The CFA Level I exam has the lowest pass rate of the three CFA exams. It is generally considered the “easiest” of the three because it evaluates material using lower-level cognitive skills and consists of multiple-choice questions, but it is also often underestimated, resulting in a low pass rate. Level 3 of the CFA exam is considered to be the easiest of the three levels. However, compared to other major financial reviews, such as the CFP and the CPA, it's still brutal.
The approval rate is only 52%. The 3 subjects have different exam weights. Equities earn the most, between 11 and 14%, and portfolio management, with 8-12%, and corporate issuers, with a fairly low weighting in the exam, from 6 to 9%. As for the number of modules to study or formulas to remember, the 3 subjects are comparable.
As for the number of questions in the CFA Level 1 exam, you can read more here. This is normal, and it's much better to be realistic about your own unique needs rather than relying on what your colleagues or fellow candidates have achieved with their own CFA exam studies. It would be safe to generalize that most CFA certificate holders would consider Level 2 to be the most difficult of the CFA exams. As each CFA candidate's schedule is different, it's impossible to say how much time a person needs to study and prepare properly for the exam.
For many, the CFA Level 3 exam may be the most difficult due to the open structure of the constructed answer section. The certified financial analyst credential is one of the most demanding exams in the world when it comes to preparation and required study time. Many CFA certificate holders consider the CFA Level 3 exam to be the most difficult because of the time and reflection required to respond satisfactorily to elaborate answers. Technically, it could be argued that this level is the most difficult CFA exam, especially if the candidate does not have a solid background or work experience in finance or in a related field.
Without seeing and following a tangible schedule, it's hard to take responsibility for the hours needed to pass the CFA exam. Once you have accumulated a whole week of priorities and obligations, it will be easier to integrate the study sessions of the CFA exam. It is essential to keep in mind that all candidates for the CFA certification are different and, depending on your experience, your existing knowledge base and your academic record, you may need more or less time for each of the sections or to dedicate to all of them. You can visit the CFA Institute website, where you will find study tips and exam preparation materials.
So, just because it has the lowest pass rate doesn't necessarily mean it's the most challenging exam. While typical passing rates for CFA level 3 exams are the highest of the CFA exams, only about 56% of CFA candidates pass the exam. However, 2 modules are placed right after Economics, and the remaining 4 are at the end of the CFA Level 1 exam curriculum, before Ethics.