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CFA® Exam Details
The CFA® Program consists of a series of three examinations (Levels I, II, and III) that must be taken in succession. The exams are offered only once annually in June, with the exception of Level I candidates, who also have the option of sitting for the exam in December.
A minimum of 300 hours of preparation per CFA Program exam level is recommended, although some candidates will need more or less time, depending on their individual backgrounds and experience. There is no limit to the number of times you can take each exam, and you can take as much time as you need to complete the program.
The CFA Program curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.
Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
Level I
Candidates concentrate on the tools and concepts related to investment valuation and portfolio management, as well as an overview of how these processes fit within the guidelines of the CFA Institute Code of Ethics and Standards of Professional Conduct.
Master these concepts with a comprehensive Level I study package:
View June Level I Packages »
View December Level I Packages »
Level II
Candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level I curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct
Master these concepts with a comprehensive Level II study package »
Level III
Candidates are required to demonstrate a higher level of understanding of the materials tested at Levels I and II, as well as display effective knowledge of the entire portfolio management process.
Master these concepts with a comprehensive Level III study package »
Exam Format
Level I
Format: multiple-choice
Questions:
240 equally weighted questions
Morning Session: 120 questions; Afternoon Session: 120 questions
Each question has 3 answer choices
On average, 1.5 minutes should be allocated for each question
Our Level I study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
June Level I »
December Level I »
Level II
Format: item set or “mini cases” – Each item set contains a vignette (with an average length of 1.5 pages)
Questions:
21 item sets or “mini cases”
Morning Session: 10 item sets; Afternoon Session: 11 item sets
18 item sets will have 6 multiple-choice questions and 3 item sets will have 4 multiple-choice questions
Exam is graded for 360 points, corresponding to the number of minutes on the exam
Our Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »
Level III
Format: Essay, item sets, and multiple choice
Questions:
Morning Session: 8-12 essay questions;
Afternoon Session: 8 item sets with 6 multiple-choice questions in each and 3 item sets with 4 multiple-choice questions in each.
Exam is graded for 360 points, corresponding to the number of minutes on the exam
Our Level III study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »
