Now enrolling: This program is live — 3,000 original Level I questions at CFA Institute’s 2027 topic weights, in the real three-choice format. Enroll today and start with the free sample exam.
The CFA Program is CFA Institute’s three-exam path to the Chartered Financial Analyst® charter. Level I is 180 standalone multiple-choice questions in two 135-minute sessions. Level II is 88 multiple-choice questions grouped into 22 vignette-based item sets in two 132-minute sessions. Level III mixes 11 item sets with 11 constructed-response (essay) sets across two 132-minute sessions, and adds a choice of three specialized pathways. Each level is passed against a Minimum Passing Score that CFA Institute sets per administration — it is not a published percentage. PassProfessor’s Level I program — the first program in our CFA suite to open — prepares you for Level I against that same format and the 2027 topic weights, with 3,000 original practice questions. Our full breakdown of the real exams is in the CFA exam guide.
What’s included
- 3,000 original Level I practice questions, written from scratch to the topics and 2027 weights CFA Institute publishes — including 1,233 calculation items with worked solutions in the explanations.
- Three answer choices on every question (A–C) — the real Level I format.
- Topic drills for all 10 topics, plus full practice exams of 180 questions drawn fresh at the 2027 weights every time you sit one — questions you have not seen come first, and you never sit the same exam twice.
- A free 12-question sample exam — no enrollment required.
- 12 months of access for $149. Level I only — Levels II and III are separate programs on the PassProfessor roadmap.
What the program covers
Level I’s job: breadth, in the real format. Level I rewards breadth and recall of foundational terms, concepts, and formulas — 180 standalone multiple-choice questions with three choices each, across two 135-minute sessions. This program is built for that instrument alone: every question is a Level I question in the real three-choice format, weighted topic-by-topic the way CFA Institute weights the 2027 exam.
Topic weights as CFA Institute publishes them. CFA Institute publishes each topic’s exam weight as a range, not a fixed percentage. This program is built to the 2027 ranges — the weights that apply from the February 2027 window — under which Ethical and Professional Standards is 10–15% of Level I and Quantitative Methods rises to 11–14%. (Sittings through November 2026 still use the 2026 weights; the CFA exam guide shows both tables.) The coverage table below shows the 2027 blueprint this program is built to, so the share of practice a topic gets reflects the share of the exam it can actually be.
Timed, full-length practice at Level I’s real length. Level I allows roughly 90 seconds per question across two 135-minute sessions. Pacing is a separate skill from knowledge. The program includes full-length timed practice exams of 180 questions, drawn fresh at the 2027 topic weights every time you sit one.
The real exams at a glance
Current as of October 2026, per CFA Institute’s CFA Program pages (cfainstitute.org). Full detail — eligibility, the Practical Skills Module requirement, fees, registration, retakes, and test day — is in our CFA exam guide.
| Level I | Level II | Level III | |
|---|---|---|---|
| Focus, in CFA Institute’s words | Learn and describe | Analyze and evaluate | Integrate and apply |
| Question format | 180 standalone multiple-choice questions (3 choices, A/B/C) | 22 item sets: vignettes with 88 multiple-choice questions | 11 item sets (44 multiple-choice questions) + 11 constructed-response (essay) sets |
| Sessions | Two 135-minute sessions (90 questions each) | Two 132-minute sessions (11 item sets each) | Two 132-minute sessions (each mixes item sets and essay sets) |
| Total testing time | 4 hours 30 minutes | 4 hours 24 minutes | 4 hours 24 minutes |
| Scored vs. trialed | All questions count toward the result | 20 of 22 item sets scored; 2 trialed and unscored | 20 of 22 sets scored; 2 trialed (one item set, one essay set) |
| Passing standard | Score at or above the Minimum Passing Score (MPS) set for that administration | Same | Same |
| Extra requirement | Complete one Practical Skills Module (PSM) at this level to receive your result | Complete one PSM at this level (a different module than at Level I) | Complete one PSM at this level, including a pathway-specific module |
| Results | Typically within 5–7 weeks, once the PSM is complete | Typically within 5–7 weeks, once the PSM is complete | Typically within 6–8 weeks, once the PSM is complete |
- There is no published passing percentage. CFA Institute’s Board of Governors sets the MPS for each level; when nothing significant has changed, the MPS is carried across administrations by equating so different versions of the exam demand the same standard. Any source that tells you the CFA pass mark is “70%” is estimating, not quoting CFA Institute — we explain what that means for your study targets in the guide.
