How Long Does the CFA Level I Exam Last?
The Level I exam consists of 180 multiple-choice questions, split between two 135-minute sessions (session times are approximate). There is an optional break between sessions.
First session (2 hours, 15 minutes): 90 multiple-choice questions
Second session (2 hours, 15 minutes): 90 multiple-choice questions
Time Management Preparation for CFA Level I
Timing: On average, you should allow approximately 90 seconds for each multiple choice question. You may need more or less time, depending on the question and how well you understand the topic.
How to Study for the CFA Level I Exam
The best way to study for the CFA Level I Exam is to follow the CFA program curriculum and give yourself enough time to learn the material in your ideal learning style. Here are some resources candidates have listed as being most helpful for their exam preparation:
- CFA Program curriculum
- CFA Institute learning ecosystem (LES)
- CFA Institute online mock exams
- CFA Program approved prep providers
- CFA Program curriculum end-of-reading practice problems
- Study groups
- CFA Program Practice Pack (additional purchase necessary)
- Steps to Prepare for the CFA Level I Exam
One of the most important ways to prepare for the CFA Level I exam is to give yourself enough time to study. The CFA Program enables candidates to customize their preparation to match individual needs and circumstances. Following are some numbers to consider in planning a study strategy for the CFA Level I exam.
Successful candidates report studying on average over 300 hours for each level of the CFA Exam.
About half of successful candidates passing the LIII exam passed each exam on the first attempt (i.e. sat a total of three exams) while about a quarter sat a total of four exams.
Familiarize yourself with the data-backed study habits linked to passing the exam.
Level 1 is all about understanding the basics. Whether you prefer the structure of a classroom, the flexibility of live online sessions, or studying at your own pace with pre-recorded videos, you can tailor your learning with our CFA coaching programs.
What Topics are on the CFA Level I Exam?
The CFA® Program curriculum for the Level I exam is focused on the knowledge and comprehension of investment tools and asset classes, as well as portfolio management and ethical and professional standards. The exam covers the 10 topic areas noted in the chart below. Ethics questions will appear as a group in the first session. Questions from all other topics within each session are randomized.
Session Topic Exam Weight
Session 1
- Ethical and Professional Standards 15-20%
- Quantitative Methods 6-9%
- Economics 6-9%
- Financial Statement Analysis 11-14%
- Corporate Issuers 6-9%
Session 2
- Portfolio Management 8-12%
- Equity Investments 11-14%
- Fixed Income 11-14%
- Derivatives 5-8%
- Alternative Investments 7-10%
Our research indicates that most Level I candidates have already mastered many introductory financial concepts as part of their university studies or early career role. To avoid duplication and to streamline Level I curriculum content, we have moved some of this content and will provide it separately as reference material for registered candidates.
The content that has been moved to pre-read–topics such as time-value of money, basic statistics, microeconomics, and introduction to company accounts–are essential building blocks for later learnings. Our research indicates that 9 out of 10 candidates do not need to review this material. By not directly assessing these topic areas, we free up more time in the exam for more advanced practice concepts and more time for the new practical skills modules.
Candidates who have not had exposure to this content, or who simply wish to review materials during their study of the CFA Level I curriculum, may access this content as companion pre-read materials at no additional charge. Registered candidates may also use these materials to get a sense of gaps in their knowledge and assess their readiness for the Program.
Read more here:https://evolve.cfainstitute.org/curriculum.html
Start learning today by viewing all study session outlines
Understand the Multiple-Choice Exam Question Format
Question Format
Each multiple-choice item on the CFA Level I exam consists of a stem (a question, a statement, and/or table) as well as three answer choices (A, B, or C).
Two basic formats are used:
Sentence completion with three unique choices
Questions with three unique choices
Example 1: Sentence completion
If the 12-month continuously compounded return of a security is 9%, its associated 12-month holding period return is closest to:
- 8.62%.
- 9.38%.
- 9.42%.
Example 2: Question
Which of the following is most likely an assumption of technical analysis?
- Security markets are efficient
- Market trends reflect irrational human behavior
- Equity markets react quickly to inflection points in the broad economy
Question Structure
The Level I CFA exam does not use ‘except’, ‘true’, or ‘false’ in items and avoids the use of ‘not’ whenever possible. When appropriate, question stems will include one of the following qualifiers: ‘most likely’, ‘least likely’, ‘best described’, ‘most appropriate’, ‘most accurate’, ‘least appropriate’, or ‘least accurate’. Each question stem supports only one item on the exam.
Answer Choices
The Level I CFA exam does not use any of the following answer options: ‘all of the above’, ‘none of the above’, ‘A and B only’, ‘B and C only’, ‘A and C only’, ‘cannot determine’, ‘cannot calculate’, or ‘not enough information to determine’. Choices consisting of words or sentences are typically ordered from shortest to longest; choices that are quantitative are ordered from the smallest number to largest number. The choices agree grammatically with the question stem; language common to all choices is placed in the question stem.
