CFA® Program exam levels compared
CFA Program includes a series of three exams. Explore the differences to better understand each level.
CFA Program includes a series of three exams: Levels I, II, and III. Each level of the curriculum builds on the prior level and becomes increasingly complex. The table below explains the differences between each exam, so you can prepare accordingly.
| Level I | Level II | Level III | |
| Level requirement | Meet CFA Program enrollment requirements | Pass Level I CFA exam and meet CFA Program enrollment requirements | Pass Level II CFA exam and meet CFA Program enrollment requirements |
| Question format | Multiple choice questions | Vignette-supported multiple choice questions | Vignette-supported essay and multiple choice questions. Choose one of three specialized pathways |
| Exam results availability | Within 5-7 weeks of taking the exam and completion of your Practical Skills Module | Within 5-7 weeks of taking the exam and completion of your Practical Skills Module | Within 6-8 weeks of taking the exam and completion of your Practical Skills Module (beginning with Feb 2025 exam) |
| 10 year average pass rate | 41% | 45% | 52% |
| More information | Level I exam | Level II exam | Level III exam |
| Quick start guide | Level I guide (PDF) | Level II guide (PDF) | Level III guide (PDF) |