I never took finance in university. Let alone, when I started, I didn’t even know A=L+E. I found out about the CFA through Reddit and said how hard can it really be and why are so many people obsessed with this thing… and so I tried it out lol. I failed the CFA level 1,2 and 3 once. Always passed the second time. I took level 3 in Aug 2026 and my god was that exam awful. Hardest exam of my entire life. Level 1 and 2 I didn’t take any notes or read the book. I just watched Mark meldrum videos, wrote down formulas, understood how the formulas worked. Absolutely hammered the Qbank. Level 3… ladies and gents. The one advice I have for you is read that book. If you want to pass the first time around, read everything. No short cuts. The first time I took it (Aug 2025) the section I completely bombed was assert allocation. Other than that, I saw that I had a decent shot. I am not a fan of reading textbooks but I knew I had to read the entire AA section. I probably ended up reading half of the CFA book and passed. I guess what I’m here to say is thank you Reddit for helping me out and if I can do it… seriously you can too. Don’t ever give up on the exam. Feel free to DM me any questions. Would love to give back to the community

I finally passed this week. Not everybody will connect with this. I'm in my 40's and a different stage

I knew going in that this would be my final attempt, pass or fail. My wife supported me the whole way. This week we both cried. Honestly I think we would have either way. Ready to be done. And not pretend done where I do it again if I failed.

We've both taken the week off to spend time together. I also DM'd a few redditors who posting about failing 4, 5x before getting our results. I wanted my own support group i guess. We all passed but with different stories. It's almost surreal that we connected and all 3 of us passed. I keep messaging them but i think they love it. Haha. But I'm also now seeing a lot of heartbreaking posts including one from a mom as the week progresses.

My path: I passed L1 and L2 on first try with Kap. I had to use it again because i loved it but then failed twice with it for L3. Added others for 3rd and mostly cfa text Finally used Deep 3 Prep, finding it randomly on LinkedIn somehow and it was phenomenal for me as a L3 retaker.

The biggest win wasn't the pass. My kids watched me study and put in the effort every single day. They didn't see my cry but they found out I did. If I hadn't passed, I wouldn't be this happy right now but my wife and I agreed that it was worth it just for them to see that.

Don't get me wrong, I am super happy I passed. I keep rereading my posts from Tuesdays megathread to remind me this actually happened. And I mean all the time. I guess I'm trying to say, it wasn't just the pass that made this successful. I know this won't help everybody but if it does that's good.

Edit: I've received DMs regarding Deep3 and you can message me but I don't know exactly how to explain his class and do it justice. If you have failed alot, basically my advice is to message him.

I honestly never thought I would be making this post.

I’m a 24-year-old woman, and getting the CFA charter has been a huge dream of mine for years. I found out that I failed Level III with a score of 3585.

I was 15 points away.

I don’t even know how to process this. I know that technically I was close, but right now, that almost makes it hurt more. I keep thinking about how much time, effort, and energy I put into this exam, and how it still wasn’t enough.

This isn’t my first setback. I failed Level II on my first attempt in november 2024 and I remember how devastated I was back then. But I picked myself up, went through the whole process again, and eventually passed on my second attempt.

I thought I would finally get to experience the other side of that feeling with Level III.
Instead, I’m back here again, trying to figure out how to deal with the disappointment.

The hardest part is that people at work and my family and friends have been incredibly supportive of me throughout this journey. They know how much I’ve studied, they’ve encouraged me, and they’re genuinely proud of me for pursuing this goal. I’m grateful for that, but somehow, I still feel ashamed. I feel like I’ve let myself down and everyone around me, and even though nobody has made me feel that way, I can’t help feeling embarrassed that I didn’t pass.

I’m exhausted. I’m disappointed. I feel like i have sacrificed so many things, my personal life and my gym goals. And if I’m being completely honest, I’m scared of going through this whole process again, only to end up in the same position.

I think I just need to hear from people who have been here, who have felt this disappointment, and who eventually found a way forward.

If you failed Level III, especially if you were very close to passing, how did you deal with it emotionally? How did you find the strength to try again without letting the fear of failing a second time take over?

