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Frequently Asked Questions About the CFA® Exam UPDATED 2022

You are permitted to do scratch work only in the exam book. For Level I, Level II, and the item-set portion of Level III, answers written in the exam book will not be graded. For the essay portion of Level III, answers written on the question pages of the essay book or on pages marked “This Page Intentionally Left Blank” will not be graded. You will be given new exam materials for each session; your morning exam material will not be returned to you in the afternoon. Avoid running out of time without answering all of the questions and do not leave any incomplete.

However, there is an exception to this rule; If you’re in the final year of a Bachelor’s program, you can register for Level 1. However, you must complete the degree to register for Level 2. There are three CFA® exams – Level 1, Level 2, yankee catchers list and Level 3. So, if you want to take the Level 2 exam, you must first pass Level 1. CFA® Institute and is intended to train and evaluate professionals employed by investment banks, research firms, pension funds, and insurance companies.

Each of the three CFA® exams — Level 1, Level 2, and Level 3 — is six hours long. The exams are divided into two sessions of three hours each. One session is held in the morning and the other in the afternoon. But if you’re aiming to break into investment banking, private equity, venture capital, or sales & trading, the CFA is marginally helpful at best. It can be helpful for certain types of hedge funds as well, though it’s certainly not required – in fact, hardly any of my friends in the hedge fund industry actually have the designation. Despite repeatedly warning against taking the CFA and even admitting the few cases where it’s actually helpful, I still get CFA-related questions all the time.

The CFA Exam is no piece of cake, with three individual levels designed to test different parts of your knowledge. Cumulatively, all exam levels can take as long as four or five years to pass. If you are overwhelmed and trying to do some last-minute cramming, you certainly are not alone. Countless CFA hopefuls before you have done the same, and many of them have passed! Even if you are cramming, having a strategy is essential.

For best experience use Chrome, Firefox or Safari. Printed on clean paper, unmarked and to be stayed unmarked throughout the exam. This will let you know where you are supposed to sit and do your thing. Already established professional looking to increase your salary. We’re on your team and are passionate about helping you achieve your career goals, even if it means we don’t make a dime. We believe everybody should be able to make online purchases with confidence.

Additionally, I think the traditional advice of bringing a spare battery is generally not the best, for several reasons. Second, empty batteries are not the only problem calculators can have – stuck or non-working buttons are a common complaint. Get an identical second calculator from either a charterholder, or an ex-candidate (i.e. one that has given up trying). However if you can’t find an identical calculator I would consider batteries – learning how to use a new financial calculator in the middle of an exam isn’t fun. As the following years and levels piled on, I’ve added a few must-bring items of my own.

You will be asked to take an optional 30-minute break after the morning session. When you are ready to exit the room, notify the attendant, and gather your locker key and passport. You will not be allowed to eat or drink in the testing center.