Time is the CFA candidate’s scarcest resource — both during preparation and on exam day. I have seen brilliant candidates fail because they ran out of time during the exam, and I have seen average students pass because they managed their time impeccably. After clearing all three levels and mentoring hundreds of candidates, I can say with confidence that time management is not just a useful skill for the CFA — it is a decisive factor.
Let me share strategies that work across both dimensions: managing your study time during preparation and managing your exam time on the day itself.
Part 1: Managing Your Study Time
The 300-Hour Reality Check
The CFA Institute suggests approximately 300 hours of study per level. In my experience, this number is reasonable for candidates with strong finance backgrounds. For those coming from non-finance fields, plan for 350-400 hours.
Here is what 300 hours looks like in practice:
| Preparation Period | Weekly Hours Needed |
|---|---|
| 6 months | 12-13 hours/week |
| 5 months | 15 hours/week |
| 4 months | 18-19 hours/week |
| 3 months | 25 hours/week |
For working professionals, 15-18 hours per week is the sustainable sweet spot. This means a 6-month preparation window is ideal for most candidates. Our ultimate guide to preparing for CFA Level 1 includes a detailed week-by-week study calendar you can adapt to your schedule.
The Weekly Time Budget
Creating a realistic weekly schedule is the single most important step in CFA preparation. Here is a template that works for most working professionals:
Monday to Friday:
- Morning (6:00-7:30 AM): 1.5 hours of focused study
- Evening (9:00-10:30 PM): 1.5 hours of practice questions
- Weekday total: 15 hours
Saturday:
- Morning (8:00 AM-12:00 PM): 4 hours of new material
- Saturday total: 4 hours
Sunday:
- Morning (8:00 AM-11:00 AM): 3 hours of review and practice
- Sunday total: 3 hours
Weekly total: approximately 22 hours — which provides buffer for weeks when life interrupts.
Prioritizing Topics by Return on Time
Not all topics deserve equal time. Allocate your study hours based on a combination of topic weight in the exam and your personal proficiency.
High priority (allocate 50% of study time):
- Financial Reporting and Analysis (13-17% weight, high difficulty)
- Ethics (15-20% weight, requires repeated exposure)
- Fixed Income (11-14% weight, conceptually challenging)
- Equity Investments (10-13% weight)
Medium priority (allocate 35% of study time):
- Quantitative Methods (8-12% weight)
- Economics (8-12% weight)
- Corporate Issuers (8-12% weight)
Lower priority (allocate 15% of study time):
- Derivatives (5-8% weight)
- Alternative Investments (5-8% weight)
- Portfolio Management (5-8% weight)
This does not mean lower-priority topics are unimportant. It means that in a time-constrained environment, you get more scoring impact per hour from the high-priority topics. If you want strategies for tackling the most difficult areas efficiently, read our guide on the toughest CFA Level 1 topics.
The 60/40 Rule for Study Activities
Spend 40% of your time on initial learning (reading, watching lectures, taking notes) and 60% on active practice (solving questions, taking mocks, reviewing errors).
Most candidates invert this ratio, spending 70-80% of their time reading and only 20-30% practicing. This is the single biggest time management mistake in CFA preparation. Reading feels productive but is passive. Solving questions under time pressure is where real exam readiness is built.
Dealing with Procrastination and Low-Energy Days
Every CFA candidate has days when motivation is low. Rather than losing the day entirely, have a “minimum viable study session” — a 30-minute session where you review flashcards or do 15-20 practice questions. This maintains your study streak without requiring full energy.
The psychological benefit of maintaining consistency — even at a reduced level — is substantial. It prevents the guilt spiral that often follows a completely skipped day. Developing this kind of resilience is closely tied to nurturing a growth mindset, which can transform how you handle setbacks throughout your CFA journey.
The Study Calendar Non-Negotiables
Mark these on your calendar and protect them:
- Weekly mock section tests (starting from month 3): Complete one timed section every weekend
- Full-length mock exams (final 6 weeks): At least 4-6 full mocks
- Ethics review week (final 2 weeks): Dedicated re-read of the entire Ethics section
- Rest day before the exam: No studying. Let your brain consolidate.
Part 2: Managing Time on Exam Day
CFA Level 1: The Math
- 90 questions per session
- 135 minutes per session
- 90 seconds per question
Ninety seconds is tight. You cannot afford to spend 3-4 minutes on any single question without jeopardizing your time budget for the remaining questions.
The Three-Pass Strategy
This is the single most effective exam-day time management technique I know.
First pass (target: 70-75 minutes): Read each question once. If you can answer it within 60-90 seconds, answer it and move on. If it requires extended calculation or you are unsure, mark it and move to the next question. The goal is to answer all the “easy” and “medium” questions first.
