Level I
Multiple-choice questions across the 10 Level I topic areas.
Each round deals two per topic, no repeats in fresh rounds until you’ve seen them all. About 15 minutes.
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CFA Practice
Level II
Vignette sets — the item-set format.
Each round deals 3 whole sets. The vignette stays pinned while you answer. About 30 minutes.
Level III
Item sets and essay sets with grader checklists.
Each round deals 3 whole sets. Pick your pathway first: Portfolio Management, Private Wealth, or Private Markets.
Choose your Level III pathway
Core sets — the curriculum every pathway shares — are always in the mix.
Portfolio Management
Institutional asset allocation, risk, and performance.
9 specialized sets + the shared core.
Private Wealth
Goals-based planning for individuals and families.
8 specialized sets + the shared core.
Private Markets
Private equity, real assets, and alternatives.
8 specialized sets + the shared core.
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