“CFA Level 1 can be cleared with 300 hours of study.”
In theory, that number sounds reasonable. In practice, it rarely adds up.
For most students, especially first-time CFA candidates, the idea that CFA Level 1 is doable in 300 hours creates unrealistic expectations. When preparation begins, many realise that the actual effort required is far higher.
This article explains why the 300-hour narrative is misleading and what the realistic time commitment for CFA Level 1 preparation actually looks like.
Why 300 Hours Is Often an Unrealistic Expectation
Let’s break down what real learning actually involves.
1. First-Time Reading to Actually Learn the Concepts
- 1,400 pages ÷ 5–7 pages per hour
- ~225–250 hours just for the first proper reading
This does not include revision, practice, or exams.
2. Revision Is Not Optional
- One revision cycle typically takes 125–150 hours
At this stage alone, total study time is already approaching 350–400 hours.
3. Learning Happens Through Practice Questions
Most serious candidates attempt 3,000+ practice questions across subjects.
- Question-solving, analysis, and review easily take ~100 hours
Now, the total effort is already in the range of 450–500 hours.
4. Mock Exams and Additional Revisions
- Build exam temperament
- Identify weak areas
- Practice time management
Once mock exams begin, many candidates realise they need additional revision cycles.
- Over 50% of students require two revisions.
Mock exams + further revision often push total preparation time closer to 600 hours
So, How Much Time Do Candidates Actually Spend?
- First-time learning: 225–250 hours
- At least one revision: 125–150 hours
- Practice questions: ~100 hours
- Mock exams + further revision: 50–100+ hours
Total approximately 450–600 hours
It means that when learning is done properly, total effort almost always exceeds 300 hours.
Why the 300-Hour Message Is Harmful
- Creates false confidence
- Encourages casual preparation
- Leads to panic when progress feels slow
- Makes students doubt themselves unnecessarily
The problem is not that CFA is difficult.
The problem is that students are not mentally prepared for the effort required.
CFA Is Not Easy — and That’s the Point
It should be pursued because you genuinely want to learn finance.
The program:
- Builds analytical thinking
- Develops discipline
- Improves financial judgment
- Strengthens both aptitude and attitude over time
It accelerates careers — but it does not make the journey easy.
Final Takeaway
- 300 hours may be an average benchmark
- 450–600 hours is what most serious candidates actually end up investing
Instead of chasing a number, candidates should prepare themselves mentally for the overall effort involved. When expectations are realistic, preparation becomes calmer, more structured, and far more effective.
Frequently Asked Questions
For most candidates, no. Once learning, revision, practice questions, and mock exams are included, preparation usually exceeds 300 hours.
Because they account only for first-time reading and ignore revision cycles, practice learning, and mock exam preparation.
CFA Level 1 is demanding, not impossible. It requires time, discipline, and genuine interest in learning finance.
Planning your CFA Level 1 preparation?
Understanding the real effort involved helps you plan better and stay consistent.