Part I of the FRM exam focuses on the tools that you use to assess risk, and has more questions than part two of the exam. Part II focuses on the application of those tools. In comparison, the CFA exam is a little different: Level 1 is divided into part 1 and part 2, with 120 questions in each part that cover all CFA level 1 topics. Level 2 has 20 multi-part questions that are evenly split between the morning and afternoon sessions. Level 3 includes multi-part questions similar to level 2 in the first session. The second session of the test is essay writing in response to several complex question prompts.