I’m not giving up on this dream. I just need a little time to feel disappointed before I can figure out how to get back up again.
Thank you for reading. ❤️

I cleared all the three levels in 1.5 years total( this is not a bragging post) just to say something to all of yall.

i am seeing a lot of cfa content on instagram , reddit and twitter - just people giving and asking for advice.

So the most important advice from me is dont listen to the advices - which i mean take it 100% at your heart - just believe in yourself - sure look for support out there but just believe in yourself.

make a plan for yourself tailored for yourself rather than following someone elses.

so to give this post a little credibility - am from being an extraordinary student, am having my struggles through life, low self esteem and blah blah - to sum up have a personality that is very sensitive to the surrounding environment - but in the case of my cfa joourney i just did all the things myself - no live coaching no reels no advices -JUST ME

everyone has their own way of doing things - preparing - only gave max 2 months (studying full time) to each of the level.

so in my case i enjoyed this journey. Very happy to finish this journey and start a new one.

JUST BELIEVE IN YOURSELF.

GOODBYE , DO THE BEST AND GOD BLESS YALL

Just wanted to share my CFA journey from someone that passed all 3 levels on the first try and only using the CFAI materials.

In general, the overall CFA journey is really painful no matter how smart one is. It takes time, dedication, and sacrifice especially when you’re a working adult plus juggling other adult responsibilities. There are days where you will feel genuinely irritated, depressed, and/or frustrated - but understand that these feelings are part of the overall process and you’ll learn alot about yourself throughout this journey.

Throughout the reflection below, you can assume that my study sessions amount to 15-20 hours a week on average. So if you’re to extrapolate my study sessions over the duration from the start to end of prep, it should be more than 300 hours. But it will be true that you need only 300 productive hours of study. There were always those days you will doze off while studying, or end up watching videos or playing games as a stress relief too and suddenly you bombed the whole study session playing games. This is just part of life i guess.
Also, i typically started my mock exams around 2 weeks out from the exam.

Level 1 (May 2023)

I took L1 back in May 23 and essentially started in early Dec 22. So this was around 5 months of prep. In terms of revision, I just did 1 full pass of the CFAI readings, jotted down some notes, and then re-did another full pass at around Mar 23. I don’t have much to comment about this apart from just internalising all the concepts and hammering out the qbank. In fact, on hindsight, you can actually hammer the qbank and reverse engineer the logic/derivation of each question back to syllabus if thats yoir learning style. This works for L1 because the questions are very straightforward and its a matter of getting your reps in. If you have some form of finance back ground, you’ll breeze through the content very easily. I only felt like i need to spent abit more time on FSA but thats about it.

If I were to make any changes to my study plan, i’ll only shorten the time needed to prep, and save ethics to around 3-4 weeks out of the exam. I feel that you really need aboit 3 months of productive studying max to study for L1. Many videos and guides will always tell u that L1 is straightforward and it right fully is….. till you reach…….

Level 2 (May 2025)

I booked my L2 exam in Sep 24 and started my exam prep in early Jan 25. So now around 4 months of prep as I felt my prep for L1 was an overkill because i comfortably passed. BUT, L2 is an entirely different beast for many reasons:

- dry AF content. The CFAI material was such a chore to handle. If you’re not an economics major, you will hate some readings from the econs module as it involved macroeconomic math derivations to understand what CFAI is asking you to internally. Likewise, folks that didnt take and AI/ML courses will find some parts within quant to be very unintuitive.
- what was more consistent in crappy content provided by CFAI has got to be the alt investments and portfolio management. They were so dry and unintuitive that you’ll be pulling your hair out to understand the material.
- the test moves on to vignette style questions and the questions no longer represents a regurgitative style of the L1 qbank. You will need to put on your thinking cap as you are expected to pull your knowledge across the entire sub section of a specific module to answer 1 vignette. This js not easy as you’re expected to have some form of master of the content, but yet its hard to master when the cfai materials suck.
- the sheer volume within each module. FSA is written like a theoretical style but the qbank asks an entirely different set of questions. Same may apple for port mgmt and even alt invs.
- ethics got way harder. In L1 its more intuitive. In L2 the line gets more grey… and yet you’re expected to discern whether you’re in breach or compliance of the standards.

