Is CFA level 1 open book?

No, the CFA Level 1 exam is not an open-book test; it's a closed-book, computer-based exam where you can only bring approved calculators (like the TI BA II Plus or HP 12C) and your passport, focusing heavily on investment tools and ethics, with no aids beyond what's provided on-screen or allowed in the exam room.

Are CFA exams open book?

Each CFA® exam (Levels I, II, and III) consists of two sessions lasting 2 hours and 12–15 minutes each, totaling 4 hours and 24–30 minutes per exam. Is CFA® Level 1 open book? No, the CFA® Level I exam is not an open-book exam.

Is 65% enough to pass CFA level 1?

A 65% score on CFA Level 1 is borderline and might pass, but it's not a guarantee, as the Minimum Passing Score (MPS) fluctuates, but generally, aiming for 70% or higher on mocks is a safer bet for passing, as actual passing scores have ranged from the low 60s to over 70% depending on exam difficulty and scoring curves. 

Is CFA openbook?

Is the CFA exam open book? No. The CFA exam is not open book.

Can I get CFA level 1 books for free?

The Library provides free, licensed access to the CFA Program Curriculum eBooks for UTM students, staff and faculty with a valid UTORid. These books provide the complete curricula for the exams for Levels 1-3 of the CFA and are derived from the Candidate Body of Knowledge (CBOK).

The BEST Ways to Study for the CFA Exams (Based on Data)

Is 67% enough to pass CFA?

A 67% score is generally considered strong and likely enough to pass a CFA exam, especially if you have strong scores in key weighted topics, but it's not a guarantee as the Minimum Passing Score (MPS) varies by exam difficulty, with experts recommending aiming for 69% or higher (e.g., 70%+) for a comfortable pass on Level 1 and Level 2 to be safe. While 67% is above the historical average for some levels (like Level 2's 66% average), the MPS can fluctuate, so focus on strong performance across all areas, especially weighted ones like Fixed Income or Ethics. 

Can I pass CFA Level 1 without books?

Yes it's possible to pass all 3 levels using only the CFAI materials. I also did the same. The exam is expensive enough, I didn't want to spend more money on extra materials. There's a plethora of websites, Reddit posts, YouTube videos, etc.

Is 4 months enough for CFA level 1?

No, studying for any CFA exam in less than 6 months will not give you enough time to adequately prepare unless you have a relevant background in the curriculum. According to CFA Institute, candidates study on average 348 hours for the Level I exam, 364 hours for the Level II exam, and 365 hours for the Level III exam.

Which book is best for CFA level 1?

Top rated

• 2026 CFA Level 1 KPLN SCHW Study Notes with 4 Syllabus Guides, 2 Question Banks, Exam Preparation Material - KPLN SCHW. ...
• 2026 CFA Level 1 study material compatible with Kaplan schweser cfa level 1 books 2026 - Full syllabus with Question bank. ...
• 2026 CFA Program Curriculum Level I.

Is Excel allowed in the CFA exam?

In the new readings for statistics in level 1, we are taught to use excel function for coming up with z and t values based off probabilities and degrees of freedom. Obviously, we can't use excel during an exam.

Is CFA harder than a master's degree?

While both CFA and a master's are equally challenging, the only differences come in when CFA is said to be more rigorous due to its specialised contents and demanding exam structure.

What if I fail in CFA level 1?

The CFA Institute lets you register for another sitting as early as the next cycle. However, be aware that you must pay the exam fees again. Yes, if you fail CFA Level 1, you do have to pay again. That's why taking the time to prepare better this time matters.

Is CFA harder than ACCA?

- Is ACCA more difficult than CFA? No, the CFA qualification tends to be considered slightly more difficult than ACCA - but this is to some extent a subjective matter, differing from person to person. Many people don't make it through the three levels of CFA because of the time required to finish the course.

Is CFA still relevant in 2025?

Yes, the CFA is still worth it in 2025 for the right person aiming for roles in traditional investment management, portfolio management, and equity research, offering unparalleled global recognition, employer trust, and career advancement in a rigorous, time-intensive program, though its value is less emphasized in fast-evolving areas like fintech; its relevance hinges on aligning it with specific career goals, complementing it with practical skills (Python, modeling), and understanding it's a commitment requiring strategic study alongside work experience. 

Is CFA better than an MBA?

An MBA program provides a broader education than the CFA program. The CFA focuses more on detailed topics like investment management. Completing both may give you a comprehensive education that could help prepare you for a career in portfolio and corporate management.

Can I bring a cheat sheet to the CFA exam?

You won't be able to bring the sheet on exam day, but it's an incredibly valuable resource during your season of preparation, and UWorld's Formula Sheet is the best you'll find.

What is the hardest topic in CFA 1?

Hardest topics by CFA Level

Generally, our research shows that candidates' CFA Level 1 hardest topics are Financial Statement Analysis, Fixed Income, Quantitative Methods, Derivatives and Economics.

Can I pass CFA Level 1 without a finance background?

The requirements make no mention of having any other sort of finance background. So, your success on the CFA is not reliant on having a background in finance. What's far more important will be your work ethic and study discipline leading up to the test.

Is 60% enough to pass CFA level 1?

Yes, you can potentially pass CFA Level 1 with a 60% score, as the CFA Institute doesn't have a fixed percentage; the Minimum Passing Score (MPS) varies, sometimes allowing a pass around 60-65% when exams are tough, while other times requiring 70%+ for an easier exam, so aiming higher (68-70%+) is safer, but 60% isn't an automatic fail. 

Can I do CFA self study?

Yes, it is possible to pass the CFA Level I Exam with self-study. However, most CFA members strongly suggest that you prepare with a CFA expert who can help guide you through the curriculum and keep you motivated along the way.

How many hours should I study for CFA Level 1?

Due to the vast material covered on the exams, the CFA® Institute suggests that candidates begin to prepare for each Level at least six months in advance, and recommends approximately 300 study hours per exam.

Is 40 too old for CFA?

Is it too late to pursue a CFA at age 40? Not at all. There is no strict CFA age limit, so anyone can start, provided they meet the eligibility criteria. The CFA age requirement is flexible, so it suits people changing careers or with work experience.

Does JP Morgan hire CFA level 1?

For investment banks like JPMorgan or Morgan Stanley, CFA charterholders can leverage analytical prowess, particularly in client-facing positions where technical precision matters. In firms like EY and PwC, CFA can make professionals stand out in valuation, due diligence, and merger advisory engagements.

Is 70 enough to pass CFA level 1?

The CFA Level 1 passing score is not fixed every year, but it usually stays between 65% and 70%. CFA Institute does not publish an official cut-off, but this range is considered the minimum benchmark to pass.