CFA Exam Levels Explained: How Levels I, II, and III Work

What are the CFA exam levels?

The CFA Program has three sequential exam levels. Level I is 180 standalone multiple-choice questions; Level II uses vignette-supported item sets; and Level III adds constructed-response essays to its item sets. You must pass each level to sit the next, and every exam runs about 4.5 hours across two sessions.

The through-line across all three is the same ten-topic curriculum, tested at rising depth: Level I checks that you know the tools, Level II checks that you can apply them to cases, and Level III checks that you can manage a portfolio. What changes level to level is the question format and where the difficulty lives, and that is what the rest of this guide walks through, level by level.

How do the three CFA levels compare?

Each level has 4.5 hours of total seat time split into two content sessions with an optional break between them, but the question format and the number of exam windows differ. The table below lays out the format, item counts, session structure, and offered months side by side so you can see the shape of the whole program at a glance. Read every item count with an approximate in front of it, since a small number of unscored trial questions is seeded into Levels II and III and CFA Institute does not tell you which ones they are.

What is the format of CFA Level I?

CFA Level I is built entirely from standalone multiple-choice questions. You answer 180 items split across two 135-minute sessions with an optional break in between, which works out to about 90 seconds per question on average. Each item is self-contained: a short stem followed by three answer choices - A, B, and C - and your job is simply to pick the single best answer. There is no vignette to read first and no penalty structure beyond getting the item right or wrong.

Level I is computer-based and delivered at test centers under proctoring, and it is offered in four windows each year: February, May, August, and November - more windows than either higher level. Because the questions are independent and fast, Level I rewards broad recall of definitions, formulas, and the ethical code across all ten topic areas rather than the deep, applied analysis that Levels II and III demand. If you are new to computer-based, proctored testing, it is worth knowing the environment before exam day.

• •180 standalone multiple-choice questions, three answer choices each (A, B, C).
• •Two 135-minute sessions, about 90 seconds per question on average.
• •Offered four times a year: February, May, August, and November.

How is CFA Level II structured with item sets?

CFA Level II introduces the item set, the format that defines the rest of the program. An item set - often called a vignette - is a case study of roughly one to two pages describing a company, portfolio, or scenario, followed by a cluster of questions that all draw on that shared context. Level II presents 22 item sets, each with four multiple-choice questions, for 88 questions in total. Twenty of those item sets are scored and two are unscored trial sets seeded to test future questions, though you cannot tell which are which.

The exam runs across two 132-minute sessions. Unlike Level I, you have to read and interpret the vignette before you can answer, so the emphasis shifts from raw recall to applying valuation and analysis to realistic data - pulling the right figure from a financial statement, running it through the correct model, and choosing the answer that follows. Level II is offered in three windows a year: May, August, and November. Most candidates find the jump in difficulty from Level I to Level II the steepest in the program, which is reflected in how the study time scales up.

What is on CFA Level III, including the essays?

Level III keeps the item sets but adds constructed-response essays, the only place in the CFA Program where you type out your own answers instead of selecting from choices. The exam pairs 11 item sets with 11 essay sets, each worth 12 points; 20 of the 22 sets are scored and two are unscored trials - one item set and one essay. Each session holds a mix, such as six item sets and five essay sets, or the reverse. Item sets work like Level II, with four multiple-choice questions each, while essay sets present a vignette and then ask for written responses that may require a short calculation, a recommendation, or a justification, so partial credit and clear reasoning both matter.

Level III also runs on specialized pathways. Candidates choose one of three - Portfolio Management, Private Markets, or Private Wealth - and that pathway makes up roughly 30 to 35 percent of the exam while the rest stays common core. The two 132-minute sessions match the other levels, but Level III is offered only twice a year, in February and August. The overall focus moves decisively toward portfolio management and wealth planning: this is where the program tests whether you can pull the whole curriculum together and manage money, not just analyze a single asset.

What topics does each CFA level cover?

