Number of papers
Number of Papers:
Level I: 180 multiple-choice questions (2 sessions of 90 questions each)
Level II: 88 item sets (44 in each session)
Level III: Combination of essay-type questions and item sets
Total Marks:
Level I, II, and III The exact marks are not disclosed, as CFA Institute uses an Angoff method to determine the passing score, which is not publicized.
Pass Marks:
The CFA Institute does not specify a fixed passing mark. However, historically, candidates are believed to need around 70% or above to pass each level.
Exam Pattern:
Level I: 180 Multiple-choice questions (MCQs)
Level II: 22 item sets of vignettes with 88 accompanying multiple-choice questions.
Level III: Essay and item sets
Time Allocated
Level I: 4.5 hours (Divided into two sessions)
Level II: 4 hours 30 minutes
Level III: 4 hours 30 minutes
Exam Mode:
All Levels: Computer-Based Testing (CBT)
Exam Window:
Level 1 : February, May, August, November
Level 2 : May, August, November
Level 3 : February, August