Morgan International | CFA Exam Overview
  1. CFA  >  About the exam

CFA Exam Overview

To earn the CFA® Charter, you need to pass all three exam levels (Level I, Level II and Level III).  Each of these exams focuses on different topics going from basic knowledge of investment tools, analysis with application of investment tools to concepts of analytic methods and much more.

  • Exam Structure & Question Format: 180 MCQs​

  • Exam Length​:
    1) Morning & After Sessions​ - 2.25 hours each​
    2) 90 questions per session​​

  • Exam Topics & Weights:

- Quantitative Methods 8-12% 
- Economics 8-12% 
- Financial Reporting and Analysis 13-17% 
- Corporate Issuers 8-12% 
- Equity Investments 10-12% 
- Fixed Income 10-12% 
- Derivatives 5-8% 
- Alternative Investments 5-8% 
- Portfolio Management 5-8% 
- Ethical and Professional Standards 15-20%

  • Exam Structure & Question Format: Item Set / Vignette​

  • Exam Length​: Morning & Afternoon Sessions​ - 2.25 hours each

  •  ​Exam Topics & Weights:

- Quantitative Methods 5–10% 
- Economics 5–10% 
- Financial Reporting and Analysis 10-15% 
- Corporate Issuers 5–10% 
- Equity Valuation 10-15% 
- Fixed Income 10-15% 
- Derivatives 5–10% 
- Alternative Investments 5–10% 
- Portfolio Management 10-15% 
- Ethical and Professional Standards 10-15%

  • Exam Structure & Question Format: Item Set / Vignette + Constructed Response (Essay)​
  • Exam Length​: Morning & Afternoon Sessions​ - 2.25 hours each ​
  • Exam Topics & Weights:

- Economics 5–10% 
- Derivatives 5–10% 
- Fixed Income 15–20% 
- Equity Investments 10–15% 
- Alternative Investments 5–10% 
- Portfolio Management 35–40% 
- Ethical and Professional Standards 10–15%

Earn Your Charter 

Here is the list of requirements you need to meet



Education

One of the following must be met:
• Have a bachelor’s degree or equivalent
• Be in the 3rd year of a bachelor’s degree program at the time of registration
• Have 4 years of professional work experience
• Or have a combination of professional work and college experience that totals at least four years.

Experience

Must have 4 years of professional work experience in the investment decision making process (accrued before, during, or after the CFA® Program)

Exam

Pass the three-level exam administered by CFA Institute with Level I, II and III offered annually in February, May, August & November

License

  • Pledge to adhere to CFA Institute Code of Ethics and Standards of Professional Conduct
  • Join CFA Institute as a regular member

Are you eligible to start your CFA charter journey?

Take our eligibility quiz to find out 

Start Quiz