In this article, we will be looking at CFA Level 1 exam. CFA is also known as The Chartered Financial Analyst program is a postgraduate professional certification offered to investment and financial professionals worldwide by the American-based CFA Institute.
The CFA Level 1 exam introduces you to ten broad topics in investment analysis and ethics, laying the groundwork for Levels 2 and 3 of the CFA program. In 2027, the CFA Level 1 exam will be held six times a year in February, March, May, July, August, and November.
According to CFA Institute, it takes a typical candidate an average of:
- 4+ years to complete the CFA program;
- 300+ hours of studying per Level
- 6 months of preparation for each exam (i.e. about 11.5 hours study per week assuming 300 hours)
The CFA Level 1 exam is an introduction to 10 broad topics of investment analysis and ethics, building a solid foundation of your financial knowledge for Level 2 and 3.
In 2027, the CFA Level 1 exam will be held six times a year in February, March, May, July, August, and November. It will return to a four-times-a-year schedule in February, May, August, and November starting in 2027.
We need to understand what CFA Level 1 is about to beat it. So, let’s go through some common questions I’ve received from candidates recently (and my answers):
How Hard Is CFA Level 1?
Having passed all 3 levels, my view is that CFA Level 1 is the actually the easiest amongst the 3 exams.
While Level 1 covers a wide range of topics, it doesn’t yet delve into too much detail of each concept, as it focuses on bringing all candidates to the same knowledge level before Level 2. It is quite do-able and approachable with some study hours put in, regardless whether you have any background in finance.
In the spirit of being objective, I’ve found some relevant statistics on this (see table below):
- The strongest evidence we have is the average study hours by actual candidates in CFA Institute’s June 2019 Candidate Survey: Level 1 records the lowest average study hours of 303.
- Number of pages / readings / topics are not really good measures of difficulty, just ask any CFA charterholder out there!
| CFA Level 1 | CFA Level 2 | CFA Level 3 | |
|---|---|---|---|
| Average Study Hours (June 2019 CFA Institute Survey) | 303 | 328 | 344 |
| Number of Pages in CFA Curriculum | 3,295 | 3,250 | 2,564 |
| Number of Topics Tested | 10 | 10 | 6 |
| Number of Readings | 57 | 48 | 38 |
What Are Level 1 Historical Pass Rates Like?
The latest pass rates for CFA Level 1 are 44% (Feb 2027) and 49% (December 2020) respectively, with an average pass rate of 42% for 2010-2027.
How Much Does CFA Level 1 Cost?
The total exam fees for CFA Level 1 are US$1,150-$1,450, consisting of:
- A one-off enrolment fee of US$450, plus
- Exam registration fee of US$700-1,000 depending how early you register.
There are other optional additional fees to consider:
- An extra $150 plus shipping, if you would like hard copies of the CFA curriculum instead of e-Books (included in exam registration fees).
- Rescheduling fee of $250, only if you have to reschedule your computer-based exam appointment.
- Third party study materials, if you choose to use them, could range from US$300-2,500 depending on packages you choose.
What Is The Level 1 Exam Format? How Is It Structured?
- CFA Level 1’s computer-based exam consists of 180 multiple-choice questions in total, split into two 2 hours and 15 minutes exam sessions with 90 questions each.
- On average, you should allocate 1.5 minutes (90 seconds) per question.
- There are 3 answer choices for each multiple choice question.
- 1st exam session (2 hours 15 min) covers 4 topics: Ethics, Quant Methods, Economics, and Financial Reporting and Analysis.
- 2nd session (2 hours 15 min) covers the remaining 6 topics: Corporate Finance, Equity, Fixed Income, Derivatives, Alternative Investments and Portfolio Management
- All questions are equally weighted and there are no penalties/negative marking for wrong answers.
What Are The Latest Level 1 Exam Curriculum & Topic Weights?
| CFA Level 1 Topic Area | Topic Weight in 2027 |
|---|---|
| Ethics | 15-20% |
| Quantitative Methods | 8-12% |
| Economics | 8-12% |
| Financial Reporting & Analysis | 13-17% |
| Corporate Finance | 8-12% |
| Equity Investments | 10-12% |
| Fixed income | 10-12% |
| Derivatives | 5-8% |
| Alternative Investments | 5-8% |
| Portfolio Management | 5-8% |
Due to COVID-19, CFA Institute announced that 2020 curriculum will be applicable in 2027 with no changes, therefore allowing postponed candidates carry on using the same curriculum in 2027. This means the 2020 topic weight would be identical in 2027.
For those considering using previous year’s books to study, it’s worth referring to the latest CFA curriculum changes article to check how much the curriculum has changed over the year.
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Complete Guide to NSFAS Online Loan Application for South African Students (2025)
If you are a South African student looking to pursue higher education but are facing financial difficulties, the National Student Financial Aid Scheme (NSFAS) is one of the most accessible funding options available. NSFAS provides financial aid in the form of bursaries and loans to qualifying students at public universities and TVET colleges in South Africa.