- Passing the exams is not the whole charter. To use the CFA designation you must also complete 4,000 hours of qualifying work experience over a minimum of 36 months and become a CFA Institute member, with professional references. The exams are the part preparation controls.
- Successful candidates report studying over 300 hours per level on average, per CFA Institute. Budget for a multi-hundred-hour commitment per level, not a weekend course.
- Every level also requires a Practical Skills Module. A PSM is a 10–20 hour online module (videos, guided practice, case studies) that you may start any time after registering. It is not graded — but if it is not complete by results release, your exam result is voided and you receive no pass or fail. Details are in the guide.
How the practice maps to the real exams
The Level I program is built topic-by-topic on the 2027 weights CFA Institute publishes for Level I. Weights are published as ranges and are shown here exactly as published — a range means the topic’s actual share of a given exam falls somewhere inside it.
Level I — 2027 topic weights (this program’s blueprint)
| Official Level I topic (2027 exam weight) | What the program drills |
|---|---|
| Ethical and Professional Standards (10–15%) | The Code of Ethics, the Standards of Professional Conduct, and GIPS — applied to short scenarios, not just recited |
| Quantitative Methods (11–14%) | Rates and return measures, time value of money, statistical measures, probability — plus the 2027 curriculum’s data-science module — at the exam’s ~90-seconds-per-question pace |
| Economics (6–9%) | Supply and demand, market structures, aggregate output and growth, and the business cycle |
| Financial Statement Analysis (11–14%) | The primary financial statements under IFRS (U.S. GAAP where a question says so), and how accounting choices change the analysis |
| Corporate Finance (6–9%) | Corporate governance, leverage, working capital, and investing and financing decisions |
| Equities (11–14%) | Equity markets and indexes, industry and company analysis, and basic valuation models |
| Fixed Income (11–14%) | Bond features and markets, yield measures, return and risk, securitization, and basic credit analysis |
| Derivatives and Risk Management (6–9%) | Forwards, futures, swaps, and contingent claims — features, valuation basics, and arbitrage |
| Alternative Investments (6–9%) | Hedge funds, private equity, real estate, commodities, and infrastructure — characteristics and diversification roles |
| Portfolio Construction (8–12%) | Return and risk measurement, portfolio planning and construction, investor needs, and the CAPM |
The 2027 weights rename several 2026 topics (Corporate Issuers becomes Corporate Finance; Equity Investments becomes Equities; Portfolio Management becomes Portfolio Construction) and shift the ranges — Ethical and Professional Standards moves from 15–20% to 10–15% and Quantitative Methods from 6–9% to 11–14%, among other changes. The CFA exam guide shows both tables; confirm which curriculum your exam window uses before you finalize a study plan.
How to use it
- Start with the free sample exam, then enroll. Work through the 12-question sample to see the format, then use the topic weights for your level as your study checklist — everything testable traces back to the curriculum those weights describe.
- Pick your level and your window honestly. The levels must be passed in sequence, and retakes are limited (a maximum of six attempts per level, and no more than two attempts in a calendar year, never in consecutive windows). Choose a window you can give 300+ hours to, not the next one on the calendar.
- Start with a timed full-length practice exam. At Level I that shows you your pace against 90 seconds a question, and your per-topic scores show where the drilling belongs.
- Drill by topic, weighted by the ranges. Five topics — Ethics, Quantitative Methods, Financial Statement Analysis, Equities, and Fixed Income — carry well over half of Level I between them. Work your weakest topics inside their real weight — a small topic mastered is worth fewer points than a large topic improved.
- Schedule your PSM early. Registering unlocks your Practical Skills Module; starting it early means the 10–20 hours never sit between you and your result. Then schedule the real exam through CFA Institute when your timed practice is consistently strong across topics.
