The CFA Program has three distinct levels, each culminating in examination, which must be taken in order before moving on to the next level. Exam sittings run as follows:
- Level I - February, May, August and November
- Level II - May and November
- Level III - May and November
Paper-based exams last 6 hours. From 2021 onwards, all exams will be computer-based. Each computer-based exam is 4.5 hours long completed over a morning and an afternoon.