How to Clear CFA All Levels in First Attempt?
Chartered Financial Analyst Exam 2026 ( CFA Exam )
Result - 19 Mar '26
The path to gain the CFA charter is through passing all three levels of CFA exam. Read the article below to know how to clear all levels of CFA exam in first attempt.
Passing every level of CFA 2026 exam is an important milestone in CFA journey of finance professionals. To clear CFA exam in first attempt, first important thing is to commit 300+ study hours over a period of four to six months. Students need to have a strong and smart study plan in place to make dream of passing CFA exam in first attempt true. CFA exam is known to be most difficult finance exams, and many falter on their first attempt. But, that does not mean clearing CFA exam in first attempt is unachievable. With right mindset and resources, one can pass CFA 2026 exam easily.
CFA program is recognised globally as a prestigious financial certification. There are three levels in the CFA exam which students need to clear to get the CFA charter. Each level of the CFA exam tests understanding of financial concepts, analytical ability and ethical judgement of students. The overall CFA pass rate is 41% on an average for CFA Level 1 exams. Read below to know how to clear all levels of CFA exam in first attempt.
CFA Exam Structure
Knowing the exam pattern of the CFA exam is important so that students know how to approach CFA exam and what to expect. Check below level wise CFA exam structures:
CFA Level 1 Exam Structure 2026
Check the table below to know the CFA level 1 exam structure and pattern:
| Structure | Details |
|---|---|
| Duration | Session 1: 135 minutes Session 2: 135 minutes |
| Question Type | MCQs |
| Number of questions | 180 questions |
| Topics | Ethics and Professional Standards, Quantitative Methods, Economics, Financial Reporting and Analysis, Portfolio Management, Corporate Finance, Alternative Investments, Derivatives, Equity, Fixed Income |
Also Read: What to expect of CFA Level 1 exam?
CFA Level 2 Exam Structure 2026
The exam structure changes in the Level 2 exam of the CFA exam. Item sets or essay questions are introduced in this level of the CFA exam. Check the table below to know the CFA Level 2 exam pattern:
| Features |
Details |
|---|---|
| Exam mode |
Computer-based test mode |
| Test duration |
Morning Session: 2 hours 12 minutes Evening Session: 2 hours and 12 minutes |
| Total number of questions |
11 item sets per session with vignettes 44 multiple-choice questions per session |
| Type of questions |
Item Set Questions with Vignettes and Multiple-choice questions (MCQs) |
| Negative Marking |
No |
Also Read: What to Expect of CFA Level 2 exam?
CFA Level 3 Exam Structure 2026
Check the table below to know the CFA Level 3 exam pattern:
| Features |
Details |
|---|---|
| Exam mode |
Computer-based test mode |
| Test duration |
Morning Session: 2 hours 12 minutes Evening Session: 2 hours and 12 minutes |
| Total number of questions |
11 item sets per session with vignettes and/or 11 constructed responses |
| Type of questions |
Item Set Questions with Vignettes and Constructed Responses |
| Negative Marking |
No |
Also Read: CFA Level 3 specialized pathways
Commonly asked questions
CFA programme is a rigorous one. Students should have a good preparation plan to clear CFA Level 2 exam. Students should devote at least 300 hours on an average for each level of the CFA exam
Each level of the CFA exam has its own criteria and passing score. CFA institute sets a MPS which changes with each cycle for the newly registered candidates. Some years test takers will receive an overall CFA score of 65% and fail, and in some years they may receieve a score of 62% and pass. The scoring plays a role in deciding the overall pass score in CFA exam. In general, an overall score of 70% and above will help you pass the CFA exam.
| Topic | Weightage |
|---|---|
| Ethical and Professional Standards | 5% |
| Quantitative Methods | 5% |
| Economics | 10% |
| Financial Reporting and Analysis | 5% |
| Corporate Finance | 5% |
| Portfolio Management | 15% |
| Equity Investments | 10% |
| Fixed Income | 10% |
| Derivatives | 10% |
| Alternative Investments | 10% |
How to Pass CFA Exam in First Attempt?
Passing the CFA exam in first attempt is not a cakewalk. It requires months of dedication and a study plan to ace the exam. Students should begin with dedicating at least 300+ study hours over a span of four to six months. Students need to have a strict schedule and focus on high weightage topics to increase their chances of passing the CFA exam. Here is how to crack the CFA exam in first attempt:
- Start Early: Students should start their CFA exam journey as soon as possible. As soon as the students have the seed of taking the CFA exam in their minds, they should go ahead and register for exam and take it. They should not put it off for a later date. If CFA is the goal, students should take the CFA exam right away.
