CFA Exam Levels | Level I, Level II and Level III

Exam Structure

CFA exam levels at a glance

Use the three level cards below to understand the purpose of each CFA Program level without going into the full syllabus. Select the level you are preparing for and continue to a focused preparation page.

Choose your CFA level

01

Foundation Level

Level 01 Level I

Learn and describe investment foundations

CFA Level I is the entry point into the CFA Program exam sequence. It tests foundational investment knowledge through multiple-choice questions and helps candidates build fluency in the core language, tools and ethical standards of the investment profession.

Best for candidates beginning the CFA Program or consolidating the fundamentals of investment analysis.
Covers the foundation across ethics, quantitative methods, economics, financial statement analysis, corporate issuers, portfolio management and major asset classes.
Focuses on recognizing concepts, applying formulas, understanding key terms and building the base needed for Level II.

Open CFA Level I Page

02

Application Level

Level 02 Level II

Analyze and evaluate realistic investment scenarios

CFA Level II builds on Level I and moves candidates into deeper application, analysis and valuation. The exam uses vignette-supported multiple-choice item sets, so candidates must interpret case information and apply investment concepts in context.

Suitable for candidates who have passed Level I and are ready for more demanding analysis and valuation work.
Uses the same broad topic architecture as Level I, but with stronger emphasis on valuation, interpretation, judgment and scenario-based application.
Prepares candidates for Level III by developing the ability to connect data, assumptions and professional reasoning.

Open CFA Level II Page

03

Final Level

Level 03 Level III

Integrate and apply portfolio management judgment

CFA Level III is the final exam level. It emphasizes portfolio management, wealth and institutional decision-making, and the integration of concepts into real-world scenarios. Candidates answer a mix of vignette-supported essay and multiple-choice questions and choose one of three specialized pathways.

Designed for candidates who have passed Level II and are preparing for the final CFA Program exam stage.
Focuses on integrating investment tools, asset allocation, risk management, ethics, client objectives and portfolio construction.
Includes a specialized pathway choice: Portfolio Management, Private Wealth or Private Markets.

Open CFA Level III Page

How to progress

How candidates should read the CFA route

Follow the sequence below to understand how the CFA Program develops from investment foundations to valuation analysis and final portfolio-management judgement.

01

Start with Level I

Build the ethical, quantitative, financial reporting, economics and investment-tool foundations needed for CFA study.

›

02

Move to Level II

Apply accumulated knowledge to case-based item sets, deeper analysis and valuation problems.

›

03

Finish with Level III

Integrate asset allocation, portfolio construction, ethics, client objectives and pathway-specific professional judgement.

Common Questions

Frequently asked questions

Brief answers for candidates who want to understand the current CFA Program exam structure before choosing a level page.

How many levels are in the current CFA Program exam?

The current CFA Program exam structure has three sequential levels: Level I, Level II and Level III.

What is the main focus of CFA Level I?

Level I focuses on learning and describing the foundational concepts, formulas, ethical standards and investment tools used across the investment profession.

What is the main focus of CFA Level II?

Level II focuses on analysis, evaluation and valuation. Candidates work through vignette-supported item sets and apply accumulated knowledge to investment scenarios.

What is the main focus of CFA Level III?

Level III focuses on integrating and applying investment concepts to portfolio management, wealth management and institutional decision-making. It also includes a specialized pathway choice.

Which specialized pathways are available at CFA Level III?

The Level III specialized pathways are Portfolio Management, Private Wealth and Private Markets.

How do I continue from this overview?

Choose the CFA level that matches your current preparation point. Each level button opens a dedicated preparation page in a new tab.

CFA Program (Chartered Financial Analyst): 3 ProfessionalLevels