Frequently asked questions
What is the CFA Program? The CFA Program is CFA Institute’s three-level examination program leading to the Chartered Financial Analyst® charter. Level I covers foundational investment terms, concepts, and formulas; Level II tests analysis and application through case-based item sets; Level III tests integration and portfolio judgment through item sets and written constructed responses. Passing all three levels is one of the requirements for the charter — qualifying work experience and CFA Institute membership are also required.
How many questions are on each CFA exam? Level I has 180 multiple-choice questions, split evenly across two sessions. Level II has 88 multiple-choice questions grouped into 22 item sets — a vignette followed by four questions — across two sessions. Level III has 22 sets in total: 11 item sets with 44 multiple-choice questions, and 11 constructed-response (essay) sets in which you write your answers. At Levels II and III, two of the sets are trialed and do not count toward your score, and you cannot tell which they are.
How long is each CFA exam? Level I is 4 hours 30 minutes of testing — two 135-minute sessions. Levels II and III are each 4 hours 24 minutes — two 132-minute sessions. At every level there is also time for a software tutorial, an optional break between sessions, and a closing survey, on top of the testing time.
What score do I need to pass a CFA exam? You pass by scoring at or above the Minimum Passing Score (MPS) for that level and administration. CFA Institute’s Board of Governors sets the MPS, and CFA Institute does not publish it in advance as a percentage of questions you must answer correctly — so there is no official “70%” figure to aim at. Your result shows your overall scale score against the MPS, which tells you how close you were.
What are the Practical Skills Modules? A Practical Skills Module (PSM) is a required online module at each level — 10–20 hours of videos, guided practice, and case studies on a practical topic such as Financial Modeling or Python Programming Fundamentals. It is not graded, and you may begin it any time after registering. But it must be complete by the time results are released, or your exam result is voided and you receive neither a pass nor a fail. You must complete a different module at each level.
What is the Level III pathway choice? At Level III, alongside the common core every candidate studies, you choose one of three specialized pathways: Portfolio Management, Private Markets, or Private Wealth. The pathway accounts for 30–35% of the exam. All three pathways lead to the same charter — the choice shapes what you study and sit, not the designation you earn.
Do I need a finance degree to start the CFA Program? No. You qualify for Level I with a bachelor’s degree in any field, or as an undergraduate whose selected Level I exam window falls 23 months or less before your graduation month, or with a combination of 4,000 hours of professional work experience and/or higher education acquired over at least three sequential years. Every candidate also needs a valid international travel passport and must be prepared to take the exams in English. The full eligibility rules are in our CFA exam guide.
How much does the CFA Program cost? CFA Institute charges a registration fee per exam, with a lower early-registration rate and a higher standard rate: USD 1,140 early or USD 1,490 standard at Levels I and II, and USD 1,240 early or USD 1,590 standard at Level III, for exams from February 2026 onward. There is no longer a separate enrollment fee — CFA Institute eliminated the one-time USD 350 enrollment fee for those exams. CFA Institute puts the total exam fees for completing all three levels at USD 3,520 to 4,570, depending on registration timing. Fees are as published by CFA Institute as of October 2026; confirm the fee for your window on CFA Institute’s dates and fees page before you register.
Are these the actual CFA exam questions? No. PassProfessor practice questions are written independently, from scratch, to the topics and weights CFA Institute publishes. We never use actual exam questions, recalled exam content, or CFA Institute curriculum text — and CFA Institute’s candidate rules prohibit disclosing or reproducing exam content.
When will the PassProfessor CFA program be available? The Level I program is open now — enroll on this page and start with the free sample exam. Levels II and III are separate programs on the PassProfessor roadmap; each opens when its bank is complete and verified.
Disclaimer
PassProfessor is an independent exam-preparation provider. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. PassProfessor is not affiliated with, sponsored by, or endorsed by CFA Institute, and PassProfessor is not a CFA Institute Prep Provider. This program is exam preparation only and confers no credential; the CFA charter is awarded solely by CFA Institute to candidates who meet all of its requirements. Exam details on this page are general information current as of October 2026 — CFA Institute’s official publications govern if anything here differs from them.