| Total | 300 |
3-Month Sprint (Not Recommended Unless Experienced)
Weekly commitment: 25+ hours
| Week | Focus |
|---|---|
| 1-2 | Ethics, Quant Methods |
| 3-4 | Economics, FRA begins |
| 5-6 | FRA complete |
| 7-8 | Corp Finance, Equity |
| 9-10 | Fixed Income, Derivatives, Alts |
| 11 | Portfolio Management, Full review |
| 12 | Mock exams only (3-4 minimum) |
The 3-month schedule leaves minimal buffer for unexpected disruptions. It’s only advisable for those with strong finance backgrounds and significant daily study availability.
Level 1 Topic Weights & Study Time Allocation
| Topic Area | Exam Weight | Suggested Hours | Priority |
|---|---|---|---|
| Ethical & Professional Standards | 15-20% | 40-50 | Critical (appears at every level) |
| Quantitative Methods | 6-9% | 20-25 | Medium |
| Economics | 6-9% | 20-25 | Medium |
| Financial Statement Analysis | 11-14% | 45-55 | High |
| Corporate Issuers | 6-9% | 15-20 | Medium |
| Equity Investments | 11-14% | 30-40 | High |
| Fixed Income | 11-14% | 35-45 | High |
| Derivatives | 5-8% | 15-20 | Medium-Low |
| Alternative Investments | 7-10% | 15-20 | Medium |
| Portfolio Management | 8-12% | 25-30 | Medium-High |
CFA Level 2 Study Schedule
Level 2 requires deeper analysis and application. The vignette format demands additional practice time.
6-Month Schedule
Weekly commitment: 14-16 hours
| Month | Focus | Hours |
|---|---|---|
| Month 1 | Ethics, Quant, Economics | 50 |
| Month 2 | Financial Statement Analysis (intensive) | 60 |
| Month 3 | Corp Finance, Equity Valuation | 55 |
| Month 4 | Fixed Income, Derivatives | 55 |
| Month 5 | Alternatives, Portfolio Mgmt, Review | 50 |
| Month 6 | Mock exams (6+), weak area review | 55 |
| Total | 325 |
4-Month Intensive Schedule
Weekly commitment: 20-22 hours
| Month | Focus | Hours |
|---|---|---|
| Month 1 | Ethics, Quant, Econ, FRA (start) | 85 |
| Month 2 | FRA (complete), Corp Finance, Equity | 90 |
| Month 3 | FI, Derivatives, Alts, PM | 80 |
| Month 4 | Review + 6-8 mock exams | 70 |
| Total | 325 |
Level 2 Topic Weights & Study Time Allocation
| Topic Area | Exam Weight | Suggested Hours | Priority |
|---|---|---|---|
| Ethical & Professional Standards | 10-15% | 30-35 | Critical |
| Quantitative Methods | 5-10% | 25-30 | Medium |
| Economics | 5-10% | 25-30 | Medium |
| Financial Statement Analysis | 10-15% | 50-60 | Very High |
| Corporate Issuers | 5-10% | 25-30 | Medium |
| Equity Investments | 10-15% | 45-55 | High |
| Fixed Income | 10-15% | 40-50 | High |
| Derivatives | 5-10% | 30-35 | Medium-High |
| Alternative Investments | 5-10% | 25-30 | Medium |
| Portfolio Management | 10-15% | 35-45 | High |
Level 2’s vignette format means you can’t skip around as easily. Practice reading 1-2 page case studies and extracting relevant data quickly. Allocate extra time to item set practice.
CFA Level 3 Study Schedule
Level 3 combines item sets with constructed response (essay) questions. You’ll also choose a specialized pathway: Portfolio Management (Private Wealth or Institutional) or Private Markets.
6-Month Schedule
Weekly commitment: 13-15 hours
| Month | Focus | Hours |
|---|---|---|
| Month 1 | Ethics, Behavioral Finance, PM Foundations | 45 |
| Month 2 | Asset Allocation, Your Specialty Pathway | 55 |
| Month 3 | Fixed Income PM, Equity PM | 55 |
| Month 4 | Derivatives/Risk Mgmt, Alt Investments | 50 |
| Month 5 | Trading, PM Integration, Review | 45 |
| Month 6 | Essay practice, Mock exams (4-6) | 50 |
| Total | 300 |
Level 3 Essay Strategy
Unlike Levels 1 and 2, Level 3 includes constructed response questions requiring written answers:
- Answer the question asked - Don’t provide extra information
- Use bullet points - Graders appreciate clarity
- State, then explain - Make your answer obvious, then justify
- Practice handwriting (if applicable) or typing under time pressure
- Allocate time strictly - Easy to spend too long on essays
Candidates often underperform on essays not due to knowledge gaps but poor time management. Practice at least 30-40 essay questions under timed conditions before exam day.
