What About CFA Program?

CFA program is one of the  highest distinctions in the investment management profession. The CFA Program is designed to equip you with the kind of expertise and real-world skills in investment analysis that will help you advance your career. The CFA Program is designed to equip you with the kind of expertise and real-world skills in investment analysis that will help you advance your career. To earn CFA charter, you need to pass the following three exams.

Level I

To take CFA Level 1 exam, you need to meet CFA program enrollment requirements. CFA level 1 exam has two formats, you can check the following details.

Paper-Based Testing: The Level I paper-based exam consists of 240 multiple choice questions, split between two 3-hour sessions. Candidates must take both sessions in order to receive an exam result.

Morning session (3 hours): 120 multiple choice questions, covering all topics

Afternoon session (3 hours): 120 multiple choice questions, covering all topics

Computer-Based Testing: The Level I computer-based exam consists of 180 multiple choice questions, split between two 135-minute sessions. There is an optional break between sessions. Candidates must take both sessions in order to receive an exam result.

First session (2 hours, 15 minutes): 90 multiple choice questions, covering all topics

Second session (2 hours, 15 minutes): 90 multiple choice questions, covering all topics

The required passing rate of CFA Level I exam is 43%.

Level II

To take CFA Level II exam, you need to pass Level I CFA exam. The CFA Level II exam consists of item set questions consisting of vignettes with accompanying items. The CFA Level II paper-based exam duration is 6 hours. The computer-based version will be approximately 4.5 hours. Candidates will have the same average time per question that they had under paper-based testing. The required passing score of CFA Level II exam is 45%. The multiple-choice items can be answered independently of each other, but they do require information provided in the vignette.

Level III

To take CFA Level III exam, you need to pass Level II CFA exam. The Level III exam consists of item set and constructed response (essay) questions. The CFA Level III paper-based exam duration is 6 hours. The computer-based version will be approximately 4.5 hours. Candidates will have the same average time per question that they had under paper-based testing. The required passing score of CFA Level III exam is 56%. Each essay question on the CFA Exam consists of a vignette with two or more related items that require a written response.

CFA Program includes the above three exams; Levels I, II, and III. The last paper-based exams will be offered in December 2020; exams in 2021 will be computer-based for all levels.