CFA exam format and scoring
Each CFA level is a single computer-based exam of about four and a half hours, split into two sessions. The question style changes at every level, from 180 multiple-choice questions at Level I to a mix of vignette questions and essays at Level III. Scoring is pass or fail, with no published pass mark.
What each level looks like
| Level I | Level II | Level III | |
|---|---|---|---|
| Question style | Stand-alone multiple choice | Vignettes (item sets), each with a case and several questions | Item sets and constructed-response (essay) sets |
| Total | 180 questions | 22 item sets, 88 questions | 11 item sets and 11 essay sets |
| Sessions | Two of about 2 hrs 15 min, 90 questions each | Two of about 2 hrs 12 min, 11 vignettes each | Two of about 2 hrs 12 min, mixing item sets and essays |
| Time per unit | About 1.5 minutes per question | About 12 minutes per vignette | About 12 minutes per set |
| Marked by | Computer | Computer | Computer, plus charterholder graders for essays |
Session lengths are approximate, as CFA Institute and providers report them. Formats are unchanged for the 2027 curriculum.
Level III: pathways and essays
Level III has a core curriculum, which is about 65 to 70% of the exam, plus a specialized pathway: Portfolio Management, Private Wealth or Private Markets. Candidates choose a pathway when they register. The essay answers are marked by hand, which is why Level III results take longer to arrive.
What Level I covers
Level I spans ten topic areas: Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio Management, and Ethical and Professional Standards. Levels II and III revisit the same ground in more depth.
How scoring works
- Pass or fail. You are told whether you passed, not your score.
- No published pass mark. CFA Institute sets a minimum passing score for each exam window, so there is no fixed percentage to aim for.
- A topic breakdown. Your result shows how you performed in each topic area, which is the most useful feedback if you need to retake.
- Results take weeks. Level I and II results usually arrive five to seven weeks after the exam, and Level III a little later.
Because the pass mark is not published, practice-exam percentages are only a rough guide. Providers calibrate their mocks differently, so a score on one is not directly comparable with a score on another.
Common questions
Do I get my actual score?
No. Candidates receive a pass or fail result and a performance breakdown by topic, not a numerical score.
Is the CFA exam on paper?
No. All CFA exams are computer-based and delivered at Prometric test centers.
How soon after Level I can I sit Level II?
You will need your result before you can sit Level II, so check that your Level I result will arrive before the registration deadline for the window you want.