The Top 10 Differences between Level I and Level II of the CFA® Exam
A frequent topic of discussion among CFA® charter candidates is how one level of the exam compares to the next. The near-universal consensus is that Level II is a significant step up from Level I in a number of ways. The following ten points outline some of the major differences a candidate will encounter between Level I and Level II of the CFA exam:
At Level I, questions are normally defined using only a brief self-contained question stem, such as: “The period of time within which a hedge fund must fulfill a redemption request is called…”
9. Item set format
The Level I CFA exam consists of 240 discrete standalone questions, and each of these questions is unrelated to the others. By contrast, the Level II exam is organized as 20 “item sets,” each based on a shared common vignette and containing 6 sub-questions
One convenient characteristic of the Level I exam is it is offered in two sittings per year—one in June and another in December.
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