The computer-based exam consists of 180 multiple choice questions, split between two 135-minute sessions. There is an optional break between sessions. Candidates must take both sessions in order to receive an exam result.

Structure: The CFA Level II exam consists of item sets consisting of vignettes with accompanying multiple-choice questions. Each item set on the CFA exam consists of a vignette followed by either 4 or 6 multiple choice items (questions). There will be 44 multiple choice items in each of the two sessions, for a total of 88 for the entire exam, each worth 3 points. Multiple-choice items in each item set must be answered based on the information in the vignette. Hence, the items are not free-standing (as in the CFA Level I exam). You will need to refer back to the vignette before answering each item. Duration: The computer-based exam will be approximately 4.5 hours, split into two sessions with an optional break in-between.

Structure: The Level III exam consists of item sets consisting of vignettes with accompanying multiple-choice items  and constructed response (essay) questions. The first session of the CFA Level III exam consists of 8 to 11 constructed response (essay) questions. Each essay question on the exam consists of a vignette followed by several related items that require a written response. There will be some multiple-choice items in this session, as well. For example, you may be asked a multiple-choice question to select the portfolio (A, B or C) that meets a particular objective, followed by an essay question to justify that response. Essay questions have varying point values. At the start of each essay vignette, the total point value for that essay will be stated. For time management purposes, consider 1 point to equal 1 minute of time to be spent on that essay question. The second session comprises 44 multiple choice items, each worth 3 points. Each item set on the CFA exam consists of a vignette followed by either 4 or 6 multiple choice items (questions). Both essay and multiple-choice items must be answered based on the information in the vignette. Hence, the items are not free-standing (as in the CFA Level I exam). You will need to refer back to the vignette before answering each item. Duration: The computer-based exam will be approximately 4.5 hours, split into two sessions with an optional break in-between.