CFA Exam Experience & Preparation Guide

My journey to becoming a Chartered Financial Analyst

Read My Experience

About Me

Portrait of the author

Hi, I'm LurAx, a finance professional and CFA charterholder. I passed all three levels of the CFA exam on my first attempt and now I'm passionate about sharing my experience and tips to help others achieve the same.

With over 5 years of experience in the financial industry, I understand the challenges of balancing work, study, and personal life while preparing for these rigorous exams.

What is the CFA Charter?

Global Recognition

The Chartered Financial Analyst (CFA) designation is a globally recognized professional credential offered by the CFA Institute.

Three Levels

The CFA Program consists of three sequential exams: Level I, Level II, and Level III, each requiring significant preparation.

Career Advancement

CFA charterholders are highly sought after in the finance industry and often hold positions in investment management, research, and portfolio analysis.

Ethical Standards

The CFA Institute emphasizes ethical and professional standards, ensuring charterholders maintain the highest level of integrity.

CFA Exam Pass Rates

The CFA exams are known for their rigor and low pass rates. Here's a breakdown of historical pass rates:

Level I

42%

Level II

46%

Level III

54%

*Pass rates represent the percentage of candidates who pass each level on their first attempt. Data sourced from CFA Institute (2023).

My CFA Exam Experience

Sharing my personal experience and tips for each level of the CFA exam

CFA Level I Exam Preparation

CFA Level I: Building the Foundation

Passed on first attempt - June 2020

Level I was my introduction to the rigorous world of CFA exams. The key for me was to focus on understanding the concepts rather than memorizing formulas. I dedicated 300+ hours over 6 months, using a combination of the CFA Institute curriculum and third-party study materials.

My Top Tips:

  • Start early and create a structured study plan
  • Use flashcards for key formulas and definitions
  • Practice with as many multiple-choice questions as possible
  • Focus on Ethics from the beginning - it's a make-or-break topic
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CFA Level II Exam Preparation

CFA Level II: The Analytical Challenge

Passed on first attempt - June 2021

Level II was significantly more challenging than Level I due to the item set format. The focus shifts from knowledge recall to application and analysis. I spent 350 hours over 7 months, emphasizing practice with past exam questions and understanding the structure of the item sets.

My Top Tips:

  • Practice writing out answers to understand the depth of knowledge required
  • Master Financial Statement Analysis - it's a large portion of the exam
  • Develop a systematic approach to tackling item sets
  • Review ethics again, but focus on application in scenarios
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CFA Level III Exam Preparation

CFA Level III: The Synthesis

Passed on first attempt - June 2022

Level III requires synthesizing all previous knowledge and applying it to real-world portfolio management scenarios. The essay portion was particularly daunting. I dedicated 400 hours over 8 months, focusing on essay writing practice and understanding the nuances of portfolio management.

My Top Tips:

  • Start essay practice early and get feedback on your answers
  • Understand the different portfolio management frameworks
  • Develop a time management strategy for the essay section
  • Stay updated with current financial market trends
Read Full Post

Recent Blog Posts

Latest insights and tips from my CFA Exam Experience

What subjects are included in the CFA exam in 2026? Senior sister, this will be announced for everyone!

What subjects are included in the CFA exam in 2026? Senior sister, this will be announced for everyone!

If you're curious about the subjects covered in th......

2025-07-11 09:55:26
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What certificate is CFA?

What certificate is CFA?

In the financial industry, there is a qualificatio......

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Connect With Me

Have questions about the CFA exam? Want to share your own experience? Reach out!

Email

john@cfa-journey.com

Location

New York, USA

LinkedIn

linkedin.com/in/johndoecfa