Overall, I panicked in the last 1.5 months of my prep as I thought I could do another full pass 1 month out but that didnt happen. Further. I only left to drilling ethics during the last 2 weeks of my exam prep… (this on my result showed my poor performance. Most sections were 70%+ but ethics stood at 50%)

Now for the real advice:

- i recommend every L2 taker to be able to derive the equations from scratch, and understand why the equations is constructed as such. I say this because L2 would twist the question given a different context - so if you were to just blindly internalise the equation… you will definitely get the wrong answer. I dont know how to say it without violating the standards, but i cant stress how important it is to nail down the derivation and explanation of each symbol.
- be diligent in reading ethics early. Dont save it to the last 2 weeks .

Level 3 (Aug 2026)

I initially schedule for feb 26 but deferred to aug 26 - due to work exigencies and i was planning an engagement. L3, despite its smaller syllabus, is an entirely different beast. l2 was hard in its sheer content, but l3 has open ended questions that will fry your brain out.

I took the priv markets pathway and boy was the mocks and actual paper so different. The advice for L3 takers will be:

- please start ethics prep even earlier.
- do all blue box questions as its fairgame towards the exam. I actually skimped through all these blue box examples but it turnt out to be included in the exams.
- stop missing out smaller ancillary points. Nvr ignore parts of the syllabus as it may come out.

P.S - i didnt sleep through the night al my brain is foggy but will continue the breakdown once im awake again.

QM is a major concern. I don’t want to spend the remaining weeks studying inefficiently or repeatedly making the same mistakes.

For those who passed Level II, especially anyone who struggled with QM

How did you approach QM in the final 3–4 weeks before the exam?

Did you revisit the concepts from scratch, focus on practice questions, or use a combination of both?

How did you decide which QM topics to prioritize and which ones to leave aside?

Were there any particular resources or revision techniques that helped you improve quickly?

If QM was your weakest subject, how much did you realistically manage to improve before exam day?

I’ve already failed once, so I’m feeling a lot of pressure to get this attempt right. I know there are no guarantees, but I’d really appreciate honest, actionable advice from candidates who have been in a similar position, rather than generic advice to keep practising.

Thanks in advance.

This was my second attempt at the CFA Level III exam. I prepared really hard for this exam while being pregnant and dealing with some pregnancy-related complications. I really did my best.
Seeing the results made me feel really sad and frustrated. I had so much hope for this exam and genuinely believed I could pass it this time. The problem is that, with two kids, giving birth in February, and raising two babies, it’s going to be extremely difficult for me to prepare for this exam again next year. With only two exam windows, February and August, it’s just not easy for a mom.
I had so much hope that I would finally pass CFA Level III, change jobs, and start a new chapter in my career, especially because my professional situation today is just getting worse and worse.
So now, I feel like all those hopes have been buried. I put so much effort into this exam, despite everything I was going through, and it’s really painful to see that it wasn’t enough.
I feel sad, frustrated, and honestly, I just don’t know what to do next.

Here’s my schedule for L3. Thought I’d share it before I put it in the bin.

I’ve redacted the project names I was working on.

I was pretty strict on time management. For some months the days had more than 24 hours theoretically allocated.

I hate to think how much time in total I spent on level 3 but I reckon maybe 600 hours?

I passed all the levels on first go.

I’m a mature student, and not from a finance background so didn’t expect to finish tbh. I also have inattentive ADHD so it was very easy to goof off.

In summary - glad to have my life back.

Hi everyone, I would appreciate some genuine advice, particularly from working professionals who have cleared CFA Level II.

My current situation:

• Exam date: November 21
• Time remaining: 30 days, including today and exam day
• Study time: Around 5 hours daily (approximately 150 hours)
• Syllabus: Completed three times
• Practice accuracy: Around 75% when referring to concepts while solving questions
• Main concern: I feel like I have forgotten a lot of what I studied and struggle to recall concepts independently.
• Work status: Working full-time while preparing.

I need your advice on the following:

• Is 150 hours enough to become exam-ready in the final month?
• How should I structure my next 30 days to maximize my chances of passing?
• Should I focus on question practice, active recall, revision, or mock exams?
• Should I attempt the exam in November or consider postponing?
• What mock exam scores should I aim for before making this decision?

I am not looking for motivation alone. I would genuinely appreciate practical suggestions and honest opinions from candidates who have faced a similar situation.

