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CFA® Program Level I exam

Key information about the CFA Program Level I exam, including structure, topic outlines, and exam tips.
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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:

  1. Sentence completion with three unique choices
  2. 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

    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.

    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. 

      Topic weights
      Session Topic Exam weight
      1 Ethical and Professional Standards 15-20%
      1 Quantitative Methods 6-9%
      1 Economics 6-9%
      1 Financial Statement Analysis 11-14%
      1 Corporate Issuers 6-9%
      2 Equity Investments 11-14%
      2 Fixed Income 11-14%
      2 Derivatives 5–8%
      2 Alternative Investments 7-10%
      2 Portfolio Management 8-12%
      2025 Level I Topic Outlines combined (link opens in new window)
      2026 Level I Topic Outlines combined (link opens in new window)
      See curriculum errata
      Core curriculum topics
        Alternative Investments

        This topic defines and explores alternative investments, including hedge funds, private equity, real estate, commodities, and infrastructure. You’ll learn about the characteristics they have in common and the use of alternative investments for diversification and higher returns. 

        Corporate Issuers

        In this topic, you’ll be introduced to corporate governance as well as investing and financing decisions. Gain an overview of corporate governance along with a framework for understanding and analyzing corporate governance and stakeholder management. This topic also highlights the growing impact of environmental and social considerations in investing. We cover how companies make use of leverage and manage their working capital to meet short-term operational needs. 

        Derivatives

        In this part of the curriculum, you’ll build the conceptual framework for understanding the basic derivatives and derivative markets. You’ll then be introduced to essential features and valuation concepts for forward commitments such as forwards, futures, swaps, and contingent claims. Finally, you’ll look at arbitrage, a critical concept that links derivative pricing to the price of the underlying asset.

        Economics

        Learn about the analysis of fundamental concepts of supply and demand for individual consumers and firms. This topic also covers the various market structures that firms operate in as well as macroeconomic concepts and principles, including aggregate output and income measurement, aggregate demand and supply analysis, and analysis of economic growth factors. This section of the curriculum concludes with coverage of the business cycle and its effect on economic activity. 

        Equity Investments

        Here, you’ll explore the characteristics of equity investments, security markets, and indexes and explain how to analyze industries, companies, and equity securities. You’ll also learn about the use of basic equity valuation models and global equities, which are important for meeting longer-term growth and diversification objectives.

        Ethical and Professional Standards

        The focus of this topic is ethics, related challenges to ethical behavior, and the role ethics and professionalism play in the investment industry. We’ll provide you with a framework to support ethical decision-making and examine CFA Institute Code of Ethics and Standards of Professional Conduct and Global Investment Performance Standards (GIPS®). 

        Financial Statement Analysis

        Receive a thorough explanation of financial reporting procedures and the standards that govern financial reporting disclosures, with an emphasis on basic financial statements and how alternative accounting methods affect those statements and the analysis of them. You’ll also examine primary financial statements and be provided with a general framework for conducting financial statement analysis.

        Fixed Income

        In this topic, you’ll learn how to describe fixed income securities and their markets, yield measures, risk factors, and valuation measurements and drivers. We’ll also cover calculating yields, values of fixed income securities, the securitization of assets, the fundamentals of bond returns and risks, and basic principles of credit analysis.

        Quantitative Methods

        In this topic, you’ll explore quantitative concepts and techniques used in financial analysis and investment decision-making. We present descriptive statistics for conveying important data attributes, such as central tendency, location, and dispersion, and introduce characteristics of return distributions. This part of the curriculum also considers probability theory and its application in quantifying risk for investment decision-making. 

        Portfolio Management

        In this topic, we explain the fundamentals of portfolio and risk management, including return and risk measurement and portfolio planning and construction. We examine the needs of individual and institutional investors along with the range of available investment solutions. The capital asset pricing model is used to identify optimal risk in portfolios.

        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?

        1. 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.

        2. No penalty for guessing

          There is no penalty for incorrect answers, so be sure to answer every question.

        3. 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.

        4. 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.

        5. Exam hardware and software

          Make sure you’re aware of how hardware and software at test centers might affect your experience.

        6. 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.

        7. 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.

        Explore the CFA® Program.

        Whether you’re considering the CFA Program or already registered as a candidate, we have information and resources to help you navigate the next step.

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