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-III: Morning session: Constructed response (essay) questions (usually between 8 and 12 questions. Afternoon session: 10 item set questions.