CFA® Level I: Exam Format, Topics, Weights and How to Prepare
CFA® Level I is the first milestone on the journey toward the CFA Charter. This level helps candidates build a foundation in the terminology, concepts, formulas and core thinking used in the investment profession.
This guide summarizes the most important information about the CFA Level I exam: from exam structure, question format, topic outline and topic weights to practical tips that can help you study and perform more effectively.
180 multiple-choice questions
Two sessions, 90 questions per session, designed to test foundational investment knowledge at an advanced entry level.
Exam Snapshot
Key facts about the CFA® Level I exam
To understand CFA Level I quickly, focus on three fundamentals: the exam assesses core knowledge, the format is entirely multiple choice, and candidates need strict time management in each session.
Learning and description
Tests knowledge of key terms, concepts and formulas that form the foundation of investment and financial analysis.
180 multiple-choice questions
The full exam includes 180 multiple-choice questions. On average, candidates should spend around 90 seconds on each question.
2 sessions, 135 minutes each
Each session includes 90 multiple-choice questions. The exam duration requires disciplined pacing and time control.
How long does it take to study for CFA® Level I?
The CFA Program allows candidates to customize their study process based on personal needs, available time and individual circumstances. Even so, successful candidates often report spending an average of more than 300 study hours for each level of the CFA exam.
For Level I, the body of knowledge is broad and may be new for many learners. Starting early, breaking the roadmap into smaller milestones and practicing questions consistently are often just as important as the number of study hours.
What should you prepare early?
CFA Level I does not only require formula memorization. Candidates must understand concepts, distinguish terminology and respond quickly to multiple-choice questions.
Study with a plan Divide study time by week to avoid excessive pressure near the exam date. Practice questions early Getting familiar with question style and response speed is critical. Review by topic weight Prioritize topics that carry a higher weight in the exam. Control your timing Level I requires a steady pace and the discipline not to spend too long on any single question. Curriculum & WeightingCFA® Level I curriculum topics and exam weights
The CFA Level I curriculum is organized by topic groups. Each topic includes multiple learning modules and Learning Outcome Statements at the beginning. Below is a reference structure of Level I topics and exam weights.
| Session | Topic | Exam Weight |
|---|---|---|
| Session 1 | Ethical and Professional Standards | 15–20% |
| Session 1 | Quantitative Methods | 6–9% |
| Session 1 | Economics | 6–9% |
| Session 1 | Financial Statement Analysis | 11–14% |
| Session 1 | Corporate Issuers | 6–9% |
| Session 2 | Equity Investments | 11–14% |
| Session 2 | Fixed Income | 11–14% |
| Session 2 | Derivatives | 5–8% |
| Session 2 | Alternative Investments | 7–10% |
| Session 2 | Portfolio Management | 8–12% |
CFA® Level I exam format
CFA Level I is entirely multiple choice. Becoming familiar with the exam format helps candidates manage time better, avoid unnecessary confusion and make more accurate decisions during the exam.
Exam structure
The exam includes 180 multiple-choice questions, divided into 2 sessions, each lasting 135 minutes.
Exam duration
There are two separate sessions with an optional break between them. Pacing is a key success factor.
Question format
Each question consists of a stem and 3 answer choices: A, B or C.
- Sentence completion
- Direct question
Important rule
All questions are equally weighted and there is no penalty for incorrect answers. Therefore, candidates should answer every question.
How CFA Level I questions are structured
CFA Level I questions do not use keywords such as except, true or false, and they generally avoid using not when possible. Instead, questions often use standards such as: most likely, least likely, best described, most appropriate, most accurate, least appropriate or least accurate.
Each question is designed to assess one specific learning objective. This makes it especially important to read the stem carefully before selecting an answer.
How answer choices are designed
The exam does not use options such as all of the above, none of the above, A and B only, B and C only, cannot determine, cannot calculate or not enough information to determine.
Answer choices are usually arranged logically: shortest to longest, smallest to largest, or grammatically consistent with the question. This keeps the exam cleaner, but it also requires candidates to understand the concepts well to avoid distractors.
CFA® Level I exam tips
In addition to mastering the content, the following practical tips can help you optimize your test-day experience and avoid losing points due to factors that are within your control.
- Financial Statement Analysis: Questions in this topic are based on IFRS unless the question explicitly states that US GAAP is used.
- No penalty for guessing: If you are unsure, still choose an answer instead of leaving it blank.
- Know your calculator well: Being comfortable with the required calculator functions can save significant time during the exam.
- Dress comfortably: There is no formal dress code, but wearing layers can help you adapt to the temperature in the test room.
- Get familiar with testing hardware and software: The test-center experience can affect your operating speed and concentration.
- If you need proctor assistance: If a problem occurs, continue working on other questions if possible while waiting for help, rather than losing valuable time.
Practical Skills Module (PSM) requirement
In addition to sitting for the exam, candidates must complete one Practical Skills Module (PSM) at each level to receive their exam results.
You cannot reuse the same module across multiple levels. For example, if you completed Python Programming Fundamentals at CFA Level I, then at Level II you must complete another module such as Python, Data Science & AI, or Analytical Skills to satisfy the PSM requirement for the next level.
This means that preparing for CFA today is not limited to studying theory and practicing questions. It also includes building practical skills that align with career directions in modern finance.
Start preparing for CFA® Level I with Clever Academy
If you are preparing for Level I and need a clearer study roadmap, Clever Academy can support you in systemizing knowledge, prioritizing topics by weight, practicing questions and managing your study progress.