CFA - Exam Pattern
Chartered Financial Analyst Programme
Form Date: 17 Sep - 08 Nov 2026 (Tentative)
Pen & Paper Mode
Form Date: 17 Sep - 08 Nov 2026
CFA 2027 Exam Pattern: Level wise exam pattern, Marking Scheme
Updated On - September 15 2026 by Abhinandan Singh
CFA Institute has annouced that from the year 2022 CFA will be held in online mode. Chartered Financial Analyst Programme entrance exam for the CFA program which is held twice a year at the universal level. The CFA program is a self-study program divided into three levels (Level I, II, and III). On qualifying, this exam candidate will step towards becoming a CFA charter holder. The candidates can go through the full article below to know more about the CFA Exam 2027 Details like Exam Pattern, Syllabus etc.
CFA 2027 Exam Pattern
CFA Exam Pattern 2027 is yet to be released on the official website CFA Institute. Exam pattern is different for each level of exam. Applicants can check all the relevant details of CFA Exam Pattern from the below mention details:
CFA Level I (February 2022) Exam Pattern
CFA level 1 will be held twice in a year. Given below are the details exam pattern of Level entrance exam
| Type of questions | Multiple Choice Questions (MCQ) |
|---|---|
| Number of questions | 240 questions |
| Marking scheme | +3 marks for each correct answer |
| Sessions | Two (Morning & Afternoon) |
Session wise details of CFA exam in the table given below. The candidates have to appear in both sessions.
| Sessions | Details | |
| Number of Questions | Duration of Exam | |
Morning Session | 120 questions | 180 minutes (3 hours) |
| Afternoon Session | 120 questions | 180 minutes (3 hours) |
For Level II (May 2022)
The candidates can check the level II exam pattern on the official website of CFA institute. The Level II exam has a total of 21 item set questions.
| Type of questions | Multiple Choice Questions |
|---|---|
| Number of questions | 120 questions |
| Marking scheme | +3 marks for each correct answer |
| Sessions | Two sessions (Morning & Afternoon) |
The candidates are advised to check the level II exam pattern for CFA entrance below in the table:
| Sessions | Details | |
| Number of Questions | Duration of Exam | |
Morning Session | 10 items set questions | 180 minutes (3 hours) |
| Afternoon Session | 11 item set questions | 180 minutes (3 hours) |
On the Level II exam, the candidates will have a total of 120 items (18 vignettes with 6 items each and 3 vignettes with 4 items each, for a total of 21 vignettes).
For Level III (May 2022)
The Level III exam consists of an item set and constructed response (essay) and item set questions. This level is conducted only in June. Session wise details are discussed below:
| Sessions | Details | |
| Number of Questions | Duration of Exam | |
Morning Session | 12 item set questions | 180 minutes (3 hours) |
| Afternoon Session | 11 item set questions | 180 minutes (3 hours) |
Level III (morning session) is 180 points.
CFA 2027 Syllabus
The applying candidates can check the syllabus for CFA 2027 on the website of the conducting body. The level-wise syllabus & exam weightage is listed below:
CFA Level I Syllabus (February 2022 and June 2022)
The topics are discussed below with the exam weightage:
| Topic | Exam Weight |
|---|---|
| Ethical and Professional Standards | 15% |
| Financial Reporting and Analysis | 15% |
| Quantitative Methods | 10% |
| Economics | 10% |
| Corporate Finance | 10% |
| Equity Investments | 11% |
| Fixed Income | 11% |
| Derivatives | 6% |
| Alternative Investments | 6% |
| Portfolio Management | 6% |
Before applying for the exam candidates are advised to go through the curriculum thoroughly.
CFA Level II Syllabus (June 2022)
The level II syllabus is discussed below in the table:
| Topic | Exam Weight |
|---|---|
| Ethical and Professional Standards | 10-15% |
| Financial Reporting and Analysis | 10-15% |
| Quantitative Methods | 5-10% |
| Economics | 5-10% |
| Corporate Finance | 5-10% |
| Equity Valuation | 10-15% |
| Fixed Income | 10-15% |
| Derivatives | 5-10% |
| Alternative Investments | 5-10% |
| Portfolio Management | 5-15% |
CFA Level III Syllabus ( June 2022)
The topics with their marks weightage are discussed below in the table:
| Topic | Exam Weight |
|---|---|
| Ethical and Professional Standards | 10-15% |
| Economics | 5-10% |
| Equity Investments | 10-15% |
| Fixed Income | 15-20% |
| Derivatives | 5-10% |
| Alternative Investments | 5-10% |
| Portfolio Management | 35-40% |
Form Start Date:
17 Sep 2026
Form End Date:
08 Nov 2026
Number of days left to submit the form:
50
DAYS
Examination Date (Online):
14 Feb - 20 Feb 2027
Application Fees:
₹ 32,119
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