Second pass (target: 40-45 minutes): Return to the marked questions. With the pressure of the easy questions behind you, you can now give these questions focused attention. Many questions that seemed difficult on the first pass become clearer on the second pass because related questions may have jogged your memory.
Third pass (target: 15-20 minutes): Review your answers. Focus on questions where you were uncertain. Double-check any calculations where you might have made arithmetic errors. Ensure you have not left any questions unanswered — there is no penalty for wrong answers on the CFA exam, so always guess if you must.
Question-Level Time Management
Recognize question types and adjust your approach:
Conceptual questions (30-45 seconds): These test whether you know a definition, relationship, or principle. Read the question, identify the concept being tested, select the answer. Do not overthink.
Calculation questions (60-90 seconds): These require plugging numbers into formulas. Have your calculator workflow practiced to the point of muscle memory. Read the question, identify the formula, enter the numbers, select the answer.
Scenario-based questions (90-120 seconds): These present a detailed scenario and ask you to analyze it. Read the question stem carefully, identify the key information, apply the relevant concept, and select the answer.
Ethics questions (60-90 seconds): Ethics questions are scenario-based and require careful reading. Do not rush these — the distinctions between answer choices are often subtle.
Calculator Efficiency
Fumbling with your calculator is a hidden time thief. Before exam day, you should be able to perform these operations without thinking:
- TVM calculations (finding PV, FV, PMT, I/Y, N)
- NPV and IRR using the cash flow worksheet
- Statistical calculations (mean, standard deviation)
- Bond pricing and yield calculations
- Memory functions (STO and RCL for storing intermediate results)
Drill these operations. Time yourself computing a bond price from scratch. It should take under 30 seconds. If it takes longer, practice more.
Reading the Question First
For questions with long vignettes (especially at Levels 2 and 3), read the question before reading the vignette. This tells you what information to look for, allowing you to skim the vignette efficiently rather than reading every detail.
At Level 1, most questions are standalone, but some come with short paragraphs. Even here, glancing at the answer choices before reading can orient your thinking.
Part 3: Time Management for Level 2 and Level 3
Level 2: Vignette-Based Questions
Level 2 presents item sets — a vignette followed by 4-6 related questions. Time allocation changes:
- Approximately 3 minutes per question (including reading time for the vignette)
- Read questions first, then the vignette
- Answer questions in order within each item set (they often build on each other)
- If stuck on one item set, move to the next and return later
Level 3: Constructed Response and Item Sets
Level 3 is the most time-pressured level. The essay-type (constructed response) questions require concise, structured answers.
Key time management tips for Level 3:
- Answer the question asked — do not write everything you know about the topic
- Use bullet points rather than full paragraphs
- Allocate time strictly by the point value of each question
- If a question is worth 6 points, spend approximately 10-12 minutes on it, not 20
Universal Exam Day Tips
The Night Before
- Get 7-8 hours of sleep. No cramming. Your brain consolidates learning during sleep.
- Prepare everything the night before: passport, calculator (with fresh batteries and a backup), admission ticket, comfortable clothing.
- Set two alarms.
The Morning Of
- Eat a balanced breakfast — protein and complex carbohydrates. Avoid heavy food that causes drowsiness.
- Arrive at the test center 30-45 minutes early. Rushing creates anxiety that consumes mental bandwidth.
- Do a brief review of formulas or flashcards if it calms you, but do not try to learn anything new.
During the Exam
- Take a deep breath before starting. Read the first few questions slowly and carefully to settle your nerves.
- Do not watch the clock obsessively. Check time at the 45-minute mark and the 90-minute mark.
- If you feel panicked, pause for 10 seconds and take three deep breaths. The time “lost” is recovered through calmer, more accurate thinking.
- Stay hydrated. Bring water if permitted.
- During the break between sessions, do not discuss questions with other candidates. It creates unnecessary anxiety regardless of whether your answers match theirs.
Guessing Strategy
There is no penalty for wrong answers. If you cannot answer a question, eliminate obviously wrong choices and guess from the remaining options. A one-in-three chance (after eliminating one option) is better than no chance.
Educated guessing tips:
- If two answer choices are very close in value, one of them is likely correct
- If an answer choice uses an extreme word (“always,” “never”), it is often wrong
- If you have no idea, choose the longest or most detailed answer — the examiners often need more words to describe the correct answer
The Meta-Skill
Time management is ultimately about making deliberate choices about where to invest your limited resources — whether those resources are study hours over six months or minutes during the exam. The CFA program itself is an exercise in prioritization, and the skills you develop managing your CFA preparation translate directly into professional effectiveness.
The candidates who pass are not always the ones who study the most — they are the ones who study the smartest.
Need help building a personalized study schedule or improving your exam-day strategy? I offer free mentorship for CFA candidates at all levels. Reach out here and let us optimize your preparation together.