What types of questions can I expect in the CFA exam?
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You’ll find three types of questions tested on the CFA exam:
- Multiple choice questions: Two basic formats are used (sentence completion with three unique choices and questions with three unique choices)
- Item set format (or “mini-cases”): Each item set on the CFA exam consists of a vignette (or case statement) and six multiple choice items (questions)
- Constructed response (essay) question format: One type of essay question requires that you write your answers on the lined page(s) following the question. For these questions, label each part of your answer clearly (A, B, C, or i, ii, iii, etc.). The other type of essay question asks you to provide your answers in a template following the question. Instructions in bold print (immediately preceding the question) direct you to the page number of each template.
The Level I exam consists of 240 multiple choice questions, split among two 3-hour sessions. Candidates must attend both sessions. The Level II exam has a total of 20 item set questions and the Level III exam consists of item set and constructed response (essay) questions.
For more information on the CFA exam, please click here