CFA Exam Exam Pattern 2026: Check Section-wise Paper Pattern & Format Here
Chartered Financial Analyst Exam 2026 ( CFA Exam )
CFA 2026 May Level 1 Exam
12 May '26 - 18 May '26
CFA 2026 exam pattern: CFA exam is a series of three challenging levels for investment and banking professionals. The CFA Level 1 exam mainly has MCQs, and the Level 2 and Level 3 includes MCQ questions as well as scenario based questions or item sets. Chartered Financial Analyst exam pattern 2026 is prescribed by the CFA Institute. The CFA exam 2026 will be conducted in the CBT test mode. Earlier, the exam was conducted in the paper based test mode, but, from 2021 onwards, the exam is being conducted in the CBT mode. Each level of the CFA exam has a different exam structure and the difficulty level rises as the level does. Read on to know the detailed CFA exam pattern 2026.
- CFA Exam Pattern 2026 for Level I
- CFA 2026 Exam Pattern for Level II
- CFA 2026 Exam Pattern for Level 3 Exam
- FAQs on CFA Exam Pattern
CFA Exam Pattern 2026 for Level I
The Level I exam as per the CFA exam pattern has 180 MCQs. The test is divided into two sessions, each session is held for 135 minutes. It is mandatory for the students to appear in both sessions.
- Morning session is of two hours and 15 minutes in which the students have to solve 90 MCQs.
- Afternoon session is of two hours and 15 minutes in which they have to solve the remaining 90 MCQs. Each question carries the same weightage and there is no negative marking for a wrong answer.
- First session of the exam will be based on topics such as Ethics and Professional Standards, Quantitative Methods, Economics, Financial Reporting and Analysis
- Second session of the exam will be based on topics such as Corporate Issuers, Equity, Fixed Income, Derivatives, Alternative Investments and Portfolio Management
CFA Level 1 Exam Pattern
Also Read:
CFA Level I Marking Scheme
Check the table below to know the marking scheme for the CFA 2026 Level I exam:
| Topics | Weightage |
|---|---|
| Ethics and Professional Standards | 15%- 20% |
| Quantitative Methods | 6%- 9% |
| Economics | 6%- 9% |
| Financial Reporting and Analysis | 11%- 14% |
| Corporate Finance | 6%- 9% |
| Portfolio Management | 8%- 12% |
| Equity Investment | 11%- 14% |
| Fixed Income | 11%- 14% |
| Derivatives | 5%- 8% |
| Alternative Investments | 7%- 10% |
Also Read:
Commonly asked questions
CFA Level 1 exam is considered very tough and challenging. The average pass rate for Level 1 CFA exam stands at just 41% indicating the difficult nature of the exam.
CFA Level 1 exam is conducted for a total of 4.5 hours. The exam is spread in 2 sessions. Each session duration is 2 hours and 15 minutes.
No, CFA Level 1 exam only have 180 multiple choice questions. Students have to choose the correct option from the given options.
The Level I exam covers:
- Ethics and Professional Standards: 15%
- Quantitative Methods: 10%
- Economics: 10%
- Financial Reporting and Analysis: 15%
- Corporate Finance: 10%
- Equity Investments: 11%
- Fixed Income: 10%
- Derivatives: 6%
- Alternative Investments: 6%
- Portfolio Management and Wealth Planning: 6%
- Quantitative Review: 1%
CFA 2026 Exam Pattern for Level II
Level II of the CFA exam will have item set questions which will be comprised of vignettes. The test will be conducted in two sessions - morning and afternoon. The total duration of the exam will be 4 hours and 24 minutes which will be divided into two sessions.
- Each question is of three points with no penalty for wrong answers
- Each session will be conducted for 2 hours and 12 minutes
- Each set will be followed by four or six MCQs
- Each session will have 44 multiple-choice questions
Level 2 CFA exam is standardized with 11 item sets for each session, hence the total number of sets is 22 on the exam. 20 questions of these 22 will be scored and two questions will not be scored as they are on the trial by the CFA institute. The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.
The CFA topics areas will be placed randomly and all the topics of the CFA exam will be covered. Each item vignette will begin with a statement of the topic and total point value. For instance:
Topic: QUANTITATIVE METHODS
Total Points Value of this Question set is 12 points
Also Read: How hard is the CFA exam?
CFA Level 2 Exam Pattern
Commonly asked questions
CFA Level 2 format is unique as compared to other levels:
- CFA Level II has item sets, known as vignettes which checks students abilities to apply knowledge rather than just recall facts and definitions.
- Exam will be conducted in morning and afternoon sessions.
- Each session will be for 2 hours and 12 minutes, with an optional break.
- Each set will have 4 or 6 MCQs.
