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薛老師
5年從事CFA培訓(xùn)經(jīng)驗，善于學(xué)生溝通，能抓住每一個學(xué)生的特點來輔導(dǎo)。
cfa考試是一章一章考嗎？很多初次接觸CFA考試的考生會問這樣的問題？下面小躍就為您詳細解答一下疑問，讓您了解2020年CFA考試形式是什么樣的？
cfa考試是一章一章考嗎？當(dāng)然不是這樣考的，CFA一二三級的考試形式是有區(qū)別的，具體看看：
2020 CFA Level I CFA Exam Structure（2020年CFA一級考試形式和結(jié)構(gòu)）
cfa,cfa培訓(xùn),cfa考試
Exam Structure and Timing（考試結(jié)構(gòu)和時間安排）
Structure: The Level I exam consists of 240 multiple choice questions, split between two 3-hour sessions. Candidates must attend both sessions. [一級考試包括240個多項選擇題，分為兩個上午下午各3小時的考試內(nèi)容部分。 考生必須參加兩個考試部分。]
Morning session (3 hours): 120 multiple choice questions, covering all topics
[上午考試（3小時）：120個多項選擇題，涵蓋所有主題]
Afternoon session (3 hours): 120 multiple choice questions, covering all topics
[下午考試（3小時）：120個多項選擇題，涵蓋所有主題]
Timing: On average you should allow approximately 90 seconds for each multiple choice question. You may need more or less time, depending on the question and how well you understand the topic.
Exam Question Format（考試問題格式）
Multiple Choice Questions
Each item on the Level I multiple choice exam consists of a question, a statement, and/or table and three answer choices: A, B, and C.
Two basic formats are used:
Sentence completion with three unique choices
Questions with three unique choices
Example 1 (Sentence completion)
An analyst suspects that a particular company’s U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. The most likely effect of the appropriate adjustments would be to increase that company’s
return on assets.
debt-to-equity ratio.
interest coverage ratio.
Example 2 (Question)
An analyst suspects that a particular company’s U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. Which of the following is most likely to increase as a result of the appropriate adjustments being made to that company’s financial statements?
Return on assets.
Debt-to-equity ratio.
Interest coverage ratio.
All questions are equally weighted and there is no penalty for an incorrect answer.
2020 CFA Level II CFA Exam Structure（2020年CFA二級考試形式和結(jié)構(gòu)）
Exam Structure and Timing（考試結(jié)構(gòu)和時間安排）
The Level II exam has a total of 20 item set questions:
Morning session: 10 item set questions [上午考試部分內(nèi)容：10個道案例問題]
Afternoon session: 10 item set questions [下午午考試部分內(nèi)容：10個道案例問題]
On the Level II exam, you will have a total of 120 items (20 vignettes with 6 items each) compared to 240 multiple choice items on the Level I exam. [在二級考試中，您將共有120個項目問題（20道題，每個項目6個問題），而一級考試中有240道題。]
The Level II exam is worth 360 points, corresponding to the number of minutes on the exam. The 120 Level II items are equally weighted, 3 points each, with no penalty for incorrect answers.
On the Level II (and III) exams, some topics are covered in the morning session only and other topics are covered in the afternoon session only.
Exam Question Format（考試問題格式）
When you prepare for the Level II exam, remember to review the Level I question format details for multiple choice questions. This same question construction applies to the multiple choices presented in item sets.
Item Set Format
Item sets are sometimes called “mini-cases.” Each item set on the CFA exam consists of a vignette (or case statement) and six multiple choice items (questions).
The length of a vignette ranges from about 1 page to 2.5 pages. The average length of the vignettes on the exam is about 1.5 pages. The longer vignettes are those that include several tables of information, such as for a financial statement analysis, statistics, or fixed-income item set.
The six multiple choice items in each item set can only be answered based on the information in the vignette. Hence, the items are not free-standing (as in Level I), but are drawn from the vignette. You will need to read the vignette before answering the items, and you will need to refer back to the vignette for information. The six multiple choice items can be answered independently of each other, but they do require information provided in the vignette.
