Earning the CFA charter, CAIA designation, and FRM certification required several years of studying and a consistent approach to working through a large amount of material. Across the three programs, I ultimately sat for six exams and passed all six on my first attempt. I do not attribute that result to being an exceptional test taker.
My approach was fairly simple: start early, work through 100% of the official curriculum, keep track of my progress, complete the end-of-chapter questions, and then shift heavily toward practice questions and mock exams. I continually refined that process as I moved from one exam to the next and learned how I studied most effectively.
Just as importantly, I was not interested solely in figuring out how to pass the exams. Earning each credential was obviously the ultimate goal, but I also wanted to understand the material. If I finished an exam without learning anything I could carry forward, I would have missed much of the value of the process.
Note: I completed these exams between 2017 and 2021. Exam formats, curriculum structures, and policies have changed over time and may continue to change. Candidates should confirm current requirements directly with CFA Institute, GARP, and CAIA Association.
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Why I Pursued the CFA, FRM, and CAIA Credentials
I first learned about the CFA Program when I saw an email at my first employer, a global bank, from someone who had those three letters after his name. I did not think much of it at the time because I was focused on studying for the GMAT and getting into business school. I briefly read about the program and searched for a few practice questions to get a sense of its difficulty, but I did not seriously consider pursuing the charter yet.
That changed while I was completing my MBA in Barcelona. As graduation approached, I began thinking about how I could continue developing professionally and become more competitive in my field. I not only wanted to improve my marketability, but I was also genuinely interested in expanding my understanding of finance and markets.
The combination of the CFA, FRM, and CAIA credentials is sometimes informally referred to as the finance “Triple Crown.” When I started studying for CFA Level I, I never intended to become a “Triple Crown” holder or collect credentials simply for the sake of having more letters after my name. My thinking was straightforward. I would prepare as seriously as I could, give the exam my best effort, and see what happened. If I failed after giving it my best shot, I was prepared to focus on other goals.
In fact, CFA Level I was probably the point when I had the most uncertainty about whether this entire process would work out. I had no prior experience with one of these major professional exams, and I genuinely did not know whether I would pass. Fortunately, I was surprised by how confident I felt after taking the first exam. I even had plenty of time left to review my answers. Once I passed, continuing to Level II and, later, Level III felt like the natural next steps. However, I did not feel nearly as confident about passing after completing either of those exams.
During the CFA Program, I became very interested in alternative investments and wanted to explore those topics in greater detail. By that point, I had also become so accustomed to having a structured study routine that registering for the CAIA program felt like a logical continuation.
The FRM came next for a somewhat different reason. I had become fascinated by how much there still was to learn across finance, and I was seriously contemplating whether it made sense to pivot my career back toward risk management, where I had begun. The FRM gave me an opportunity to go deeper into that area while continuing the self-study process I had grown accustomed to.
My CFA, FRM, and CAIA Timeline
I began studying for CFA Level I around July 2017 and received my FRM certification in February 2022. From the beginning of my CFA studies to completing the final credential, the entire process lasted approximately four years and seven months.
What CFA, FRM, and CAIA Study Materials I Used
For CFA Level I, I relied entirely on the official curriculum and took the time to read every book. As I worked through the material, I wrote down formulas and other information I thought would be important to remember. It was a slow process, but it gave me a strong foundation for everything that followed.
For Level II, I began supplementing the curriculum with a few videos from Mark Meldrum for topics I had difficulty understanding from the readings alone. By Level III, I liked his teaching style so much that I purchased one of his basic packages.
My study resources ultimately looked like this:
Third-party providers were extremely useful, but I viewed them as supplements rather than substitutes for the official material. I wanted to work through the entire curriculum myself rather than relying solely on someone else’s summary of what was important.
Reading the official material first also made third-party resources more useful. By the time I watched a video or reviewed condensed notes, I had already encountered the concepts at least once and could focus on the areas I did not fully understand.
How I Tracked My Progress
I did not primarily measure my preparation by counting study hours. Instead, I tracked how much of the curriculum I had actually completed. For each exam, I kept track of the total number of readings, the percentage I had completed, and the weighting of each topic on the exam. I also divided my preparation into an initial reading period and a later period focused primarily on practice questions and review.
My goal during the first stage was simple: complete all required readings. The topic weightings became more important during the final one to two months. If one area represented a relatively large percentage of the exam, I generally devoted more practice time to those types of questions than I did to a lower-weighted topic.
For example, my CAIA Level II tracker included the exam date, total number of core chapters, chapters completed, percentage completed, planned reading and practice periods, and the weight assigned to each topic.
I used similar trackers for the CFA and FRM exams. The format evolved over time, but the underlying purpose remained the same: know how much material I had finished, how much remained, and which sections to focus on the most.
