The CFA (Chartered Financial Analyst) examination is taken in three levels Level-I, Level-II and Level-III. The complete process is completed in three steps. Step1 is to pass all the three levels of the CFA exam in succession. Step 2 is to acquire 48 months of "acceptable professional work experience". For work experience to qualify, at least 50% of the time must be directly involved in the investment decision-making process or producing a product that impacts that process. Step 3 is to join the CFA Institute, which includes completing a professional conduct statement and becoming an affiliate of a local chapter. Type of questions in actual exam, Level-II: 20 vignettes with 6 items each. 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.