Thank you!

I’ve been a part of r/CFA throughout my CFA journey, and I genuinely want to thank everyone here who took the time to answer questions, explain concepts, share their experiences, and help fellow candidates out.
The CFA program can be a pretty challenging journey, and sometimes even a small explanation or a response from someone who has been through the same struggle can make a huge difference.
I’m happy to have cleared all three levels, with Level III in my first attempt. This journey has taught me a lot, not just about finance, but also about consistency, patience, and learning from others.
Now, I want to do my bit for this community.
If you’re preparing for Level I, Level II, or Level III, feel free to reach out. Whether you need help understanding a concept, want to discuss a tricky question, need some perspective on preparation, or just want to hear about my experience, I’ll be happy to help however I can.
I obviously won’t have all the answers, but if I can help make someone’s CFA journey a little less stressful, I’d genuinely love to do that.
A big thank you to everyone who contributes to this subreddit and helps strangers on the internet clear one of the toughest professional qualifications out there.
I’ve benefited from this community, and now I want to pay it forward. ❤️

Hi all,
My exam is in 21 of November, I just open my first mock and shocked!, I feel like I haven’t studied at all.

Please if anyone have been through this situation give me an advice, 1 month left and my anxiety at highest.

That section and ethics …. I read the both sections several times , but things didn’t click on game day !

This might be a long post, but I wanted to share my journey with a community that has helped me so much over the years!

I've come to this subreddit countless times looking for guidance, motivation, reassurance, and sometimes just to know that I wasn't the only one struggling. So, I figured it's time to give something back. Hopefully, my experience helps someone who's somewhere along this journey.

Level I : August 2022

I'm from a non-finance background. I have a bachelor's and master's degree in engineering and have been working at a fintech firm for the past eight years.

I first became interested in the CFA program in 2022. Having graduated in 2017 and started working in 2018, I hadn't seriously opened a textbook in almost five years.

And boy, was that an adjustment!

Level I was challenging, not necessarily because the material was incredibly difficult, but because I had completely lost the habit of studying. Between a full-time job, being married, and managing everyday responsibilities, finding the discipline to sit at a desk and study after a long day at work was probably the hardest part. It's one thing to understand a concept. It's another to convince yourself to study it at 9 PM when all you want to do is watch Netflix or go to bed.

But somehow, I stuck with it. My preparation was fairly straightforward: read Schweser notes, practice the Schweser and CFA Institute QBanks, and solve as many mock exams as possible. I completed around 6–7 mocks before exam day.

Cleared Level I on my first attempt in August 2022!

2023 : Another Break

I decided to take a break from the CFA program and focus on my career.

I transitioned into a managerial role, leading a production support team at my firm. It was a significant professional milestone that came with a whole new set of responsibilities.

One thing I've learned is that the CFA journey doesn't have to be a continuous sprint. I also wanted to make sense of what I was learning and align my career ambitions accordingly.

Level II : August 2024

Level I gave me the confidence that maybe, just maybe, I could actually pull this off. By the time I registered for Level II, I knew exactly what I was signing up for.

And so did my wife, friends, and family. By Level II, I had developed a routine of practically disappearing from February to August.
No PS5. No weekend parties. No office happy hours ....just Work. Study. Eat. Sleep. Repeat.

Level II was definitely more technical and demanding, but I approached it with a much better understanding of what worked for me.

My preparation was primarily based on:

• Watching Mark Meldrum (MM) lectures
• Reading Schweser notes and making my own notes
• Solving MM, Schweser, and CFA Institute QBanks
• Completing almost 10 mock exams before exam day

What helped me most? CONSISTENCY. I cannot emphasize this enough.

Read Ethics like it's your bedtime story. Seriously!

And practice, practice, PRACTICE the QBank. Don't just memorize answers. Try to understand why an answer is correct and why the others aren't.

Cleared Level II on my first attempt in August 2024!

2025 : took another break in 2025.

After clearing Level II, I was probably among the most academically qualified people in my department, and i live by one quote I've always believed in: "If you're top of your class then you're in the wrong class."

I eventually moved into a product role, where I now work on building Order Management Systems (OMS) and Execution Management Systems (EMS). For the first time, I could genuinely connect what I was studying to what I was doing professionally.

