What is the CFA Level I Exam?

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. It assesses a candidate's knowledge and comprehension of fundamental investment tools and concepts, setting the foundation for advanced financial analysis and portfolio management.

CFA Level I Exam Structure

The Level I exam is structured to evaluate a broad range of financial topics through multiple-choice questions. The exam is divided into two sessions, each lasting approximately 2 hours and 15 minutes, with an optional break in between. The total testing time is approximately 4.5 hours.

Each session consists of 90 multiple-choice questions, totaling 180 questions for the entire exam. Candidates are tested on various topics, including:

Ethical and Professional Standards
Quantitative Methods
Economics
Financial Reporting and Analysis
Corporate Finance
Equity Investments
Fixed Income
Derivatives
Alternative Investments
Portfolio Management

For a detailed breakdown of the exam structure, visit the CFA Institute's official page.

CFA Level I Exam Topics and Weights

The CFA Level I curriculum covers 10 topic areas, each assigned a specific weight in the exam. The weights indicate the relative importance of each topic and guide candidates on how to allocate their study time effectively.

Topic Area	Exam Weight
Ethical and Professional Standards	15–20%
Quantitative Methods	6–9%
Economics	6–9%
Financial Statement Analysis	11–14%
Corporate Issuers	6–9%
Equity Investments	11–14%
Fixed Income	11–14%
Derivatives	5–8%
Alternative Investments	7–10%
Portfolio Management	8–12%

For a comprehensive overview of the exam topics and their weights, refer to the CFA Institute's exam overview.

CFA Level I Exam Dates and Registration

The CFA Level I exam is offered multiple times a year. For 2025, the exam windows are as follows:

February 17–23, 2025: Registration deadline was November 7, 2024.
May 14–20, 2025: Registration deadline is February 6, 2025.
August 20–26, 2025: Registration deadline is May 6, 2025.
November 12–18, 2025: Registration deadline is August 5, 2025.

To register for the exam, candidates must:

Enroll in the CFA Program: This includes paying a one-time enrollment fee.
Register for the Level I Exam: Select the desired exam window and complete the registration process.
Schedule the Exam Appointment: After registration, schedule the specific exam date and location within the chosen window.

For detailed registration instructions and deadlines, visit the CFA Institute's registration guide.

Preparing for the CFA Level I Exam

Success in the CFA Level I exam requires a disciplined study approach. Candidates are advised to:

Understand the Exam Format: Familiarize yourself with the multiple-choice question structure and the topics covered.
Create a Study Plan: Allocate study time according to the topic weights and your proficiency in each area.
Utilize Official Study Materials: Leverage the CFA Institute's curriculum and practice questions.
Practice Regularly: Engage in mock exams and practice questions to assess your readiness.

For additional study resources and practice questions, explore our CFA Level I question bank.

Prepare for the CFA Level I Exam with Practice Questions

Achieving a high score on the CFA Level I exam requires effective preparation and familiarity with the exam format. Start practicing today with our comprehensive CFA Level I question bank.