Candidates must complete the three levels of CFA® examinations sequentially. Candidates who fail an examination must repeat that level until they pass. The Level I and II examinations are composed of multiple choice questions. Level III consist of essays and multiple choice questions. Level I is offered in June and December. Levels II & III are offered only in June.
Candidates may enroll for only one examination at a time. Candidates must wait to receive their examination results before enrolling for the next examination, since the results will determine whether a candidate must repeat the current level or advance to the next level. It can take as little as 2 years to get through the program, but on average it takes about four years.
Visit the CFA Institute website for more information on the CFA Program.