You need 48 months of applicable work experience. (generally working in investments/finance)
The suggested hours for studying is 300, generally over a 4-6 month time span. It's intensive to say the least. Most people end up taking the week or two before the exam off from work to do their final studying.
Nothing in the exams is taxing (especially if you've gone through a BComm degree) Black-Scholes is about the worst it gets (no calculus though) It's more the breadth of the material that's the problem.
Put in the hours needed, study well, and you'll have a decent chance of passing.
Timespan: 4 years working, 3+ years exams (1 exam per year basically). Most people work full time during it, and you'll have a life for 6 months of the year.
This has tons of info:
http://www.cfainstitute.org/cfaprogram/Pages/index.aspx
This is the main CFA Forum
http://analystforum.com/