Short answer
180 multiple-choice questions with three answer choices each, split into two sessions of 2 hours 15 minutes.
CFA Exam Levels and Format
| Level | Format | Focus |
|---|---|---|
| Level I | 180 multiple-choice questions, 3 answer choices each | Knowledge and comprehension of tools and concepts |
| Level II | Item sets (vignettes with multiple-choice questions) | Application and analysis, especially valuation |
| Level III | Item sets and constructed-response (essay) questions, plus a chosen pathway | Portfolio management and synthesis |
Since 2025, Level III candidates choose a pathway: Portfolio Management, Private Wealth or Private Markets. Levels I and II also require completing online Practical Skills Modules.
USA CFA Exam: Quick Facts
- Administered by
- CFA Institute (computer-based at Prometric centers)
- Levels
- I, II and III, taken in order
- Level I format
- 180 multiple-choice questions, 3 answer choices each
- Level I time
- 4.5 hours (two 2h15m sessions)
- Level I pass rate (2026)
- 45% Feb · 39% May
- Experience
- 4,000 hours over ≥36 months
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Disclaimer: This guide is for general information and is not financial, tax, insurance or investment advice. Exam details, fees, blueprints and product terms change. Confirm with the official organization or a licensed professional. Read our editorial policy.