CFA Exam Dates 2025 (Out): Get Complete Exam Schedule Here

The CFA (Chartered Financial Analyst) exams are conducted in a computer-based testing (CBT) format. The transition from paper-based exams to computer-based exams was implemented by CFA Institute to provide a more efficient and secure testing experience for candidates.

Under the CBT format, candidates take the exams on a computer at designated testing centers. The exams are administered over multiple sessions, with each session focusing on specific topics. The CFA Level I exam consists of multiple-choice questions, while the Level II and Level III exams include item-set questions (also known as vignettes) and constructed response (essay) questions.

The CBT format offers several advantages, such as immediate exam results, standardized navigation tools, the ability to mark and review questions, and an enhanced exam security system. Additionally, candidates have the flexibility to choose their preferred exam date within the available testing window.

It's important to note that while the CFA exams are computer-based, they still maintain the same level of rigor and depth in assessing candidates' knowledge and skills in finance and investment management. 

The CFA Level I exam comprises a total of 180 multiple-choice questions to be answered in two sessions of 135 minutes each. There are 90 MCQ questions for each session. The first session includes topics such as professional standards, financial reporting, and quantitative methods, while the second session includes questions about corporate finance, fixed income, derivatives, alternative investments, and portfolio management. This exam is given twice a year, once in June and once in December.

The Level III CFA exam format is as follows:

• The exam will be conducted in two sessions, each lasting 2 hours and 12 minutes.
• There will be an optional break in between the two sessions.
• The exam will consist of constructed response (essay) questions and item set questions, which will be comprised of vignettes.
• Each item set will consist of a vignette followed by four multiple-choice questions.
• There will be a total of 11 essay sets and 11 item sets, each worth 12 points.

There is no fixed time limit on the validity of the CFA Registration. Candidates will get access to the digital curriculum once your registration is complete. It is refundable within 14 days of payment. Candidates who wish to appear for the CFA exam, can register on the official website of CFA institute by filling up the registration form. The candidates must note that there is no option of offline form filling hence, they must apply online.

No, you can only apply for one CFA exam level at a time. The institute does not allow candidates to apply for multiple exam levels simultaneously. You will need to complete and pass one level before moving on to the next one. However, if you have already registered for an exam and would like to reschedule or cancel your registration, you can do so by visiting the CFA Institute's website and following the instructions provided.

Each level of the CFA exam builds upon the knowledge and skills acquired in the previous level. This sequential approach ensures that candidates have a strong foundation before advancing to more complex topics. It's important to note that you must meet the specific eligibility requirements for each level and pay the applicable exam registration fee for each level separately. So, to progress through the CFA exam, you need to pass each level one at a time, starting with Level I.