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CFA® Program - Level I

The first in a series of three exams of the CFA® Program is focused on acquiring basic knowledge across a wide range of industry related topics, including asset valuation, financial reporting & analysis and portfolio management techniques.

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Curriculum Contents

The CFA Level I exam covers 10 topics, grouped into four main functional areas:
Topic Weight Functional Area
Ethical and Professional Standards 15 - 20% Ethical and Professional Standards
Quantitative Methods 8 - 12% Tools
Economics 8 - 12%
Financial Statement Analysis 13 - 17%
Corporate Issuers 8 - 12% Portfolio Management and Analysis
Portfolio Management 5 - 8%
Equity Investments 10 - 12% Assets
Fixed Income 10 - 12%
Derivatives 5 - 8%
Alternative Investments 5 - 8%
Level I

Exam Structure

The Level I exam is 100% multiple choice (three answer choices) consisting of 180 questions split between two sessions over 4.5 hours.

Both sessions must be attended with an optional 30-minute break between sessions.

Session Duration Questions Topics Tested
First Session 2hrs, 15min 90 Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis
Second Session 2hrs, 15min 90 Corporate Issuers, Equity, Fixed Income, Derivatives, Alternative Investments and Portfolio Management
Total 4hrs, 30min 180 90 seconds (1.5 minutes) / question

As of August 2021, the CFA exams switched to computer-based testing (CBT) format. The practice testing component of all our study packages are designed to closely simulate the look and feel of the actual exam so candidates are familiar with the layout and functionality come exam day.

Computer-Based Testing (CBT)

Exam Results

  • Exam results for Level I are provided via email approximately 7 - 10 weeks (~ 60 days) after the corresponding exam period.
  • Results are designated as either "pass" or "fail". Included in the exam results email is a performance report outlining general results per topic.
  • A minimum passing score (MPS) is implemented by the CFA Institute for each exam. The MPS is not made public before or after the exam. Although the MPS is not disclosed, it is estimated candidates should aim for a score of above 70%.
    Note, the minimum passing score is not to grade the results on a curve, but rather to establish a minimum difficulty hurdle.
  • Pass rates for the Level I exam is usually in the 40% range.

Exam Dates

Feb 2023 - Level I

  • Registration & Scheduling Opens
    10 May 2022
  • Early Registration Deadline
    09 Aug 2022
  • Deadline to Register with Invoice Payment Option
    17 Sep 2022
  • Registration Closes
    08 Nov 2022
  • Scheduling Deadline
    16 Nov 2022
  • Rescheduling Deadline
    13 Jan 2023
  • CFA Exam Dates
    14 - 20 Feb 2023

May 2023 - Level I

  • Registration & Scheduling Opens
    09 Aug 2022
  • Early Registration Deadline
    09 Nov 2022
  • Deadline to Register with Invoice Payment Option
    17 Dec 2022
  • Registration Closes
    31 Jan 2023
  • Scheduling Deadline
    15 Feb 2023
  • Rescheduling Deadline
    14 Apr 2023
  • CFA Exam Dates
    16 - 22 May 2023

Aug 2023 - Level I

  • Registration & Scheduling Opens
    14 Nov 2022
  • Early Registration Deadline
    1 Feb 2023
  • Deadline to Register with Invoice Payment Option
    25 Mar 2023
  • Registration Closes
    9 May 2023
  • Scheduling Deadline
    24 May 2023
  • Rescheduling Deadline
    21 Jul 2023
  • CFA Exam Dates
    22 - 28 Aug 2023

Nov 2023 - Level I

  • Registration & Scheduling Opens
    31 Jan 2023
  • Early Registration Deadline
    10 May 2023
  • Deadline to Register with Invoice Payment Option
    24 Jun 2023
  • Registration Closes
    08 Aug 2023
  • Scheduling Deadline
    16 Aug 2023
  • Rescheduling Deadline
    13 Oct 2023
  • CFA Exam Dates
    11 - 17 Nov 2023
Consult the CFA Institute for updates, registration and additional exam dates.
Level I

FAQ - Level I

The CFA Level I exam covers 10 topic areas:
Topic Weight Functional Area
Ethical and Professional Standards 15 - 20% Ethical and Professional Standards
Quantitative Methods 8 - 12% Tools
Economics 8 - 12%
Financial Statement Analysis 13 - 17%
Corporate Issuers 8 - 12% Portfolio Management and Analysis
Portfolio Management 5 - 8%
Equity Investments 10 - 12% Assets
Fixed Income 10 - 12%
Derivatives 5 - 8%
Alternative Investments 5 - 8%
Level I
300 hours recommended

According to a recent survey conducted by the CFA Institute the average study hours of CFA Level I candidates was 303 hours.

Level I

As of 2021, the CFA Institute transitioned to a computer-based format for the Level I exam.

It continues to be a multiple choice (three-option) format, which consists of 180 multiple choice questions split between two 2 hour & 15-minute sessions. The sessions are split by an optional 30-minute break.

  • First session (90 questions) covers ethics & professional standards, quantitative methods, economics, and financial statement analysis
  • Second session (90 questions) covers corporate issuers, equity, fixed income, derivatives, alternative investments and portfolio management

Overall this gives candidates an average of 90 seconds to answer each question. Candidates are not penalized for incorrect answers.

The exam is conducted in english language only.

Level I
The CFA Level I exam is conducted four times a year, during the following months:
  • February
  • May
  • August
  • November

For additional Level I exam dates see here or refer directly to the institute website: CFA Institute

Level I

The following outlines the registration deadlines for the scheduled upcoming CFA Level I exams:

Exam Sitting Registration Deadline Exam Dates
Feb 2023 Nov 8, 2022 Feb 14 - 20, 2023
May 2023 Jan 31, 2023 May 16 - 22, 2023
Aug 2023 May 9, 2023 Aug 22 - 28, 2023
Nov 2023 TBD TBD

For additional Level I exam dates see here or refer directly to the institute website: CFA Institute

Level I
As part of the enrollment process, there are specific requirements. To qualify, one of the following is needed:
  • Bachelor's Degree
  • Student in Final Year
  • Complete Professional Conduct Statement
Level I

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