CMT Level I vs CMT Level II: which level comes next for you?
Level I tests whether you know the tools and theory of technical analysis: 132 questions in 2 hours. Level II tests whether you can apply them to charts, systems and risk: 170 questions in 4 hours. Level II is longer and more applied, and most candidates need more study hours for it. You must pass Level I first, unless you hold a waiver.
CMT Level I vs CMT Level II at a glance
| CMT Level I | CMT Level II | |
|---|---|---|
| Full name | CMT Level I Exam (Chartered Market Technician) | CMT Level II Exam (Chartered Market Technician) |
| Questions | 132 multiple-choice questions (120 scored, 12 unscored trial items) | 170 multiple-choice questions (150 scored, 20 unscored trial items) |
| Time | 2 hours | 4 hours |
| Passing score | Not published. The CMT Association sets a scaled passing standard; practise to 70% or higher | Not published. The CMT Association sets a scaled passing standard; practise to 70% or higher |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | About US$875 to US$1,475 per level by registration window (2026), plus a one-time US$250 program enrollment fee | About US$875 to US$1,475 per level by registration window (2026) |
| Languages | English | English |
| Where | Prometric (test center or ProProctor remote proctoring) | Prometric (test center or ProProctor remote proctoring) |
| Level | CMT Program | CMT Program |
What each exam covers
CMT Level I
- Theory and History of Technical Analysis
- Charts, Trends and Patterns
- Moving Averages and Indicators
- Volume, Breadth and Sentiment
- Cycles, Elliott Wave and Fibonacci
- Statistics, Risk and Ethics
CMT Level II
- Chart Patterns and Trend Analysis in Practice
- Indicators, Confirmation and Divergence
- Cycles, Elliott Wave and Sentiment
- Intermarket and Relative Strength Analysis
- Statistics, System Design and Testing
- Risk Management, Behavioral Finance and Ethics
Which should you take?
Level I tests whether you know the tools and theory of technical analysis: 132 questions in 2 hours. Level II tests whether you can apply them to charts, systems and risk: 170 questions in 4 hours. Level II is longer and more applied, and most candidates need more study hours for it. You must pass Level I first, unless you hold a waiver.
Try both, free
Each free practice test takes about 10 minutes and shows your score by topic. No signup.
FAQ
What is the difference between CMT Level I and CMT Level II?
Level I tests whether you know the tools and theory of technical analysis: 132 questions in 2 hours. Level II tests whether you can apply them to charts, systems and risk: 170 questions in 4 hours. Level II is longer and more applied, and most candidates need more study hours for it. You must pass Level I first, unless you hold a waiver.
Which is harder, CMT Level I or CMT Level II?
CMT Level I: 132 multiple-choice questions (120 scored, 12 unscored trial items) in 2 hours. CMT Level II: 170 multiple-choice questions (150 scored, 20 unscored trial items) in 4 hours. The longer exam covers more ground, but the harder one is the one further from your daily work. Take both free practice tests to see where you stand.
Can I hold both CMT Level I and CMT Level II?
Yes. The three levels are steps toward one charter: you pass Level I, then Level II, then Level III, and you can sit only one level per exam window.
How do I prepare for CMT Level I and CMT Level II?
Start with the free practice test for each, then study by topic. Premium is per exam ($147 a month each), so most people start with the exam they'll sit first and add the second when they're ready.
More comparisons
Exam details are summarized from the CMT Association's published information as of October 2026. Confirm with the CMT Association before you book. CMTQuizBank is not affiliated with the CMT Association or Prometric.