Level III : August 2026

Now, this is where things got interesting.

An important piece of context: I'm an immigrant who has been living and working away from my home country for nearly a decade. At the beginning of 2026, I found myself stuck outside the country due to visa issues. What I initially thought would be a nice break visiting family and catching up with friends turned into a nightmare of months of uncertainty.

I suddenly found myself questioning everything. Would I lose my job? What would happen to my home? What about everything I'd spent the last ten years building?

It felt like an existential crisis I hadn't signed up for. Had I known what was coming, I probably wouldn't have registered for Level III at the beginning of the year.

The first three months were rough. I was away from the place I'd called home for almost ten years, dealing with immigration uncertainty, trying to keep up with work responsibilities in a relatively new role and in a different timezone, and somehow attempting to study whenever I could.

And somewhere in the middle of all this, I found out that my wife was pregnant!

Life was REALLY happening. All at once.

I was excited, anxious, stressed, distracted, and exhausted. Sometimes all in the same day.

And then there was Level III. I STRONGLY disagree with anyone who says Level II is the toughest level !! Level III was a completely different beast.

The syllabus might seem smaller, but the material felt far more conceptual. The questions demanded a different way of thinking, and the constructed-response format added an entirely new dimension to exam preparation.

For me, Level III was hands down the most mentally exhausting of the three.

The pressure felt greater, the stakes felt higher, and I found myself losing motivation far more often than I'd like to admit. There were days when I genuinely questioned whether I had it in me to finish.

But by then, I'd learned something important over the previous four years. You don't have to feel motivated every day. You just have to show up.

Some days, showing up meant studying for three hours. Other days, it meant solving ten questions. And on some particularly difficult days, it meant reading just ONE page. But I kept pushing. I changed my approach slightly for Level III.

I still relied on Mark Meldrum's lectures and Schweser notes, but this time my focus was primarily on the CFA Institute QBank and mock exams.

I purchased the CFA Institute Practice Pack for additional mocks. MM mocks absolutely CRUSHED me. The CFA Institute mocks felt relatively easier in comparison, but despite that, I wasn't feeling confident at all.

My final push was purchasing two Bill Campbell mocks, and I genuinely think they helped a lot, especially with learning how to structure and frame constructed-response (CR) answers.

One thing I realized was that knowing the material and being able to articulate a concise, relevant answer under exam conditions are two completely different skills.

And then came exam day. I walked out of that exam hall feeling absolutely DEVASTATED.

It felt like a bloodbath. So many niche concepts were tested, and I kept replaying questions in my head, realizing all the things I could have answered differently. My immediate reaction was, "Yeah, I'm failing this one."

What made it worse was knowing that a retake wasn't something I could realistically think about anytime soon. With a baby arriving toward the end of the year, I knew my priorities were about to change significantly. The thought of going through another Level III preparation cycle while becoming a first-time dad was overwhelming.

I had mentally started preparing myself for the possibility of putting the CFA journey on hold for another year or two.

And then the results came.

SOMEHOW, I PASSED!!!

I genuinely couldn't believe it. After walking out of that exam convinced I'd failed, seeing that result was one of the biggest moments of relief I've experienced in a long time.

Five years. Three levels. All cleared on the first attempt.
Looking back, I genuinely believe the CFA program is more of a mental battle than an academic one.
I'm now one step closer to those Three Letters. Have to apply for membership and prove my work experience and hope i get approved !!

The late nights. The weekends spent indoors. The vacations postponed. The constant guilt of not studying enough. The times I felt like I wasn't doing justice to my job, my family, or my preparation. Looking back, it was all worth it!!

A Few Things I'd Tell Anyone Currently Going Through It

1. Consistency beats motivation. Motivation comes and goes. Build a routine that works even when you don't feel like studying.
2. Don't underestimate Ethics. Revisit it frequently. Make it part of your routine rather than something you leave until the end.
3. Practice questions are your best friend. Reading gives you familiarity. Practicing tells you whether you actually understand the concepts.
4. Don't compare your timeline with anyone else's. Some people finish all three levels consecutively. Others take breaks. I took five years, changed roles twice, and had plenty of life happen in between. None of that makes the achievement any less meaningful.
5. Your career matters as much as the charter. Don't forget to build real-world experience and figure out how the program fits into your long-term goals. Three letters alone won't define your career.
6. Give yourself some grace. You will have bad days, unproductive weekends, and moments of self-doubt. That's normal. Just don't give up because of them.
7. Remember why you started. There will be times when that reason feels distant. Remind yourself of it.

