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CFA® Program Level I Guides

Common mistakes in Level I of the CFA® Program and how to avoid them

By PreparaioEditorial team & sourcesUpdated

Most Level I problems are not about one hard formula. They come from too little time, missed deadlines, avoidable exam-day issues and study habits that feel productive but do not build exam skill.

This guide is independent educational content. Preparaio is not affiliated with, endorsed by, or reviewed by CFA Institute. Rules and fees change; check CFA Institute's pages for your window.

Contents

Underestimating the hours

CFA Institute reports that successful candidates study more than 300 hours on average per level, plus 10–20 hours for a Practical Skills Module. Count back from your exam date and put the hours into a weekly calendar before you start.

Missing deadlines or counting on postponing

Register and pay, then book a Prometric appointment before the scheduling deadline. Not scheduling or missing the appointment forfeits the fees.

  • From February 2027 there is no paid deferral; only emergency deferral for defined cases.
  • Rescheduling costs USD 250 plus taxes and only works within the same window.
  • Full refunds only within 14 days of paying for an initial registration.
  • Level I cannot be taken in consecutive windows, so after a failed attempt you skip at least one window.

Passport and name problems

The accepted ID is an original, valid, machine-readable passport, and its names must match your CFA Institute account exactly; only minor variations are tolerated. Check this when you register. Exceptions beyond a short country list must be requested at least 30 days before the exam.

Calculator mistakes

Only the TI BA II Plus and HP 12C families are allowed; using or carrying another model voids the result.

  • Learning the keystrokes only in the mock phase.
  • Forgetting spare batteries, or expecting to borrow a calculator.
  • Not clearing the memory when instructed, which counts as misconduct.

Habits that feel productive but are not

Re-reading and highlighting rarely survive a timed question. Do questions on every reading the same day and keep an error log. Avoid outdated material: CFA Institute says the 2027 updates, including Quantitative Methods, Equities and Ethics, cover about 25% of the Level I exam.

Misjudging the topic weights

Ethics drops to 10–15% for 2027 but remains a large block, so leaving it to the last week is a classic mistake. There is no minimum score per topic and strong areas can offset weak ones, but over-investing in one favourite topic still costs overall points.

Exam technique on the day

At about 90 seconds per question, one stubborn item can cost three easier points.

  • Not making a best guess and moving on; leaving blanks although there is no penalty.
  • Misreading qualifiers such as "least likely" or "least appropriate".
  • Assuming US GAAP; FSA questions follow IFRS unless US GAAP is named.
  • Forgetting that the clock runs during unscheduled breaks.

Conduct mistakes with serious consequences

Sharing questions, topics or formulas that appeared, using leaked questions and taking notes out of the room are misconduct and can lead to voided results or suspension. And without a completed Practical Skills Module by the release date, the result is voided.

Frequently asked questions

Can I retake Level I in the next window?

No. At most two attempts per calendar year, not in consecutive windows and not in windows less than six months apart, and at most six per level.

Does one weak topic mean I fail?

Not necessarily: there is no per-topic minimum. Writing off a whole topic is still risky.

Can I postpone if I am not ready?

From February 2027 there is no paid deferral, and rescheduling stays within the same window. Decide early which window is realistic.

Which mistakes cost money directly?

Not scheduling, missing the appointment or being refused for lateness all forfeit the fees.

Sources & currency

Exam version
CFA® Program Level I, curriculum 2027 (from February 2027) (valid from )
Editorial check
Source check by the Preparaio editorial team ()
Author
Preparaio RedaktionEditorial team, fact-checking against official primary sources
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Source-checked by PreparaioSource comparison with the exam providers' own pages
Fact-check status
Checked against official primary sources ()
Content version
2026-10-28

How we check: Every exam-relevant fact is compared with the exam providers' official pages (g.a.s.t./TestDaF-Institut, BAMF, ETS, IELTS Partners, telc). The check is editorial, supported by AI and automated test gates; it is not a review by certified examiners.

The hard exam facts in this article were verified against the official primary sources linked below on the date shown. This is not a review by an examination body and does not replace information from your test centre. Fees, dates and local procedures are set by the test centres themselves.

Official primary sources

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