CFA Exam Structure: Format, Duration, Topic Weightage, Steps to Prepare, 2023

CFA Exam Duration

CFA level consists of various multiple choice questions, divided between 2 sessions with an optional break in between the sessions. 

• Level 1 - CFA Level 1 exam consists of 180 multiple choice questions, split between two 135-minute sessions each, along with an optional break in between the sessions.
• Level 2 - CFA Level 2 exam consists of 22 sets of questions with 88 accompanying multiple-choice questions, split between 2 sessions each of 2 hours and 12 minutes. 
• Level 3 - Level 3 consists of either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets. Overall the Level III exam will still contain 11 essay sets and 11 item sets for 12 points each. The time duration for Level III paper is 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in between. 

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Steps To Prepare For CFA

It takes a strong commitment for an individual to follow the structured study plan in preparation for all three levels of Chartered Financial Analyst (CFA) exams. Statistics indicate that only dedicated candidates are likely to pass the exam, so be prepared to make the necessary sacrifices and put in the required effort. And remember, passing Level I is only the first step to receiving a CFA Charter—there are two more rigorous exams to go. 

Check: How to become a Financial Analyst?

Level 1

• Give yourself enough time to study, as Your biggest investment in the CFA Charter is your time
• Successful candidates report studying on average over 300 hours for each level of the CFA Exam
• The best strategy is to leave at least four months (approximately 17 weeks) to finish all the reading material.
• Don’t neglect end-of-chapter questions. They will help reveal weak points.
• Allow four weeks prior to the exam date to review questions and have practice sessions.

Level 2

• Successful candidates report studying on average over 300 hours for each level of the CFA Exam
• Understand the differences between Level I and Level II 
• You should engage in 80-100 study sessions across your six to nine months preparing for the Level 2 CFA Exam.
• Know CFA Exam Level 2 Curriculum and Weights
• Knowing the CFA level 2 curriculum and question format will help you start thinking along those lines as you study. 
• Read and listen to lectures, practice questions and give mock exams to get a good hold over your preparations.

Also Check: CFA vs CA

Level 3

• CFA Level 3 is like Level 2, but with a twist. Hence, understanding the spirit and concept behind the topics is what will get you points in the exam.
• On average, CFA Level 3 candidates spend 344 hours on their exam preparation.
• Do the End-of-Chapter and ‘Blue Box’ questions after completing each reading (and more). 
• Don’t start studying too early. Because this is likely to lead to burn out towards the end, when you need the willpower and focus most. 
• Understand the constructed response format and its implications
• While practicing for the essay section is important, please don’t forget the item sets because you’ll need to do well here to boost your overall score.

Also Check: CFA Level 2 Exam Dates

CFA Topic Weightage

Each CFA Level consists of slightly varied topics and each holds a different weightage. A comprehensive guide is provided below with each level along with their topic and weightage. 

CFA Level 1

CFA Level 2

CFA Level 3

CFA Question Format

Each CFA level has a varied question format. CFA Level 1 exam consists a total of 240 MCQs whereas CFA Level 2 and Level 3 consist of various types of questions such as case studies. 

Check: CA vs CFA, which is better?

CFA Level 1

• Each multiple-choice item on the CFA Level I exam consists of a stem (a question, a statement, and/or a table) as well as three answer choices (A, B, or C). 
• There are total of 240 MCQs (120 per exam) with subject wise bifurcations. 
• No negative markings. 

Two basic formats are used - 

1. Sentence completion with 3 unique choices
2. Questions with 3 unique choices

CFA Level 2

• The Level II exam is standardized with 11 item sets for each session, for a total of 22 on the exam. 
• There will be 120 questions – 18 case studies x 6 questions, and 3 case studies x 4 questions. 

CFA Level 3

• The first session of the CFA level 3 exam can contain anywhere from 8-12 essay questions (with sub-parts) and the second session can contain 11 case studies where 8 case studies x 6 questions, and 3 case studies x 4 questions.
• For essay-type questions, a text box is available for response
• Each question is worth 3 points

Learn more: CFA Full Details