What is the CMT exam?
The CMT is awarded by the CMT Association and is the established professional credential in technical analysis. It covers chart and pattern analysis, indicators and oscillators, market breadth, intermarket analysis, behavioural finance, quantitative system design and risk management, alongside an ethics component drawn from the Standards of Practice Handbook.
There are three levels. Level I establishes the theory, history and classical techniques. Level II applies them in more depth and is generally considered the hardest of the three. Level III is almost entirely application: it asks how a technical analyst actually works, and it is the only level with written short-answer questions rather than pure multiple choice.
It sits alongside rather than against the CFA. Where the CFA is grounded in fundamental valuation, the CMT is grounded in price behaviour, and a fair number of candidates hold both.
Who sits it
- Portfolio managers, traders and analysts who work from price behaviour rather than fundamentals
- Investment strategists, heads of research and chief investment officers
- Registered investment advisers and hedge fund managers using systematic or quantitative approaches
Exam format at a glance
- Levels
- Three. Level I: Foundational Principles. Level II: Application of Methods. Level III: The Work of a Technical Analyst
- Level I
- 132 multiple-choice questions (120 scored), 2 hours
- Level II
- 170 multiple-choice questions (150 scored), 4 hours
- Level III
- Multiple choice and short answer, 4 hours; items are grouped across two or more domains and most require written analysis
- Delivery
- Prometric test centres or remote proctoring, at the candidate's choice
- Exam windows
- Twice a year, in June and December. Levels I and II run over a two-week window; Level III is sat on a single fixed day
- Fees (USD)
- One flat fee per sitting at any level: about $875 early, $1,075 standard and $1,475 late, including the curriculum and software access
- Prerequisites
- None to sit the exams
- To use the designation
- Pass Level III and hold three years of approved professional experience, then apply for professional membership
- Recent pass rates
- Around 58% at Level I, 52% at Level II and 65% at Level III (June 2024, the most recent published)
- Recommended study
- About 40–100 hours for Level I, 100–140 for Level II and 120–160 for Level III
Exam-body facts last checked September 2026. Fees, dates and formats change; confirm the current details with CMT Association before registering.
Syllabus and topic weights
Weights published by the CMT Association in its 2026 programme guide, shown per level.
- 1.Level I — Theory and HistoryThe foundations and development of technical analysis38%
- 2.Level I — Classical TechniquesCharts, patterns, trends and classical indicators33%
- 3.Level I — Advanced TechniquesMomentum, breadth, volatility and statistical methods26%
- 4.Level I — EthicsStandards of Practice Handbook3%
- 5.Level II — Classical Techniques40%
- 6.Level II — Advanced Techniques40%
- 7.Level II — Application of Technical Analysis10%
- 8.Level II — Theory and History7%
- 9.Level II — Ethics3%
- 10.Level III — Application of Technical AnalysisWritten analysis across combined domains95%
- 11.Level III — Ethics5%
How to prepare for CMT
- 1
Expect the difficulty to peak at Level II, not Level III. Level II carries the most questions and the lowest pass rate, while Level III has consistently been the easiest of the three by pass rate.
- 2
Start writing practice answers well before Level III. It is 95 percent application and mostly short answer, so the constraint is being able to justify an analysis on paper, not recall.
- 3
Do not treat ethics as a formality. It appears at all three levels and comes from the Standards of Practice Handbook rather than the technical curriculum, so it needs separate reading.
- 4
Use the included software. The registration fee bundles charting and research tools, and working with real charts beats memorising pattern diagrams.
- 5
Plan around two sittings a year. Missing a June or December window costs six months, so the timetable matters more here than for continuously tested exams.
We don't cover CMT yet
We have no CMT study material and none planned. If you are building a broader investment-analysis base alongside technical work, our CFA Level I and Level II material covers equity and fixed income valuation, derivatives, portfolio management and ethics, and the CFA ethics standards overlap with the handbook the CMT examines.
CMT FAQ
Does the CMT Association publish pass rates?
Yes, which is unusual. It publishes a chart of pass rates by level and sitting. Level III has consistently been the highest and Level II the lowest.
Can I sit all three levels in one year?
Levels are sequential and there are only two windows a year, so the fastest realistic route is Level I and Level II in one calendar year and Level III the following June.
Do I need work experience to sit the exams?
No. Anyone can sit them. Three years of approved professional experience is required only to use the CMT designation once you have passed Level III.
Does StudyOptima have CMT questions?
No, and none are planned. Our CFA material covers the fundamental-analysis side of investment management if that is also on your list.
Related exams
The first of three levels of the Chartered Financial Analyst Program, testing a broad foundation in investment tools, asset classes, portfolio management and ethics.
The second CFA exam: asset valuation in depth, tested through vignette-based item sets rather than standalone questions.