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Level I CFA Exam Structure

How Long Does the CFA Level I Exam Last?

The Level I exam consists of 180 multiple choice questions, split between two 135-minute sessions (session times are approximate). There is an optional break between sessions. Candidates must take both sessions to receive an exam result.

  • First session (2 hours, 15 minutes): 90 multiple choice questions, covering the topics of ethics & professional standards, quantitative methods, economics, and financial statement analysis 
  • Second session (2 hours, 15 minutes): 90 multiple choice questions, covering the topics of corporate issuers, equity, fixed income, derivatives, alternative investments and portfolio management 

Time Management Preparation for CFA Level I

Timing: On average, you should allow approximately 90 seconds for each multiple choice question. You may need more or less time, depending on the question and how well you understand the topic.

How to Study for the CFA Level I Exam

The best way to study for the CFA Level I Exam is to follow the CFA program curriculum and give yourself enough time to learn the material in your ideal learning style. Here are some resources candidates have listed as being most helpful for their exam preparation:

  • CFA Program curriculum
  • CFA Institute learning ecosystem (LES)
  • CFA Institute online mock exams
  • CFA Program approved prep providers
  • CFA Program curriculum end-of-reading practice problems
  • Study groups

Steps to Prepare for the CFA Level I Exam

One of the most important ways to prepare for the CFA Level I exam is to give yourself enough time to study. The CFA Program enables candidates to customize their preparation to match individual needs and circumstances. Following are some numbers to consider in planning a study strategy for the CFA Level I exam.

  • Successful candidates report studying on average over 300 hours for each level of the CFA Exam.
  • About half of successful candidates passing the LIII exam passed each exam on the first attempt (i.e. sat a total of three exams) while about a quarter sat a total of four exams.

What Topics are on the CFA Level I Exam?

The CFA® Program curriculum for the Level I exam is focused on the knowledge and comprehension of investment tools and asset classes, as well as portfolio management and ethical and professional standards. The exam covers the following 10 topic areas:

Session Functional Area Topic Exam Weight
1 Ethical and Professional Standards Ethical and Professional Standards 15-20%
Tools Quantitative Methods 8-12%
Economics 8-12%
Financial Statement Analysis 13-17%
2 Portfolio Management and Analysis Corporate Issuers 8-12%
Portfolio Management 5-8%
Assets Equity Investments 10-12%
Fixed Income 10-12%
Derivatives 5-8%
Alternative Investments 5-8%

Start learning today by viewing all study session outlines

Understand the Multiple-Choice Exam Question Format

Question Format

Each multiple-choice item on the CFA Level I exam consists of a stem (a question, a statement, and/or table) as well as three answer choices (A, B, or C).

Two basic formats are used:

  1. Sentence completion with three unique choices
  2. Questions with three unique choices

Example 1: Sentence completion

If the 12-month continuously compounded return of a security is 9%, its associated 12-month holding period return is closest to:

  1. 8.62%
  2. 9.38%
  3. 9.42%

Example 2: Question

Which of the following is most likely an assumption of technical analysis?

  1. Security markets are efficient
  2. Market trends reflect irrational human behavior
  3. Equity markets react quickly to inflection points in the broad economy

Question Structure

The Level I CFA exam does not use ‘except’, ‘true’, or ‘false’ in items and avoids the use of ‘not’ whenever possible. When appropriate, question stems will include one of the following qualifiers: ‘most likely’, ‘least likely’, ‘best described’, ‘most appropriate’, ‘most accurate’, ‘least appropriate’, or ‘least accurate’. Each question stem supports only one item on the exam.

Answer Choices

The Level I CFA exam does not use any of the following answer options: ‘all of the above’, ‘none of the above’, ‘A and B only’, ‘B and C only’, ‘A and C only’, ‘cannot determine’, ‘cannot calculate’, or ‘not enough information to determine’. Choices consisting of words or sentences are typically ordered from shortest to longest; choices that are quantitative are ordered from the smallest number to largest number. The choices agree grammatically with the question stem; language common to all choices is placed in the question stem.

All questions are equally weighted and there is no penalty for an incorrect answer.

Practice with CFA Level I Exam Sample Questions

Are you ready for the CFA Level I exam? These 20 CFA Level I sample questions for the CFA Level I exam provide a broad selection of the types of questions you’ll see on the exam.

CFA Level I Exam Tips

  • Exam questions referring to Financial Statement Analysis are based on International Financial Reporting Standards (IFRS), unless otherwise specified. When a question is based on U.S. GAAP, it will be stated in the question.
  • Be comfortable with your calculator. Make sure you know how to use the calculator features needed to address the learning outcome statements (LOS).
  • Answer all questions. There is no penalty for incorrect answers.
  • Dress comfortably. There is no dress code, but dress in layers for comfort.

Learn how hardware/software at the test centers may impact your exam-day experience.

Should I Take the CFA Exam?

If you are interested in taking the CFA Level I exam, review the CFA Level I Exam Requirements to see if you are ready to enroll. Once you are certain you meet the enrollment criteria, you can register for the CFA Level I Exam.

Additional CFA Level I Exam Preparation & Resources

Anyone who registers for the Level I exam will gain access to a variety of study tools and resources to guide your preparation. Registered exam takers will unlock access to:

  • Official CFA program curriculum
  • CFA Institute learning ecosystem
  • Custom study plans
  • Practice questions
  • Mock exams
  • Study resources and tips

Candidates can also benefit from extra exam prep courses and materials. If you’re looking for more CFA exam resources, see our list of approved prep providers.