Exam Details

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