CFA Exams
The CFA Program includes a series of three exams that are offered in test centers around the world. These three exams — Level I, Level II, and Level III — must be passed sequentially as one of the requirements for earning a CFA charter.
In order to ensure global consistency, both in administering the exam questions and in grading candidate responses, the exams are offered in English only.
Note: Beginning with the December 2012 exam, CFA Program exams will be held on Saturday only. This change ensures that all candidates receive a similar exam day experience and strengthens the security of the CFA Program.
Exam Format
The Level I exam consists of multiple choice questions and is offered in June and December. Learn more about Level I exam multiple choice question formatting conventions.
The Level II exam is composed of item set questions and is offered in June only. Learn more about Level II exam item set question formatting conventions.
The Level III exam consists of item set and essay questions and is offered in June only. Learn more about Level III exam item set and Level III essay question formatting conventions.
Location of Exams
Frequency of Exams
Exam development is a resource-intensive process. The Level II and III exams require a 13-month development cycle from design to administration. The resources we have allocated to developing the exams, both staff and volunteers, are fully utilized.
Throughout this process, we rely on extensive subject matter expert and generalist reviews to ensure high quality, accuracy, consistency, and fairness. We are concerned that degradation in quality may result from a shorter cycle. Quality may also suffer if we increase the staff/volunteer teams necessary to manage a second parallel development cycle. Because of the simpler structure and content of the Level I exam questions, our capacity is greater than at Levels II and III.
Candidates may register for only one exam at a time, and must wait to receive their exam results before registering for the next exam. Candidates who fail an exam are encouraged to re-take the exam.