Question 1

How long does it take to prepare for CFA Level 1?

Accepted Answer

CFA Institute recommends 300+ study hours for Level 1, most candidates spread this over 4–6 months. r/CFA's typical pass plan: 4 months at 20 hours/week using Kaplan Schweser or Mark Meldrum video lectures, then 4 weeks of intensive practice exams. Less than 250 hours of focused study correlates strongly with failure.

Question 2

How much does the CFA program cost in total?

Accepted Answer

Total CFA cost: $350 one-time enrollment + ~$940–$1,250 per exam × 3 levels = roughly $3,200–$4,200 in fees, plus prep materials ($300–$1,500 per level for Kaplan Schweser, Mark Meldrum, or Wiley). Total realistic spend: $4,500–$8,000 over 3–4 years. Early-bird registration saves ~$300 per level.

Question 3

Is the CFA waste of time?

Accepted Answer

CFA is the wrong choice if you're targeting investment banking M&A (where MBA matters more), corporate finance, or accounting (CPA fits better). It's the right choice, and not a waste, for asset management, equity research, portfolio management, and credit analysis, where it's effectively a hiring requirement at the senior level.

Question 4

CFA vs FRM, which is more valuable in investment banking?

Accepted Answer

Neither dominates IB, MBA matters more for front-office IB roles. That said, CFA is more useful for sell-side equity research and asset management, while FRM is better for risk management, market risk, and middle-office roles at investment banks. For pure IB advisory, CFA edges out FRM in recognition.

Question 5

What are the hardest topics in CFA Level 1? (Reddit)

Accepted Answer

r/CFA consistently ranks Financial Reporting & Analysis (FRA), Fixed Income (especially duration/convexity), and Derivatives as the hardest Level 1 topics. Quant Methods is intimidating but high-yield. Easiest: Ethics (high weighting, very learnable) and Alternative Investments. Allocate study time by topic weight × your weakness, not equally.

CFA Exam Preparation