Time required to clear CFA Level 1

Since I have cleared CFA Level 1, so I would be commenting on CFA Level 1 only.
Later on as I go on clearing further levels I would be posting my updates/comments. Presently I am a CFA Level 2, 2010 Candidate.

The answer really depends on background and work experience. A relevant backround and work experience can reduce the effort needed by half or even thrice.

a.) Your past education background - How many finance/economics related courses you have taken - from the topics - economics, financial accounting/financial statements, fixed income, derivatives,equity,corporate finance, quantitative methods,portfolio management and alternative investments.Anything remotely studied is a plus point as you know what to expect.This is the most important factor for CFA Level 1.For Level 2/Level 3 this becomes less important.

A business undergrad(Economics/Finance/Accounting/Business Administartion) will find himself familiar with all the topics

A typical engineering major find himself alien to all the topics except maybe Quantitative Methods.

An MBA will find himself aware with atleast 50% of the syllabus.

b.) Your work experience - Generally work experience is less of an advantage when compared with background as you tend to focus on one asset class or area. Still most companied provide with initial training and exposure to general terms eases a lot of pain.

c.) Ability to retain learnt stuff -This is important as there is a lot of material to remember in CFA , although its not rote memorization but having a recall capacity helps.This can be overcome if you keep 20% of time for revision during normal schedule.For example you began with the Topic 1. By the time you have covered 4-5 topics you will forget the 1 st one.Thus you can revise topic 1,2,3 and 4 when you have covered topic 4.

Conclusion -

1.) A person with zero background and irrelevant experience will need 6 months for clearing CFA L1.Example - A engineering undergrad working in engineering /IT.This means about 15 hours per week or 360-400 hours in 6 months.

2.) A person with business backround will require about 3-4 months or about 200-240 hours.Example - A Economics undergrad in the Final Year.

3.) A person having business background and couple of years of relevant experience will need around 2-3 months and aroun 150 -200 hours. Example - A Bachelors in Finance working in Equity Reasearch.