The CFA Program consists of a series of three examinations (Levels I, II, and III) that must be taken in succession. The exams are offered only once annually in June, with the exception of Level I candidates, who also have the option of sitting for the exam in December.
Source:
Level I Exam
-- Format: multiple-choice Questions:
-- 240 equally weighted questions
-- Morning Session: 120 questions; Afternoon Session: 120 questions
-- Each question has 3 answer choices
-- On average, 1.5 minutes should be allocated for each question
-- Total Exam Duration: 3 hrs morning session + 3 hrs afternoon session
Level II Exam
-- Format: item set or "mini cases" - Each item set contains a vignette (with an average length of 1.5 pages)
-- Questions: 20 item sets or "mini cases"
-- Morning Session: 10 item sets; Afternoon Session: 10 item sets
-- Each item set has 6 multiple-choice questions
-- Total Exam Duration: 3 hrs morning session + 3 hrs afternoon session
Level III Exam
-- Format: Essay, item sets, and multiple choice
-- Questions:
Morning Session: 12-15 essay questions;
Afternoon Session: 10 item sets and 6 multiple-choice questions in each
-- Total Exam Duration: 3 hrs morning session + 3 hrs afternoon session