CFA® Program Level I Guides
Level I of the CFA® Program: the full picture
By PreparaioEditorial team & sourcesUpdated
Key facts at a glance
- Questions
- 180 (Source: cfainstitute.org)
- Answer options
- 3 (Source: cfainstitute.org)
- Sessions
- 2 × 135 min (Source: cfainstitute.org)
- 2027 topic weights
- 10–15 / 11–14 / 6–9 / 11–14 / 6–9 / 11–14 / 11–14 / 6–9 / 6–9 / 8–12 % (Source: cfainstitute.org)
- Early registration
- USD 1,140 (Source: cfainstitute.org)
- Standard registration
- USD 1,490 (Source: cfainstitute.org)
Level I of the CFA® Program is the first of three exams on the way to becoming a CFA® charterholder: a computer-based multiple-choice exam on the core tools of investment analysis.
This guide is independent educational content. Preparaio is not affiliated with, endorsed by, or reviewed by CFA Institute. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Facts were checked against CFA Institute's public pages on 28 October 2026; confirm current details there before you register.
Contents
What the Level I exam is
Level I checks whether you understand the vocabulary and core methods of investment analysis and can apply them to short, self-contained questions. Levels II and III build on it with longer case material. The exam is offered only in English at proctored test centres. CFA Institute's 2027 curriculum update covers about 25% of the Level I exam and applies from February 2027; no format change has been announced.
Who takes it and who can register
Typical candidates are final-year students, early-career analysts and career changers; a finance degree is not required. You need a valid international passport, must live in a participating country, and must meet one of three routes:
- A completed bachelor's degree or equivalent.
- Undergraduates: a Level I window 23 months or less before your graduation month.
- 4,000 hours of work and/or higher education over at least three sequential years; the work need not be investment-related.
The exam at a glance
The exam runs on a computer at Prometric test centres, at more than 400 locations worldwide.
- 180 questions with three answer options each.
- Two sessions of 135 minutes, 90 questions each — about 90 seconds per question.
- About 4.5 hours in total, with an optional break between the sessions.
- Equal weight per question; no penalty for wrong answers.
- Windows usually in February, May, August and November.
The ten topic areas
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. For 2027, four areas were renamed, Quantitative Methods rises to 11–14% and Ethics moves to 10–15%.
Fees and study time
For the 2026–2027 windows, registration costs USD 1,140 by the early deadline or USD 1,490 at the standard rate, plus local taxes; the former USD 350 enrollment fee no longer applies. The fee includes the digital curriculum, practice questions and two mock exams. Successful candidates report more than 300 study hours on average per level.
Results and what comes next
You receive pass or did not pass, with a scale score against the minimum passing score and a topic overview; there is no minimum per topic. Results are released only after you complete a Practical Skills Module, usually about five to nine weeks after the window. Published Level I pass rates were 39–45% from November 2025 to August 2026. Next come Level II and Level III; the charter also requires 4,000 hours of qualifying work experience and membership.
Frequently asked questions
Do I need a finance degree?
No. Any completed bachelor's degree or equivalent qualifies, as do the undergraduate and 4,000-hour routes.
How often can I sit Level I?
At most twice per calendar year, not in consecutive windows or windows less than six months apart, and at most six times in total.
Can I take the exam online?
The official pages describe only in-person exams at test centres and mention no remote option.
Which calculators are allowed?
Only the Texas Instruments BA II Plus (including the Professional) and 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 )
- Editorial check
- Source check by the Preparaio editorial team ()
- 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 ()
- 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
- Dates and fees — CFA Institute · cfainstitute.org · official primary source · checked on
- Enrollment requirements — CFA Institute · cfainstitute.org · official primary source · checked on
- Exam results — CFA Institute · cfainstitute.org · official primary source · checked on
- Practical skills modules — CFA Institute · cfainstitute.org · official primary source · checked on
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