What is the hardest cfa level to pass?

Many CFA certificate holders consider the CFA Level 3 exam to be the most difficult because of the time and reflection required to successfully respond to elaborate answers. While typical passing rates for the CFA Level 3 exam are the highest of all CFA exams, only about 56% of CFA candidates pass it. The interests and previous work experience of candidates can be an important factor in determining which topic will be the most difficult in level III. CFA Institute preparation providers are prohibited from including in their products and services simulated questions for the official CFA Institute exam or any other question other than the final reading question.

Previous candidates have expressed that derivatives are the most difficult Level II topic for them, but that seems to be mainly due to their lack of interest in the topic. On the other hand, for the CFA level 2 exam, the questions are formulated in the form of bullets of 1 to 2 pages. This low overall approval rate can be attributed in part to the time commitment needed to pass all three levels. In the “Resources for Candidates” section of the CFA Institute website, you'll see that there are some multiple-choice questions that are also offered as a practice.

To pass the level I exam, candidates must obtain a score higher than 70% on several subjects and can only afford to obtain a score lower than 50% on one or two of the least weighted subjects. However, this training is arguably more useful for level 1 CFAs, as the competition is less demanding and the exam is graded in a curved shape. To increase your chances of passing each exam, you should take preparing for the CFA very seriously and use free study materials to help cover the full cost of obtaining the CFA certification. For example, in the Quantitative section of level 2 of the CFA, there is more advanced econometry than in level 1 of the CFA.

If you are going to do the CFA level 2 or 3 this year, keep in mind the above points and I hope you are better prepared for the challenge that you have in front of you. CFA mock exams can be a little more challenging than the actual exam simply because candidates are still preparing for the exam and haven't finished studying. The percentage of scores that candidates must obtain to pass the level III exam varies after each session, but it can be safely assumed that if you manage to obtain a score of 70% or more in the seven subject areas, you can pass it. Each CFA exam is demanding and will test your knowledge of the program's curriculum in a computerized format.

Serena Lubahn
Serena Lubahn

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