What does the Level I exam look like?
According to CFA Institute's Level I page:
- 180 multiple-choice questions, split into two sessions of 90 questions.
- Two 135-minute sessions, so about 90 seconds per question. The two sessions add up to 4.5 hours; CFA Institute also allows time for a software tutorial, a break and a closing survey.
- Three answer choices (A, B, C) per question, either as a question or as a sentence to complete.
- No penalty for guessing, so every question should be answered.
- An approved calculator: the Texas Instruments BA II Plus or the Hewlett Packard 12C. Our free BA II Plus guide covers the keystrokes most candidates need.
CFA Institute sums up Level I as "learn and describe": the questions test whether you know and can use the building blocks, not whether you can build a portfolio from them.
Which topics are tested, and how much does each weigh?
CFA Institute publishes two Level I outlines on its site, one for 2026 and one for 2027. The 2027 outline renames several topics and moves weight from Ethics into Quantitative Methods:
| Topic (2027 outline) | 2027 weight | 2026 weight |
|---|---|---|
| Ethical and Professional Standards | 10-15% | 15-20% |
| Quantitative Methods | 11-14% | 6-9% |
| Economics | 6-9% | 6-9% |
| Financial Statement Analysis | 11-14% | 11-14% |
| Corporate Finance (2026: Corporate Issuers) | 6-9% | 6-9% |
| Equities (2026: Equity Investments) | 11-14% | 11-14% |
| Fixed Income | 11-14% | 11-14% |
| Derivatives and Risk Management (2026: Derivatives) | 6-9% | 5-8% |
| Alternative Investments | 6-9% | 7-10% |
| Portfolio Construction (2026: Portfolio Management) | 8-12% | 8-12% |
Check which outline applies to your exam window on CFA Institute's Level I page before you plan. Financial Statement Analysis questions follow IFRS unless a question says it uses US GAAP.
When can you sit Level I?
Level I is offered four times a year. For the next windows, CFA Institute's dates tool (read on 19 October 2026) shows:
- February 2027: exam 22 to 28 February; registration closes 5 November 2026.
- May 2027: exam 11 to 17 May; registration closes 10 February 2027.
- August 2027: exam 15 to 22 August; early registration until 20 January 2027; registration closes 29 April 2027.
- November 2027: exam 13 to 19 November; registration dates not yet published.
You may sit a CFA exam at most twice in a calendar year, and not in consecutive windows or windows within six months of each other. More in CFA exam dates.
How much does Level I cost?
For the 2026 to 2027 windows above, the Level I registration fee is USD 1,140 if you register early and USD 1,490 at the standard rate, before any local tax. See CFA exam fees and registration.
How hard is Level I?
The pass rate is the plainest measure. From CFA Institute's historical results table: 45% passed in February 2026, 39% in May 2026 and 43% in August 2026. Over the ten years 2017 to 2026 the table gives 40% for Level I. CFA pass rates explains what those numbers do and do not tell you.
The breadth is what makes it hard. Ten topics, most of them new to someone without a finance degree, have to be held in memory at once on exam day. A plan weighted by topic that ends in mixed review and timed mocks is built for exactly that: see the Level I study plan.
How long should you study for Level I?
CFA Institute says successful candidates report spending over 300 hours on average per level. How long to study for CFA Level I turns that into weeks, and a CFA Level I study plan shows one way to split it.
What happens after the exam?
Results arrive by email within weeks of the window closing (CFA Institute gives 5 to 7 weeks after the exam and your Practical Skills Module). You receive pass or fail, a scaled score and your performance by topic. Passing Level I lets you register for Level II.
If you want to try Level I style questions now, take the free 30-question mini mock, or see EduFite's CFA Level I prep.
Frequently asked questions
How many questions are on CFA Level I?
180 multiple-choice questions, in two sessions of 90 questions, each session 135 minutes long.
What is the CFA Level I pass rate?
CFA Institute's historical results show 43% passed Level I in August 2026, 39% in May 2026 and 45% in February 2026. The ten-year figure for 2017 to 2026 is 40%.
Which calculator can I use for CFA Level I?
CFA Institute's Level I page names two: the Texas Instruments BA II Plus and the Hewlett Packard 12C. Its calculator policy lists the exact models allowed.
Is there negative marking on CFA Level I?
No. CFA Institute says there is no penalty for incorrect answers, so answer every question.
When are the next CFA Level I exams?
CFA Institute lists Level I windows in February (22 to 28 February 2027), May (11 to 17 May 2027), August (15 to 22 August 2027) and November (13 to 19 November 2027).
Sources
- CFA Institute: CFA Program Level I exam
- CFA Institute: CFA Program exam information
- CFA Institute: CFA exam dates and fees
- CFA Institute: CFA exam results 1963-2026 (PDF)
Figures that change by year were read from these pages on 19 October 2026. Fees, dates and rules can change: check the source before you register.