CFA Exam Preparation 2025: Tips, Strategy & Guide
Chartered Financial Analyst Exam 2025 ( CFA Exam )
Registration - 14 Oct '25
CFA preparation tips 2025: Students planning to appear for the Chartered Financial Analyst program (CFA) must have a good CFA preparation plan. Preparation for all three levels of the CFA exam requires serious commitment. The 10-year average pass rate of the CFA exam has been 40%, 47% and 43% for Level I, II and III, respectively. The pass rate for the CFA 2024 November Level 1 exam was 43% while the pass rate for Level 2 dropped to 39% for the November 2024 session. Thus, this clears that passing the CFA exam is not a cakewalk and requires dedication. Shikha brings some CFA preparation tips to crack the CFA exam 2025.
Also Read: CFA 2025 exam dates
CFA Institute provides the official CFA curriculum but students can always use third-party study material to enhance their CFA exam preparation. Students should opt for study resources from reputable sources. Look for CFA books and study material which explains complex topics and concepts. The CFA Institute provides a list of approved prep providers on its website, which can be a good starting point.
Yes, the CFA syllabus is updated regularly to reflect changes in the investment industry and to ensure that candidates are prepared for the latest industry practices and trends. The CFA Institute, the governing body for the CFA exam, reviews and updates the syllabus on a regular basis, typically every three to five years.
For example, the CFA Institute updated the Level I syllabus in 2020 to include new topics such as digital assets and sustainability, and to reflect changes in the investment industry. The Level II and Level III syllabi were also updated in 2020 to include new topics and to reflect changes in the industry.
This year, a new chapter titled – “Introduction to Geopolitics” has been introduced under the Economics section for the Level I CFA syllabus. Corporate Ownership and Structures and Business Models are the two new readings that have been added under Corporate Issuers section. Major changes to the Capital Structure readings have been made. Minor changes to the Introduction to Corporate Governance & Other ESG Considerations reading has also been made for the Level I CFA curriculum.
- How to Prepare for CFA Exam?
- CFA Syllabus 2025
- CFA Preparation Tips
- CFA Preparation 2025: Exam Day Tips
- FAQs on CFA Preparation
How to Prepare for CFA Exam?
According to the successful CFA candidates, they’ve spent over 300 to 350 hours preparing for their CFA preparation. The best way to prepare for the CFA exam is by dedicating ample time to the CFA preparations. Students who are very new to the CFA syllabus may be required to spend a bit more time comparatively.
Also Read:
Commonly asked questions
CFA Syllabus 2025
Candidates appearing for the CFA exam need to clear three levels of the examination conducted by the CFA Institute, i.e. Level I, Level II, and Level III. The CFA syllabus for all three sections is identical. The difference lies in the weightage given to each topic at a particular exam level.
Check below the CFA syllabus along with the topic weightage in the exam.
| CFA Subjects |
Weight Given in CFA Level 1 |
Weight Given in CFA Level 2 |
Weight Given in CFA Level 3 |
|---|---|---|---|
| Ethical and Professional Standards |
15-20 |
10-15 |
10-15 |
| Quantitative Methods |
6-9 |
5-10 |
N/A |
| Economics |
6-9 |
5-10 |
5-10 |
| Financial Reporting and Analysis |
11-14 |
10-15 |
N/A |
| Corporate Finance |
6-9 |
5-10 |
N/A |
| Equity Investments |
11-14 |
10-15 |
10-15 |
| Fixed Income |
11-14 |
10-15 |
15-20 |
| Derivatives |
5-8 |
5-10 |
5-10 |
| Alternative Investments |
7-10 |
5-10 |
5-10 |
| Portfolio Management and Wealth Planning |
8-12 |
10-15 |
35-40 |
Also Read:
CFA Preparation Tips
Check out some of the CFA preparation tips below to ace the CFA exam:
- Develop a Study Plan Six Months in Advance: Whether students plan to study for 300 hours or more, having a concrete and strategic study plan is very important to ace the CFA exam. They must fully dedicate themselves to the decided study hours and diligently follow the routine. To follow the routine and adapt to it, candidates should try to create a study plan six months in advance and spread the preparation and syllabus over these months in a way that they are able to cover the complete CFA syllabus whilst leaving room for revision.
