hello jaggu, CFA is one of the hardest credential in finance field..all the three levels are challenging by its own way..however the level of difficulty differs from person to person.. - level-1: the most demanding factor in this level is the volume even though the content is not so hard....getting used to the test and format is also one of the challenging factor level-2 :most of the members finds this level as difficult compared to other levels..lot of formulae and complex calculations,,new format questions will be asked and time is constrained compared to level -1... all these factors makes this level difficult - level-3:quantity is less but its most qualitative..in depth details have to be studied.. essay type questions consume more time hence time management is very essential..this level is marked as difficulty by many non-native english speakers.. the level of difficulty can be defended if u r clear with the subject..one must be interested in investment and financial analysis to clear level-2,3 orelse it will be the toughest to clear exams..