Examples of Level II Exam Questions（二級考試問題的樣例）
See some examples of Level II questions below, but remember that the exam is based on the current curriculum. You can expect to see similar questions in terms of structure, format and level of difficulty, but don't expect to see the same questions repeated on future exams.
CFA協(xié)會二級樣題鏈接：https://www.cfainstitute.org/-/media/documents/support/programs/cfa/sample-level-II-itemset-questions.ashx?la=en&hash=9D81E21F18218490AA568A21CD2BA81E3F94F46E
2020 CFA Level III CFA Exam Structure（2020年CFA三級考試形式和結(jié)構(gòu)）
Exam Structure and Timing（考試結(jié)構(gòu)和時間安排）
The Level III exam consists of item set and constructed response (essay) questions:
Morning session: Constructed response (essay) questions (usually between 8 and 12 questions, each with several subparts) with a maximum of 180 points. (The point value for each question is provided in the exam book.)
Afternoon session: 10 item set questions
Exam Question Format
When you prepare for the Level III exam, remember to review the Level II item set question details.
Constructed Response (Essay) Questions
Each essay question has two or more parts (A, B, etc.) and one or both of the following types of designated answer pages:
One type of answer page is an unlined page, clearly labeled for that question part. You are free to write your response as needed on that page.
The other type of answer page has a structured set of boxes. The boxes are clearly labeled for that question part and provide a visual structure to guide you in writing your responses.
Your Essay Exam Book
Read and follow the instructions on the front cover and throughout the exam book.
Page one of the exam book lists all the questions on the exam as well as the topic and the minutes allocated for each question.
The heading where a question begins states the number of parts in that question and the total number of minutes allocated. For example: “Question 2 has two parts (A, B) for a total of 18 minutes”
Instructions in bold print immediately following the question direct you to the designated answer page for each question part. For example: "Answer 2A on page 17”
Examples of Level III Exam Questions（三級考試問題的例子）
Below are examples of Level III item set questions and an actual 2015 Level III essay exam with guideline answers. You can expect to see similar questions in terms of structure and level of difficulty, but don't expect to see the same questions repeated on your exam. Additionally, the format of the answer pages for each question may change from year to year.
cfa考試是一章一章考嗎？當(dāng)然不是這樣考的，CFA一二三級的考試形式是有區(qū)別的，具體看看：
2020 CFA Level I CFA Exam Structure（2020年CFA一級考試形式和結(jié)構(gòu)）
cfa,cfa培訓(xùn),cfa考試
Exam Structure and Timing（考試結(jié)構(gòu)和時間安排）
Structure: The Level I exam consists of 240 multiple choice questions, split between two 3-hour sessions. Candidates must attend both sessions. [一級考試包括240個多項選擇題，分為兩個上午下午各3小時的考試內(nèi)容部分。 考生必須參加兩個考試部分。]
Morning session (3 hours): 120 multiple choice questions, covering all topics
[上午考試（3小時）：120個多項選擇題，涵蓋所有主題]
Afternoon session (3 hours): 120 multiple choice questions, covering all topics
[下午考試（3小時）：120個多項選擇題，涵蓋所有主題]
Timing: On average you should allow approximately 90 seconds for each multiple choice question. You may need more or less time, depending on the question and how well you understand the topic.
Exam Question Format（考試問題格式）
Multiple Choice Questions
Each item on the Level I multiple choice exam consists of a question, a statement, and/or table and three answer choices: A, B, and C.
Two basic formats are used:
Sentence completion with three unique choices
Questions with three unique choices
Example 1 (Sentence completion)
An analyst suspects that a particular company’s U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. The most likely effect of the appropriate adjustments would be to increase that company’s
return on assets.
debt-to-equity ratio.
interest coverage ratio.
Example 2 (Question)
An analyst suspects that a particular company’s U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. Which of the following is most likely to increase as a result of the appropriate adjustments being made to that company’s financial statements?
Return on assets.
Debt-to-equity ratio.
Interest coverage ratio.
