How long does the CFA take?

Most candidates take three to four years to pass all three levels alongside full-time work. The absolute minimum is roughly two years due to sitting frequency.

What's the CFA pass rate?

Historically 35–45% at Level I, 45–55% at Level II, and 45–55% at Level III. Below the long-term average during and after the pandemic.

Is CFA harder than ACCA?

CFA is narrower and deeper — investment-focused. ACCA is broader and accounting-focused. Level II CFA is the hardest single paper in either qualification for most candidates.

Do I need a degree to sit CFA?

You need to be in your final year of an undergraduate degree or have relevant work experience. The charter requires the degree plus 4,000 hours of qualifying work experience.

CFA guide

What is the CFA exam? A UK guide.

The CFA (Chartered Financial Analyst) is a globally recognised professional qualification in investment management, awarded by the CFA Institute. It sits at three progressively harder levels and takes most UK candidates 3–4 years to complete alongside full-time work. Below: what each level covers, what it costs, how hard it actually is, and whether it's worth doing.

The three levels

Level I: multiple-choice, tests foundational knowledge across 10 topic areas including ethics, financial reporting, quantitative methods and portfolio management. Level II: item-set format (vignettes with multiple-choice questions), focused on asset valuation. Level III: item-set plus essay, focused on portfolio management and wealth planning.

Format and duration

All three levels are computer-based at Prometric test centres. Level I is offered four times a year (Feb, May, Aug, Nov). Levels II and III are offered less frequently. Each exam is roughly 4.5 hours of testing plus breaks.

Time commitment

The CFA Institute recommends 300+ hours per level. Realistic average is 320–380 hours per level. Most candidates take 3–4 years to pass all three, sitting one level per year.

Cost in the UK

One-off enrolment fee of ~$350 plus exam fees of ~$990–$1,290 per level (early bird cheapest). Total charter cost £2,500–£4,000 depending on booking timing and any resits. Add £500–£1,500 per level for third-party study materials.

Is the CFA worth it in the UK?

Yes for buy-side (asset management, hedge funds, wealth management) — the CFA is the industry standard. Less critical for investment banking or corporate finance, where the qualification is respected but not required. Combined with an ACCA or accounting background it's a strong buy-side signal.

FAQs

How long does the CFA take?: Most candidates take three to four years to pass all three levels alongside full-time work. The absolute minimum is roughly two years due to sitting frequency.
What's the CFA pass rate?: Historically 35–45% at Level I, 45–55% at Level II, and 45–55% at Level III. Below the long-term average during and after the pandemic.
Is CFA harder than ACCA?: CFA is narrower and deeper — investment-focused. ACCA is broader and accounting-focused. Level II CFA is the hardest single paper in either qualification for most candidates.
Do I need a degree to sit CFA?: You need to be in your final year of an undergraduate degree or have relevant work experience. The charter requires the degree plus 4,000 hours of qualifying work experience.

Ready to start CFA revision?

Unlimited practice, spaced-repetition flashcards, marked feedback. 7 days free.

Start free trial Enter the CFA room →