CFA Exam Format: How Each Level Tests You
Three computer-based exams, taken in order, each with its own question style and its own grading against a cohort-based minimum passing score.
The CFA exam is three sequential computer-based tests, each with a distinct format. Level I is multiple-choice; Level II is item-set (vignette) based; Level III pairs constructed-response essay questions with item sets, centred on portfolio management. Results at every level are pass/fail against a minimum passing score (MPS) that CFA Institute sets for each cohort, with pass rates around 45%.
Two structural rules do most of the work in shaping candidate timelines: the levels must be taken in order, and each level's grading is relative to a standard set after the sitting, not a fixed percentage announced in advance.
The Scoring Machinery
- Minimum passing score (MPS)
- The pass threshold CFA Institute sets for each exam cohort. It is not published in advance and is not a fixed percentage, so candidates cannot study to a numeric cutoff.
- Pass/fail result
- You pass or fail a level; there is no graded certificate per level. Around 45% of candidates pass.
- Sequential progression
- Level I must be passed before Level II, and Level II before Level III. The full sequence typically takes 2-4 years.
What Each Format Demands
Level I's multiple-choice format is about coverage and speed: many questions, one concept at a time. Level II's item sets change the unit of work from the question to the vignette; you read a case, then answer a cluster of questions that all depend on having parsed it correctly. Level III's constructed-response section removes the answer options entirely: you write the recommendation, justify it, and are marked on what you produced, which is why practised writing matters there as much as knowledge.
MCQ practice is where Level I preparation starts.
Counts, Timings and Windows: Verify Directly
Question counts, session durations and exam windows are set by CFA Institute and adjusted between cycles. We publish only what we can verify, so confirm those specifics at cfainstitute.org for the cycle you plan to sit.
Planning Around the Format
- checkPrepare Level I with high-volume MCQ practice; it is the format the level uses.
- checkRetrain for vignettes before Level II rather than reusing Level I methods.
- checkAdd timed writing practice for Level III's essay section.
- checkTreat the MPS as a moving bar: aim to be clearly strong across subjects, not near a guessed cutoff.
FAQs
What is the format of the CFA exams?expand_more
All three levels are computer-based and sequential. Level I is multiple-choice, Level II is vignette-based item sets, and Level III combines constructed-response (essay) questions with item sets, focused on portfolio management.
What score do I need to pass a CFA level?expand_more
CFA Institute sets a minimum passing score (MPS) per cohort rather than publishing a fixed percentage. Results are pass/fail, and pass rates run around 45%.
Can I take two CFA levels in one year?expand_more
The levels must be passed in sequence, and overall completion typically takes 2-4 years. Whether two sittings fit in one calendar year depends on the exam windows CFA Institute schedules; check the current calendar at cfainstitute.org.
Next steps
- Levelsarrow_forward
- Pass Rate & Difficultyarrow_forward
- Eligibilityarrow_forward
- CFA Guidearrow_forward
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