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The CFA® Program prepares you for a three-part exam, designed to demonstrate your investment decision-making abilities.


The CFA® Program curriculum reflects the investment profession's current theory and practices with an emphasis on asset valuation and portfolio management.
Level I Level II Level III
Ethical and Professional Standards 15% 10-15% 10-15%
Quantitative Methods 10% 5-10% 0%
Economics 10% 5-10% 5-10%
Financial Reporting and Analysis 15% 10-15% 0%
Corporate Finance 10% 5-10% 0%
Equity Investments 11% 10-15% 10-15%
Fixed Income 11% 10-15% 15-20%
Derivatives 6% 5-10% 5-10%
Alternative Investments 6% 5-10% 5-10%
Portfolio Management and Wealth Planning 6% 5-15% 35-40%

CFA® exam format

Level I CFA® exam is administered twice a year: in June and December. Level II and Level III CFA® exams are only held once a year: on the first saturday of June.  
  • Exam Length: 6 hours
  • Number of questions: 240 questions
  • Type of questions: Multiple-choice questions (MCQ)
  You will be asked a total of 240 MCQs covering all topics, split equally between morning & afternoon sessions. Each of them will either be a question, statement and/or table, with a choice of three answers: A, B or C.
  • Exam duration: 6 hours
  • Number of questions: 120 questions
  • Type of questions: Item Sets
You will be tested on a total of 20 item sets, split equally between morning & afternoon sessions. Each of these 20 item sets contains six questions (MCQs), thus giving you a total of 120 questions. (Some topics are only covered in the morning and others in the afternoon).
  • Exam Duration: 6 heures
  • Number of questions: Essay + 60 questions
  • Type of questions: Item sets and essay
The morning session includes between 8 and 12 questions that require a constructed response (essay). In the afternoon session you will be asked to answer 10 item set questions, with the structure you first encountered in Level II.

 Type of questions

You’ll find three types of questions tested on the CFA® exam    


Sentence completion or questions with three unique choices.

Item Sets

Each item set or “mini-case” will include six multiple choice questions.


These questions require that you write your answers on the lined page(s) following the question or you provide answers in a template. Always make sure you read the question thoroughly & follow directions (available at the top of the page heading (or) above the questions).

Official Pass Rates of CFA®

You’ll find three types of questions tested on the CFA® exam      


June 2018 Level I


June 2018 Level II


June 2018 Level III

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