How I Fit Studying Around Work and Everyday Life
Once I registered for an exam, studying became part of my normal routine. I generally studied early in the morning, in the evenings, and on weekends. I would miss only a few days over the entire preparation period because of weekend travel plans with my wife or an important family event, but otherwise I tried to maintain the routine consistently. I did not rely on occasional marathon sessions to make up for weeks of limited preparation.
I also did not try to turn every available minute into study time. For example, I did not study during my commute. Between the constant movement, surrounding conversations, and general noise, I found it too difficult to concentrate. I would rather spend an hour studying somewhere I could focus than spend the same amount of time staring at material without absorbing much of it.
For CFA Level III, I even took a few days off from work immediately before the exam. I no longer remember the exact number, but I believe it was two or three days. That gave me uninterrupted time for final review before what I considered the most difficult exam of the six.
How I Structured My Study Schedule
I generally started preparing about four to six months before each exam. My first objective was to work through 100% of the official curriculum before moving into a dedicated practice phase. I did not simply read each chapter and move on. After completing a reading, I worked through the corresponding end-of-chapter questions. This gave me an immediate opportunity to see whether I had actually understood what I had just read.
If a particular question or concept was taking too long to work through or I could not fully understand it, I would flag it and continue moving through the curriculum. I did not want one difficult section to prevent me from making progress elsewhere. I could return to it later with a fresh perspective or use a study provider to help fill in the gap.
My schedule generally followed this progression:
Four to six months before the exam: Work through the official curriculum, complete the end-of-chapter questions, use supplemental materials when needed, and build organized notes.
One to two months before the exam: After reaching 100% of the readings, shift the majority of my time toward practice questions, return to flagged material, and devote additional attention to heavily weighted topics.
Final month: Complete a large number of practice questions and mock exams, review mistakes, repeat difficult questions, and concentrate on weaker areas.
I also maintained a notebook for each exam level or part and organized it by topic. I focused primarily on important formulas and information I thought I would need to recall later, particularly when a learning objective required candidates to calculate something.
I was careful not to turn the notebook into another textbook. If I already understood something well or did not think writing it down would help me remember it, I usually left it out. Otherwise, the notes could become so extensive that reviewing them would defeat their purpose.
How I Used Practice Questions and Reviewed Mistakes
Practice questions became the most important part of my preparation during the final one to two months. For every exam, I completed hundreds of practice questions. I worked through all of the practice questions available in the official curriculum and then moved on to the question banks from the study providers I was using.
That order was intentional. I wanted to focus on the official curriculum questions before expanding into third-party material. I also used the exam topic weightings to guide my practice. If a section represented a larger portion of the exam, I wanted more repetition in that area because getting comfortable with those questions could have a greater effect on my overall result.
For the FRM exams, I used Bionic Turtle and found some of its practice questions significantly more difficult than those I had encountered elsewhere. That sometimes hurt my confidence while studying, but I preferred being challenged during preparation rather than being given easier questions that could create a false sense of security.
Practice questions exposed weaknesses that reading alone could hide. It is easy to read a chapter and feel as though you understand it because the information looks familiar. Answering a question without referring back to the material was a much better test of whether I could actually recall and apply what I had learned.
When I had a bad practice session, I did not respond by rereading an entire book. Instead, I reviewed the questions I had missed and tried to identify the specific concept, formula, or step in my reasoning that I did not understand. I would then return only to that portion of the curriculum or study materials.
My goal was not to memorize the answer to one question. I wanted to understand why I had made the mistake so that I could correctly answer a different question testing the same concept later. This targeted approach allowed me to concentrate on the areas that were actually costing me points rather than spending hours reviewing material I already understood.
How I Used Mock Exams to Measure Readiness
Once I had completed enough practice questions and felt reasonably comfortable with the material, I moved on to mock exams. I took the mocks under timed conditions and tried to recreate the testing environment as closely as possible. I wanted the exercise to test not only whether I knew the material but also whether I could work through it within the actual time constraints.
I did not keep a detailed record of every mock score, but I remember generally scoring between 60% and 80%. I did not treat one score as a definitive prediction of whether I would pass. Instead, I used the result to identify what still needed work. I would review every mistake, return to the relevant concepts, and then move on to another mock.
As I corrected those weaknesses, I generally became more comfortable with the material and saw my scores improve. That progression mattered more to me than any single percentage. The goal was to be getting stronger as exam day approached.
Which Exam Was the Hardest for Me?
CFA Level III was the hardest of the six exams for me.
A major reason was the written-response format used when I took the exam. Multiple-choice questions at least gave me the possibility of a lucky guess. Written-response questions required me to recall the information and formulate an answer myself. That made Level III feel different from the exams that came before it and required me to become comfortable producing an answer rather than simply recognizing one.
