About the CFA Exams

The CFA exam is offered at locations throughout the world. Candidates must complete the three levels of exams sequentially. Candidates may register for only one exam at a time. Candidates who fail an exam are encouraged to repeat the level.

Each exam is six hours long and is split between morning and afternoon sessions. There is a two-hour lunch break at the end of the morning session.

The Level I exam is composed of multiple-choice questions and is offered in June and December. Read more about the question formatting conventions used on the Level I exam. The Level II exam is composed of item-set questions and is offered in June only. Read more about the question formatting conventions used on the Level II exam. The Level III exam is composed of item-set and essay questions and is offered in June only. Read more about the item-set and essay question formatting conventions used on the Level III exam.

Candidates must wait to receive their exam results before registering for the next exam because the results will determine whether a candidate must repeat the current level or advance to the next level.

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