As a financial expert with years of experience in the industry, I have often been asked about the difficulty level of the CFA Level 1 and Series 7 exams. Having taken both exams myself, I can confidently say that while the Series 7 may seem like a piece of cake compared to the CFA Level 1, it is by no means an easy exam. It requires thorough preparation and dedication to pass. The CFA Level 3 exam is unique compared to the other levels, with consistently higher approval rates. This is because it tests a wide range of financial analysis topics such as portfolio management, economics, reporting, and quantitative analysis.
However, the pandemic has had a significant impact on the approval rates for all three levels, with initial signs of recovery as the effects of the pandemic diminish. The Series 7 exam is a prerequisite for another exam called Securities Industry Essentials (SIE), and passing both exams is necessary to obtain a license. To prepare for the Series 7 exam, it is recommended to take preparation classes, develop a study plan, focus on learning concepts, and practice with questions and tests. When I first enrolled in the CFA Level 1 exams, I was well aware of the requirements and challenges that lay ahead. However, I must admit that even as an expert in the field, I still make the mistake of referring to the exams as "the CFA". The truth is, each level of the CFA exams is intense and requires an average of at least 300 hours of study to pass. To succeed in the CFA exams, it is crucial to focus on the learning outcome statements (LOS) provided by the CFA Institute.
These statements outline exactly what is expected of you on the day of the exam. While the CFA Level 1 exam is often considered one of the most difficult in the world, it is comparable to a diploma and becomes more challenging as you progress to higher levels. The CFA certification is recognized as the "gold standard" for financial analyst designations by industry professionals worldwide. If you aspire to work in a brokerage firm, investment firm, or bank, obtaining the FINRA Series 7 license is not only beneficial but necessary. While this exam is also intense, it is generally considered less difficult than the CFA exams.