Exams That Evolve in Complexity
Each level of the curriculum builds on the prior level and becomes increasingly complex. The chart below explains the differences between each exam so you can prepare accordingly.
Exam Structure
Level I:240 multiple choice questions
Level II:20–30 vignettes supporting 120 multiple choice questions
Level III:20–30 vignettes supporting a variable number of constructed response and multiple choice questions
Exam Length
Level I:
Morning session: 3 hours; 120 questions
Afternoon session: 3 hours; 120 questions
Level II:
Morning session: 3 hours; 10–15 vignettes supporting 60 questions
Afternoon session: 3 hours; 10–15 vignettes supporting 60 questions
Level III:
Morning session: 3 hours; 8–15 vignettes supporting constructed response questions
Afternoon session: 3 hours; 10–15 vignettes supporting 60 multiple choice questions
Question Format
Level I:Multiple choice questions
Level II:Vignette-supported multiple choice questions
Level III:Vignette-supported constructed response questions and vignette-supported multiple choice questions
Exam Results Availability
Level I:Within 60 days of taking the exam
Level II:Within 60 days of taking the exam
Level III:Within 90 days of taking the exam
Level Advancement
Level I:Meet CFA Program enrollment requirements, View Quick Start Guide for Level I
Level II:Pass Level I CFA exam, View Quick Start Guide for Level II
Level III:Pass Level II CFA exam, View Quick Start Guide for Level III
Pass Rate
Level I:43%
Level II:45%
Level III:56%
来源:https://www.cfainstitute.org/en/programs/cfa/exam
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