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. Level I is the first of three exams and focuses on investment tools, ethics, and foundational concepts.
EXAM AT A GLANCE
Questions
90
Testing time
4.5
hours
Sections
10
Delivery
Computer-based at Prometric test centers
Passing score
Varies
Cost
$1,140 (early) or $1,490 (standard) USD per registration
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What the 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%
About the CFA Level 1 certification
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.
- Testing time
- Two 135-minute sessions (about 4.5 hours total)
- Passing score
- Set by the CFA Institute Board via the minimum passing score (MPS); not publicly disclosed
- 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
Official exam page· Details verified August 2026
Exam details can change. Always confirm current requirements, fees, and exam policies with the certification provider before registering.
How to prepare
01
Register early to save on fees and secure your preferred exam window.
02
Prioritize Ethics — it's the single largest topic area and can decide borderline results.
03
Work through the CFA curriculum and the Learning Ecosystem practice questions.
04
Plan 300+ study hours across the ten topic areas.
05
Complete the required Practical Skills Module and sit multiple mock exams.
FAQ
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.
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