CFA® Program Level I Guides

Level I of the CFA® Program: format, timing and question styles

By PreparaioEditorial team & sourcesUpdated October 28, 2026

Key facts at a glance

Questions: 180 (Source: cfainstitute.org)
Answer options: 3 (Source: cfainstitute.org)
Sessions: 2 × 135 min (Source: cfainstitute.org)

The Level I exam of the CFA® Program is a computer-based multiple-choice exam in two sessions. Knowing the structure, the time per question and the way questions are worded removes surprises on the day.

This guide is independent educational content. Preparaio is not affiliated with, endorsed by, or reviewed by CFA Institute. Facts were checked against CFA Institute's public pages on 28 October 2026; no change to the Level I format has been announced for the 2027 windows.

Contents

Structure: 180 questions in two sessions

The exam has 180 questions in two sessions of 135 minutes, 90 questions each. Session 1 covers Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis and Corporate Finance; session 2 covers Equities, Fixed Income, Derivatives and Risk Management, Alternative Investments and Portfolio Construction. The 2027 update changes content and weights, not the format.

How the appointment runs

The whole appointment lasts about 4.5 hours. The typical on-screen schedule:

Introduction with Candidate Pledge and software tutorial: 19 minutes.
Session 1: 135 minutes.
Break introduction and optional break: 31 minutes.
Session 2: 135 minutes, after a one-minute introduction.
Survey: about 8 minutes, plus short closing screens.

Timing: about 90 seconds per question

CFA Institute suggests about 90 seconds per question. That is an average, not a limit: a definition may take 30 seconds, a multi-step calculation three minutes. As a checkpoint, you should be near question 30 after 45 minutes and near question 60 after 90 minutes.

How questions are worded

Each question has a stem and three options, A, B and C. The stem is either a full question or a sentence completion, for example, in our own words: "Which of the following is most likely to increase a company's current ratio?" versus "If market interest rates rise, the price of an existing fixed-coupon bond will most likely:".

Qualifiers such as "most likely" or "least appropriate" are common; a "least" question asks for the option that does not fit.
No "except", "true" or "false"; "not" is avoided where possible.
No "all of the above", "none of the above" or "cannot determine".
Financial reporting follows IFRS unless a question says otherwise; US GAAP is always named.

Breaks and the exam clock

The scheduled break between sessions is optional. You may also take up to two unscheduled breaks, but the exam clock keeps running. You may not leave the test centre or use your phone or study material during breaks.

Scoring at a high level

All questions carry equal weight and wrong answers are not penalised, so never leave a question blank. The exam may include unscored questions that are not marked, so treat every question as if it counts. Your overall scale score is compared with a minimum passing score; there is no minimum per topic, and no numeric passing score is published.

Computer-based at Prometric

You sit the exam on a test-centre computer at a Prometric centre (or a British Council centre in some markets). Level I questions display the same way on every screen size, and keyboards are QWERTY. The centre provides scratch paper or a whiteboard; you bring an approved calculator and your passport.

Frequently asked questions

Does the format change in 2027?

No change has been announced. The 2027 update concerns content: Quantitative Methods and Equities were revised, and Ethics was updated to version 12 of the Standards of Practice Handbook.

Is there negative marking?

No. Wrong answers carry no penalty, so answer every question.

Do I have to take the break?

No, it is optional. Using it to reset is often sensible, because the exam clock keeps running during unscheduled breaks.

Which calculators are allowed?

Only the Texas Instruments BA II Plus (including the Professional) and the HP 12C models listed in CFA Institute's calculator policy.

Sources & currency

Exam version: CFA® Program Level I, curriculum 2027 (from February 2027) (valid from 1 February 2027)
Editorial check: Source check by the Preparaio editorial team (28 October 2026)
Author: Preparaio RedaktionEditorial team, fact-checking against official primary sources
Reviewed by: Source-checked by PreparaioSource comparison with the exam providers' own pages
Fact-check status: Checked against official primary sources (28 October 2026)
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

Level I exam — CFA Institute · cfainstitute.org · official primary source · checked on 28 October 2026
Exam-day preparation guide — CFA Institute · cfainstitute.org · official primary source · checked on 28 October 2026
Exam admission and appointment policy — CFA Institute · cfainstitute.org · official primary source · checked on 28 October 2026
2027 curriculum update — CFA Institute · cfainstitute.org · official primary source · checked on 28 October 2026

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