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What is CFA Exam?

Gain insights into the Chartered Financial Analyst (CFA) exam and learn how to advance your career in finance.

CFAMar 14, 202639 min read
What is CFA Exam?

Chartered Financial AnalystCFA Exam Practice Test 2026

The CFA Exam consists of a series of three examinations (Levels I, II, and III) to be taken successively. Exams are given only once a year in June, except for Level I applicants, who also have the opportunity to take the test in December. The number of times you can take each exam is not limited, and you can spend as much time since you have to pass the exam.

The CFA Level 1 exam consists of basic knowledge and understanding questions based on investment instruments, while the CFA Level 2 examination includes more complex analysis and emphasis on asset valuation.

The CFA Level 3 exam incorporates all concepts and analytical methods in several applications for effective portfolio management and capital planning.

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CFA Practice Test Questions

Prepare for the CFA Practice Test exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.

CFA Practice Test

Practice CFA Practice Test questions. 25 questions to test your knowledge.

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Ethical and Professional Standards
15
10-15/mo10-15
Quantitative Methods
12
5-10/mo0
Economics
10
5-10/mo5-15
Financial Reporting and Analysis
20
15-20/mo0
Corporate Finance
7
5-15/mo0
Equity Investments
10
15-25/mo5-15
Fixed Income
10
10-20/mo10-20
Derivatives
5
5-15/mo5-15
Alternative Investments
4
5-10/mo5-15
Portfolio Management
7
5-10/mo40-55
Total
100
100/mo100
Level 1
Level 2/moLevel 3
Exam Structure
240 multiple choice questions
20–30 vignettes supporting 120 multiple choice questions/mo20–30 vignettes supporting a variable number of constructed response and multiple choice questions
Exam Duration
Morning session: 3 hours; 120 questionsAfternoon session: 3 hours; 120 questions
Morning session: 3 hours; 10–15 vignettes supporting 60 questionsAfternoon session: 3 hours; 10–15 vignettes supporting 60 questions/moMorning session: 3 hours; 8–15 vignettes supporting constructed response questionsAfternoon session: 3 hours; 10–15 vignettes supporting 60 multiple choice questions
Question Format
Multiple-choice questions
Vignette-supported multiple-choice questions/moVignette-supported constructed response questions and vignette-supported multiple-choice questions
CFA Results Availability
Within 60 days of taking the exam
Within 60 days of taking the exam/moWithin 90 days of taking the exam
CFA Pass Rates
CFA Level 1 passing score43%
CFA Level 2 passing score45%/moCFA Level 3 passing score56%