The CFA program is divided into three levels. Each level tests a different area of financial analysis, investment, and professional ethics. Level I focuses on basic knowledge and comprehension of financial principles, such as accounting, economics, and financial reporting. The exam format for Level I is multiple choice.
Level II entails more advanced concepts and focuses on the application of financial concepts and tools in analyzing asset classes and investment portfolios. The item sets that have questions rely on a case study. Level III represents the last level of learning, which is focused on portfolio management and wealth planning. This exam at this level would consist of item sets as well as constructed response questions, targeting the candidate's ability to integrate knowledge into practical scenarios. Successful completion of the CFA program requires passing all three levels, and this is typically completed over several years.