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.
Curriculum Contents
| 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% |
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.
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
FAQ - Level I
| 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% |
According to a recent survey conducted by the CFA Institute the average study hours of CFA Level I candidates was 303 hours.
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.
- February
- May
- August
- November
For additional Level I exam dates see here or refer directly to the institute website: CFA Institute
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
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