STRUCTURE
The Level I exam consists of 180 multiple choice questions, split between two 135-minute sessions (session times are approximate).
DURATION
First session (2 hours, 15 minutes): 90 multiple-choice questions.
Second session (2 hours, 15 minutes): 90 multiple-choice questions.
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.
STRUCTURE
The Level III exam consists of item sets comprised of vignettes with accompanying multiple-choice items and constructed response (essay) questions.
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.