CFA Level 1

CFA Level 1

Offered by CFA Institute

The CFA (Chartered Financial Analyst) Program is a globally respected credential for investment and finance professionals, administered by CFA Institute...

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CFA Level 1 exam at a glance

Format

180 multiple-choice questions across two sessions (90 questions each); three answer choices, no penalty for wrong answers

Duration

Two 135-minute sessions (about 4.5 hours total)

Delivery

Computer-based at Prometric test centers

Passing score

Set by the CFA Institute Board via the minimum passing score (MPS); not publicly disclosed

Exam cost

$1,140 (early) or $1,490 (standard) USD per registration

Validity

Progress toward the charter does not expire; charter requires all 3 levels + 4,000 hours of qualified work experience

Prerequisites

Bachelor's degree or final-year student, or relevant work/education totaling the required experience

About the CFA Level 1 certification

The CFA (Chartered Financial Analyst) Program is a globally respected credential for investment and finance professionals, administered by CFA Institute. Level I is the first of three exams and focuses on investment tools, ethics, and foundational concepts.

Starting in 2026, candidates must also complete a Practical Skills Module before their Level I result is released.

Who it’s for: Aspiring investment analysts, portfolio managers, and finance professionals.

Official exam page· Details verified 2026-08

What the CFA Level 1 exam covers
  • 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%
How to study for the CFA Level 1
  1. 1Register early to save on fees and secure your preferred exam window.
  2. 2Prioritize Ethics — it's the single largest topic area and can decide borderline results.
  3. 3Work through the CFA curriculum and the Learning Ecosystem practice questions.
  4. 4Plan 300+ study hours across the ten topic areas.
  5. 5Complete the required Practical Skills Module and sit multiple mock exams.
CFA Level 1 — frequently asked questions

How much should I study for CFA Level 1?

Successful candidates report 300+ hours on average. Ethics and Financial Statement Analysis deserve extra attention.

Is there a penalty for guessing?

No. There's no penalty for wrong answers, so you should attempt every question.