The CFA Level I exam is the first in a series of three exams that assess foundational knowledge in finance. It consists of 180 multiple-choice questions across 10 key topics, including ethics, quantitative methods, economics, and financial analysis. The exam is challenging, with pass rates typically between 36%-43%. Successful preparation involves a structured study plan, regular practice, and using official CFA Institute materials. The exam is held multiple times throughout the year.
The Chartered Financial Analyst (CFA) Level I exam is the first of three exams administered by the CFA Institute as part of the CFA Program. This exam is designed to assess candidates' foundational knowledge and comprehension of essential investment tools and financial concepts. It sets the groundwork for more advanced financial analysis and portfolio management.
With the latest updates for 2025, the CFA Level I exam is structured to test a broad range of financial topics and provides candidates with the opportunity to gain a deeper understanding of the financial landscape. Understanding the exam format, structure, and preparation strategies will help candidates approach the exam with confidence and a well-structured study plan.
The CFA Level I exam consists entirely of multiple-choice questions, divided into two sessions. Each session lasts approximately 2 hours and 15 minutes, with a total exam duration of 4.5 hours. Candidates will encounter 90 multiple-choice questions per session, resulting in a total of 180 questions. The topics covered in the exam range from ethics and quantitative methods to economics, financial reporting, and portfolio management.
Key topics include:
For more detailed information on each topic area, you can visit the CFA Institute’s official exam overview.
The CFA Level I curriculum covers 10 topic areas, each assigned a specific weight. These weights reflect the relative importance of each subject in the exam and help guide candidates in how to allocate their study time effectively.
For further details on the curriculum and its weightings, you can visit the CFA Institute’s exam guide.
The CFA Level I exam is offered multiple times a year. For 2025, the exam windows are:
To register for the exam, candidates must follow these steps:
For more detailed registration instructions, visit the CFA Institute’s registration guide.
To succeed in the CFA Level I exam, candidates must follow a disciplined study approach. Effective preparation involves:
For additional study resources and practice questions, explore our CFA Level I question bank.
Achieving a high score on the CFA Level I exam requires a comprehensive understanding of the exam format, disciplined preparation, and regular practice. Start your preparation today by using our extensive CFA Level I question bank to improve your skills and boost your confidence.
One of the best ways to assess the difficulty of the CFA Level 1 exam is by reviewing historical pass rates. According to data from the CFA Institute, the average pass rate for the CFA Level 1 exam in recent years has been between 36% and 43%. This indicates the high level of difficulty, with a significant portion of candidates needing more than one attempt to pass.
Here's a breakdown of the average pass rates for the different CFA exam levels (2020-2024):
The pass rates for CFA Level 1 are the lowest among the three levels, reflecting the breadth of content and the foundational knowledge required. As candidates progress to Level 2 and Level 3, the pass rates increase slightly, although these levels also present greater complexities.
These statistics highlight the competitive nature of the CFA Program and emphasize the importance of thorough preparation for Level 1. Understanding these pass rates can help candidates set realistic expectations and plan their study time accordingly.
Read our Other Articles:
The CFA Level I exam is a crucial step for aspiring financial analysts and professionals. It assesses foundational knowledge in investment tools, financial concepts, and ethical standards. To succeed in this exam, candidates must fully understand the exam format, focus on the key topics, and adopt a disciplined study approach. With the right preparation, including regular practice with mock exams and official study materials, passing the CFA Level I exam is entirely achievable.
Ready to boost your preparation? Start practicing now with the Decimal.ai CFA Level I Question Bank to improve your skills and increase your chances of success.
