Format of the CFA level 1 exam

The CFA Level 1 Exam consists of 240 multiple-choice questions and is divided into two sessions, with 120 questions asked in the three-hour morning session and 120 in the three-hour afternoon session. Three unique choices will be offered as answers, and test takers must choose the most appropriate answer to the question. Words such as except, true, false, all of the above or none of the above are not used in these multiple choice questions. Because all answers are weighted equally, candidates are not penalized for guessing.

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