CFA Program: Question Types by Level

The CFA Program is a globally recognized investment-management qualification with three exam levels. Each level uses a different question structure, and notably every multiple-choice item has only three options.

Format

Three levels, each computer-based, with three-option multiple choice (A/B/C) at their core.

Sections

Level I

180 standalone multiple-choice questions with exactly three choices (A/B/C); two 135-minute sessions of 90 questions each.

Level II

22 item sets (vignettes), each with 4 multiple-choice questions = 88 questions (20 sets scored, 2 trial); three options each.

Level III

Item-set vignettes — a scenario followed by multiple-choice questions.

Signature question types

Three-option multiple choice (A/B/C)
Item-set vignettes

New to these formats? See the question-type glossary for how each one works.

Is it adaptive?

CFA exams are fixed and linear.

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Frequently asked questions

Why do CFA questions only have three answer choices? ▼

CFA multiple-choice items use exactly three options (A, B, C) — there is no D and no multiple-response. This is consistent across Levels I and II.

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