All questions are equally weighted and there is no penalty for an incorrect answer.
2020 CFA Level II CFA Exam Structure（2020年CFA二級考試形式和結(jié)構(gòu)）
Exam Structure and Timing（考試結(jié)構(gòu)和時間安排）
The Level II exam has a total of 20 item set questions:
Morning session: 10 item set questions [上午考試部分內(nèi)容：10個道案例問題]
Afternoon session: 10 item set questions [下午午考試部分內(nèi)容：10個道案例問題]
On the Level II exam, you will have a total of 120 items (20 vignettes with 6 items each) compared to 240 multiple choice items on the Level I exam. [在二級考試中，您將共有120個項目問題（20道題，每個項目6個問題），而一級考試中有240道題。]
The Level II exam is worth 360 points, corresponding to the number of minutes on the exam. The 120 Level II items are equally weighted, 3 points each, with no penalty for incorrect answers.
On the Level II (and III) exams, some topics are covered in the morning session only and other topics are covered in the afternoon session only.
Exam Question Format（考試問題格式）
When you prepare for the Level II exam, remember to review the Level I question format details for multiple choice questions. This same question construction applies to the multiple choices presented in item sets.
Item Set Format
Item sets are sometimes called “mini-cases.” Each item set on the CFA exam consists of a vignette (or case statement) and six multiple choice items (questions).
The length of a vignette ranges from about 1 page to 2.5 pages. The average length of the vignettes on the exam is about 1.5 pages. The longer vignettes are those that include several tables of information, such as for a financial statement analysis, statistics, or fixed-income item set.
The six multiple choice items in each item set can only be answered based on the information in the vignette. Hence, the items are not free-standing (as in Level I), but are drawn from the vignette. You will need to read the vignette before answering the items, and you will need to refer back to the vignette for information. The six multiple choice items can be answered independently of each other, but they do require information provided in the vignette.
Examples of Level II Exam Questions（二級考試問題的樣例）
See some examples of Level II questions below, but remember that the exam is based on the current curriculum. You can expect to see similar questions in terms of structure, format and level of difficulty, but don't expect to see the same questions repeated on future exams.
CFA協(xié)會二級樣題鏈接：https://www.cfainstitute.org/-/media/documents/support/programs/cfa/sample-level-II-itemset-questions.ashx?la=en&hash=9D81E21F18218490AA568A21CD2BA81E3F94F46E
2020 CFA Level III CFA Exam Structure（2020年CFA三級考試形式和結(jié)構(gòu)）
Exam Structure and Timing（考試結(jié)構(gòu)和時間安排）
The Level III exam consists of item set and constructed response (essay) questions:
Morning session: Constructed response (essay) questions (usually between 8 and 12 questions, each with several subparts) with a maximum of 180 points. (The point value for each question is provided in the exam book.)
Afternoon session: 10 item set questions
Exam Question Format
When you prepare for the Level III exam, remember to review the Level II item set question details.
Constructed Response (Essay) Questions
Each essay question has two or more parts (A, B, etc.) and one or both of the following types of designated answer pages:
One type of answer page is an unlined page, clearly labeled for that question part. You are free to write your response as needed on that page.
The other type of answer page has a structured set of boxes. The boxes are clearly labeled for that question part and provide a visual structure to guide you in writing your responses.
Your Essay Exam Book
Read and follow the instructions on the front cover and throughout the exam book.
Page one of the exam book lists all the questions on the exam as well as the topic and the minutes allocated for each question.
The heading where a question begins states the number of parts in that question and the total number of minutes allocated. For example: “Question 2 has two parts (A, B) for a total of 18 minutes”
Instructions in bold print immediately following the question direct you to the designated answer page for each question part. For example: "Answer 2A on page 17”
Examples of Level III Exam Questions（三級考試問題的例子）
Below are examples of Level III item set questions and an actual 2015 Level III essay exam with guideline answers. You can expect to see similar questions in terms of structure and level of difficulty, but don't expect to see the same questions repeated on your exam. Additionally, the format of the answer pages for each question may change from year to year.
