What Next After CFA Level 1? A Practical Guide to Your Next Step
Passing CFA Level 1 is a big achievement.
After months of studying financial reporting, economics, ethics, quantitative methods, portfolio management and the other areas of the curriculum, seeing that result can feel like a major weight has been lifted.
But once the excitement settles, another question usually comes up:
What next?
Should you register for Level 2 immediately?
When should you start studying?
Is Level 2 much harder?
Should you take some time off?
And what should you do differently this time?
If you have recently completed CFA Level 1, this is the point where your approach to the CFA Program needs to change.
Level 2 is not simply another version of Level 1. CFA Institute describes the progression as moving from learning and describing concepts at Level 1 to analysing and evaluating them at Level 2. The questions become more focused on applying your knowledge to scenarios rather than simply recognising individual concepts.
Here is what you should consider next.
1. First, take a moment to recognise the achievement
Before thinking about the next exam, give yourself some credit.
The CFA Program is demanding, and getting through Level 1 requires a significant investment of time and effort.
CFA Institute reported that 39% of candidates who sat the Level I exam in May 2026 passed, compared with a 10-year average Level I pass rate of 41%.
If you passed, you have cleared an important stage of the journey.
That does not mean you should rush straight into Level 2 without thinking about your next move.
It means you now have a foundation to build on.
2. Understand what changes at CFA Level 2
This is probably the most important thing to understand before you begin preparing again.
At Level 1, much of your preparation revolves around building a broad understanding of the curriculum.
Level 2 takes that knowledge further.
Instead of simply asking whether you know a formula or definition, the exam increasingly asks you to analyse information, interpret financial situations and apply concepts to specific scenarios. CFA Institute describes Level 2 as the stage where candidates “analyze and evaluate” rather than simply “learn and describe.”
This means your preparation needs to change too.
Reading the curriculum repeatedly is unlikely to be enough.
You need to spend more time:
- Working through questions
- Understanding why an answer is correct
- Analysing financial information
- Connecting different concepts
- Reviewing your mistakes
- Applying concepts to realistic scenarios
The goal is not just to remember what you studied.
The goal is to understand how to use it.
3. Decide when you want to take Level 2
Once you have passed Level 1, the next practical decision is your exam window.
CFA Institute currently lists Level II exam windows across the year, with registration depending on the available administration and deadlines. Current registration listings include Level II windows such as November 2026 and May 2027.
Do not choose your exam window simply because it is the earliest available date.
Consider your:
- Work schedule
- Existing commitments
- Available study hours
- Academic or professional responsibilities
- Previous experience with the CFA curriculum
- Preferred preparation pace
A shorter timeline can work for some candidates, while others will benefit from having more time to properly work through the material.
The important thing is to choose a timeline you can realistically commit to.
4. Do not start Level 2 by simply repeating your Level 1 strategy
This is one of the biggest mistakes candidates can make.
If your Level 1 strategy was mainly:
Read → highlight → make notes → practise questions
you may need to rethink how you approach Level 2.
A stronger approach is closer to:
Understand → apply → practise → analyse mistakes → revisit weak areas
The difference may seem small, but it changes the way you study.
When you get a question wrong, do not simply check the correct answer and move on.
Ask yourself:
Why did I get it wrong?
Was it a knowledge gap?
Did you misunderstand the question?
Did you apply the wrong formula?
Did you misread the information?
Did you run out of time?
Your mistakes can tell you a lot about how you are actually preparing.
5. Revisit your Level 1 foundation
You do not need to start Level 2 by going through your entire Level 1 curriculum again.
However, some areas from Level 1 provide an important foundation for what comes next.
Think about the areas where you struggled most.
If financial statement analysis was difficult for you, for example, do not ignore that weakness simply because you passed Level 1.
The same applies to quantitative methods, fixed income, economics, equities, derivatives and other areas.
You do not need to become perfect at every Level 1 topic.
But you should know where your gaps are.
That self-awareness can save you considerable time during Level 2 preparation.
6. Build a realistic CFA Level 2 study plan
A good study plan does not need to be complicated.
It needs to be realistic.
Start by working backwards from your exam date.
Then divide your preparation into stages.
Stage 1: Learn
Work through the curriculum and make sure you understand the major concepts.
Stage 2: Apply
Start using questions and practical examples to test whether you can actually apply what you have learned.
Stage 3: Practise
Increase the number of questions you complete and begin working under more realistic exam conditions.