This guide will walk you through everything you need to know about the NSFAS loan application process, from eligibility requirements to application steps and frequently asked questions.
📌 What is NSFAS?
The National Student Financial Aid Scheme (NSFAS) is a government-funded financial aid scheme aimed at helping students from low- and middle-income households to access tertiary education without the burden of upfront fees.
NSFAS offers both bursaries and income-contingent loans:
- Bursaries: For eligible students who meet academic and household income criteria (especially for TVET and university students).
- Loans: For students who do not meet all bursary criteria or who are pursuing postgraduate qualifications not funded under bursary schemes.
✅ Who Qualifies for an NSFAS Loan?
To qualify for an NSFAS loan (especially for postgraduate students or programs not funded under the bursary system), you must:
- Be a South African citizen.
- Be financially needy, with a household income of less than R350,000 per year.
- Have a valid South African ID.
- Be enrolled or accepted to study at a public university or TVET college.
- Not be funded through another bursary program that covers all expenses.
- Maintain satisfactory academic progress (returning students).
📚 Courses Funded by NSFAS
NSFAS primarily funds undergraduate qualifications, but certain postgraduate programs (e.g., PGCE, postgraduate diplomas in education, and professional courses like LLB) may be considered under the NSFAS loan scheme, not bursaries.
If you’re studying:
- Undergraduate degree or diploma: You are likely eligible for a full NSFAS bursary.
- Postgraduate study: You may qualify for a loan, depending on the course and funding availability.
📄 Required Documents for NSFAS Application
When applying, make sure you have the following documents scanned and ready:
- Certified copy of your South African ID or Smart Card.
- Parent(s) or guardian(s) ID documents.
- Proof of income (latest payslips, UIF, or affidavit if unemployed).
- Consent Form signed by your parent(s)/guardian(s) to allow NSFAS to verify income.
- Proof of registration or acceptance at a public institution.
- Academic transcripts (for continuing or postgraduate students).
🖥️ How to Apply for an NSFAS Loan Online
Step-by-Step NSFAS Online Application Process (2025)
-
Visit the NSFAS Website
Go to: https://www.nsfas.org.za
-
Create an Account
- Click on “MyNSFAS” and register your profile.
- You’ll need a valid email address and South African cellphone number.
- Choose a strong password and verify your account via email or SMS.
-
Login and Start the Application
- After registration, log in to your MyNSFAS account.
- Click on “Apply” to begin a new application.
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Fill in Your Personal Details
- Input your ID number, name, surname, and other details exactly as they appear on your ID.
- Provide household income information and living arrangements.
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Upload Required Documents
- Upload all supporting documents in PDF or JPEG format.
- Each document must be clear and under the size limit specified.
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Submit Your Application
- Review your application for accuracy.
- Click “Submit” and wait for a confirmation message.
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Track Your Application
- Log in regularly to check your application status.
- You will be notified via SMS and email at each stage of the process.
🗓️ Important NSFAS Dates (2025)
- Application Opening Date: September 1, 2025
- Application Deadline: January 31, 2026
- Appeals Period: February 2026 (if rejected)
- Disbursement: After registration and approval
Note: Dates are subject to change; always confirm on the official NSFAS website.
💸 What Does the NSFAS Loan Cover?
NSFAS funding typically includes:
- Tuition fees
- Registration fees
- Accommodation (if living away from home)
- Meals and transport
- Learning materials (e.g., textbooks)
For loans, repayment is only required once you start working and earn above a threshold (around R30,000 annually, but subject to change).
🔄 NSFAS Loan Repayment
Repayments are:
- Income-contingent – you only repay when you can afford to.
- Administered by DHET (Department of Higher Education and Training).
- Interest-bearing, but interest rates are low and favorable.
You can also apply for a partial loan conversion to a bursary if you perform well academically.
🔁 How to Appeal a Rejected NSFAS Application
If your application is rejected, you may submit an appeal via your MyNSFAS portal:
- Log into your MyNSFAS account.
- Click on “Track Funding Progress”.
- If rejected, click on “Submit Appeal”.
- Upload any missing or corrected documents.
- Provide a clear explanation or motivation.
📱 NSFAS Contact Information
- Website: https://www.nsfas.org.za
- Email: info@nsfas.org.za
- Toll-Free Number: 08000 67327 (Monday–Friday, 8 AM–5 PM)
- Twitter: @myNSFAS
- Facebook: NSFAS
📝 Final Tips Before Applying
- Apply early to avoid system overload near the deadline.
- Use your own email and cellphone number (do not use someone else’s).
- Double-check that all your documents are certified and legible.
- Keep a copy of your submission confirmation for reference.
By following this guide, you can confidently apply for NSFAS funding and move one step closer to achieving your academic and career dreams—without the burden of immediate financial pressure.