How Long are the CFA® Exams (Level 1, 2, and 3)?

So, you’re thinking about taking the CFA® exam—or maybe you’re already knee-deep in mock exams and just want to know what you’re really in for on test day.

Either way, you’ve landed in the right place.

In this guide, I’ll break down exactly how long each level of the CFA® exam is, what you can expect on exam day, and how to manage your time so you don’t burn out before question #10. Whether you’re just starting your CFA Program or knee-deep in portfolio management, this guide will help you plan your test-day strategy (hopefully, with a little less anxiety).

Key Takeaways

• Each CFA exam level is about 4.5 hours long, with two timed sessions and an optional break in between—so bring snacks and a plan.
• Level I is all multiple choice, Level II introduces case-style item sets, and Level III brings essay questions into the mix.
• You won’t be penalized for wrong answers, so don’t leave anything blank—guessing is better than skipping.
• Mock exams are your best friend—taking at least one full-length practice test under timed conditions can massively improve your pacing.
• Test day is longer than the test itself, so prep for a full-day commitment at the test center with your passport and Texas Instruments BA II in hand.

Quick Answer: How Long is the CFA® Exam?

Each level of the CFA® exam is split into two sessions. Here’s the basic breakdown:

• Level I: 4 hours and 30 minutes (2 sessions of 2 hours, 15 minutes each)
• Level II: 4 hours and 24 minutes (2 sessions of 2 hours, 12 minutes each)
• Level III: 4 hours and 24 minutes (same as Level II)

There’s an optional break between sessions (usually about 30 minutes), but the actual testing time is what you see above. The clock starts when your session begins and stops when time’s up—no pausing or “let me just finish this real quick” moments.

Let’s Talk Level I

Level I is like the “getting to know you” phase of the CFA Program. It’s heavy on the basics—ethics, financial statement analysis, quantitative methods, all that good stuff.

Here’s what you’re up against:

• Format: 180 multiple-choice questions (split evenly across the two sessions)
• Timing: You get roughly 90 seconds per question
• Topics covered: Think big-picture stuff—financial analysis, ethical and professional standards, alternative investments, etc.

I remember going into Level I thinking, “Four and a half hours? I’ve sat through longer movies.” Spoiler: it’s a lot more mentally draining than a movie. You’ll want to practice pacing and know when to move on from a tough question—not spiraling and wasting precious time.

Level II: The Plot Thickens

If Level I is about remembering terms and formulas, Level II is about applying them. This is where things get more case-study-like.

Here’s what to know:

• Format: 22 vignette-based item sets with 88 multiple-choice questions
• Timing: 2 hours, 12 minutes per session (4:24 total)
• Trickier part: You’re not just answering questions—you’re interpreting, calculating, and analyzing, all in a tighter time frame.

This level leans heavily on financial statement analysis and equity valuation. If you’re a speed reader with good critical thinking skills, you’re in luck. If you tend to reread every line three times (me), make sure you build in time to practice reading under pressure.

Level III: You’ve Made It to Essayland

Level III swaps out some of the multiple choice for constructed response questions—AKA, mini essays. You’re also doing more with portfolio management and wealth planning, so it’s less about crunching numbers and more about explaining your decisions.

What you’ll face:

• Format: 11 item sets and 11 essay sets (a 5/6 combo each session)
• Time: Same 4 hours, 24 minutes total
• Challenge: You’ve got to write clearly and concisely, under time pressure, using a stylized response format (don’t worry, the CFA Institute gives examples)

The biggest shock for me? How fast those sessions fly by. Writing an answer in your head is one thing—typing it out with clarity in under 3 minutes is another. The good news? You don’t get docked for incorrect answers (same as Level I and II), so focus on showing what you do know.

CFA® Exam Day: What to Expect

Let’s walk through what your exam day might look like so you’re not caught off guard:

• Arrive Early: You’ll check in with your valid international travel passport, not a driver’s license
• Bring Your Calculator: The CFA Institute only allows two—yes, two models. The Texas Instruments BA II Plus is the most popular.
• Leave Time For The Break: It’s optional, but you’ll probably want it. Eat a snack, drink water, breathe.
• Testing Center Time is Longer Than Exam Time: Between the drive, check-in, waiting, instructions, and break, plan for a 6–8 hour-long day.

💡 Pro Tip: Take at least a couple of full-length mock exams under timed conditions. It’s the best way to prep for the real thing.

How the CFA Institute Structures the Exam

One of the cool things about the CFA Institute is that they give you a breakdown of how each topic area is weighted. The learning outcome statements guide you through what you’re expected to know and how it’ll be tested.

Time pressure is real, but the exam format is predictable. You’ll always know how many questions to expect, how long you have, and the general structure of each session. That’s a win in my book.

Oh, and if you’re wondering about the minimum passing score, the CFA Institute doesn’t release it. But most estimates place it somewhere around 65–70%.

Final Thoughts: So… How Long Is It Really?

The CFA® exams are long, but not impossible. You’re looking at about 4.5 hours of testing time per level, with slight variations for Level II and III.

But the real challenge isn’t just the time—it’s the stamina. You’ve got to be sharp for hours, with barely a moment to zone out. The best way to get there? Practice. Mock exams, time tracking, and a firm grasp of your weak spots.

If you’ve made it this far in the CFA Program, you’ve already proven you’ve got the grit. So take it one session at a time, know what to expect, and plan your test day like the pro you’re becoming.

Want more CFA® tips? Check out how to study for the CFA®.

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