College of Commerce & Science

Institute of Management Sciences

CFA (USA)

Examination Structure

    Level-I Examination
  • Consists of a 3 hour morning session examination and a 3 hour afternoon session examination on the examination day.
  • All questions in the Level I examination are multiple-choice questions.
  • All work will be covered in both morning and afternoon examinations.
  • Examination opportunities in June and December.

  • Level-II Examination
  • Consists of a 3 hour morning session examination and a 3 hour afternoon session examination on the examination day.
  • The Level II examination is composed of item-set questions. (Item sets are sometimes called “mini-cases.” Each item set on the CFA examination consists of a vignette (or case statement) and six multiple choice items (questions).)
  • All work will be covered in both morning and afternoon examinations
  • Examination opportunities in June only

  • Level-III Examination
  • Consists of a 3 hour morning session examination and a 3 hour afternoon session examination on the examination day.
  • The Level III examination is composed of item-set and essay questions
  • Examination opportunities in June only

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