Cfa prep

CFA Exam Prep

Free study guides for all three CFA levels — topic summaries, key formulas, practice strategies, and the resources you actually need to pass. No paid course required.

80 guides — Level 1, Level 2, Level 3 + exam resources

Browse by Level

Click a level to see every topic and study resource.

CFA Level 1
24 guides
CFA Level 2
24 guides
CFA Level 3
20 guides
Exam Resources & Overview
12 guides

Pick Your Level

Each level has a different focus. Here’s what you need to know before you start studying.

LEVEL 1
Knowledge & Comprehension
Broad coverage of all 10 CFA topics. Multiple choice only. The foundation for everything that follows.
Study hours
300+
Topics
10
LEVEL 2
Application & Analysis
Deep dive into valuation and financial reporting. Vignette-based (mini case study) format. Harder than Level 1.
Study hours
350+
Focus
Valuation
LEVEL 3
Portfolio Management & Synthesis
Constructed response (essay) + vignettes. All about portfolio construction, wealth management, and applying everything you’ve learned.
Study hours
350+
Focus
Portfolio

CFA Study Toolkit

Quick references and comparison guides to support your study sessions.

Level 1 Formulas
Every formula you need for Level 1 on one page.
Level 2 Formulas
Valuation formulas, regression, and advanced concepts.
Level 3 Formulas
Portfolio management, risk, and performance formulas.
CFA vs. MBA
Cost, time, career impact — which is right for you?
Interview Formulas
The formulas that come up in technical interviews.
CFA Salary Guide
What CFA charterholders earn by role and experience.

CFA Exam Quick Facts

Total study time
1,000+ hrs
across all 3 levels
Avg. time to complete
4–5 years
for all 3 levels
L1 pass rate
~36%
historical average
Exam cost
$2,500+
registration + fees

Frequently Asked Questions

Common questions about the CFA exam and how to prepare.

How long should I study for CFA Level 1?

CFA Institute recommends 300+ hours. Most candidates spread this over 4–6 months, studying 2–3 hours per day. If you have a finance background, you might need less time on some topics, but Ethics and Financial Reporting still require serious attention. Our Level 1 study plan breaks this into a week-by-week schedule.

Is the CFA worth it?

If you want a career in investment management, equity research, or portfolio management — yes, the CFA is the gold standard credential and carries real weight. If you’re targeting investment banking, consulting, or corporate finance, an MBA might be more useful. It depends on your career goals. Our CFA vs. MBA comparison walks through the tradeoffs.

Which CFA level is the hardest?

Most candidates say Level 2 is the hardest because of the depth of the material — especially equity valuation and financial reporting. Level 3 has the added difficulty of constructed response (essay) questions, but the content is more intuitive if you’ve internalized Levels 1 and 2. Level 1 has the lowest pass rate because many candidates underestimate the breadth of material.

Can I pass using only free resources?

Yes, but it’s harder. The CFA Institute curriculum (included with registration) plus free resources like EquityRef’s topic guides and formula sheets can be enough if you’re disciplined. Paid prep providers (Kaplan, Mark Meldrum, etc.) add structure, video lectures, and mock exams that save time. See our study materials guide for an honest comparison.

What jobs can I get with a CFA charter?

The CFA charter is most valued in portfolio management, equity research, risk management, and investment consulting. It’s also respected in corporate finance, private wealth management, and credit analysis. It won’t help much in pure investment banking or trading, where deal experience and technical skills matter more. Our CFA career paths guide details each option with salary ranges.