CFA Exam Exam Pattern 2025: Check Section-wise Paper Pattern & Format Here
Chartered Financial Analyst Exam 2025 ( CFA Exam )
Registration - 29 Apr '25 - 29 Oct '25
CFA exam pattern: CFA exam (Chartered Financial Analyst) is a series of three challenging exams for investment and banking professionals. The CFA Level 1 exam mainly has multiple-choice questions, and the Level 2 and Level 3 includes multiple-choice questions as well as scenario-based questions or item sets.
The Chartered Financial Analyst (CFA) 2025 exam pattern is prescribed by the CFA Institute. The CFA exam 2025 will be conducted in the computer-based test mode across various centres. Earlier, the exam was conducted in the paper-based test mode, but, from 2021 onwards, the exam has been 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 2025.
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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.
- CFA 2025 Exam Pattern: Level I
- CFA 2025 Exam Pattern: Level II
- CFA 2025 Exam Pattern: Level III
- FAQs on CFA Exam Pattern
CFA 2025 Exam Pattern: Level I
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:
| 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% |
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Commonly asked questions
CFA exam is conducted in the computer-based test mode. Candidates who wish to appear for the exam need to visit the CFA exam centre and take the exam. There will be sets-based and multiple choice type questions in the CFA exam. Given below is the duration of the each CFA exam level:
- Level I: 6 hours
- Level II: 4 hours and 24 minutes (divided into two sessions of 2 hours and 12 minutes each)
- Level III: 4 hours and 24 minutes (divided into two sessions of 2 hours and 12 minutes each)
CFA 2025 Exam Pattern: 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
The Level II CFA (Chartered Financial Analyst) exam has a unique format compared to the other CFA exam levels.
- The CFA Level II consists of item sets, known as vignettes which are designed to assess the candidate's ability to apply knowledge rather than just recall facts and definitions.
- The exam will be conducted in two sessions - morning and afternoon.
- Each session will be 2 hours and 12 minutes long, with an optional break in between.
- Each set will be followed by four or six MCQs.
- The total duration of the exam will be 4 hours and 24 minutes, divided equally into two sessions.
- The Level II CFA exam typically includes 21 item sets in total.
- The Level II exam builds upon the foundational knowledge tested in Level I.
- It focuses on the application of that knowledge to specific real-world scenarios and cases and includes topics such as ethics and professional standards, quantitative methods, economics, financial reporting and analysis, corporate finance, equity investments, fixed income, derivatives, alternative investments, portfolio management, and wealth planning.
Each question will be of three points, and there will be no penalty for wrong answers. The exam will be conducted in a computer-based test mode, and the number of questions has been reduced to 180. The duration of the exam has also been reduced, and there will be no more June exams at any level.
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 2025 Exam Pattern: Level III
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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Commonly asked questions
The CFA exam has three levels, and each level has a different weightage of topics. Here is the weightage of topics for Level III of the CFA exam:
Level III:
- 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 some of the Frequently Asked Questions (FAQs) on CFA pattern:
Commonly asked questions
If someone fails a level of the CFA exam, they have the opportunity to retake that specific level in the future exam windows. They would be required to register again to take the same exam again. The CFA level 1 exam is offered twice a year, and students can reapply.
There is no limit to the number of attempts to take for a specific level. Students can try to change the preparation strategy to avoid faltering.
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