Of the three credentials, CAIA was the least difficult for me to complete.
An important reason was that, having already earned the CFA charter, I was eligible to begin with Level II rather than taking the Level I exam. That does not mean CAIA Level II was easy. It still required serious preparation, and when I took it, the exam included a constructed-response component in addition to multiple-choice questions.
What I Think Candidates Can Underestimate
The biggest thing I think candidates can underestimate is the time commitment required to truly learn the material. Some people are naturally strong test takers and may feel comfortable cramming or looking for the most efficient way to maximize their chances of passing. That was never how I wanted to approach these exams.
That is also why I was willing to read the full curriculum, work through the end-of-chapter questions, and spend so much time reviewing mistakes. Passing was the goal, but trying to game the exam while learning as little as possible would have defeated much of the purpose for me.
Mistakes I Tried to Avoid
One mistake I deliberately avoided was relying entirely on third-party study providers. Their summaries could save time and explain difficult concepts well, but I personally wanted to see the full official curriculum at least once.
I also tried not to let one difficult reading consume an unreasonable amount of time. If something was taking too long or I could not understand it after a reasonable effort, I flagged it and kept moving. I could return to it during the review period rather than allowing it to derail my overall schedule.
Another thing I avoided was frantic last-minute cramming. On exam days, I often saw candidates reviewing pages of notes and formulas while waiting to enter the testing area. A quick look at a few formulas is one thing, but spending the final 30 minutes to an hour trying to learn new material never appealed to me.
My view was that the work had already been done. Either I had prepared sufficiently and could recall the material, or I had not. I preferred arriving with a clear head rather than creating additional stress by trying to memorize something at the last possible moment that might not even appear on the exam.
I also made sure I knew how to use my financial calculator well before exam day. Knowing its functions and shortcuts could save valuable time. In fact, I was so concerned about a calculator losing power or failing during an exam that I brought two whenever that was permitted. I suppose that was the financial risk manager in me coming out a little early.
Did Passing on the First Attempt Require Being a Great Test Taker?
I do not think you have to be a naturally great test taker to pass these exams. When I started studying for CFA Level I, I genuinely did not know whether I would pass. I had already decided that if I prepared seriously and still failed, I would move on to other goals.
Passing that first exam gave me the confidence to continue, but I never viewed success on the previous exam as a guarantee that I would pass the next one. What mattered more for me was being willing to work through a large amount of material, review it consistently, identify what I did not understand, and keep addressing those weaknesses.
Motivation certainly helps, but motivation fluctuates. Consistency mattered more. Once I registered for an exam, studying became something I did on an almost daily basis for the next several months.
A good teacher or study provider could also make a major difference when a concept was not clicking. Sometimes hearing the same idea explained differently was all it took to fill in a gap.
What I Would Do Differently Today
The biggest thing I would change is how I treated my health while studying.
Even while preparing for CFA Level I, I was sometimes drinking around eight cups of coffee a day and still felt as though I never had enough energy. I was also spending hours at a time sitting in front of a computer or book. At the time, I rationalized it as temporarily sacrificing my physical health so I could concentrate on an important professional goal.
Looking back, I do not think that tradeoff was necessary or worthwhile.
Making time to exercise, walk, sleep properly, and step away from studying probably would have made me more effective rather than less. I think regular exercise would have helped me feel more refreshed and approach my study sessions with a sharper mind. Spending more hours sitting at a desk does not automatically mean you are learning more.
If I were starting the process again today, I would still take the exams just as seriously, but I would build exercise and recovery into my study schedule rather than treating them as distractions from it.
Final Takeaway
Earning the CFA charter, CAIA designation, and FRM certification still gives me a great deal of personal satisfaction. I initially set out to pursue only the CFA charter, but my interest in the material and appreciation for the structured self-study format eventually led me to pursue the other two programs.
Do you need all three? Absolutely not.
If you want to work in risk management, the FRM may be the most directly relevant. If you are interested in alternative investments, CAIA may make sense. If you want a broad investment credential and are less certain about where your career will ultimately take you, the CFA Program may be the natural place to start.
There is very little reason to pursue all three simply for the sake of collecting credentials. Together, they provide substantial breadth across investments, alternative assets, and risk management, but credentials are not a substitute for relevant professional experience. An employer choosing between someone with multiple designations but little direct experience and someone with years of specialized experience in the role may still favor the latter.
That is also why I believe professional relationships remain extremely important. Credentials can expand your knowledge and strengthen your resume, but they cannot replace genuine connections, relevant experience, or a strong professional reputation.
The CFA, CAIA, and FRM programs gave me a broad foundation of knowledge that I still value today. If I had to reduce the entire experience to one lesson, it would be this: pick the program that best fits what you want to learn, give it the time it deserves, and focus more on mastering the material than simply collecting the credential.
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