Learn and describe
Tests knowledge of key terms, concepts, and formulas that are the foundation of the investment industry.
180 multiple choice questions
On average, you should allow approximately 90 seconds for each multiple-choice question.
Two 135-minute sessions
Each session consists of 90 multiple-choice questions. Session times are approximate.
CFA Program Level I exam guide
Watch the video for a beginner's guide to the CFA Program Level I exam, including what it involves, pre-requirements and how long it takes to prepare.
Frequently asked questions
How long does it take to study for the Level I exam?
Successful candidates report spending over 300 hours on average preparing for each level of the CFA exam. The CFA Program allows candidates to tailor their preparation to individual needs and circumstances.
What is the format of the CFA Level I exam?
The CFA Level I exam consists of 180 multiple-choice questions, divided into two sessions of 135 minutes each. Each session contains 90 questions, and candidates are advised to spend approximately 90 seconds per question.
How are the questions structured in the CFA Level I exam?
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:
- Sentence completion with three unique choices
- Questions with three unique choices.
Example 1: Sentence completion
A basic assumption of technical analysis is that:
A. security prices move in patterns that persist for long periods,
B. a stock’s market price will approach its intrinsic value over time,
C. financial statements provide information crucial to valuing a stock.
Example 2: Question
Which of the following is most likely included in the calculation of gross domestic product?
A. Retailers’ mark-up of wholesale prices
B. Value added by government employees
C. Individual investors’ accrued capital gains
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.
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.
What topics are covered in the CFA Level I curriculum, and how are they weighted?
The CFA Program curriculum is organized into topics, and each topic contains learning modules. There are learning outcome statements at the beginning of each learning module. Below you'll find current outlines.
How do I schedule my CFA Level I exam?
After registering for the exam, candidates can schedule their exam appointment through their candidate tile. It's recommended to schedule early to secure your preferred test center and date, as availability is on a first-come, first-served basis.
What should I bring on the CFA Level I exam day?
Candidates must bring a valid international travel passport and an approved calculator (either the Texas Instruments BA II Plus or the Hewlett Packard 12C). It's also advisable to bring a clear water bottle and dress in layers for comfort. Arrive at the test center at least 30 minutes before your scheduled appointment.
When will I receive my CFA Level I exam results?
CFA Program exam results are typically available within 5–7 weeks after the exam date. Candidates will receive a "pass" or "fail" result, along with a performance summary by topic area.
What are some tips for succeeding in the CFA Level I exam?
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Financial Statement Analysis
Questions on this topic are based on International Financial Reporting Standards (IFRS), unless otherwise noted. If a question references U.S. GAAP, this will be explicitly stated.
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No penalty for guessing
There is no penalty for incorrect answers, so be sure to answer every question.
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Know your calculator
Make sure you know how to use the calculator features needed to solve the formulas and examples shown in the curriculum. Familiarity with your calculator will save valuable time during the exam.
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Dress for comfort
There’s no official dress code, but dressing in layers will allow you to adjust to the room temperature and remain comfortable during the exam.
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Exam hardware and software
Make sure you’re aware of how hardware and software at test centers might affect your experience.
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Proctor assistance
During the normal course of the exam, candidates may find they need assistance from proctors. Proctors will come to workstations as quickly as possible to assist. If able, we encourage candidates to continue working on their exam until a proctor has assisted. Our exam writers have designed the exam to account for minor disruptions or pauses in order for candidates to still have adequate time to respond to all questions.
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Sample questions
Explore CFA exam Level I sample questions.
What study materials are available for CFA Level I candidates?
Candidates have access to the CFA Program Learning Ecosystem, which includes the digital curriculum, practice questions, mock exams, and study tools. Additionally, a print version of the curriculum is available for purchase after registration.
Candidates may also purchase the optional practice pack, which provides additional practice questions and mock exams.
What are the Practical Skills Modules (PSM)?
In addition to completing the exam, you must complete one PSM at each level in order to receive your exam result. The same module cannot be completed at multiple levels. For example, if you complete the Python Programming Fundamentals module at Level I, you must complete a different module (Python, Data Science & AI or Analyst Skills) to meet the PSM requirement at Level II. Learn more about PSM's and see the PSM Policy for more details.
How practice analysis keeps the CFA exam relevant
The CFA Program curriculum and exams are shaped by our practice analysis process, which gathers insights from top industry professionals to ensure that the content reflects current investment practices. This process directly influences the Candidate Body of Knowledge (CBOK), which outlines the essential competencies for success in the investment profession.
Take a look at the CFA exam overview.
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