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Save Settings Close ModalThe 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.
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.
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:
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.
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 10 topic areas noted in the chart below. Ethics questions will appear as a group in the first session. Questions from all other topics within each session are randomized.
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:
Example 1: Sentence completion
A basic assumption of technical analysis is that:
Example 2: Question
Which of the following is most likely included in the calculation of gross domestic product?
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.
Are you ready for the CFA Level I exam? We provide a broad selection of the types of questions you’ll see on the exam.
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.
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.
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:
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.