The CFA exam map: what each level asks, how long you get and where the marks sit
Level I is 180 three-option multiple-choice questions in two sessions of 135 minutes, about 90 seconds each. Level II is 22 vignette item sets with 88 questions in two sessions of 132 minutes. Level III has 11 item sets and 11 essay sets in two sessions of 132 minutes, with a pathway you choose. Weights are ranges, so use them to share your hours, not to skip a topic.
Candidates often study the topics in the order the books present them and run out of time before the heaviest areas. A one-page map of format and weights, built before you open a chapter, prevents that.
What does each level look like?
The CFA Program has three levels, and each one asks a different kind of question. The numbers below come from CFA Institute's level pages.
| Level | Structure | Time |
|---|---|---|
| Level I | 180 multiple-choice questions, 90 in each session | Two sessions of 135 minutes |
| Level II | 22 item sets of vignettes with 88 multiple-choice questions | Two sessions of 132 minutes |
| Level III | 11 item sets and 11 essay sets, each worth 12 points | Two sessions of 132 minutes |
Level II includes two unscored trial item sets. Level I questions have three options, and the time works out to 90 seconds a question, so a session leaves no room for long deliberation. At Level II, 22 item sets split over two sessions means about 11 in each, so each vignette and its four questions get roughly 12 minutes on average. That figure is arithmetic from the table, not a CFA Institute target, but it is a useful pace to practise against.
Candidates sit the levels in order, and CFA Institute offers Level I four times a year, Level II three times and Level III twice. The cost and booking guide sets out the windows, fees and deadlines.
How do the question formats differ?
| Format | What you do |
|---|---|
| Multiple choice (Level I) | Choose one answer from three options, about 90 seconds each |
| Vignette item set (Levels II and III) | Read a case, then answer several multiple-choice questions about it |
| Essay set (Level III) | Read a case and write short constructed answers and calculations |
The change from Level I to Level II is the one that surprises people most. At Level I a question tests whether you know a concept. At Level II every question sits inside a vignette, so you must find the relevant facts in a page or two of text, decide which concept applies and then calculate. Level III adds written answers, which reward short, structured reasoning rather than long prose. Practise the format of your own level, and keep a few minutes spare in every session.
What are the ten Level I topics?
Level I and Level II share the same ten topic areas. In plain English:
| Topic | Scope |
|---|---|
| Ethical and Professional Standards | The Code of Ethics, the Standards of Professional Conduct and how to apply them to cases |
| Quantitative Methods | Time value of money, statistics, probability, regression and data methods |
| Economics | Demand and supply, growth, policy, exchange rates and trade |
| Financial Statement Analysis | Reading income statements, balance sheets and cash flows, ratios and reporting choices |
| Corporate Finance | Governance, capital budgeting, cost of capital and how companies fund themselves |
| Equities | Markets, indices, market efficiency, industry analysis and valuation |
| Fixed Income | Bond features, pricing, yields, interest rate risk and credit risk |
| Derivatives and Risk Management | Forwards, futures, swaps, options and how they are priced and used |
| Alternative Investments | Private equity, hedge funds, real estate, infrastructure and commodities |
| Portfolio Construction | Risk and return, diversification, CAPM and the portfolio planning process |
The scope column is the book's own summary, not CFA Institute's wording. For the official learning outcomes, download the topic outline for your level and exam year.
Where do the marks sit at Level I?
The 2027 Level I outline gives these weights. The 2027 changes guide compares them with 2026.
| Level I topic (2027 name) | 2027 weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Quantitative Methods | 11–14% |
| Economics | 6–9% |
| Financial Statement Analysis | 11–14% |
| Corporate Finance | 6–9% |
| Equities | 11–14% |
| Fixed Income | 11–14% |
| Derivatives and Risk Management | 6–9% |
| Alternative Investments | 6–9% |
| Portfolio Construction | 8–12% |
Five topics (quantitative methods, financial statement analysis, equities, fixed income and ethics) each carry a weight of at least 10 per cent. Together they make up well over half the exam. No single topic dominates, though, so a weak area anywhere costs marks.
How is Level II weighted?
Level II uses the same ten topics, with one set of weights on CFA Institute's page under the 2027 topic names.
| Level II topic | Weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Financial Statement Analysis | 10–15% |
| Equities | 10–15% |
| Fixed Income | 10–15% |
| Portfolio Construction | 10–15% |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Corporate Finance | 5–10% |
| Derivatives and Risk Management | 5–10% |
| Alternative Investments | 5–10% |
Five topics sit in the 10 to 15 per cent band and five in the 5 to 10 per cent band. Notice that quantitative methods falls back at Level II even though it grows at Level I. Do not assume weights carry over from one level to the next.
What is Level III built from?
Level III combines a shared core with one specialised pathway that you choose when you register. The three pathways are Portfolio Management, Private Markets and Private Wealth.
| Level III area | Weight |
|---|---|
| Asset Allocation | 15–20% |
| Portfolio Construction | 15–20% |
| Performance Measurement | 5–10% |
| Derivatives and Risk Management | 10–15% |
| Ethical and Professional Standards | 10–15% |
| Your pathway: Portfolio Management, Private Markets or Private Wealth | 30–35% |
Your pathway is the largest single block. Pick it with your career in mind, not on a guess about which is easiest, and read CFA Institute's description of each before you register.
How should you use the weights?
Weights are ranges, so use them in three steps.
- Split your hours in proportion to the weights for your level and year.
- Rate yourself from 1 to 5 on each topic and move hours towards your lowest scores.
- Never drop a topic. A 6 per cent topic is still about 11 questions at Level I, and ethics returns at every level.
Lina, in the book, rated herself on all ten Level I topics. She scored 2 out of 5 on fixed income and quantitative methods, so she moved hours towards both, and her practice exams improved most in those two topics.
Two things to settle early
CFA Institute authorises two calculator models for the exam. Buy one early and use it for every practice question, so the keys are second nature on exam day. Also complete your practical skills module well before the exam, because results wait for it. The study plan guide shows where both fit in a dated plan. Chapter 5 of CredenTrek For CFA has the full tables and a self-rating exercise for every topic.
- Download the topic outline for your level and exam year from cfainstitute.org.
- Write the format, time and question count for your level on one page.
- Rate yourself from 1 to 5 on each topic at your level.
- Choose your Level III pathway only after you have read all three descriptions.
Questions readers ask
How many questions are on the CFA Level I exam?
What is a vignette item set?
What are the Level III pathways?
Are the topic weights exact?
- CFA Institute, CFA Program pages
- CFA Institute, Level I, Level II and Level III exam pages
This guide is independent and is not endorsed by CFA Institute. Facts change: confirm them on the official page before you act.