CFA Exam Exam Pattern 2025: Check Section-wise Paper Pattern & Format Here

The Level I exam as per the CFA exam pattern consists of 180 multiple-choice questions. The test is split into two sessions, each session is held for 135 minutes. It is mandatory for the candidates to appear in both sessions. 

• The morning session is of two hours and 15 minutes in which the candidate will have to solve 90 multiple-choice questions.
• The afternoon session is of two hours and 15 minutes in which the candidate will have to solve the remaining 90 multiple-choice questions. Each question carries the same weightage and there’s no negative marking for a wrong answer.
• The first session of the exam will be based on topics such as Ethics and Professional Standards, Quantitative Methods, Economics, Financial Reporting and Analysis
• The 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

CFA Level I Marking Scheme

Check out the table below to know the marking scheme for the CFA 2025 Level I exam:

Also Read:

• CFA exam syllabus
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• What to Expect of CFA Level 1 Exam

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

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

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Check some of the Frequently Asked Questions (FAQs) on CFA pattern: