CFA考试动态
发布时间：2019-08-22
2020年CFA一二三级考试形式（官网公布）
虽然2019年CFA一二三级考试科目权重都发生变化，但是2020年CFA一二三级考试形式（官网公布）基本保持不变，下面内容来源CFA协会官网，帮助大家梳理一下考试形式和结构，利于了解考试难度和复习备考安排。
2020 CFA Level I CFA Exam Structure（2020年CFA一级考试形式和结构）
Exam Structure and Timing（考试结构和时间安排）
Structure: The Level I exam consists of 240 multiple choice questions, split between two 3-hour sessions. Candidates must attend both sessions. [一级考试包括240个多项选择题，分为两个上午下午各3小时的考试内容部分。 考生必须参加两个考试部分。]
Morning session (3 hours): 120 multiple choice questions, covering all topics
[上午考试（3小时）：120个多项选择题，涵盖所有主题]
Afternoon session (3 hours): 120 multiple choice questions, covering all topics
[下午考试（3小时）：120个多项选择题，涵盖所有主题]
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（考试问题格式）
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二级考试形式和结构）
Exam Structure and Timing（考试结构和时间安排）
The Level II exam has a total of 20 item set questions:
Morning session: 10 item set questions [上午考试部分内容：10个道案例问题]
Afternoon session: 10 item set questions [下午午考试部分内容：10个道案例问题]
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. [在二级考试中，您将共有120个项目问题（20道题，每个项目6个问题），而一级考试中有240道题。]
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（考试问题格式）
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（二级考试问题的样例）
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.
2020 CFA Level III CFA Exam Structure（2020年CFA三级考试形式和结构）
Exam Structure and Timing（考试结构和时间安排）
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（三级考试问题的例子）
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协会二级样题链接：
温馨提示：2020年6月CFA一阶段报名10.2截止，准备报名的考生合理安排时间，以免错过最佳的优惠阶段。
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