CFA exam format
You progress Level I → Level II → Level III. Ethics appears at every level. Later levels shift from tools to valuation and then to portfolio construction, with Level III offering specialised pathways such as Portfolio Management, Private Markets, or Private Wealth. You progress Level I → Level II → Level III. Use MiloPrep tools to plan hours for CFA alongside practice in the app.
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MiloPrep will cover every CFA sitting under one subscription.
Total sittings
3
Structure
3 levels
Combined content time
798 min
Combined item count
279
Who this fits
Fits you if
- Analysts, portfolio managers, and career-switchers targeting investment management who can commit to a multi-year, three-level sequence.
Skip if
- Candidates who need a US CPA licence, or who only want alternatives depth - CAIA may be the better primary path.
- Also skip if you cannot protect hundreds of study hours across multiple exam windows.
How to use the format numbers
Step 1
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. Tie this stage to the published CFA weights before you expand reading. Watch for: Under-weighting Ethics and Financial Statement Analysis, then losing easy marks on formula-heavy Quantitative Methods under time pressure.
Step 2
Learn formulas with a one-line purpose
For each formula, write what decision it supports. Blind memorisation fails when the stem changes the inputs. Tie this stage to the published CFA weights before you expand reading. Watch for: Reading the vignette once and answering from memory instead of locating the facts that change each item-set question.
Step 3
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. Tie this stage to the published CFA weights before you expand reading. Watch for: Writing constructed-response answers that restate theory without answering the command word, or ignoring the chosen pathway’s weight.
Step 4
Train constructed response for Level III
Answer the command word. Graders reward numbered, direct responses more than long-form prose. Tie this stage to the published CFA weights before you expand reading. Watch for: Under-weighting Ethics and Financial Statement Analysis, then losing easy marks on formula-heavy Quantitative Methods under time pressure.
Step 5
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. Tie this stage to the published CFA weights before you expand reading. Watch for: Reading the vignette once and answering from memory instead of locating the facts that change each item-set question.
Step 6
Match practice blocks to sitting length
At least once a week, practise a continuous block close to published content time. Timing skill decays faster than concept recall.
Format readiness checklist
- Know question format and duration for the next sitting
- Have run one timed block within 20% of published length
- Have practised any non-MCQ format the sitting uses
- Have a pacing plan for the first and last 30 minutes
- Have confirmed break rules on the awarding-body page
- Have listed all 3 sittings on a calendar with recovery gaps
CFA study-week checklist
- Open the CFA hub and mark which sittings you will book first.
- Spend at least one block on Level I high-weight topics.
- Run one mixed set, then log every stem you missed with the correct rule.
- Schedule one timed block near published sitting length this week.
- Revisit one troubleshooting symptom from the hub and apply the next step.
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.
If level i mocks stuck in the mid-50s, Reallocate the next two weeks to your lowest high-weight topics only.
If level ii vignettes feel endless, Build a three-line fact sheet per vignette before you open question 1.
Treat 3 sittings as separate format projects — do not assume one timed mock covers every CFA part.
If mocks are accurate on content but late on the clock, cut new reading and raise timed format blocks for two weeks.
| Part | Focus reminder | Common failure |
|---|---|---|
| Level I | Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-ch | Under-weighting Ethics and Financial Statement Analysis, then losing easy marks on formula |
| Level II | Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessi | Reading the vignette once and answering from memory instead of locating the facts that cha |
| Level III | Portfolio construction and wealth or private-markets application. Eleven item sets plus el | Writing constructed-response answers that restate theory without answering the command wor |
Sitting-by-sitting format
| Part | Format | Questions | Duration | Sessions |
|---|---|---|---|---|
| Level I | Stand-alone multiple choice | 180 | 270 min | 2 |
| Level II | Item sets (vignette + multiple choice) | 88 | 264 min | 2 |
| Level III | Item sets + constructed-response sets | 11 + 11 advanced items | 264 min | 2 |
Confirm numbers on official pages
Session lengths, question counts, and topic weight ranges come from CFA Institute candidate resources. Topic weights are published as ranges and can shift by year. Level III pathway weights apply within the chosen specialised pathway. MiloPrep does not list fees or historical pass rates on this page.
How we review structure facts
MiloPrep cites awarding-body materials for CFA. Fees and pass rates are excluded when they move too often to state as facts.
Stat highlight — sittings
CFA is tracked here as 3 sittings (3 levels). Combined published content time across those sittings is about 798 minutes before breaks — use that to size weekly stamina work, then confirm live rules on CFA Institute.
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Next steps
CFA FAQs
- 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.
- How many sittings does the CFA exam include?
- CFA is structured as 3 levels. On this site we track 3 sittings: Level I, Level II, Level III. Confirm current windows on CFA Institute pages.
- What question format should I expect on CFA Level I?
- Level I uses Stand-alone multiple choice across about 180 scored items, with roughly 270 minutes of content time. Always re-check CFA Institute before you book.