Is the CFA exam computer based?

Yes. The exams are delivered in proctored test centers. Familiarize yourself with the official software tutorial and the relevant question format before the appointment.

Does Level III have an essay-only session?

No. Both sessions contain item sets and constructed-response sets. Practise both formats within each rehearsal session.

Does completing a Practical Skills Module add questions to the exam?

The PSM is separate from the timed exam. Complete the required module for your level by the results-release deadline so you can receive your result.

Where are the dates and topic weights?

Upcoming exam windows and estimated results periods are listed below. The blueprint page provides the full year-specific topic-weight comparison and direct official outline PDFs.

CFA · Practical guide

CFA exam format: Level 1, 2 and 3 compared

The CFA exam has three different formats: Level I uses 180 standalone MCQs; Level II uses 22 vignette-based item sets with 88 MCQs; Level III mixes 11 item sets and 11 constructed-response sets. All levels have two timed sessions with an optional break.

Level I: 2 × 135 minIndividual MCQs; 270 minutes of exam content.
Level II: 2 × 132 minItem sets; 264 minutes of exam content.
Level III: 2 × 132 minMixed item and essay sets in both sessions.

CFA exam format: Level 1, 2 and 3 compared: quick answers
Level	Questions and sessions	Pacing reference
I	180 MCQs; 90 in each 135-minute session.	90 seconds per question on average.
II	22 four-question item sets; 11 in each 132-minute session.	12 minutes per set, including reading.
III	11 item sets + 11 essay sets; each session has 6 of one type and 5 of the other.	12 minutes per set on average; written subparts vary.

CFA Level III Portfolio Management PDF cover

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Level I: standalone multiple-choice questions

Each question has three choices. Practise moving between definitions, short applications and calculations without needing the preceding question. A 30-question block in 45 minutes is one way to rehearse the published average pace.

For review, separate a knowledge gap from a calculator error or an overread question. Learning the right concept is only one part of readiness; you also need to retrieve it under time pressure and choose between closely related alternatives.

Level II: a shared case for four questions

Twenty item sets are scored and two are trial sets. Treat every set seriously; do not spend time trying to identify trial content. Each vignette supplies the context for its questions.

A useful practice block is three sets in 36 minutes, followed by untimed diagnosis. Record where each input came from. A familiar formula with an unsupported assumption is a reasoning error even if the final answer happens to match a choice.

Level III: item sets and constructed response together

Written sets are mixed with MCQ sets in both sessions. Essay sets contain a variable number of items; “11 essay sets” is not a fixed count of written subquestions. One essay set and one item set are trials.

Train for the change in output: some tasks require choosing an answer, while others require producing a recommendation, reason or calculation. Practise transitions within a single timed block instead of treating written work as a separate untimed subject.

The three pathway options are Portfolio Management, Private Markets and Private Wealth. Choose the curriculum and practice material for your registered pathway, alongside the common core.

Exam duration is not your entire appointment

The totals above measure timed exam content. Check-in, the pledge and tutorial, an optional break, survey screens and exit procedures add time at the center. Use your appointment confirmation to plan travel and arrival.

Do not build a pacing plan around one uninterrupted 270- or 264-minute block. Rehearse two sessions and the intervening break so you can assess concentration and timing in the second session as well as the first.

A rehearsal checklist for any level

Match the form of practice to the form of the exam, then review the decisions that consumed time. The examples below are training choices rather than official requirements.

A rehearsal checklist for any level
Before the timer	During practice	After the timer
Choose material for your exam year and level.	Work without notes and use your familiar approved calculator.	Separate wrong answers from correct guesses.
Set the actual session duration.	Track time across blocks without repeatedly interrupting concentration.	Identify input, model, recall and pacing errors.
Plan the break and second session.	At Level III, answer every requested command directly.	Repair a small number of recurring causes and retest with fresh questions.

Exam windows and expected results periods

CFA exam windows with registration status and estimated results
Level and window	Exact exam dates	Registration at last check	Estimated results period
Level 1 · November 2026	11 Nov 2026 - 17 Nov 2026	Registration closed	22 Dec 2026 - 19 Jan 2027 (estimate)
Level 1 · February 2027	22 Feb 2027 - 28 Feb 2027	Standard registration	4 Apr 2027 - 2 May 2027 (estimate)
Level 1 · May 2027	11 May 2027 - 17 May 2027	Early registration	21 Jun 2027 - 19 Jul 2027 (estimate)
Level 1 · August 2027	15 Aug 2027 - 22 Aug 2027	Not yet open	26 Sept 2027 - 24 Oct 2027 (estimate)
Level 1 · November 2027	13 Nov 2027 - 19 Nov 2027	Registration dates not yet listed	24 Dec 2027 - 21 Jan 2028 (estimate)
Level 2 · November 2026	18 Nov 2026 - 22 Nov 2026	Registration closed	27 Dec 2026 - 24 Jan 2027 (estimate)
Level 2 · May 2027	18 May 2027 - 22 May 2027	Early registration	26 Jun 2027 - 24 Jul 2027 (estimate)
Level 2 · August 2027	23 Aug 2027 - 27 Aug 2027	Not yet open	1 Oct 2027 - 29 Oct 2027 (estimate)
Level 2 · November 2027	20 Nov 2027 - 24 Nov 2027	Registration dates not yet listed	29 Dec 2027 - 26 Jan 2028 (estimate)
Level 3 · February 2027	18 Feb 2027 - 21 Feb 2027	Standard registration	28 Mar 2027 - 25 Apr 2027 (estimate)
Level 3 · August 2027	11 Aug 2027 - 14 Aug 2027	Not yet open	18 Sept 2027 - 16 Oct 2027 (estimate)

Common questions

Is the CFA exam computer based?: Yes. The exams are delivered in proctored test centers. Familiarize yourself with the official software tutorial and the relevant question format before the appointment.
Does Level III have an essay-only session?: No. Both sessions contain item sets and constructed-response sets. Practise both formats within each rehearsal session.
Does completing a Practical Skills Module add questions to the exam?: The PSM is separate from the timed exam. Complete the required module for your level by the results-release deadline so you can receive your result.
Where are the dates and topic weights?: Upcoming exam windows and estimated results periods are listed below. The blueprint page provides the full year-specific topic-weight comparison and direct official outline PDFs.

Sources

Checked 9 Oct 2026 against the primary references below. Official policies govern registration and testing. Teaching examples, study sequences and hour allocations are original editorial guidance, not official questions or guaranteed passing standards.

MiloPrep is independent and is not affiliated with or endorsed by CFA Institute. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Notes

* Exam windows and result estimates: Your appointment is one booked date within the window. Results ranges are estimates from the general 5-9-week policy, not announced release dates. Calendar checked 9 Oct 2026. See blueprints and dates for deadlines, topic weights and announced August 2026 results dates. ↩ Return to content