Becoming a Chartered Financial Analyst (CFA) requires a strict examination process carefully designed by the CFA Institute. Since 2021, the CFA exam has shifted from the conventional paper-based format to a completely computer-based test (CBT) mode, making it more accessible and uniform at all test centers in India. The CFA exam for 2024-25 also follows the same online pattern, conducted at various levels—Level I, Level II, and Level III—each with different parameters and increasing levels of difficulty. This post explores the details of the exam pattern for both years, detailing what test takers can anticipate while moving through each level of this demanding certification process. Keep following to find out important information regarding the test lengths, dates, and structural aspects of the CFA 2024 and 2025 exams.
CFA Exam Pattern: Overview
In India, there are three levels of CFA – CFA Level I exam, CFA Level II, and CFA Level III exam. You will be required to clear all three levels to be a CFA. Therefore, you should be clear about CFA levels, topics and question patterns. Your learnings and knowledge, patience, and determination will be put to the test by the exam. You must know the CFA exam process and format to pass the test.
| CFA Exam Level | Format | Duration | Content Session Details | Total Questions | Marks Per Question | Negative Marking |
|---|---|---|---|---|---|---|
| Level I | Multiple-choice | 4.5 hours | Morning: Ethics, Quantitative Methods, Economics, Financial Reporting & Analysis Afternoon: Corporate Finance, Equity, Fixed Income, Derivatives, Alternative Investments, Portfolio Management | 180 | 3 | No |
| Level II | Vignette-supported multiple-choice | 4.5 hours | Morning: Quantitative Methods, Financial Reporting & Analysis, Economics, Ethics & Professional Standards Afternoon: Equity, Fixed Income, Alternative Investments, Corporate Finance, Derivatives | 88 | 3 | No |
| Level III | Vignette-supported essay and multiple-choice | 4.5 hours | Morning: Essay questions on various topics Afternoon: 44 multiple-choice questions tied to vignettes | Varies (Essay + 44 MCQs) | 3 | No |
Every level is more advanced and demands more in-depth knowledge of financial analysis, investment management, and portfolio management techniques. The precise specifications may differ, so it is advisable to refer to the official CFA Institute website for the latest and most comprehensive information.
CFA Level 1 Exam Pattern
Level 1 is all about learning the fundamentals. Whether you like the format of a classroom, the convenience of live online classes, or learning at your convenience through pre-recorded videos, you can customize your learning with our CFA coaching packages. According to the CFA exam pattern, the Level I exam comprises 180 multiple-choice questions. The two sessions of the test are scheduled for 135 minutes each. Both sessions need to be attended by the candidates.
- The morning session will be of a duration of two hours and 15 minutes for which the candidate will need to answer 90 multiple-choice questions.
- The afternoon session is two hours and 15 minutes during which the candidate will need to answer the remaining 90 questions of multiple-choice type. The weightage for each question remains the same and there is no negative marking in case of a wrong response.
- The initial session of the exam shall cover topics including Ethics and Professional Standards, Quantitative Methods, Economics, Financial Reporting and Analysis
- The second exam session shall cover the subject matters such as Corporate Issuers, Equity, Fixed Income, Derivatives, Alternative Investments and Portfolio Management.
CFA Level I Topics Weightage
CFA Level I exam involves a broad spectrum of topics that carry a defined weightage towards the final score. It is important for the candidates to know these weightages as they study because they influence study priorities and approaches.
| Topic | Exam weight |
| Ethical and Professional Standards | 15-20% |
| Quantitative Methods | 6-9% |
| Economics | 6-9% |
| Financial Statement Analysis | 11-14% |
| Corporate Issuers | 6-9% |
CFA Level 2 Exam Pattern
Level 2 CFA exam pattern in India is very challenging. Although the question numbers are less, the difficulty level is much higher than Level 1. The questions in Level 2 are vignettes or mini-cases, and the concepts need to be understood in detail. According to the CFA exam pattern, Level 2 will feature item-set questions with vignettes. There will be two testing sessions: a morning session and an afternoon session. The exam will take four hours and twenty-four minutes in total, split into two parts. There is no penalty for incorrect responses, and each question carries three points.
