How long is each CFA exam level?
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2 Answers
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The CFA exam is given using a computer-based testing environment. If a candidate wants to take the exam, they must go to the CFE exam centre and do so. The CFA exam will include no multiple-choice questions (MCQs)and set-based questions (SBQs). The length of the CFA exam is numbered below:
- Level I: 6 hours
- Level II: 4 hours and 24 minutes (divided into two sessions of 2 hours and 12 minutes each)
- Level III: 4 hours and 24 minutes (divided into two sessions of 2 hours and 12 minutes each)
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CFA exam is conducted in the computer-based test mode. Candidates who wish to appear for the exam need to visit the CFA exam centre and take the exam. There will be sets-based and multiple choice type questions in the CFA exam. Given below is the duration of the each CFA exam level:
- Level I: 6 hours
- Level II: 4 hours and 24 minutes (divided into two sessions of 2 hours and 12 minutes each)
- Level III: 4 hours and 24 minutes (divided into two sessions of 2 hours and 12 minutes each)
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The following test locations for the CFA exam will be opened from November 2025 session:
- Addis Ababa, Ethiopia
- Rabat, Morocco
- Maputo, Mozambique
- Mbabane, Swaziland
- Gurgaon/Gurugram, Haryana, India
- Nashik, Maharashtra, India
- Manipal, Karnataka, India
The CFA exam is conducted at 400 locations globally. Candidates can follow the steps mentioned below to know how to choose the CFA test centre location according to their preference:
- Register for the CFA exam
- Schedule the exam appointment
- View the test centre options along with available seating
- Choose your preferred test centre location as per the planned CBT test centre locations
- Once the location is confirmed, keep checking daily for new appointments that could be added.
Candidates should note the appointments must be scheduled by the deadline (typically 60 days before the start of the exam window). If the candidate does not see available
The following PSM is availabel for the Level 2 CFA exam:
- Analyst Skills
- Python, Data Science and AI
- Python Programming Fundamentals
Candidates should complete their PSM in order to view their CFA result. Each PSM takes about 10-20 hours to complete. The level 1 CFA exam has the following PSMs:
- Financial Modelling
- Python Programming Fundamentals
Three pathways will be released in mid-August 2025 for the Level 3 PSM. These are:
- Practical Macro (Portfolio Management Pathway)
- Due Diligence (Private Markets Pathway)
- Managing Private Wealth Clients (Private Wealth Pathway)
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