Stage 4: Review
Identify your weak areas and revisit them.
Stage 5: Mock exams
Use mock exams to test your knowledge, timing and exam technique.
CFA Institute provides candidates with access to curriculum materials, practice questions, mock exams and other study tools through the Learning Ecosystem.
The key is not simply having access to these resources.
It is knowing how to use them effectively.
7. Don’t forget the Practical Skills Module
There is another important part of the CFA journey that candidates sometimes overlook.
The Practical Skills Module (PSM).
CFA Institute requires candidates to complete at least one PSM at each level in order to receive their exam result. Each module typically takes around 10 to 20 hours to complete.
For Level II, available PSM options currently include areas such as Python, data science and AI, and analyst skills.
Do not leave this until the last minute.
Treat it as part of your overall CFA preparation rather than something to remember after the exam.
8. Start thinking beyond the exam
The CFA Program is not just about passing exams.
It is also about developing knowledge and skills that can be applied in the investment profession.
CFA Institute says the programme prepares candidates for a variety of career paths across the global finance industry.
So as you move towards Level 2, start thinking about how what you are learning connects to your career.
Ask yourself:
What area of finance interests me most?
Investment management?
Equity research?
Portfolio management?
Risk?
Corporate finance?
Wealth management?
Alternative investments?
Research?
The answer does not need to be final.
But having a sense of direction can make the CFA journey more meaningful.
9. If you didn’t pass Level 1, your next step is different
Not everyone who reads this article will have passed.
And that is okay.
If you did not pass Level 1, do not automatically assume that you need to start from zero.
Your result gives you information about where you currently stand.
Start by reviewing your score report and identifying the areas where your performance was weaker.
Then ask:
- Which topics need more work?
- Was my study schedule realistic?
- Did I practise enough questions?
- Did I leave enough time for revision?
- Did I understand the concepts or simply memorise them?
- Was exam timing a problem?
The goal should not be to repeat the exact same preparation and hope for a different result.
Use what you learned from the first attempt to build a better approach for the next one.
10. So, what should you actually do after CFA Level 1?
If you have passed Level 1, your next steps can be quite simple:
1. Celebrate the milestone.
Give yourself a little breathing room.
2. Choose your Level 2 exam window.
Consider your personal and professional commitments before deciding.
3. Understand the difference between Level 1 and Level 2.
Your preparation needs to become more application-focused.
4. Review your Level 1 strengths and weaknesses.
Know what you need to improve before you begin.
5. Build your study plan.
Break your preparation into learning, practice, review and mock exams.
6. Complete your Practical Skills Module.
Do not leave it until the last minute.
7. Connect your studies to your career.
Think about where you want your growing finance knowledge to take you.
The next step is not just another exam
Passing CFA Level 1 gives you something valuable: a foundation.
But Level 2 asks you to build on that foundation.
The candidates who approach the next stage with a clear plan are not simply asking, “How much more do I need to study?”
They are asking:
“How do I need to study differently?”
That is an important distinction.
At Wale-Kesh Learning, our approach to CFA® preparation is built around structured learning, practical understanding, focused practice and helping candidates connect concepts rather than simply memorising them.
Whether you are preparing for Level I, moving on to Level II, or planning your longer-term CFA journey, the right preparation approach can make your study time more purposeful.
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Learn more at drwalekesh.com.
FAQs
What should I do after passing CFA Level 1?
After passing CFA Level 1, the usual next step is to register for CFA Level 2, choose an appropriate exam window and begin preparing with a more application-focused study approach.
Is CFA Level 2 harder than Level 1?
Level 2 is designed to build on Level 1 and requires candidates to analyse and evaluate information using concepts they have learned. The exam therefore requires a different level of application than Level 1.
How long should I study for CFA Level 2?
There is no single study duration that works for everyone. Your preparation time should depend on your exam date, existing knowledge, work commitments and the amount of time you can consistently dedicate to studying.
Do I need to complete a Practical Skills Module after Level 1?
Yes. CFA Institute requires candidates to complete at least one Practical Skills Module at each level to receive their exam result.
Can I start preparing for CFA Level 2 before my Level 1 result?
You can begin familiarising yourself with the next stage, but your registration and exam planning should be based on your official result and the available CFA Institute exam windows.
What if I failed CFA Level 1?
Review your score report, identify your weaker areas and evaluate your study strategy before deciding when to retake the exam. A failed attempt can provide useful information about where your preparation needs to change.
