CFA Exam Structure & Format

CFA® Programme is divided in three levels. Level I exams are held in June and December. Level II and III exams are only held in June.
One has to pass one exam to move on to the next one. If one fails a level, it can be retaken. There is no limit to the number of times you can take an exam.
Each exam includes morning and afternoon sessions. The Level I questions are all multiple choice. The Level II questions are all item set (or “mini case”) questions. The Level III exams contain essay questions in the morning session and item set questions in the afternoon session.

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