How many hours to study for the CFA, and how long that takes
Planning your study time starts with one number and one calendar. The number is the hours; the calendar is how many weeks you can spread them over. This guide turns the first into the second, for Level I and for the later levels, and shows how to spend the hours once you have them.
The number: about 300 hours per level
The CFA Institute website suggests around 300 hours of study for each level. That is a planning figure, not a guarantee. Some candidates need more, particularly at Levels II and III, or when they come from a background with little finance in it. Some need less because they already work with the material. Treat 300 as the starting estimate and adjust it after a diagnostic test shows where you stand.
Turning hours into weeks
Divide the hours by the time you can protect each week. This is plain arithmetic, so use your real week, not your best one.
| Hours a week | Weeks for 300 hours | Roughly |
|---|---|---|
| 10 | 30 | 7 months |
| 15 | 20 | 4.5 months |
| 20 | 15 | 3.5 months |
| 30 | 10 | 2.5 months |
Most people studying alongside a full-time job manage 10 to 15 hours a week, which puts Level I at around five to seven months. If you can study full time, a shorter plan is possible, but do not squeeze out the practice phase. Starting earlier at a steadier pace usually keeps more of what you learn than a short sprint.
Work backwards from your exam date. The windows are on the exam dates page. Count back the weeks you need, add a buffer for illness and work deadlines, and that is your start date. The study-plan calculator does the arithmetic from your exam date, weekly hours and how confident you are in each topic.
How long for each level?
Plan 300 hours for each of the three levels, so about 900 hours in total, before any retakes. Level I is offered four times a year, Level II three times and Level III twice, so the windows decide how fast you can move, not only your hours. After a failed attempt you cannot sit in consecutive testing windows or less than six months apart, so a retake adds at least half a year.
Spending the hours
Where the hours go matters as much as how many there are. A sensible plan for Level I:
- Start with a diagnostic. A short diagnostic shows which topics need the most time.
- Spend hours in proportion to the weights. For 2027, Quantitative Methods, Financial Statement Analysis, Equities and Fixed Income each carry 11-14%, Ethical and Professional Standards 10-15%, and Portfolio Construction 8-12%. Economics, Corporate Finance, Derivatives and Risk Management and Alternative Investments are 6-9% each. Then add time where you are weak and take it from where you are strong.
- Learn, then practise the same day. Retrieving an answer builds memory more than rereading does.
- Review before you forget. Come back to each topic after a day, a week and a month. See spaced review.
- Keep the final weeks for full timed mocks and for fixing whatever they show. How many weeks that takes depends on your diagnostic and mock results, not a fixed share. The study-plan calculator holds back a final-review buffer from your total time.
For the full approach, read how to study for CFA Level I.
If you are a beginner
Level I builds from first principles, so you do not need a finance degree, and CFA Institute does not require one. If you are new to finance, expect to spend longer on Quantitative Methods, Financial Statement Analysis and Economics at first. Plan for more than the 300 hours, and start practice questions in the first week instead of saving them for the end.
Common questions
How many hours should I study for the CFA?
CFA Institute suggests around 300 hours per level. Use that as a starting estimate, then adjust it after a diagnostic test shows where you stand.
How long does it take to study for CFA Level I?
At 10 hours a week, 300 hours takes about 30 weeks, or seven months. At 15 hours a week it takes 20 weeks, or about four and a half months. Most people working full time land between five and seven months.
Can I study for the CFA while working full time?
Yes, most candidates do. Use short regular blocks, such as an hour before work, a set of questions at lunch and a longer weekend session, and protect the final month before the exam.
Do I need to study 300 hours for every level?
The 300 hours is a planning figure for each level, and later levels often need more. Plan about 900 hours across three levels, before any retake.
Sources
- CFA Institute, The CFA Program: the study-hours guidance, exam windows and topic weights.
The arithmetic in the table is ours. Topic weights and exam windows change between years, so check the CFA Institute website.