How long is the CFA exam?

by | Feb 24, 2025 | Uncategorized

Welcome to TakeMyCFAExam.com. If you're considering the Chartered Financial Analyst (CFA) certification, you’re probably already aware that this is one of the most prestigious designations in the finance industry. One of the most common questions prospective candidates have is: How long is the CFA exam?

We’ve got you covered with all the information you need to plan for your CFA exam journey, from the exam duration to tips on managing your time effectively during each level. Let’s dive in!

The CFA Exam Overview

Before we talk about the exact length of the exam, let’s take a quick look at what the CFA exam is all about.

The CFA exam is divided into three levels: Level I, Level II, and Level III. Each level focuses on different aspects of finance and requires a unique approach to studying. These exams test your understanding of investment tools, portfolio management, ethics, and much more.

Whether you’re just starting with Level I or aiming for that Level III pass, understanding the duration and format of each exam will help you prepare better and reduce exam-day stress.

How Long Is the CFA Exam?

Here’s the breakdown of how long each level of the CFA exam lasts:

Level I:

  • Duration: 6 hours (divided into two 3-hour sessions)

  • Format: 240 multiple-choice questions (120 in the morning session, 120 in the afternoon session)

The Level I exam is designed to test your basic knowledge of the CFA curriculum. You’ll be tested on ethical standards, quantitative methods, economics, financial reporting, and more. This level is all about laying the foundation for the advanced material in Level II and III.

Level II:

  • Duration: 6 hours (divided into two 3-hour sessions)

  • Format: 120 item set questions (60 in the morning session, 60 in the afternoon session)

Level II dives deeper into asset valuation, financial reporting, and complex financial instruments. The exam is challenging, and you’ll need to demonstrate your ability to apply what you’ve learned to real-world scenarios. The item sets require a bit more analytical thinking compared to the multiple-choice questions of Level I.

Level III:

  • Duration: 6 hours (divided into two sessions: 3-hour morning session and 3-hour afternoon session)

  • Format: The morning session is comprised of constructed response (essay) questions, and the afternoon session is made up of item set questions.

Level III is the final stage of the CFA exam and focuses heavily on portfolio management and wealth planning. The morning session will test your ability to respond to essay-type questions, and the afternoon session will focus on item sets similar to those in Level II. Expect to apply your knowledge of all areas, including ethics, to analyze and provide detailed recommendations in various financial scenarios.

What Is Included in the CFA Exam Duration?

Each exam level consists of two parts: a morning session and an afternoon session. Both sessions are designed to test your understanding of the material in different ways.

  • Morning Sessions: These are usually longer and often more challenging. They will test your ability to recall key concepts and apply your knowledge in a written format.

  • Afternoon Sessions: These are shorter but require you to demonstrate a deeper understanding of financial concepts through multiple-choice or item set questions.

In total, each level of the CFA exam lasts 6 hours, with breaks in between the sessions. During the breaks, you’ll have time to recharge, grab a snack, and prepare for the second part of your exam.

Tips for Managing Time During the CFA Exam

Now that you know the duration, let's talk about how you can manage your time effectively during the exam.

  1. Pace Yourself: Each session of the exam lasts for 3 hours. This might sound like a lot of time, but don’t let it lull you into complacency. Keep track of time during each section to ensure you don’t spend too long on one question.

  2. Practice with Timed Mock Exams: The CFA exams can feel like a marathon, so it’s important to practice with timed mock exams. This will help you get used to the pacing and develop strategies for answering questions efficiently.

  3. Don’t Overthink: If you’re unsure about an answer, don’t get stuck on it for too long. The CFA exams are designed to test your knowledge, but they’re also about time management. If you’re unsure, make your best guess and move on.

  4. Take Advantage of Breaks: Use your break time wisely. Stand up, stretch, hydrate, and reset your mind for the next session. A clear and refreshed mind will help you focus and perform better during the second half of the exam.

  5. Get Plenty of Sleep: The night before the exam, make sure you get enough rest. You need to be sharp, and a good night’s sleep will help you perform at your best.

How to Prepare for the CFA Exam

Understanding the exam duration is just one piece of the puzzle. Preparation is key to success. Here are some tips for preparing for each level of the CFA exam:

  1. Start Early: The CFA exams are tough, and preparation requires time. Aim to start studying at least 6 months before your exam date. This will give you ample time to cover the curriculum, practice questions, and review key concepts.

  2. Use Official CFA Institute Resources: The CFA Institute offers a wealth of study materials, including practice exams and study guides. Be sure to use these resources as part of your preparation.

  3. Create a Study Plan: Develop a study plan that outlines what you’ll study each day. Breaking down the material into manageable chunks will help you stay on track and avoid feeling overwhelmed.

  4. Join a CFA Study Group: If you prefer studying with others, consider joining a CFA study group. Discussing complex topics with peers can deepen your understanding and provide motivation.

  5. Take Practice Exams: Taking timed practice exams will help you get used to the pressure of the actual exam day. Practice exams will also help you gauge your readiness and identify areas where you need more work.

FAQs: How Long Is the CFA Exam?

Here are some frequently asked questions about the CFA exam duration:

1. How long is the CFA Level I exam?
The CFA Level I exam lasts 6 hours, divided into two 3-hour sessions (morning and afternoon).

2. Is the CFA exam different for each level?
Yes, the CFA exams differ by level. Each level tests different material, with Level I focused on foundational knowledge, Level II on application and analysis, and Level III on portfolio management and wealth planning.

3. Can I take breaks during the CFA exam?
Yes, there are scheduled breaks between the morning and afternoon sessions. You can use this time to rest, eat, and refresh yourself before continuing with the second part of the exam.

4. How many questions are on the CFA exam?
The CFA Level I exam has 240 multiple-choice questions, Level II has 120 item set questions, and Level III has a combination of essay-type questions in the morning and item set questions in the afternoon.

5. How should I manage my time during the CFA exam?
Time management is key. Ensure you pace yourself during each session, take advantage of breaks, and don’t get stuck on difficult questions. Practicing with timed mock exams can help you develop your pacing strategy.

Conclusion

So, how long is the CFA exam? The answer is simple: 6 hours per level, split into two sessions. But while the exam duration might seem long, proper preparation and time management will ensure you’re ready to tackle it with confidence.

At TakeMyCFAExam.com, we’re here to guide you through the process. From study tips to helpful resources, we’re committed to helping you achieve your CFA goals. If you have any questions or need assistance with your exam prep, feel free to reach out to us. Good luck, and happy studying.