There is an arbitrary consensus that it takes 300 hours to study and pass each level of the CFA exam. The problem with any generalization, of course, is that it doesn’t work for everyone.
For example, you have a tremendous advantage if you already have a background in accounting. Similarly, time spent in analyst roles in fixed income or equities jobs will also likely cut down study time.
On the flip side, no prior experience in the financial services (or accounting) industry virtually guarantees a steep learning curve. To complicate things, each exam is its own animal. Thus, given all of the above, rather than focus on the hours, focus on the strategy.
For many candidates, these exams are the first taken outside of an academic setting. The demands of a full time job will likely add to the stress. The CFA exams have such a breadth of content that it would behoove you to chip away at it over a period time. Cramming can work, but if you have a job with unpredictable hours (think: investment banking), be sure to plan ahead. Easier said than done of course. Procrastination insights can be here.
Another strategy to improve your efficiency, is to make sure you are proficient at the most important sections. The CFA Institute outlines the weightings for each exam level. Focus on the sections that you know the least about, and that represent the largest proportions of the exam. Broadening your knowledge base is important for multiple choice questions. It might help you recognize the correct answer, or more frequently, eliminate wrong answers and increase your probability of success when have to guess.
If you find yourself running out of valuable study time, make sure you know the Ethics section. This is important at every level of CFA exams. If you can squeak by on enough sections, you will need to have a good showing in Ethics to get over the hump.
In a nutshell, the hope is that it doesn’t take you 300 hours to absorb enough of the material for a passing grade, but it’s quite possible. If you are a very fast learner it’s possible to study for each of the three exams in less than a month. I’ve seen it done (not in the mirror unfortunately). Of course, if this is you, I would recommend ignoring this website entirely. You will be just fine :).
For the normal humans out there, be realistic about the work it will take. It’s possible to get through all three exams, I promise. Prepare one step at a time. And, if you’re crunched for time, consider an online CFA tutor or an in-person CFA tutor. Both will save you valuable study time!