The CFA® examination process requires that you sit and pass three consecutive levels of exam. Level I exams are held in June and December each year with levels II and III only in June.
Each of the exams is a six hour exam though the format changes from level to level.
Level I – Both of the three hour exams will cover all of the level I curriculum areas. In total there are 240 multiple choice questions, each based around the level I Learning Outcome Statements and each offering three choices.
Level II – The level II exam is in ‘item-set’ form, a different style of multiple choice tests. You will be given 10 ‘vignettes’ – mini case studies – and then have to answer six questions based on that vignette.
Level III – The morning exam at level III is a constructed response test where you have to provide written answers, for example calculating an appropriate asset allocation strategy for a given portfolio and explaining your recommendation. The afternoon paper is in the same format as level II.