If you've made it this far, thank you for reading!

And to everyone still preparing for Level I, II, or III: KEEP GOING.

It might not feel like it right now, but every second counts !!

Five years ago, I was an engineer who hadn't opened a textbook in years, wondering if I could even clear Level I. Today, I'm a 33-year-old soon-to-be DAD, looking back at a journey that taught me far more than finance.

Life doesn't stop while you're pursuing your goals. Sometimes it gets in the way. Sometimes it completely changes your plans. But that doesn't mean you have to abandon them. And if there's one thing these five years have taught me, it's this:

It's not about how quickly you get there. It's about refusing to give up along the way.

Cheers, and thank you !!

We've put free sample financial models online for hundreds of business types, including SaaS, accounting practices, miners and cafés. Each one shows every sheet: a linked P&L, balance sheet and cash flow, a DCF and a multiples valuation, and checks that balance.

They're handy for Level II equity valuation practice. For example, compare an FCFF DCF with EV/EBITDA on a loss-making company and see why the two disagree.

The figures are illustrative, not real companies, and none of it is investment advice.

thefinancialmodeller.com/financial-models

If you'd like one built for a particular business, that's free too.

I have a doubt from FSA SBC, when the restricted stock unit vests, the accounting entries include :

1. Transfer between two balance sheet accounts
2. A compensation charge on the income statement
3. An adjustment of the statement of cash flows when using the direct method

The answer is 1 but I don’t understand why 2 is wrong?

Thank you so much

My exam is on Nov 11th. So far, I've finished Al, Ethics, Equity, FSA, and Fl.

However, I haven't revised PM, Econ, Corporate Issuers, Derivatives, and Quant yet.

I am also starting to forget things from the topics l've already covered, like FSA and others. Am I too late?
I haven't taken any mocks yet, and I am planning to take my first one on Nov Ist after reviewing the remaining topics and solving the premium practice questions.
If you have any advice, please let me know. Also, how many mocks should I aim to solve? Are the 2 free CFAI mocks enough? And after finishing a mock, should I just review my mistakes or revise my weak topics entirely?

I am getting a little nervous. Any help is appreciated!

This is a complete farce… less than 30 days until scheduled exam date

I saw and read through the L3 candidate’s results. Inspired and motivated decided to book the L2 for May 2027. Cleared L1 Aug 2026 and ready to enter the battlefield with you gents again.

L3 candidates, what would you not do if you were to take the L2 again? Any suggestions would be greatly appreciated!

For my February 2027 exam, I’m left with derivatives and ethics. I’ve noticed that everything is interconnected in level 3, sometimes in a contrary way too. Of course, there’s practice for CR questions, so I’d like to know the effective strategy that worked for you. Did you follow any study plan? Did any YouTube video or prep provider help you? And, although it may sound strange, I think love and support from your family can be a huge advantage to staying motivated on this journey. Please share so others can learn and grow. Thank you

Could anyone share the final 25-day tips and tricks for L2? I am feeling quite anxious and panicked. Advice from those who passed L2 would be very helpful. 🙏🙏🙏

I think it would be cool if there were CFA trivia nights. So I could at least pass at something with all this studying

Obviously without violating Standard VII(A)

Hey everyone, I’m preparing to take my CFA level I exam in November and was wondering if there are good review videos to watch/listen to.

I have a long commute to work and want to utilize that time to continue studying. I’m just doing practice questions now so I’m looking for higher level reviews on the CFA topics.

Thanks

I am so happy for everyone who got the results they were hoping for this week. Seriously…over the moon for yall.

If you didn’t get what you were hoping for, we will be riding together to Feb!!!!

Just have to say how motivating it is for me to see all of the passes and charters being posted. I have been trudging through this for 3 years and am so close I can taste it.

All of these success posts are motivating me to dig in further and do everything I can to replicate.

Let’s get this yall!!!!