All questions are equally weighted and there is no penalty for an incorrect answer.
Practice with CFA Level I Exam Sample Questions
Are you ready for the CFA Level I exam? We provide a broad selection of the types of questions you’ll see on the exam.
CFA Level I Exam Tips
Exam questions referring to Financial Statement Analysis are based on International Financial Reporting Standards (IFRS), unless otherwise specified. When a question is based on U.S. GAAP, it will be stated in the question.
Be comfortable with your calculator. Make sure you know how to use the calculator features needed to address the learning outcome statements (LOS).
Answer all questions. There is no penalty for incorrect answers.
Dress comfortably. There is no dress code, but dress in layers for comfort.
During the normal course of the exam, candidates may find they need assistance from proctors. Proctors will come to workstations as quickly as possible to assist. If able, we encourage candidates to continue working on their exam until a proctor has assisted. Our exam writers have designed the exam to account for minor disruptions or pauses in order for candidates to still have adequate time to respond to all questions.
CFA Level II Questions & Exam Format
CFA Level II Exam Structure and Duration
Structure: The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.
Duration: The Level II exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.
During the normal course of the exam, candidates may find they need assistance from proctors. Proctors will come to workstations as quickly as possible to assist. If able, we encourage candidates to continue working on their exam until a proctor has assisted. Our exam writers have designed the exam to account for minor disruptions or pauses in order for candidates to still have adequate time to respond to all questions.
How Many Hours Does It Take to Study for the CFA Level II Exam?
The CFA® Program enables candidates to customize their preparation to match their individual needs and circumstances. Following are some numbers to consider in planning a study strategy for the CFA Level II exam.
Successful candidates report studying on average over 300 hours for each level of the CFA Exam.
About half of successful candidates passing the LIII exam passed each exam on the first attempt (i.e. sat a total of three exams) while about a quarter sat a total of four exams.
CFA Level II Exam Question Format
CFA Exam Item Set Format
The Level II exam is standardized with 11 item sets for each session, for a total of 22 on the exam. Twenty are scored, and two are questions we are trialing that will not be scored.
Multiple-choice questions in each item set must be answered based on the information in the vignette. Hence, the items are not free-standing, as in the CFA Level I exam. You will need to refer to the vignette before answering each item.
The CFA® Program curriculum topic areas for Level II will be randomly placed on the exam. All topics may be covered in either the first and second sessions, or possibly both sessions. Each item set vignette will begin with a statement of the topic and total point value. For example:
TOPIC: QUANTITATIVE METHODS
TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS
CFA Level II Exam Tips
Exam questions referring to Financial Statement Analysis are based on International Financial Reporting Standards (IFRS) unless otherwise specified. When a question is based on US GAAP, it will be stated in the question.
Be comfortable with your calculator. Make sure you know how to use the calculator features needed to address the learning outcome statements (LOS).
Answer all questions. There is no penalty for incorrect answers.
Dress comfortably. There is no dress code, but dress in layers for comfort.
Take a CFA Level II mock exam to practice answering exam questions. This experience is designed to mimic the actual exam-day.
Learn how hardware/software at the test centers may impact your exam-day experience.
Review the CFA exam calendar for key dates and to meet pre-exam deadlines.
Level 2 dives deeper into asset valuation and financial analysis, requiring a more advanced approach. Our classroom, live online, or pre-recorded sessions can help you stay on top of the complex material, giving you the flexibility to learn in a way that works best for you
Level III CFA Exam Structure
2025 Level III Specialized Pathways
For the 2025 Level III exams, we are introducing two new specialized pathways – Private Wealth and Private Markets, in addition to the current traditional Portfolio Management path. Candidates will have the opportunity to select the path most directly related to their interests and aspirations. Learn more about Level III Specialized Pathways.
2024 Level III Exam Structure and Duration
Structure: The Level III exam consists of item sets and constructed response (essay) sets. Both question types combine vignettes with accompanying multiple-choice items for item sets and constructed response items for essay sets.
All questions must be answered based on the information in the vignette. Hence, the items are not free-standing, as in the CFA Level I exam. You will need to refer to the vignette before answering each item.
Each session will have either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets. This mixed distribution of item types across the two exam sessions creates a more-balanced delivery of questions throughout the exam. Overall, the Level III exam contains 11 item sets and 11 essay sets for 12 points each.
