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The CFA Program includes a series of three exams: Levels I, II, and III.

The exams:

  • Are offered annually —at test centers around the world— on the first Saturday in June; the Level I exam is also offered in December
  • Must be passed sequentially
  • Are available in English only
  • The exam content, learning focus, and question format increase in complexity with each level Curriculum Content and Learning Focus
  •  An example showing the increase in complexity is the ethical and professional standards curriculum content; this content is similar for each exam level; however, candidates are asked different types of questions:
    • Level I tests your knowledge of the ethical and professional standards
    • Level II tests how you apply those standards to situations analysts face
    • Level III tests how you apply the standards in a portfolio management and compliance context

In general:

  • Level I exams consists of basic knowledge and comprehension questions focused on investment tools; some questions will require analysis
  • Level II exams emphasize more complex analysis, along with a focus on valuing assets
  • Level III exams require synthesis of all the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning
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