The CFA exam has some difficulty, but if you prepare carefully, the chances of passing the exam will also greatly increase. The pass rate of the CFA exam has significantly improved in recent years, so lets take a look together.
The pass rate of the CFA exam in recent years:
1. CFA Level 1 in May 2021: 25%; CFA Level 2: 40%; CFA Level 2: 42%
2. CFA Level 1 in July 2021: 22%;
CFA Level 1 in August 2021: 26%; CFA Level 2: 29%; CFA Level 2: 42%
November 2021 CFA Level 1: 27%; CFA Level 2: 46%; CFA Level 2: 43%
February 2022 CFA Level 1: 36%; CFA Level 2: 44%;
6. CFA Level 1 in May 2022: 38%; CFA Level 3: 49%
7. CFA Level 1 in August 2022: 37%; CFA Level 2: 40%; CFA Level 2: 48%
8. CFA Level 1 in November 2022: 36%; CFA Level 2: 44%;
February 2023 CFA Level 1: 38%; CFA Level III: 48%
May 2023 CFA Level 1: 39%; CFA Level 2: 52%;
CFA Level 1 Exam Question Types
The CFA exam machine is divided into two sessions. The first level exam consists of 180 multiple-choice questions, each lasting 135 minutes. There is an optional rest period between the two exams. Candidates must complete two exams in order to achieve exam results.
The first session (2 hours and 15 minutes): 90 multiple-choice questions covering 4 subjects: ethical and professional standards, quantitative methods, economics, and financial statement analysis.
Session 2 (2 hours and 15 minutes): 90 multiple-choice questions covering 6 subjects: corporate issuers, equity investments, fixed income, derivatives, alternative investments, and portfolio management.
Question format:
Each multiple-choice question in the CFA Level 1 exam consists of a question, a statement and/or table, and three options (A, B, C).
The two basic forms of questions are as follows: all questions have the same score, and no points will be deducted for incorrect answers.
(1) Sentence fill in the blank question, with three options
(2) QA questions with three options
CFA Level 2 Exam Question Types
Each item set up in the CFA exam includes a small illustration, followed by four single choice items (questions). Each section of these two exams has 44 multiple-choice questions, and the entire exam has a total of 88 questions, with each question scoring 3 points.
CFA Level 3 Exam Question Types
The CFA Level 3 exam consists of 22 big questions with 12 points each. These big questions include: 1) Case based multiple-choice questions (11 questions): each big question includes 4 multiple-choice questions, with 3 points for each question; 2) Case based argumentation questions (11 questions): Candidates must choose or provide argumentation based on the information in the case.
(1) The first exam (2 hours and 12 minutes): 11 large questions, both types of questions included, which may be 5 multiple-choice questions based on cases+6 argumentative questions based on cases, or 6 multiple-choice questions based on cases+5 argumentative questions based on cases.
(2) The second exam (2 hours and 12 minutes): 11 large questions, both types of questions included, which may be 5 multiple-choice questions based on cases+6 argumentative questions based on cases, or 6 multiple-choice questions based on cases+5 argumentative questions based on cases.
