Level I
Available nowStandalone multiple-choice questions across ten topics.
Updated for the 2027 Level I CFA® Program curriculum, including AI and large language models in Quant
3,800+ practice questions · 360+ learning outcomes
CFA® Program exam prep: Levels I, II and III
The CFA Program is three exams taken in order. Each one is a different kind of test, so what you study and how you practise changes as you move up. Here is what each level asks of you, the shape of the paper, and where Charta stands on each.
| Level | What it tests | The paper | Time | On Charta |
|---|---|---|---|---|
| Level I | Knowledge and comprehension | 180 questions | 4 hours 30 minutes | Available now |
| Level II | Application and analysis | 22 item sets | 4 hours 24 minutes | Available now |
| Level III | Synthesis and portfolio management | 11 item sets and 11 essay sets | 4 hours 24 minutes | Available now |
Level I: knowledge and comprehension
Level I asks whether you know the tools and concepts of the curriculum across ten topic areas, mostly through short standalone questions. It is the widest of the three: a little of everything, with the weight on ethics, quantitative methods, financial statement analysis and fixed income and equity.
The paper: 180 questions in 2 sessions, 4 hours 30 minutes of testing. See the 2027 Level I syllabus.
Level II: application and analysis
Level II asks you to apply the tools, mostly to valuing assets, through item sets: a short case, then several questions on it. The topics are the same families as Level I, studied in more depth and tested on a case rather than a definition.
The paper: 22 item sets in 2 sessions, 4 hours 24 minutes of testing. See the 2027 Level II syllabus.
Level III: synthesis and portfolio management
Level III asks you to bring the Program together to build and manage portfolios for clients. It adds constructed-response (essay) questions to the item sets, and a pathway you choose: portfolio management, private wealth or private markets.
The paper: 11 item sets and 11 essay sets in 2 sessions, 4 hours 24 minutes of testing. See the 2027 Level III syllabus.
Where each level stands on Charta
Level II
Available nowItem sets: a short case, then four questions on it.
Written for the 2027 Level II CFA® Program curriculum
1,600+ practice questions · 380+ learning outcomes
Level III
Available nowItem sets and constructed-response (essay) questions.
Written for the 2027 Level III CFA® Program curriculum
820+ practice questions · 300+ learning outcomes
How Charta works for the CFA
A short diagnostic finds what you do not know yet, and your study plan, practice and reviews are built from it. Every wrong answer is explained, every learning outcome has a note and a worked example, and mock exams run on a real clock. One plan covers every level and every exam on Charta.