CFA

CFA - Exam Pattern

Chartered Financial Analyst Programme

Pen & Paper Mode

CFA 2021 Exam Pattern:, Level wise exam pattern, Marking Scheme

Updated On - January 12 2021 by Anusha Pachauri

CFA Institute has annouced that from the year 2021 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 2021 Details like Exam Pattern, Syllabus etc.

CFA 2021 Exam Pattern

CFA Exam Pattern 2021 is 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 2021) 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 questionsMultiple Choice Questions (MCQ)
Number of questions240 questions
Marking scheme+3 marks  for each correct answer
SessionsTwo (Morning & Afternoon)

Session wise details of CFA exam in the table given below. The candidates have to appear in both sessions. 

SessionsDetails
Number of QuestionsDuration of Exam

Morning Session

120 questions180 minutes (3 hours)
Afternoon Session120 questions

180 minutes (3 hours)

For Level II (May 2021)

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.
CFA Question Pattern for Level II
Type of questionsMultiple Choice Questions
Number of questions120 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:

SessionsDetails
Number of QuestionsDuration of Exam

Morning Session

10 items set questions180 minutes (3 hours)
Afternoon Session11 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 2021)

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:

SessionsDetails
Number of QuestionsDuration of Exam

Morning Session

12 item set questions180 minutes (3 hours)
Afternoon Session11 item set questions

180 minutes (3 hours)

Level III (morning session) is 180 points.

CFA 2021 Syllabus

The applying candidates can check the syllabus for CFA 2021 on the website of the conducting body. The level-wise syllabus & exam weightage is listed below:

CFA Level I Syllabus (February 2021 and June 2021)

The topics are discussed below with the exam weightage:

TopicExam Weight
Ethical and Professional Standards15%
Financial Reporting and Analysis15%
Quantitative Methods10%
Economics10%
Corporate Finance10%
Equity Investments11%
Fixed Income11%
Derivatives6%
Alternative Investments6%
Portfolio Management6%

Before applying for the exam candidates are advised to go through the curriculum thoroughly.

CFA Level II Syllabus (June 2021)

The level II syllabus is discussed below in the table:

TopicExam Weight
Ethical and Professional Standards10-15%
Financial Reporting and Analysis10-15%
Quantitative Methods5-10%
Economics5-10%
Corporate Finance5-10%
Equity Valuation10-15%
Fixed Income10-15%
Derivatives5-10%
Alternative Investments5-10%
Portfolio Management5-15%

CFA Level III Syllabus ( June 2021)

The topics with their marks weightage are discussed below in the table:

TopicExam Weight
Ethical and Professional Standards10-15%
Economics5-10%
Equity Investments10-15%
Fixed Income15-20%
Derivatives5-10%
Alternative Investments5-10%
Portfolio Management35-40%

 

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Form Start Date:

20 Aug 2020

Form End Date:

23 Feb 2021

The last date to submit the form was on 23 Feb 2021
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