Exam Development

A commitment to excellence in the development of the CFA exam has been the hallmark of the CFA Program. The Council of Examiners (COE) and CFA Exam Team, consisting of approximately 65 global CFA charterholders representing a mix of practitioners and academics, write the exams with the assistance of CFA Institute staff. In addition, charterholders from across the globe are involved in an extensive review process.

Each exam development cycle starts more than a year in advance of the Level II and III exams and seven to eight months in advance of the Level I exams. Each cycle begins when COE leaders meet to set the guidelines for the next exam and disseminate the guidelines to CFA Exam Team members, who then begin drafting questions. To be included on the CFA exam, a question must relate directly to one or more curriculum learning outcome statements (LOS).

The CFA Exam Team rewrites exam questions several times during a development cycle. Each new version benefits from continual review by the COE and CFA Exam Team members as well as expert and generalist volunteer and staff reviewers. During the cycle, hundreds of hours of review time contribute to the improvement of exam questions.

Once the exam is in nearly final draft form, CFA Institute staff conducts review sessions with charterholders from around the world. Participants review the questions to ensure that the language is clear, simple, unambiguous, and free of cultural bias. Reviewers also identify any investment practices that may confuse candidates in their regions. Input received in these sessions is delivered to the question writers, who then have the opportunity to revise the questions before the printing of the exam.

Learn more about how the exams are formatted

View sample CFA exam questions