The entire CFA curriculum consists of three levels that must be completed in order to acquire a CFA charter. These exams are available in test centres all over the world.
You must register for one exam at a time and then register for the next level of exam if you receive a favourable exam result. If you fail the exam, don’t be discouraged; you can retake it if you study hard enough.
Exams are exclusively offered in English to ensure global consistency in both the administration of questions and the grading of candidates.
Exams for the CFA Program are only held on Saturdays. This ensures that all applicants have a similar exam day experience and increases the security of the examination.
Level1
- This level of exam will test your basic knowledge of investment tools as well as your ability to analyse them. This exam is mostly used to assess your ethical understanding.
- Multiple-choice format
- 240 questions, all equally weighted (120 questions in the morning; 120 questions in the afternoon)
Level2
- This level of exam will involve more analysis and application of your knowledge. This exam assesses your ability to apply those principles to the situations that analysts encounter items set or “small cases” format
- Questions include “Mini cases” or “20-item sets”
Level3
The Level III test focuses on how to apply all of the principles and analytical methodologies to effectively manage a portfolio and plan for wealth. Level III exam questions examine how you apply the standards in the context of portfolio management and compliance.
Essays and item sets are included in the format.
Questions: 10 to 15 essay questions in the morning session (Afternoon Session: ten item sets, each with six multiple-choice questions)