- Target at least 300 hours to study: The CFA study material is not difficult to understand but the difficulty lies in the vastness of the CFA syllabus. This can be a big challenge, especially for those who are new to the field. As mentioned above, many students who have passed the CFA exam have spent over 300 hours to prepare for the CFA exam. Students, in our opinion, should not spend any less than this and target 300 hours minimum.
The following table summarizes how to best allocate the study time for the various CFA exam topics if candidates were to give themselves about 323 hours and four months (120 days) to study. Students can use this table as a benchmark and customize their study routine to suit their circumstances.
| CFA Level I Exam Topic Areas |
|||
|---|---|---|---|
| Topic Area |
Weight |
Hours based on 323-hour schedule |
Days to allocate |
| Ethical and Professional Standards |
15%–20% |
54 |
20 days |
| Quantitative Methods |
8%–12% |
31 |
12 days |
| Economics |
8%–12% |
31 |
12 days |
| Financial Reporting and Analysis |
13%–17% |
46 |
17 days |
| Corporate Finance |
8%–12% |
31 |
11 days |
| Portfolio Management |
5%–8% |
20 |
8 days |
| Equity Investments |
10%–12% |
35 |
12 days |
| Fixed Income |
10%–12% |
35 |
12 days |
| Derivatives |
5%–8% |
20 |
8 days |
| Alternative Investments |
5%–8% |
20 |
8 days |
| Total |
100% |
323 |
120 days |
- Take a CFA Prep Course: Students preparing for the CFA exam, should consider taking a CFA prep course. Taking a CFA prep course will help them stay on track and also aid in monitoring their progress. CFA preparation courses have detailed study plans and give access to a lot of study material. They also help the students in identifying their strengths and weaknesses which in turn will help them manage their time efficiently. They prepare students for the CFA exam day too.
- Use Notes and Summaries to Memorize Concepts: Students have to broadly study four major areas, namely, Financial Reporting and Analysis, Portfolio Management, Economics and Statistics. Students will have to memorize a lot of concepts, theorems, formulae, etc. to cover the CFA syllabus. Creating structured notes and summaries of the key concepts and formulas will help the students in revision as well as overall CFA preparation. Focus on the concepts that appear most frequently in the question stems, and give less time to the concepts that appear
- Practice: CFA exams are lengthy (6 hours for each level), so time management is very important. Studying and reading the CFA syllabus is one thing, but it is equally important to put that knowledge into practice to increase the chances of success. The CFA Institute provides candidates with a lot of CFA mock exams and practice questions in their CFA preparation books, so start there. Then, students should find the topics they are weakest in and focus on reviewing those. Then they should move on to attempting CFA mock tests at least two months before the exam.
- Befriend Your Financial Calculator: During the CFA exams, students will be allowed to carry one of two specific calculator models, i.e. Texas Instruments BA II Plus (including BA II Plus Professional) and Hewlett Packard 12C (including the HP 12C Platinum, 12 C Platinum 25th Anniversary edition, 12C 30th Anniversary edition and HP 12C Prestige). Students should practice at home with the calculators they own so that they know how to best use them and there is no hassle on the CFA exam day.
Also Read:
Commonly asked questions
Cracking the CFA exam is not a cakewalk, and it is not easy to grab one of the most prestigious financial recognitions, the CFA Charter. Students need to have a really strong strategy to crack this exam. Be versed with the CFA syllabus. Knowing the syllabus for the entrance exam is the first step towards CFA exam preparation.
It is important to divide the study time so that the students can cover the complete CFA syllabus. Therefore, the students can analyse the area of their strength and then allocate the time required for each section.
