How Long Are The CFA® Exams? (Level 1, 2, and 3)

The CFA® exams are renowned for their difficulty—so much so that Yahoo Finance and Study International rank them among the top 15 most challenging exams in the world.

But just how long are these tests, and how much time does it take to earn the prestigious CFA® charter? Whether you’re considering the CFA® Program or already planning your study schedule, understanding the time commitment is essential—not just for exam day but for the entire journey.

I’ll walk you through the time you’ll spend on each CFA® exam level on test day, break down the exam structure (including question formats), and provide a quick overview of the timeline to complete the entire CFA® Program. By the end, you’ll have a clear picture of what to expect and how to prepare.

Key Takeaways

• Know the Exam Format: Each CFA® exam level has a unique structure, so understanding the format is critical before exam day.
• Time Management is Key: How you pace yourself during each session can make or break your exam performance.
• Different Levels, Different Challenges: From multiple-choice questions to essay responses, each level of the CFA® exam tests your skills in different ways.
• The CFA® Journey Takes Time: Completing all three levels isn’t an overnight task—it requires planning and commitment.
• Plan for the Break: The optional break between sessions can help you reset, refocus, and finish strong.

How Long Are the CFA® Exams on Exam Day?

Each CFA® exam—Level I, Level II, and Level III—is split into two sessions with an optional break in between.

Here’s the exact timing:

• Level I:
  • Two sessions of 2 hours and 15 minutes each
  • Total time: 4 hours and 30 minutes
• Level II:
  • Two sessions of 2 hours and 12 minutes each
  • Total time: 4 hours and 24 minutes
• Level III:
  • Two sessions of 2 hours and 12 minutes each
  • Total time: 4 hours and 24 minutes

While the exams are long, you’ll have a 30-minute optional break between sessions. Use it to reset, hydrate, grab a quick snack, and re-harness that exam-crushing focus.

Exam Structure: What to Expect at Each Level

The CFA® exams progress in difficulty, starting with foundational knowledge in Level I and moving toward advanced portfolio management concepts by Level III. Let’s take a closer look at each level.

Level I CFA® Exam

• Duration: 4 hours and 30 minutes total (2 sessions, 2 hours 15 minutes each)
• Question Format: 180 multiple-choice questions (90 questions per session)
• Focus: Foundational knowledge across topics like:
  • Ethical and Professional Standards
  • Quantitative Methods
  • Financial Reporting and Analysis
  • Investment tools and basic concepts

The Level I Exam tests your foundational financial analysis knowledge with a focus on definitions and identifying formulas. You’ll need to master the art of crushing multiple-choice questions, and for this level, memorization will be crucial for success.

Level II CFA® Exam

• Duration: 4 hours and 24 minutes total (2 sessions, 2 hours 12 minutes each)
• Question Format: 22 vignette-style item sets with 88 multiple-choice questions (11 sets/44 questions per session)
• Focus: Applying investment tools and concepts to real-world scenarios. Key topics include:
  • Financial Statement Analysis
  • Fixed Income Securities
  • Portfolio Management

Level II is all about taking what you learned in Level I and applying it to case-based scenarios. You’ve already done the memorization. Now it’s time to

Level III CFA® Exam

• Duration: 4 hours and 24 minutes total (2 sessions, 2 hours and 12 minutes each)
• Question Format: Each session includes a combination of 5 essay sets and 6 item sets or 6 essay sets and 5 item sets. Essay sets may contain one or more constructed-response questions, while item sets each have 4 multiple-choice questions.
• Focus: Advanced portfolio construction and wealth planning. Key areas include:
  • Pathways (Choose one: Portfolio Management, Private Markets, or Private Wealth)
  • Asset allocation
  • Risk management
  • Performance measurement

The constructed response and pathways sections of Level III make it unique. You’ll need to clearly explain your thought process and justify your answers in essay sets—no guessing your way through this one! Luckily, you’re graded on clarity and accuracy, not whether you’re the next Stephen King.

As for pathways, this accounts for 30-35% of your score, so choose wisely and invest a proportionate amount of study time into acing the CFA®!

How Long Does It Take to Complete the CFA® Program?

While the exams themselves are only a few hours each, earning your CFA® charter takes much longer than the tests alone. Most of your time will be spent studying, but you also have to wait for exam windows to open.

Here’s a general timeline:

1. Study Time: CFA Institute recommends about 300 hours of study for each exam level. Most candidates spread this over 4-6 months.
2. Exam Windows:
   • Level I: 4 times per year (February, May, August, and November)
   • Level II: 3 times per year (May, August, and November)
   • Level III: 2 times per year (February and August)
3. Total Program Duration: On average, it takes 2 to 4 years to pass all three levels.

If you pass one level, you can register for the next available exam window, allowing you to move through the program quickly if you have the study time available. If you can’t go as fast, don’t get too down! A good percentage of professional exam candidates have a full-time job and even families to care for, so it’s better to take the time if you need it.

Exam Day Tips

Knowing how long the CFA® exams are is one thing—making the most of exam day is another. Here are a few tips to set you up for success:

• Know the Format: Familiarize yourself with the types of questions you’ll see (multiple choice, item sets, or essays).
• Time Yourself During Practice: Build the habit of pacing yourself. For example:
  • Level I: You have 2 hrs and 15 minutes to answer 90 questions, so consider spending about 90 seconds per question.
  • Level II: In the Level II Exam, you have 2 hours and 12 minutes to answer 44 questions per session across 11 item sets. That gives you 12 minutes per item set. Consider allocating 6 minutes to reading the questions, then the vignette, and another 6 minutes to answer the 4 multiple-choice questions.
  • Level III: Finally, you have 2 hrs and 12 minutes to answer 6 item sets and 5 essay sets (or swap the numbers). Spend roughly 12 minutes per set. I’d again recommend 6 minutes for reading the vignettes and 6 minutes for answering the questions, but it depends on how fast of a reader you are. Essay sets can vary in questions per set, so the best thing to do is practice and get a good feel for it.
• Bring the Essentials:
  • A valid, unexpired passport
  • CFA®-approved calculators: Texas Instruments BA II Plus or HP 12C
• Use the Optional Break: Step away, hydrate, and reset your focus for the second session.

Final Thoughts

So, now you know that each exam takes around 4 hours and 24 or 30 minutes, with an optional break between equal sessions. But what do you do with that information?

The trick is to know how much time you have so you can practice until that timing becomes second nature. But let’s say 6 minutes on reading vignettes and questions and another 6 minutes answering questions doesn’t work for you. Great! Now you know, and you can adjust as needed.

Now that you know exactly how long the exams are and what to expect, you’re one step closer to deciding if the CFA® journey is right for you—or, if you’re on the journey already, you’re closer to acing your exams and earning your charter!

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