About the CFA Program Exam

The CFA Program includes a series of three exams; Levels I, II, and III. The exams:

  • 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.

The exam content, format, and learning focus increase in complexity with each level. For example, the ethical and professional standards curriculum content is similar for each exam level. However, candidates are asked different types of questions about those standards:

  • Level I will test your knowledge of the standards.
  • Level II will test how you apply those standards to situations analysts face.
  • Level III will test how you apply the standards in a portfolio management and compliance context.

In general:

  • Level I exams consists of basic knowledge and comprehension questions focused on investment tools; some questions will require analysis.
  • Level II exams emphasize more complex analysis, along with a focus on valuing assets.
  • Level III exams require synthesis of all the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning.