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CFA Exam Pattern 2025 is prepared by the conducting authority, The Chartered Financial Analyst Institute. Interested candidates can check it out on the official website. There are three levels of CFA Level 1, Level 2, and Level 3 which are conducted as a Computer Based Test (CBT) in an online mode.
The CFA 2025 exam Levels I, II and III have different time durations and will be conducted on different dates. Candidates must note that each level of the CFA exam has a different exam structure and the difficult level rises as the level does.
CFA Exam Pattern 2025: Level 1
According to the CFA test pattern, there are 180 multiple-choice questions in the Level 1 exam. The exam is divided into two sessions, each lasting 135 minutes. Candidates are required to turn up for both sessions.
- In the morning session, which lasts for two hours and fifteen minutes, the candidate must respond to 90 multiple-choice questions.
- The candidate will have 2 hours and 15 minutes in the afternoon session to answer the final 90 multiple-choice questions. There is equal weighting given to each question, and incorrect answers do not receive a deduction in marks.
- Topics including ethics and professional standards, quantitative methods, economics, financial reporting, and analysis will all be covered in the exam's first session.
- Topics including Corporate Issuers, Equity, Fixed Income, Derivatives, Alternative Investments, and Portfolio Management will be covered in the exam's second session.
| Particulars | Details |
| Frequency of the exam | Four times - February, May, August, and November |
| Question Format | Multiple choice questions |
| Medium of Exam | English |
| Exam Level | Post graduate |
| Time Duration | Total 4.5 hours |
| No. of Questions Asked |
Total 180 MCQs Session 1 - 90 MCQs Session 2 - 90 MCQs |
| Marking Scheme | No negative markings |
| Sessions | Split into two sessions - each of 2 hours, 15 minutes |
Also Read: CFA Syllabus 2025
CFA Level 1 Marking Scheme
Candidates must check the table below to know the CFA 2024 Level I marking scheme.
| Topics | Weightage |
| Ethics and Professional Standards | 15%- 20% |
| Quantitative Methods | 6%- 9% |
| Economics | 6%- 9% |
| Financial Reporting and Analysis | 11%- 14% |
| Corporate Finance | 6%- 9% |
| Portfolio Management | 8%- 12% |
| Equity Investment | 11%- 14% |
| Fixed Income | 11%- 14% |
| Derivatives | 5%- 8% |
| Alternative Investments | 7%- 10% |
CFA Exam Pattern 2025: Level 2
Item set questions made up of vignettes will be included on Level 2 of the CFA test. There will be two testing sessions: one in the morning and one in the afternoon.
The exam will have a total duration of 4 hours and 24 minutes, which will be split into two parts.
- There is no deduction for incorrect responses; each question is worth three points.
- Each session will last for two hours and twelve minutes.
- Following each set, there will be four or six MCQs.
- There will be 44 multiple-choice questions in each session.
| Particulars | Details |
| Frequency of the Exam | Thrice - February, August and November |
| Question Format |
Vignette-supported Multiple choice questions |
| Medium of Exam | English |
| Exam Level | Postgraduate |
| Time Duration | 4 hours and 24 minutes (will be divided in two sessions) |
| No. of Questions Asked | 88 |
| Marking Scheme | Each question is worth 3 marks |
| Sessions | 2 sessions of 2 hours and 12 minutes each |
CFA Exam Pattern 2025: Level 3
The Level 3 test will feature item-set questions made up of vignettes, just like the Level 2 exam did. There will be two sessions for the exam. The Level 3 exam will take 4 hours, and 24 minutes to complete in total. This will be split into two sessions equally.
- Level 3 includes multiple-choice and essay-style questions.
- Questions with a constructed response (essay) will be asked in the morning session.
- Each session will last for two hours and twelve minutes, with an optional break.
| Particulars | Details |
| Frequency of the Exam | Twice - February and August |
| Question Format |
Vignette-supported Essay questions Multiple choice questions |
| Medium of Exam | English |
| Exam Level | Postgraduate |
| Time Duration | 4 hours and 24 minutes |
| Marking Scheme | Each question is worth 3 marks |
| Sessions | 2 sessions of 2 hours and 12 minutes each |
CFA Exam Pattern 2025: Level 1 Schedule
The exam schedule for CFA Level 1 2025 exam is tabulated below for the reference of the candidates.
| Sitting | No. of Questions | Time Duration | Topics Included |
| Morning | 90 Multiple choice questions | 2 hours, 15 minutes |
Ethics & professional standards Quantitative methods Economics Financial reporting and analysis |
| Afternoon | 90 Multiple choice questions | 2 hours, 15 minutes |
Corporate finance Equity Fixed income Derivatives Alternative investments and portfolio management |
| Total | 180 Multiple choice questions | 4.5 hours | - |
CFA Exam Pattern 2025: Level 2 Schedule
The exam schedule for CFA Level 2 2025 exam is tabulated below for the reference of the candidates.
| Sitting | No. of Questions | Time Duration | Topics Included |
| Morning | 44 Vignette-supported multiple choice questions | 2 hours, 12 minutes |
Quantitative methods Financial reporting and analysis Economics Ethics & professional standards |
| Afternoon | 44 Vignette-supported multiple choice questions | 2 hours, 12 minutes |
Equity Fixed income Alternative investments and portfolio management Corporate finance Derivatives |
| Total | 88 Vignette-supported multiple-choice questions | 4 hours and 24 minutes | - |
CFA Exam Pattern 2025: Level 3 Schedule
The exam schedule for CFA Level 3 2025 exam is tabulated below for the reference of the candidates.
| Sitting | Time Duration | No. of Questions |
| Morning | 2 hours, 12 minutes |
The first session will be vignette-supported essay sets that have items with three different methods of entering a response: essay, numerical entry, multiple choice. A multiple-choice question format may occasionally be used in the essay portion of the exam and it is possible that there may be more or less than 3 answer choices. Essay set vignettes will begin with a statement of the topic and total point value |
| Afternoon | 2 hours, 12 minutes |
The second session of the CFA Level 3 exam is comprised of 44 multiple choice items, each worth 3 points. Each item set on the CFA exam consists of a vignette followed by 4 multiple-choice questions. Item set vignettes will begin with a statement of the topic and total point value. Each item set will have four multiple-choice items in the set and each one is worth 3 points |
| Total | 4 hours and 24 minutes | Essay questionsMultiple choice questions |
FAQs on CFA Exam Pattern
Q: What is the medium of CFA exam?
A: CFA exams are conducted through English medium.
Q: What is the question format for CFA exams?
A: The Level I and Level II of the CFA exams have multiple choice questions, while the Level III CFA exam has essay-type and multiple choice questions.
Q: What is the exam duration of CFA?
A: The Level I CFA exam lasts for a duration of 4.5 hours, while Level II and III last for a duration of 4 hours and 24 minutes.
Q: Is there any negative marking for CFA exams?
A: No, there is no negative marking for CFA exams, candidates will be awarded 3 marks for each correct answer.
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