CFA Institute believes you need to commit to a minimum of 250 hours reading and reviewing the curriculum and taking online sample exams to master the material. This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background.

To complement (but never replace) individual study, many candidate attend Review Classes. Here you get core content review and/or a simulated exam experience that will help you discover your strengths and weaknesses and pinpoint the best way to focus your remaining study time right before exam day.

Here are more FAQs from the CFA Institute website:

General FAQs

I heard that CFA Institute writes the exam questions based on what is, or is not, in the notes prepared by review course providers. Is that true?
No. The exam development process begins long before any review course has published its notes. CFA Program question writers begin drafting exam questions in mid-July, and spend many months reviewing and fine-tuning the questions and guideline answers. Exam questions are finalized by early March so that copyediting and secure printing can take place in time to ship the exams around the world.

Do commercial review course providers receive advance exam details from CFA Institute?

No. At no time during the exam development process do either the question writers or CFA Institute staff consult with or provide exam information to review course providers. It is important to note that review course providers can only guess at what items will appear on the exams; very often they guess wrong.

I have begun studying for the Level I exam and discovered that there are many formulas presented. Are candidates expected to memorize all these formulas?
Candidates are expected to be able to perform the actions specified in the learning outcome statements (LOS). If a formula is required, then it should be committed to memory.

We used to get old exam questions free with the candidate readings book. Why do I now have to pay $50 to do a sample exam?

The decision to produce fee-based, online sample exams was made only after extensive study, business planning, and input from various constituents. The primary driving force was candidate demand. Candidates at all three levels have consistently asked CFA Institute to produce sample exams to help with preparation. Candidates have indicated, however, that they wanted any such exams to be more realistic and similar to the actual CFA exams and to offer real-time feedback regarding performance and relevant study materials. Producing sample exams with those characteristics has required, and will continue to require, substantial time and financial resources, especially given the commitment of CFA Institute to maintain the rigorous development principles and standards of the CFA Program.

Where can I find a study guide?

CFA Institute no longer provides a printed “Study Guide.”  All LOS, study sessions, readings, and assigned problems are now integrated into the CFA Program curriculum.  Candidates can find a wealth of information on the curriculum, sample exams, study sessions, and other resources in the online Candidate Toolkit.

Am I required to buy the CFA Program curriculum?

Candidates taking the exam in June 2007 and December 2007 are not required to purchase the curriculum. However, studying the prescribed curriculum is the best way to prepare for the exams.

Beginning with the 2008 exams, the complete curriculum will be included as part of the registration. Learn more about this change.

Remember that the exams are developed directly from the curriculum and are consistent with the learning outcome statements (LOS) assigned by CFA Institute. There is no substitute for studying the original material.