What is CFA Exam?
Chartered Financial Analyst
CFA Practice Test
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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Getting Started with CFA Certification
What does CFA stand for?
What is the CFA Institute?
What are all subjects in CFA all levels?
|Topic Area||Exam Weights|
|Level 1||Level 2||Level 3|
|Ethical and Professional Standards||15||10-15||10-15|
|Financial Reporting and Analysis||20||15-20||0|
What opportunities does the CFA have?
CFA Test Structure and Format
|Level 1||Level 2||Level 3|
|Exam Structure||240 multiple choice questions||20–30 vignettes supporting 120 multiple choice questions||20–30 vignettes supporting a variable number of constructed response and multiple choice questions|
Morning session: 3 hours; 120 questions
Afternoon session: 3 hours; 120 questions
Morning session: 3 hours; 10–15 vignettes supporting 60 questions
Afternoon session: 3 hours; 10–15 vignettes supporting 60 questions
Morning session: 3 hours; 8–15 vignettes supporting constructed response questions
Afternoon session: 3 hours; 10–15 vignettes supporting 60 multiple choice questions
|Question Format||Multiple-choice questions||Vignette-supported multiple-choice questions||Vignette-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||Within 90 days of taking the exam|
|CFA Pass Rates|
CFA Level 1 passing score
CFA Level 2 passing score
CFA Level 3 passing score
CFA Exam Costs and Registration Fees
|One-time Enrollment Fee||$450 USD|
|Early Registration Fee||$700 USD|
|Standard Registration Fee||$1,000 USD|
|Late Registration Fee||$1,450 USD|
2. Achieve Accredited Job experience – Complete work expertise specifications before, during, or after participation in the CFA program. Your experience should be directly involved in the investment choice-making process or in the development of a work product that adds value to that process.
3. Submit Reference – You will have to provide 2-3 relevant sources to back up your membership application. References will be contacted for comment on your qualifications and work experience.
4. Register to be a Charterholder – Register to be a regular member of the CFA Institute. When your registration has been accepted, and you have joined the CFA Institute, you will have received the CFA Charter.
CFA Scoring System
For all multiple-choice parts in Levels 1, 2, and 3, the exams are machine graded. The essay section of the Level 3 exam is graded by the charterholders of the CFA who travel to Charlottesville, Virginia, to grade these essays.
Once the exams have been graded, the CFA Governing board shall set the CFA minimum passing score (MPS) for each level. The goal of the MPS is to establish a uniform difficulty level and fairness throughout the exams. The MPS has not been released.
Since the CFA Institute does not disclose the MPS, it is impossible to determine your passing grade for each test. You do not get a numerical score when you submit the results of your CFA test. Alternatively, you will receive a:
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Is CFA ethics same for all years?
Why do CFA charterholders pay to remain a CFA member?
What Can You Expect on The Level 3 CFA Exam?
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Is Princeton Review a Best CFA Prep Course?
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How long should you study for CFA level 1?
Why is the CFA Exam Going Computer-Based?
Chartered Financial Analyst jobs?
Is cancelling CFA exam allowed?
CFA Test Dates 2021
CFA Exam Level II 2021 Windows
• May 25–29, 2021
• August 31–September 4, 2021
• November 26–30, 2021
CFA Exam Level III 2021 Windows
• May 25–27, 2021
• September 1–8, 2021
• November 23–25, 2021
CFA Preparation Guide
All three CFA exams are structured as a self-study program, but whether you choose to do it on your own or with the help of a tutor or a study course, there are some things you need to consider to prepare effectively for taking the tests. Here’s the best CFA prep: