CFA Study Schedule: How to Plan Your Preparation for Each Level

The CFA designation is one of the most respected credentials in the finance industry, but earning it requires rigorous preparation. With three levels, each requiring a distinct approach, candidates often struggle to create an effective study plan. Success is not just about the hours you put in, but also about how strategically you structure your preparation.

In this guide, we’ll break down the best study schedule for each CFA level, helping you maximize efficiency while avoiding burnout.

Understanding the CFA Exam Timeline

The CFA Institute offers multiple exam windows throughout the year, allowing candidates to schedule their preparation according to their personal commitments. However, no matter when you sit for the exam, a well-structured study plan is crucial.

How Much Time Do You Need?

• CFA Level 1: ~6 months, with 300+ study hours
• CFA Level 2: ~6–8 months, with 350+ study hours
• CFA Level 3: ~6–9 months, with 350+ study hours

Now, let’s break down the study approach for each level.

CFA Level 1 Study Plan: Concept Mastery and Drills

Level 1 introduces candidates to broad financial concepts across 10 topics, with equal emphasis on all areas. The key to success is conceptual understanding and question-based learning.

Suggested Study Plan

• Months 1–3: Read through the curriculum and take detailed notes.
• Months 4–5: Shift focus to CFA practice questions, refining weak areas.
• Final Month: Take at least 4–5 full-length mock exams to develop time management skills.

Best Practices for Level 1

• Prioritize Ethics, as it’s weighted heavily and can be a tiebreaker.
• Master Financial Reporting & Quantitative Methods, as they form the foundation for Level 2.
• Solve 50+ practice questions daily to reinforce learning.

CFA Level 2 Study Plan: Application and Exam-Style Practice

CFA Level 2 is more challenging, focusing on valuation techniques, financial modelling, and case-study-based item sets. Unlike Level 1, rote memorization won’t work—you must apply concepts to real-world financial scenarios.

Suggested Study Plan

• Months 1–2: Master core concepts from CFA readings and summarize key takeaways.
• Months 3–5: Solve item sets daily, refining accuracy and speed.
• Final Month: Prioritize mock exams and error analysis.

Best Practices for Level 2

• Practice solving structured case studies to develop analytical thinking.
• Spend extra time on Equity Valuation & Fixed Income, as they carry significant weight.
• Aim to complete practice exams under timed conditions to improve endurance.

CFA Level 3 Study Plan: Mastering Essay and Portfolio Management

CFA Level 3 is a different beast—it introduces constructed-response (essay) questions, requiring a deep understanding of portfolio management, risk analysis, and wealth planning.

Suggested Study Plan

• Months 1–3: Review core topics, especially Ethics and Portfolio Management.
• Months 4–5: Focus on writing structured essay responses and case-study analysis.
• Final Month: Complete multiple essay exams and mock tests.

Best Practices for Level 3

• Essay practice is non-negotiable—you must learn to articulate financial concepts concisely.
• Prioritize Portfolio Management, as it is the most dominant topic on the exam.
• Simulate exam-day conditions to enhance writing speed and efficiency.

Final Study Strategy: Breaking Down Study Phases

Regardless of the level, your study schedule should include these three key phases:

1. Core Learning (First 3 Months) – Read, summarize, and take notes.
2. Practice and Reinforcement (Middle 2-3 Months) – Solve 1000+ practice questions.
3. Exam Simulation (Final Month) – Take multiple full-length mocks and analyze mistakes.

Avoid These Common Pitfalls

• Delaying mock exams—don’t wait until the last two weeks.
• Over-reliance on passive reading—active question practice is key.
• Skipping Ethics until the end—it’s crucial for all three levels.

Conclusion

Passing the CFA exam requires more than just dedication—it demands a structured, strategic approach that evolves with each level.

CFA Level 1 tests breadth, CFA Level 2 demands application, and CFA Level 3 requires synthesis and written articulation. If you align your study schedule with the unique demands of each level, you’ll walk into exam day prepared, confident, and ready to succeed.

At Salt Solutions, we provide comprehensive CFA study materials tailored to the unique challenges of each level. Whether you’re starting your journey with CFA Level 1, tackling the complexities of CFA Level 2, or refining your essay skills for CFA Level 3, we’ve got you covered.