The CFA or Chartered Financial Analyst program spans three levels that are each set with a corresponding challenging exam. Level I basically deals with an understanding of general finance, investing tools, and ethics. Such a level can comprise 240 multiple-choice questions, which probe your knowledge over a broad gamut of the financial world.
Level II is advanced, and assessment places more emphasis on asset valuation, financial analysis, and application of financial theory. This entails 120 questions that are item-set questions requiring them to apply their mind to analyze and solve complex financial scenarios at Level II. This period starts focusing more on practical application rather than theoretical understanding of concepts.
Level III is the last level, and it focuses on portfolio management, wealth planning, and application of all concepts learned in the previous levels. It has a mix of item-set questions and constructed response, or essay, questions. The CFA exams are rigorous, and it takes a lot of preparation to pass all three levels, which is why this qualification is highly respected in the finance industry.