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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. Exams must be passed sequentially and are only available in English.
The exam content, learning focus, and question format increase in complexity with each level:
· Level I exams consist 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.
Information regarding your exam venue will be provided by the CFA Institute after registration.
Exams are computer-based and each exam is 6 hours long. Exams for the different levels are structured as follows:
The Level I exam consists of 240 multiple choice questions, split between two 3-hour sessions. Candidates must attend both sessions. Question types include multiple choice questions and complete-the-missing-word questions.
The Level II exam consists of 20 item set questions (with 6 items each). 10 item set questions are examined in the morning session and 10 in the afternoon session. Candidates must attend both sessions.
The Level III exam consists of both item set and constructed response (essay) questions. The morning session includes 8 to 12 essay questions, while the afternoon session includes 10 item set questions. Candidates must attend both sessions.
Results for Level I and II candidates are available within 60 days of the exam date, and within 90 days for Level III candidates. You can retake each exam as many times as required to pass.