- Every session will run for two hours and twelve minutes.
- There will be four or six MCQs after each set.
- There will be 44 multiple-choice questions in each session.
- The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.
The Level 2 CFA exam has 22 total item sets because each session’s 11 item sets are standardized. Of these 22, 20 questions will be scored, and the two that are on the CFA Institute’s trial won’t be scored. 22 item sets, consisting of vignettes with 88 corresponding multiple-choice questions, make up the CFA Level II test.
CFA Level II Topics Weightage
Every topic included in the CFA test will be covered, and the themes included will be arranged at random. A statement of the topic and overall point value will open each item vignette.
| Topic | Exam weight |
| Equity Investments | 11-14% |
| Fixed Income | 11-14% |
| Derivatives | 5–8% |
| Alternative Investments | 7-10% |
| Portfolio Management | 8-12% |
CFA Level 3 Exam Pattern
Level 3 CFA exam pattern in India is a combination of vignettes and multiple-choice and constructed response items. All items in the CFA exam procedure for level 3 have to be answered with respect to information provided in the vignettes. According to the CFA exam pattern, the Level 3 exam will also have item set questions which will be comprised of vignettes. There will be sets of constructed replies, or essays, in the CFA level 3 exam. There will be two sessions for the exam. The Level III exam will run for four hours and twenty-four minutes in total. There will be two equal sessions for this.
- Level III comprises essay-style problems and item sets.
- Constructed answer (essay) questions in the morning
- There will be an optional break between each class, which will last for two hours and twelve minutes.
- Every question is required.
Before responding to each question, candidates must review the vignette. There will be five built responses and/or six-item sets in each session. There are 11 item sets and 11 essay sets totaling 12 points each on the Level 3 test. Each vignette in the Level 3 CFA exam will open with a statement of the topic and the overall point value, which is always 12 points, the same as in the Level 2 test.
| Session | Time Duration | No. of Questions |
|---|---|---|
| Morning | 2 hours, 12 minutes | The first session will feature vignette-supported essay sets with three response types: essay, numerical entry, and multiple-choice. A multiple-choice format may also be used in the essay portion, with more or fewer than three answer choices. Vignettes will begin with a statement of the topic and total point value. |
| Afternoon | 2 hours, 12 minutes | The second session includes 44 multiple-choice items, each worth 3 points. Each vignette is followed by 4 multiple-choice questions. Vignettes will start with the topic and point value. |
| Total | 4 hours, 24 minutes | Essay and multiple-choice questions |
CFA Level III Topics Weightage
The CFA Level III exam focuses on portfolio management and wealth planning, both of which account for a substantial percentage of the weightage of the exam. The format of the exam mainly consists of item set and constructed response (essay) questions. This test the candidates’ ability to show extensive understanding and analytical capabilities.
| Topic | Exam Weight |
|---|---|
| Asset Allocation | 15–20% |
| Portfolio Construction | 15–20% |
| Performance Measurement | 5–10% |
| Derivatives and Risk Management | 10–15% |
| Ethical and Professional Standards | 10–15% |
| Pathways (Portfolio Management or Private Markets or Private Wealth) | 30–35% |
CFA Exam Pattern FAQs
What is the CFA exam pattern?
The CFA exam is a computer-based test (CBT) comprising of 180 multiple choice questions for Levels I and II and constructed responses (essays) and item sets for Level III.
How many sessions do the CFA exams conduct?
Each level of the CFA exam has two sessions. Level I and II are available in the format of multiple choice questions, whereas in Level III, the examinations are in the essay and item set format.
Does the CFA exam use negative marking?
No, none of the levels within the CFA tests use negative marking for an incorrect response to any question.
How long does each session of the CFA test last?
Each session is approximately two hours and twelve minutes in length across all levels. So the level sections would take about four hours and twenty-four minutes collectively to finish up.
How many questions on the CFA Level I test?
The CFA Level I exam contains 180 multiple-choice questions that are distributed in two separate sessions, consisting of 90 for each.
