CMT Level II vs CMT Level III: which level comes next for you?
Level II is all multiple choice and tests applying technical methods. Level III, the capstone, groups linked items and asks mostly for short written answers: you build an analysis, justify it and manage the risk. Level III rewards clear written reasoning, so practise explaining your answers, not just picking them.
CMT Level II vs CMT Level III at a glance
| CMT Level II | CMT Level III | |
|---|---|---|
| Full name | CMT Level II Exam (Chartered Market Technician) | CMT Level III Exam (Chartered Market Technician) |
| Questions | 170 multiple-choice questions (150 scored, 20 unscored trial items) | Grouped items (3 to 7 per group): some multiple choice, most short written answers |
| Time | 4 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 the 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) | About US$875 to US$1,475 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 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
CMT Level III
- Risk Management and Position Sizing
- Asset Relationships and Intermarket Analysis
- Portfolio Management and Strategy
- Behavioral Finance in Practice
- Classical Methods and Integrated Analysis
- Ethics and Professional Standards
Which should you take?
Level II is all multiple choice and tests applying technical methods. Level III, the capstone, groups linked items and asks mostly for short written answers: you build an analysis, justify it and manage the risk. Level III rewards clear written reasoning, so practise explaining your answers, not just picking them.
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 II and CMT Level III?
Level II is all multiple choice and tests applying technical methods. Level III, the capstone, groups linked items and asks mostly for short written answers: you build an analysis, justify it and manage the risk. Level III rewards clear written reasoning, so practise explaining your answers, not just picking them.
Which is harder, CMT Level II or CMT Level III?
CMT Level II: 170 multiple-choice questions (150 scored, 20 unscored trial items) in 4 hours. CMT Level III: grouped items (3 to 7 per group): some multiple choice, most short written answers 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 II and CMT Level III?
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 II and CMT Level III?
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.