Level I CFA®: The Level I exams include 240 total multiple choice questions, 120 on the morning session (09:00 to 12:00) of the exam and 120 on the afternoon session (14:00 to 17:00). Each multiple choice question is free-standing (not dependent on other questions) and has three possible answers: A, B, and C. All questions are equally weighted and there is no penalty for guessing. The exam is offered twice a year in June and December.
Level II CFA®: The Level II CFA exam consists of 20 item sets — 10 on the morning session of the exam and 10 on the afternoon session. Each item set on the CFA exam consists of a vignette (or case statement) and six multiple choice items (questions). Conducted once a year only in June.
Level III CFA®: The Level III exam uses the essay format in the morning, and the item set format, with 10 item sets, in the afternoon. Conducted once a year only in June
|Topics and Structure||Level I||Level II||Level III|
|Ethical and Professional Standards||15%||10-15%||10-15%|
|Financial Reporting and Analysis||20%||15-20%||0%|
|Activity||Morning Session||Afternoon Session|
|Candidates begin check-in process.||8:00 a.m.||1:00 p.m.|
|Doors close and announcements begin.||8:30 a.m.||1:30 p.m.|
|Timed session begins. (Candidates must remain in the room.)||9:00 a.m.||2:00 p.m.|
|Timed session ends. ( Candidates must remain seated until dismissed.)||9:00 a.m.||2:00 p.m.|
|Payment Details||Program Enrollment (New Candidates only)||Exam Registration||Total Cost|
|14th February 2018||$450 (One time Charges)||$950||$1,380|
|14th March 2018||$1,380||$1,830|