CFA Exam Pattern: Details of Exam Pattern for Level 1, 2 & 3

The CFA Institute sets down the exam pattern for the Charter Financial Analyst (CFA)-2024 exam. The CFA exam is administered in computer-based test mode at various test centers across India. Previously, the exam was the paper-based test mode; however, since 2021, the CFA exam has only been developed in the computer-based test, i.e., CBT mode. The CFA 2024 test will be administered for Level I, Level II, and Level III in CBT mode with different test time durations that are administered on different test dates. Each level of the CFA test has its own test pattern structure; as you progress through the levels, the difficulty increases. Read further for the CFA 2024 exam pattern details. 

CFA Exam Pattern: Level 1

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.

• During each session, the candidate will have two hours and fifteen minutes to answer ninety multiple-choice questions.
• The candidate will be required to attempt ninety multiple-choice questions within two hours and fifteen minutes.
• All the questions have the same weight.
• There is no negative marking for incorrect answers.

CFA Exam Pattern: Level 2

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.

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.

CFA Exam Pattern: Level 3

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

Conclusion

The CFA exam is progressive in structure and tests the knowledge and skills of candidates in three levels. Each level poses a challenge differently for the candidate, and the difficulty increases as one progresses from Level I to Level III. The questions in Level I mainly centre on basic concepts, whereas Level II is more demanding and asks complex analytical questions. Level III is challenging in both constructed responses and item sets. The pattern of the exam at each level is, therefore, considered to be an essential part of effective preparation in as much as it ought to enable candidates to sort out time management and priority areas.

CFA Exam Pattern FAQs

1. What is the CFA exam format?

The CFA exam is a computer-based test (CBT) comprising of multiple choice questions for Levels I and II and constructed responses (essays) and item sets for Level III

2. 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.

3. 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.

4. 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.

5. 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.