Weekly Study Plan Template
Here’s a sample week for a 6-month Level 1 schedule:
| Day | Activity | Time |
|---|---|---|
| Monday | Video lectures/reading new material | 2 hours |
| Tuesday | End-of-chapter questions | 2 hours |
| Wednesday | Video lectures/reading continued | 2 hours |
| Thursday | Practice questions (QBank) | 2 hours |
| Friday | Rest or light review | 0-1 hour |
| Saturday | New material + practice | 3-4 hours |
| Sunday | Review + practice questions | 3-4 hours |
| Weekly Total | 14-17 hours |
The 3-Phase Study Approach
Regardless of your timeline, structure your preparation in three phases:
Phase 1: Content Learning (50% of time)
- Watch videos or read curriculum
- Take notes on key concepts and formulas
- Complete end-of-chapter questions
- Goal: Understand all topic areas
Phase 2: Practice & Reinforcement (30% of time)
- Work through question banks (2,000+ questions per level)
- Focus on weak areas identified by performance tracking
- Practice timing on individual questions
- Goal: Apply knowledge to exam-style questions
Phase 3: Review & Mock Exams (20% of time)
- Take 4-6 full-length mock exams under realistic conditions
- Review every wrong answer thoroughly
- Revisit weak topics with targeted study
- Goal: Build stamina and identify final gaps
Common Scheduling Mistakes
1. Saving Mock Exams for the Last Week
Problem: Insufficient time to address weaknesses revealed by mocks
Solution: Take your first mock exam 4-6 weeks before the real exam
2. Over-Weighting Reading, Under-Weighting Practice
Problem: Understanding concepts ≠ answering exam questions correctly
Solution: Aim for 3 practice questions for every hour of content study
3. Neglecting Ethics
Problem: Ethics is 15-20% at Level 1 and has specific “Standards of Practice” language
Solution: Save Ethics for final review when you can memorize the standards language
4. Inconsistent Schedule
Problem: Cramming on weekends leads to poor retention
Solution: Daily study of 1-2 hours beats irregular 6-hour sessions
Tracking Your Progress
Key Metrics to Monitor
| Metric | Target | Warning Sign |
|---|---|---|
| Hours/week | Per your schedule | -20% consistently |
| QBank accuracy | 65%+ by Month 3 | Under 50% |
| Mock exam scores | 70%+ | Under 60% |
| Topics below 50% | 0 by exam week | Multiple topics |
Recommended Tools
- Study Planner Apps: Many prep providers include built-in planners
- Spreadsheet Tracking: Log hours by topic and performance
- Prep Provider Dashboards: Use Kaplan or Mark Meldrum analytics
- Calendar Blocking: Schedule study time like work meetings
Best CFA Prep Courses for Structured Schedules
The right prep provider includes study planners to optimize your schedule:
- Kaplan Schweser - Personalized study planner, adaptive learning
- Salt Solutions - Clean interface, progress tracking
- AnalystPrep - Affordable, comprehensive question bank
Frequently Asked Questions
How many hours should I study for CFA Level 1?
CFA Institute recommends 300+ hours for Level 1. Passing candidates average 303 hours, with a range of 250-400 hours depending on your finance background. Plan for 12-20 hours per week over 4-6 months.
How long does it take to prepare for the CFA exam?
Most candidates prepare for 4-6 months per level. A typical timeline: 6 months for Level 1, 5-6 months for Level 2, and 5 months for Level 3. The minimum recommended is 3-4 months with intensive daily study.
What is the best study schedule for CFA Level 1?
A 6-month schedule with 12-15 hours weekly is ideal for working professionals. Allocate 50% of time to content learning, 30% to practice questions, and 20% to review and mock exams. Save Ethics for final review to retain the specific language.
Should I study for CFA every day?
Daily study is more effective than weekend cramming. Even 1-2 hours daily leads to better retention than irregular 6-hour sessions. Aim for at least 5 study days per week, with flexibility for rest days.
How many practice questions should I do for CFA?
Aim for 2,000-3,000 practice questions per level. This includes end-of-chapter questions, QBank questions, and mock exam questions. High-volume question practice is the single best predictor of exam success.
When should I start taking CFA mock exams?
Take your first mock exam 4-6 weeks before the real exam. This leaves time to address weak areas. Take 4-6 full mocks total, with the final mock 1 week before your exam date. Simulate real conditions (timed, no interruptions).
Is 3 months enough to study for CFA Level 1?
Three months is possible but risky, requiring 25+ hours weekly. It leaves no buffer for disruptions and works best for those with strong finance backgrounds. Four to six months is safer for most candidates.
How do I balance CFA study with work?
Block study time on your calendar like meetings. Use early mornings or late evenings for focused sessions. Maximize weekends (3-4 hours per day). Take time off work before the exam if possible. Communicate your commitment to family and colleagues.