- Total duration will be 4 hours and 24 minutes
- Level II CFA exam includes 21 item sets in total.
- Level II exam builds upon knowledge tested in Level I. It focuses on application of that knowledge to specific real world scenarios
Unlike the Level 1 exam, CFA Level 2 exam does not only have MCQs. It also consists of item set questions which will be comprised of vignettes.
The Level II curriculum for the CFA exam has not changed much. It has gone through the same review to improve the instructional design, all current topics have been maintained. The Level III candidates will have the opportunity to choose to be tested on a specialization. The core of the curriculum will remain the same, but candidates will have the opportunity to focus a percentage of their Level III effort on one of three specialised paths: portfolio management, private markets, or private wealth management.
CFA 2026 Exam Pattern for Level 3 Exam
Like the Level II exam, Level III exam will also have item set questions which will be comprised of vignettes. The CFA level 3 exam will also have constructed responses (essays) sets. The exam will be conducted in two sessions. The total duration of the Level III exam will also be 4 hours and 24 minutes. This will be divided equally into two sessions.
- Level III consists of item sets and essay-type questions
- Morning session: Constructed response (essay) questions
- Each session will be conducted for 2 hours and 12 minutes with an optional break in between
- All the questions are mandatory
CFA Level 3 Exam Pattern
Candidates need to refer the vignette before answering each item. Each session will have either six item sets and five constructed responses. Overall the Level 3 exam consists of 11 item sets and 11 essay sets for 12 points each. Like the Level 2 CFA exam, each vignette in the Level 3 exam will also begin with a statement of the topic and total point value which will always be 12 points. For instance:
Topic: ECONOMICS
Total Point Value of this question set is 12 Points
Read More:
Commonly asked questions
| Topic | Weightage |
|---|---|
| Ethical and Professional Standards | 5% |
| Quantitative Methods | 5% |
| Economics | 10% |
| Financial Reporting and Analysis | 5% |
| Corporate Finance | 5% |
| Portfolio Management | 15% |
| Equity Investments | 10% |
| Fixed Income | 10% |
| Derivatives | 10% |
| Alternative Investments | 10% |
FAQs on CFA Exam Pattern
Check below the FAQs on CFA exam pattern
Commonly asked questions
Check the exam structure for Level 2 exam below:
| Structure | Details |
| Time Duration | Session 1: 2 hours 15 mins Session 2: 2 hours 15 mins Total: 4 hours 30 mins |
| Type of questions | MCQs and Item Sets with Vignettes |
| Number of questions | 88 MCQs 22 Item Sets |
CFA Exam Exam
Student Forum
Anything you would want to ask experts?Answered a month ago
No, there is no age limit to take the CFA Level 3 exam. However, students should have completed their graduation and fulfil other exam criteria.
N
Contributor-Level 6
Answered a month ago
The following are the instructions for CFA exam admit card:
- The details mentioned on the admit card should be correct
- Arrive the exam centre at least an hour before the exam
- The details should march the ones mentioned in the passport
If any of the information mentioned above needs to be corrected or upd
R
Contributor-Level 6
Answered a month ago
CFA exam is conducted four times a year. It is conducted in the months of February, May, August and November.
A
Contributor-Level 6
Answered 2 months ago
Students looking for global investment management courses, CFA is the best choice. CFA offers higher salaries, and CA is best for students looking to build a career in taxation and auditing in India. Top tier MBA excel in corporate leadership and networking.
R
Contributor-Level 6
Answered 2 months ago
Candidates who are interested in investment analysis and portfolio management, want a global career or are ready to invest in further exams can opt for CFA. But if they wnat accounting and auditing, want a strong domestic career base and also value wide options of career options they can go for CA.
Contributor-Level 10
Answered 2 months ago
Check the exam structure for Level 2 exam below:
| Structure | Details |
| Time Duration | Session 1: 2 hours 15 mins Session 2: 2 hours 15 mins Total: 4 hours 30 mins |
| Type of questions | MCQs and Item Sets with Vignettes |
| Number of questions | 88 MCQs 22 Item Sets |
M
Contributor-Level 6
Answered 2 months ago
S
Contributor-Level 6
Answered 2 months ago
Unlike the Level 1 exam, CFA Level 2 exam does not only have MCQs. It also consists of item set questions which will be comprised of vignettes.
N
Contributor-Level 6
Answered 2 months ago
No, CFA Level 1 exam only have 180 multiple choice questions. Students have to choose the correct option from the given options.
A
Contributor-Level 6
Answered 2 months ago
CFA Level 1 exam is conducted for a total of 4.5 hours. The exam is spread in 2 sessions. Each session duration is 2 hours and 15 minutes.
R
Contributor-Level 6
Is there an age limit to take the CFA Level 3 exam?