All three levels draw on the same ten curriculum areas, but the weighting and the depth shift as you climb. The topics are Ethics and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, and Portfolio Management and Wealth Planning. Level I covers the broad tools and foundational concepts across all ten. Level II concentrates on asset valuation and applying those tools to detailed cases. Level III turns toward portfolio management and wealth planning, layered with your chosen specialized pathway.

Ethics is the one constant. It is weighted heavily at every level, and it is the area you cannot afford to treat as secondary - strong ethics performance can tip a borderline result in your favor. Because the same topics resurface at greater depth each level, the curriculum builds on itself, which is a big reason the total study commitment across the three levels is measured in hundreds of hours rather than weeks.

How are the CFA exams scored and what is a passing score?

CFA Institute does not publish a minimum passing score or a fixed percentage you need to hit. Instead, the Board sets the minimum passing score for each exam through a modified Angoff standard-setting process, and results are reported simply as pass or fail alongside a band-by-band summary of how you performed in each topic. No numeric or scaled score is released, so the widely repeated 70 percent figure is a study target, not an official threshold - treat it as a way to gauge your practice, nothing more.

Pass rates give a clearer sense of difficulty than any single cutoff. CFA Institute's ten-year averages run about 41 percent for Level I, 45 percent for Level II, and 52 percent for Level III, though any individual window varies - the February 2026 Level I sitting passed 45 percent of 24,006 candidates. Results arrive roughly five to seven weeks after Level I and Level II, and six to eight weeks after Level III. For Levels I and II, you also need to complete the Practical Skills Module before your result is finalized.

• •Level I: about 41 percent (ten-year average); the February 2026 window passed 45 percent of 24,006 candidates.
• •Level II: about 45 percent (ten-year average).
• •Level III: about 52 percent (ten-year average) - the highest of the three.

What do the CFA exams cost, and when do they run?

CFA Institute’s dates-and-fees page puts the full program cost at USD 3,520 to 4,570 in exam fees to complete all three levels and become a charterholder, with the spread driven by whether you register in the Early or Standard window. The same page lists pricing from USD 1,140 per exam, states that these figures are correct starting with the 2026 exams, and notes that local taxes may be added at checkout. All fees are paid in US dollars.

Scheduling follows a fixed rhythm: CFA Program exams run four times a year, usually in February, May, August, and November, with registration windows and deadlines published per window. One fee catches people mid-window: rescheduling an exam appointment within your exam window costs USD 250, and if you miss the appointment without rescheduling, the exam fees are forfeited — they are nonrefundable, non-deferrable, and non-transferable.

Level III adds one more planning variable: candidates choose one of three specialized pathways at registration, so the pathway decision happens at booking, not on exam day.

How do you progress from Level I to charterholder?

Progression through the CFA Program is strictly sequential. You enroll in the program to sit Level I, pass Level I to become eligible for Level II, and pass Level II before you can register for Level III - there is no skipping ahead. Passing all three exams is one requirement for the CFA charter, alongside the work-experience and membership conditions CFA Institute sets separately. Retakes are allowed but capped: under current policy you can attempt a given level at most twice in any 12-month period, up to a maximum of six attempts per level, so plan each sitting to count.

On cost, CFA Institute states the total for all three levels ranges from about USD 3,520 to 4,600 from early to standard registration. A per-exam registration is commonly cited around USD 1,140 early and USD 1,490 standard, with Level III sometimes higher, and a reschedule within the window costs USD 250. Because these figures move by window and some are cited from prep sources rather than the official page, confirm the exact amounts on the CFA Institute dates-and-fees tool before you pay.

If a level is standing between you and the charter, Exam Assist supports CFA candidates on pay-after-pass terms - you pay only after you reach your goal, not upfront for tutoring hours. We work across other finance credentials too, from the FRM and CPA to the CFP. Message us on Telegram, WhatsApp, or Discord with your level and exam window, and we will lay out your options confidentially. Exam Assist is independent and is not affiliated with CFA Institute.