An overview of the CFA exam format
All three CFA exams, administered by the CFA Institute, are now delivered as computer-based tests at authorised test centres rather than on paper. You answer on screen, with tools such as a countdown timer and, for numeric questions, an on-screen or handheld approved calculator. The overall pattern is consistent in one important way, no negative marking, but the question style differs sharply by level.
Level I pattern
Level I consists of 180 multiple-choice questions divided into two sessions of approximately 135 minutes each, with an optional break in between. Each question is independent and offers three answer choices. Because there is no penalty for wrong answers, you should answer every single question, even if it means an educated guess on the ones you are unsure about.
The questions are spread across all ten topics, weighted according to CFA Institute's published guidance. Time management matters: with roughly 90 questions per session, you have about 90 seconds per question on average.
Level II pattern
Level II moves to an item-set (vignette) format. You are given a case study, often a page or two describing a company, portfolio or economic scenario, followed by a set of multiple-choice questions that all relate to that case. Each vignette bundles several questions, so you must read the material carefully before answering.
This format rewards analytical reading and the ability to locate relevant figures quickly. The exam is again split into two sessions, and the no-negative-marking rule still applies.
Level III pattern
Level III is distinctive because it introduces constructed-response questions, commonly called the essay or written portion, alongside item sets. In the constructed-response section you type your answers, showing your reasoning and, where required, your calculations. This is combined with vignette-based item sets in the same exam.
The essay portion tests your ability to justify decisions in your own words, particularly around portfolio management and client scenarios, which is why Level III preparation feels quite different from the earlier levels.
Pattern comparison at a glance
| Feature | Level I | Level II | Level III |
|---|---|---|---|
| Question type | Standalone MCQs | Item-set MCQs | Essays + item sets |
| Number of questions | 180 MCQs | Vignette-linked MCQs | Constructed response + item sets |
| Sessions | Two (~135 min each) | Two sessions | Two sessions |
| Negative marking | None | None | None |
Exact question counts and session timings for Levels II and III are set by CFA Institute and can be refined over time, so always confirm the current structure on cfainstitute.org before your exam.
What the format means for your strategy
Two practical takeaways flow from this pattern. First, because there is no negative marking, never leave a question blank; a blind guess has positive expected value. Second, the shift from standalone questions to vignettes to essays means your preparation must evolve. Rote memorisation may carry you through parts of Level I but will not suffice for the analytical reading of Level II or the written reasoning of Level III.
To see how the levels build on each other, read CFA levels explained. To understand how these exams are scored, see CFA passing score, and for exam timing, our CFA exam dates and windows guide.