The CFA® Program curriculum topic areas for Level III will be randomly placed on the exam. All topics may be covered in either the first or second sessions, and possibly both sessions. Each vignette will begin with a statement of the topic and the total point value, which is always 12 points. For example:
TOPIC: ECONOMICS
TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS
Since Portfolio Management and Wealth Planning represents 30%-35% of the exam, further detail on the topic is provided:
The title will include the following sub-topic distinctions:
- Portfolio Management – Private Wealth
- Portfolio Management – Institutional Investing
- Portfolio Management – Asset Allocation
- Portfolio Management – Trading
- Portfolio Management – Performance Evaluation
- Portfolio Management – Investment Manager Selection
- For results reporting, topics are grouped into two sub-topic groupings:
- PM – Private Wealth; and Institutional Investing (15%-20%)
- PM – Asset Allocation; Trading; Performance Evaluation; and Investment Manager Selection (10%-20%)
Duration: The Level III exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.
During the normal course of the exam, candidates may find they need assistance from proctors. Proctors will come to workstations as quickly as possible to assist. If able, we encourage candidates to continue working on their exam until a proctor has assisted. Our exam writers have designed the exam to account for minor disruptions or pauses in order for candidates to still have adequate time to respond to all questions.
Learn how hardware/software at the test centers may impact your exam-day experience.
CFA Level III Exam Question Format
Constructed Response (Essay) Format
Essay questions
In the question stem, command words used will be bolded.
A text box is available for the response.
If more than one answer is requested, (for example, “Explain, with two reasons…”), the following note is included:
“Note: Each explanation should be in a separate paragraph”.
Bullet points are acceptable, as well. An important message to note – when asked to provide more than one response, the responses will be evaluated up to the number requested, and in the order presented by the candidate. Anything more than the number requested will not be evaluated.
Calculation responses in essay questions.
An essay text box will accept typed words and numbers. Note that a correct numerical value typed in the essay box by itself receives full credit – formulas and explanations are not required. If a candidate chooses to do so, they may describe steps used in the calculation or show values using either a math editor function or typing out variables in an equation.
A multiple-choice question format may occasionally be used in the essay portion of the exam and it is possible that there may be more or less than 3 answer choices. (See Examples 1 and 2 below.)
Important Information on Essay Question Structure
Each essay set will have variable number of items, with each item worth a variable-number points. Points per item are not disclosed.
There may be multiple questions within one essay item. It is important to understand how many answers a candidate is expected to provide. Three examples are presented:
Example 1
Determine which bond best meets the advisor’s objective.
(Bond X, Bond Y, Bond Z)
Justify your response.
For this question, a candidate is expected to type two answers in the response box: the name of the bond that best meets the objective, and a reason why it meets the objective.
Example 2
Determine, based on the client’s IPS, the most appropriate index to use as a benchmark.
(Index 1, Index 2, Index 3)
Explain why the other two indices are less appropriate.
Note: Each explanation should be in a separate paragraph.
For this question, a candidate is expected to type three answers in the response box: the name of the index that is appropriate, and a reason why the two not selected are less appropriate.
Example 3
Discuss one weakness in the risk management process for each of the following:
Company A
Company B
Note: Each discussion should be in a separate paragraph.
For this question, a candidate is expected to type two answers in the response box: a discussion of the weakness for Company A and a separate discussion of the weakness for Company B.
Item Set Format
Each item set on the Level III exam consists of a vignette followed by 4 multiple-choice questions. The 44 multiple choice items are each worth 3 points.
Item set vignettes will begin with a statement of the topic and total point value, for example:
TOPIC: QUANTITATIVE METHODS
TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS
CFA Level III Exam Tips
Exam questions referring to Financial Statement Analysis are based on International Financial Reporting Standards (IFRS) unless otherwise specified. When a question is based on US GAAP, it will be stated in the question.
Be comfortable with your calculator. Make sure you know how to use the calculator features needed to address the learning outcome statements (LOS).
Answer all questions. There is no penalty for incorrect answers.
- Take a mock exam in the Learning EcoSystem to practice answering exam questions.
- Familiarize yourself with the software features of the exam in this software tutorial.
- Learn how hardware/software at the test centers may impact your exam-day experience.
- Dress comfortably. There is no dress code, but dress in layers for comfort.
- Review the CFA exam calendar for key dates and to meet pre-exam deadlines.
Studying the CFA Course with Synthesis Learning
At Synthesis Learning, we are dedicated to helping you succeed in the CFA course. Our students achieve top All India and World Ranks, demonstrating our dedication to excellence. Here’s why studying with us can benefit you:
Flexible Learning Modes: We offer classroom, live online, and self-paced learning options to fit your schedule and style.
Expert Tutors: Learn from experienced professionals who guide you through every step of the CFA curriculum.
Proven Methodology: Our 4-step approach—Counseling, Coaching, Mentoring, and Placement—ensures comprehensive support throughout your CFA journey.
Each CFA level brings new challenges, but with the right guidance, success is within reach. Whether you prefer learning in a classroom setting, live online, or through pre-recorded sessions, our CFA coaching adapts to your schedule and learning style.
