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Here’s All You Want to Know About all Levels of CFA Exams


A globally recognized credential, Chartered Financial Analyst, or CFA, is offered by the CFA institute and demonstrates the credential holder’s mastery in a range of skills including advanced investment and management skills. The program is a benchmark for measuring the experience, expertise, and ethics of serious investment professionals. Earning the credential opens many doors and offers the credential holder a wide range of career opportunities.

In order to earn CFA credential, a candidate is required to clear a series of three CFA examinations, namely level I, level II, and level III. All the exams are offered in English language only and it is necessary for the candidate to know at least the basics of English in order to appear for the exam. All the exams are held in two sessions of 3 hours each, namely morning session and afternoon session. Let’s take a look at the exam structure of all the CFA levels.

Level I

Level I exam is held in June and December and consists of 240 Multiple choice questions, spilt in the morning and afternoon session. The candidate is required to answer 120 questions in the first session and other 120 questions in second session. All the questions asked in level I are equally weighted and there is no negative marking for incorrect answers.

Level II

Level II exam is held in June only and it consists of 20 item set questions. The candidate has to answer 10 item set questions in the morning session and 10 item set questions in afternoon session. Every item set consists of a vignette followed by 6 items each. The Level II exam is worth 360 points, all questions equally weighted and there is no penalty for incorrect answers.

Level III

The level III exam is held in June only. It consists of item set and constructed response (essay) questions. The item sets are usually between 8-12 questions, with several subparts, holding a maximum of 180 points. The point value for each question in item set is provided in the exam book. And the afternoon session consists of 10 item set questions, which the candidate has to complete in 3 hours.


Now that you know the complete exam structure of all levels of CFA exam, you can enroll yourself for the exam and prepare for it. However, in order to clear all the levels of exam in one go,you are suggested to enroll yourself for CFA prep course as well; there are various institutes that provide prep classes for CFA and other such exams.

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