Level I
Level I
270 minutes · Stand-alone multiple choice
- Ethical and Professional Standards (10–15%)
- Quantitative Methods (11–14%)
- Economics (6–9%)
- Financial Statement Analysis (11–14%)
- Corporate Finance (6–9%)
CFA Program home
Turn the CFA curriculum into investment decisions you can defend.
Build from Level I concepts to Level III portfolio judgment with one home for curriculum weights, item formats, worked reasoning, and targeted review.
Sign up for CFA
Create your account. No card required to start Free.
Fixed incomeQuestion-bank sample
To estimate the monetary loss from a 25 basis point yield increase, an analyst multiplied portfolio money duration directly by 25. The analyst should have instead:
Choose an answer to see the calculation or professional judgment behind it.
From the MiloPrep question bank. Independently authored practice, not official exam items.
Three level homesMCQ, item sets, and essaysCurriculum-weighted topicsOfficial sources linked
Know the exam
The CFA Program
Three sequential levels, each with its own curriculum weights, question format, and study path.
Components
3
Average component time
266 min
Question delivery
3 distinct formats
Level II
Level II
264 minutes · Item sets (vignette + multiple choice)
- Ethical and Professional Standards (10–15%)
- Quantitative Methods (5–10%)
- Economics (5–10%)
- Financial Statement Analysis (10–15%)
- Corporate Finance (5–10%)
Level III
Level III
264 minutes · Item sets + constructed-response sets
- Ethical and Professional Standards (10–15%)
- Specialised Pathway (Portfolio Management, Private Markets, or Private Wealth) (30–35%)
- Asset Allocation (15–20%)
- Portfolio Construction (15–20%)
- Performance Measurement (5–10%)
Structure and topic allocations are checked against the official sources linked below.
The CFA study loop
Practice the decision process behind the formula
CFA questions reward the candidate who can select the right model, apply it to the vignette, and interpret the result. Review should identify which of those steps failed.
Ethics application, not slogan recall
Practise duty-of-care conflicts and disclosure timing. The stem usually turns on one missing disclosure.
Vignette fact locating (Level II)
Underline only the numbers and constraints each item needs. Extra vignette colour is often a distractor.
Pathway-weighted Level III writing
Budget study time for your specialised pathway. It is a large share of the Level III exam.
After one miss
Fixed income
Money duration measures price sensitivity in currency units, and the estimated change in value is given by ΔPV ≈ −MoneyDur × Δy, where the change in yield (Δy) must be expressed in decimal form. For a 25 basis point increase, Δy = 0.0025. Multiplying by 25 directly overstates the monetary impact by a factor of 10,000.
Published area
Reasoning step
Distractor pattern
Time pressure
Your next focused block
Review the broken step, then test it in a new context.
- 1
Ethics application, not slogan recall
Practise duty-of-care conflicts and disclosure timing. The stem usually turns on one missing disclosure.
- 2
Vignette fact locating (Level II)
Underline only the numbers and constraints each item needs. Extra vignette colour is often a distractor.
- 3
Pathway-weighted Level III writing
Budget study time for your specialised pathway. It is a large share of the Level III exam.
One connected loop: answer, diagnose, review, and retest.
A realistic study path
Build the work in the order this exam requires
- 01
Lock Ethics and the heavy Level I weights first
Ethics and Financial Statement Analysis carry wide bands at Level I. Build those before you chase every Quant formula.
- 02
Learn formulas with a one-line purpose
For each formula, write what decision it supports. Blind memorisation fails when the stem changes the inputs.
- 03
Move to item-set reading discipline at Level II
Practise locating the fact that changes each question inside the vignette. Do not answer from topic memory alone.
- 04
Train constructed response for Level III
Answer the command word. Graders reward numbered, direct responses more than long-form prose.
- 05
Sit full two-session mocks
Match the official session lengths. Review misses by topic weight so weak high-weight areas get the next study block.
CFA topic weights
Published weight ranges or scored-question allocations from the awarding body. Use them to budget study time - larger areas deserve calendar priority.
Level I
| Topic | 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% |
Level II
| Topic | Weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Financial Statement Analysis | 10–15% |
| Corporate Finance | 5–10% |
| Equities | 10–15% |
| Fixed Income | 10–15% |
| Derivatives and Risk Management | 5–10% |
| Alternative Investments | 5–10% |
| Portfolio Construction | 10–15% |
Level III
| Topic | Weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Specialised Pathway (Portfolio Management, Private Markets, or Private Wealth) | 30–35% |
| Asset Allocation | 15–20% |
| Portfolio Construction | 15–20% |
| Performance Measurement | 5–10% |
| Derivatives and Risk Management | 10–15% |
Choose your plan
Start Free, choose monthly billing for flexibility, or save 33% with quarterly billing. Monthly and Quarterly include identical premium access.
Free
$0
A no-card trial, then a permanent daily practice loop
What is included
- 5-day premium-feature trial
- No payment card required
- After the trial: 5 MCQs and 1 practice session per day
- Basic progress tracking after the trial
- No simulation, mock-exam, or weakness-analysis access after the trial
- Free forever
Monthly
$49/ month
Premium access billed month to month
What is included
- Full access to CPA, CFA, EA, CAIA, FRM, CMA, CIA, and CFP
- Full premium practice with unseen-first question selection
- Exam-format simulations and constructed-response practice where applicable
- Video lectures and study materials across every exam library
- Detailed answer and choice-level explanations on supported practice
- Progress, readiness, and weakness analysis
- AI study assistance when that roadmap capability launches
- Cancel before the next billing cycle
Save 33% vs monthly
Quarterly
$99/ 3 months
~$33/mo, billed quarterly
What is included
- Full access to CPA, CFA, EA, CAIA, FRM, CMA, CIA, and CFP
- Full premium practice with unseen-first question selection
- Exam-format simulations and constructed-response practice where applicable
- Video lectures and study materials across every exam library
- Detailed answer and choice-level explanations on supported practice
- Progress, readiness, and weakness analysis
- AI study assistance when that roadmap capability launches
- Cancel before the next billing cycle
One account for all exams. Choose your plan in the app. Monthly and Quarterly include identical premium access; only the billing interval changes.
CFA FAQ
- How many levels are in the CFA Program?
- Three: Level I, Level II, and Level III. You sit them in order.
- What is the Level I format?
- 180 stand-alone multiple-choice questions across two sessions of 135 minutes each, per CFA Institute candidate resources.
- How is Level III different?
- Level III mixes item sets with constructed-response sets and includes a specialised pathway that carries a large weight band. See the topic table on this page.
- Does MiloPrep include all three CFA levels?
- Yes. The all-access plan covers Level I, Level II, and Level III practice under one subscription.
- Where do these CFA format facts come from?
- From CFA Institute candidate resources linked in the official source callout. Topic weights are published as ranges and can change by year.
Start studying
Ready to start studying for CFA?
Create your MiloPrep account and start CFA practice today.
Sign up for CFAOne account for every exam library.