Also Read: CFA application form and registration 2026
- Strategize and a Strict Study Routine: It is very important to make a strict study routine and a strategy in place to ace the CFA exam. Students should aim to study for 15 to 20 hours a week for at least 4 to 6 months if they are aiming for a good score in the CFA exam. Students can break their routine into months, weeks and days. Students can divide their time to know how much time to spend on covering the CFA curriculum, how many months should be dedicated to taking CFA mock exams, etc. Students should have every single day planned out and they should be practicing every day. Timing is everything for CFA exam preparation. By having a plan in place, students can smartly study for the CFA exam.
- Organize Study Material: Students should know how to organize their notes; they should label every chapter of their notes. Being organized and meticulous about compiling notes and study materials helps big time.
- Practice: Use the CFA study material and other study materials to prepare for the exam in the best way. Students should take at least 5 to 7 full length CFA mock tests to prepare for the exam. They should take topic wise mock tests and full length mock tests in timed conditions to perform the best on the CFA exam day. Students should keep reviewing the formulas and notes to make sure they remember formulas and content.
Also Read: How Hard Are CFA Exam?
- Calculator Proficiency: Students should be very proficient in using the Texas Instruments BA2 Plus or Hewlett-Packard 12C Calculator. They should master this. There is no way to pass the CFA exam without knowing the calculator inside out. Students should know all the functions of the calculator. Every question will require the calculator in the CFA exam.
- Time Management: Using time wisely is a big factor in passing the CFA exam. It becomes difficult to fit the CFA exam study time in between work schedules and personal commitments. So, instead, students should take time to decompress and avoid burning out. Students should have a balance between their empowerment ratio and entertainment ratio. Students should be mindful of the time they are actually giving to study for the CFA exam.
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Student Forum
Anything you would want to ask experts?Answered a week ago
No, there is no age limit to take the CFA Level 3 exam. However, students should have completed their graduation and fulfil other exam criteria.
N
Contributor-Level 6
Answered a week ago
The following are the instructions for CFA exam admit card:
- The details mentioned on the admit card should be correct
- Arrive the exam centre at least an hour before the exam
- The details should march the ones mentioned in the passport
If any of the information mentioned above needs to be corrected or upd
R
Contributor-Level 6
Answered a week ago
CFA exam is conducted four times a year. It is conducted in the months of February, May, August and November.
A
Contributor-Level 6
Answered 2 weeks ago
Students looking for global investment management courses, CFA is the best choice. CFA offers higher salaries, and CA is best for students looking to build a career in taxation and auditing in India. Top tier MBA excel in corporate leadership and networking.
R
Contributor-Level 6
Answered 2 weeks ago
Candidates who are interested in investment analysis and portfolio management, want a global career or are ready to invest in further exams can opt for CFA. But if they wnat accounting and auditing, want a strong domestic career base and also value wide options of career options they can go for CA.
Contributor-Level 10
Answered 3 weeks ago
Check the exam structure for Level 2 exam below:
| Structure | Details |
| Time Duration | Session 1: 2 hours 15 mins Session 2: 2 hours 15 mins Total: 4 hours 30 mins |
| Type of questions | MCQs and Item Sets with Vignettes |
| Number of questions | 88 MCQs 22 Item Sets |
M
Contributor-Level 6
Answered 3 weeks ago
S
Contributor-Level 6
Answered 3 weeks ago
Unlike the Level 1 exam, CFA Level 2 exam does not only have MCQs. It also consists of item set questions which will be comprised of vignettes.
N
Contributor-Level 6
Answered 3 weeks ago
No, CFA Level 1 exam only have 180 multiple choice questions. Students have to choose the correct option from the given options.
A
Contributor-Level 6
Answered 3 weeks ago
CFA Level 1 exam is conducted for a total of 4.5 hours. The exam is spread in 2 sessions. Each session duration is 2 hours and 15 minutes.
R
Contributor-Level 6
Saumya Jain is an English Literature graduate from the University of Delhi. She has over 8 years of editorial and content writing experience. At Shiksha.com, she has spent more than six years creating research, stud
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