The CFA Program includes a series of three exams; Levels I, II, and III:
- Are offered annually — at test centers around the world — on the first Saturday in June. The Level I exam is also offered in December.
- Must be passed sequentially.
- Are available in English only.
Exam Format and Content
The exam format and content change along with the learning focus at each level:
A good example of this approach is in the area of ethical and professional standards. The ethics curriculum — the Standards of Practice Handbook
— is identical for each exam level. However, candidates will have to answer different types of questions about this content:
- Level I exam questions will test your knowledge of the ethical and professional standards.
- Level II exam questions will test how you apply those standards to situations analysts face.
- Level III exam questions will test how you apply the standards in a portfolio management and compliance context.
Examples of exam questions
See topic area weights by exam level