Understand the exam pattern. Going through the previous year's question papers and sample papers will help the students figure out the exam pattern. Once they become familiar with the type of questions, they will take less time to solve questions.
Time management: The CFA exam is time-bound and is known for its challenging nature and it is a time-consuming one. Therefore, knowing the exam pattern adds to the skill of solving the exam faster.
Candidates can prepare for the CFA 2025 certification course by reading many reference materials mentioned below-
Name of Books | Authors |
|---|---|
Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions | Pearl and Rosenbaum |
2021 CFA Level I | Kaplan Schweser |
Strategic Value Investing: Practical Techniques of Leading Value Investors | Stephen M. Horan, Robert R. Johnson and Thomas R. Robinson |
When Genius Failed: The Rise and Fall of Long-Term Capital Management | Roger Lowenstein |
The Cartoon Guide to Statistics | Larry Gonick and Woollcott Smith |
CFA Level I | Bhupesh Ananad |
The Handbook of Fixed Income Securities | Frank J. Fabozzi |
Note- The information is sourced from external sites and may vary.
CFA Preparation 2025: Exam Day Tips
No preparation is worth it if you falter on the exam day. Check below some of the CFA exam day preparation tips to improve your chances of scoring well in the CFA exam:
- Reach the CFA exam centre on time: Candidates appearing for the CFA 2025 exam have to visit the CFA test centre in order to take the exam in the computer-based test mode. The exam will be conducted for two hours and 15 minutes per session. Candidates must ensure that they reach the exam centre at least 30 minutes before the exam time in order to avoid any hassle and panic on the exam day.
- Things to carry to the exam centre: Students appearing for the CFA 2025 test must carry a printout of the confirmation email with their appointment confirmation number on it along with an international travel passport. Candidates can also carry a calculator i.e. Texas Instruments BA II Plus (including BA II Plus Professional) and Hewlett Packard 12C (including the HP 12C Platinum, 12 C Platinum 25th Anniversary edition, 12C 30th Anniversary edition and HP 12C Prestige) along with loose batteries and keystroke cards. No other stationery items are permitted in the CFA exam hall.
- Things prohibited in the CFA exam centre: Candidates appearing for the exam should not carry any stationery items such as paper, pencils, etc. Candidates should also not carry any eatables or drinks to the exam hall. Baggage of any kind, including transparent bags, backpacks, handbags, tote bags, briefcases, luggage, carrying cases, passport covers, hat or eyeglass cases, wallets, etc. is strictly prohibited. Candidates should also not carry any kind of electronic gadget such as mobile phones, cameras, tabs, laptops, smartwatches, etc.
To conclude, candidates should be calm throughout the CFA preparation. Although CFA is tough, preparing properly in advance and using a strong study strategy and study guides will help you pass the exam on your first try. It is also important to relax, and not freak out while studying for the exam.
Read more:
Commonly asked questions
There is no dress code, so wear what you’re comfortable in – within reason, of course. We recommend that you dress in layers so that you can adjust and keep comfortable as needed. Candidates must make sure that they reach the exam centre at least an hour before the exam starts. It is not mandatory to wear suits to the CFA exam centre. The attire should be decent and comfortable.
Candidates may or may not be provided with a private locker at the CFA exam centre. However, candidates can always visit the CFA exam centre a day before the exam so to know the location of the exam centre, the time it would take for you to reach the centre and also if the locker service is available at the alloted exam centre or not. The exam will be conducted in the computer-based test mode, hence, the candidates should only bring the necessary things with them.
Yes, we think it is useful to have that break. You can use it to have a light snack, drink and use the toilet before heading in for the second session. It’s actually not a long break. You won’t be allowed to eat snacks or drink during the exam, but you can and should bring your own light snack and water – something that keeps well in room temperature for your optional 30 minute break. Going back in late for second session will eat into your exam time, so be mindful of this.
FAQs on CFA Preparation
Check below some of the frequently asked questions (FAQs) on CFA preparation:
Commonly asked questions
CFA Exam Exam
Student Forum
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