What are the three levels of the CFA Exam?

The three levels of the CFA Exam are indeed Level I, Level II, and Level III. This structure is designed to build upon the knowledge and skills acquired as candidates progress through each level.

Level I focuses on the basic knowledge and comprehension of investment tools, including foundational concepts in finance, accounting, economics, and ethics. It emphasizes the understanding of the terminology and the principles that underpin the investment industry.

Level II delves deeper into asset valuation and the analysis of investments. It involves applying the concepts learned in Level I to real-world scenarios, requiring candidates to interpret financial information and conduct rigorous quantitative analysis.

Level III is the final stage, which emphasizes portfolio management and wealth planning. It requires candidates to demonstrate their ability to synthesize the knowledge gained from both previous levels and apply it in the context of managing an investment portfolio.

Each level builds upon the last, ensuring a comprehensive understanding of the investment profession, which is crucial for anyone seeking the CFA designation. The other options presented do not accurately represent the established levels of the CFA Exam, making them incorrect.