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CFA® Program exam levels compared

CFA Program includes a series of three exams. Explore the differences to better understand each level.
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CFA Program includes a series of three exams: Levels I, II, and III. Each level of the curriculum builds on the prior level and becomes increasingly complex. The table below explains the differences between each exam, so you can prepare accordingly.

  Level I Level II Level III
Level requirement Meet CFA Program enrollment requirements Pass Level I CFA exam and meet CFA Program enrollment requirements Pass Level II CFA exam and meet CFA Program enrollment requirements
Question format Multiple choice questions Vignette-supported multiple choice questions Vignette-supported essay and multiple choice questions. Choose one of three specialized pathways
Exam results availability Within 5-7 weeks of taking the exam and completion of your Practical Skills Module Within 5-7 weeks of taking the exam and completion of your Practical Skills Module Within 6-8 weeks of taking the exam and completion of your Practical Skills Module (beginning with Feb 2025 exam)
10 year average pass rate 41% 45% 52%
More information Level I exam Level II exam Level III exam
Quick start guide Level I guide (PDF) Level II guide (PDF) Level III guide (PDF)

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