The CFA Level 1 Exam is the first of 3 rigorous tests that form the foundation of the Chartered Financial Analyst (CFA) program. It serves as an entry point into the world of professional finance, testing your knowledge of investment tools, financial analysis, and ethical standards. Despite Level 1’s low pass rate, it’s possible to pass the first time with the right information and plan. This guide will help you get started.
What is the CFA Level 1 Exam Format?
The CFA Level 1 Exam consists of 180 multiple-choice questions designed to assess your foundational understanding of a broad range of financial concepts.
The exam is divided into two 2-hour-and-15-minute sessions, each containing 90 questions, with an optional break in between. Both sessions are equally weighted, and each question is worth the same amount. There is no penalty for incorrect answers, so it’s in your best interest to attempt every question.
Question Format
The CFA Level 1 exam questions are multiple-choice, each with a short statement or question (the "stem") followed by 3 answer options (A, B, or C). These questions come in 2 formats: fill-in-the-blank sentence completion or straightforward.
The exam avoids tricky words such as “except,” “true,” “false,” and “not.” It might use phrases including “most likely” or “best described” to guide your thinking. Each question focuses on 1 specific point.
You won’t see answer options such as “all of the above” or “none of the above,” and choices are usually organized logically — from shortest to longest for sentences or smallest to largest for numbers.
What are CFA Level 1 Exam Topics?
The CFA Level 1 Exam focuses on key knowledge and skills for a career in investment management, with a routinely updated curriculum to reflect current practices. It covers 10 major topics, emphasizing investment tools, asset classes, portfolio management, and ethics. Ethics questions appear in the first session, while other topics are spread across both sessions.
Foundational concepts such as the time value of money, basic statistics, microeconomics, and introductory company accounts are offered as pre-read materials at no extra cost to help candidates fill knowledge gaps before starting the main curriculum.
Learn more about the CFA Level 1 curriculum.
| 2026 CFA Level 1 Exam Topic Distribution | ||
|---|---|---|
| Topic Name | Weight | Number of Questions |
| Ethical and Professional Standards | 15-20% | 27-36 |
| Quantitative Methods | 6-9% | 15-22 |
| Economics | 6-9% | 15-22 |
| Financial Statement Analysis | 11-14% | 24-30 |
| Corporate Issuers | 6-9% | 15-21 |
| Portfolio Management | 8-12% | 9-15 |
| Equity Investments | 11-14% | 18-21 |
| Fixed Income | 11-14% | 18-21 |
| Derivative Investments | 5-8% | 9-15 |
| Alternative Investments | 7-10% | 9-15 |
What are CFA Level 1 Exam Requirements
To take the CFA Level 1 exam, you must:
- Have a bachelor’s degree, be within 2 years of graduating, or have 4,000 hours of work experience or a mix of work and education over 3 years.
- Possess a valid international travel passport that matches your CFA account details.
- Demonstrate English proficiency, as the exam is conducted entirely in English.
- Adhere to the CFA Institute’s Code of Ethics and Professional Conduct.
- Comply with the Professional Conduct Program, which enforces ethical guidelines and investigates violations.
Due to Office of Foreign Assets Control (OFAC) regulations, residents of Cuba, North Korea, Syria, and Ukraine's Crimea region are not eligible to sit for the CFA Level 1 exam.
Learn more about CFA Exam requirements.
CFA Level 1 Exam Dates, Deadlines, and Fees
The chart below outlines the 2026 CFA Level 1 exam windows. Registering early ensures lower fees and greater flexibility in choosing your preferred exam date and location.
2026 CFA Level 1 Exam Dates
| Feb. 2-8, 2026 | Aug. 18-24, 2026 |
| May 12-18, 2026 | Nov. 11-17, 2026 |
Learn more about CFA Exam dates, deadlines, and scheduling.
Exam Fees
The CFA Level 1 exam costs $1,140 if you register early or $1,490 if you register at the standard rate). The one-time $350 enrollment fee was eliminated on April 29, 2025.
| CFA Level 1 Exam Fees | |
|---|---|
| Early Registration Fee | $1140 |
| Standard Registration Fee | $1,490 |
Learn more about CFA Exam registration costs and fees.
CFA Level 1 Exam Scholarships
These scholarships and options can significantly reduce the overall cost of taking the CFA Level 1 Exam:
- Access Scholarship: Reduces the registration fee to $400 for candidates with financial need. Available through CFA Institute's application process.
- Women’s Scholarship: Offers discounted exam fees for female candidates to promote gender diversity in the investment management industry.
- Student Scholarship: Lowers the registration fee to $600 for full-time students at affiliated universities who have not registered for their next exam.
- Professor Scholarship: Offers educators a discounted registration fee of $600, supporting professional development and integration of CFA content in their courses.
- Regulatory Scholarship: Available to employees of financial regulatory bodies or institutions, lowering exam expenses.
- Work Sponsorship: Some employers may cover or subsidize CFA exam fees as part of professional development programs.
Learn more:
- CFA Exam Scholarships
- How to Get a CFA Scholarship
- How to Write Your CFA Exam Scholarship Essay
- How to Save Money on the CFA Exam
CFA Level 1 Exam Pass Rates and Grading
The CFA Exam is graded on a pass/fail basis, with no numerical grades or percentiles provided. The overall pass rate for Level 1 is typically around 40%. To determine the minimum passing score, the CFA Institute evaluates each question to estimate how many minimally qualified candidates would likely answer correctly. This average score sets the passing benchmark, which may vary with each exam depending on its difficulty and candidate performance.
Learn more about CFA Exam pass rates, scores, and grading.
Tips for Passing the CFA Level 1 Exam
Getting ready for the CFA Level 1 Exam is all about planning wisely and sticking to good study habits. Here are some tips to increase your chances of success:
- Start studying at least 6 months in advance and create a structured study plan.
- Allocate around 300 hours of study time to thoroughly cover the material.
- Break study sessions into manageable chunks to maintain focus and avoid burnout.
- Practice with exam-like questions to test and strengthen knowledge.
- Familiarize yourself with your calculator and its features.
- Use Level 1 mock exams to familiarize yourself with the exam format and build stamina.
- Use study tools such as spaced-repetition flashcards and video lectures.
- Join study groups or forums to stay motivated and gain insights from others.
- Get a free CFA Level 1 Study Schedule and read more tips from students who pass the exam.
Exam-Day Details
Here's what you need to know for the actual day you take the CFA Exam:
- Arrival: Arrive at least 30 minutes early for check-in and ID verification.
- Identification: Bring a valid international passport that matches your CFA account details; no other form of ID is accepted.
- Permitted Items: Only approved calculators (TI BA II Plus or HP 12C), loose batteries, and eyeglasses (without cases) are allowed in the exam room.
- Prohibited Items: Food, drinks, mobile phones, smartwatches, study materials, and writing tools are not allowed in the test room.
- Personal Belongings: Lockers are available to store items not permitted in the exam room.
- Breaks: You may take unscheduled breaks, but the exam clock will not stop. You can access water, food, or medical items during breaks with proctor approval.
- Dress Code: There is no specific dress code, but wearing layers is recommended for comfort.
Learn about CFA Level 1 Exam day requirements.
Frequently Asked Questions
How many questions are on the CFA Level 1 exam?
The CFA Level 1 exam includes 180 multiple-choice questions split into two sessions of 90 questions each. Each session lasts 2 hours and 15 minutes. All questions are standalone and cover the full range of curriculum topics, testing foundational understanding and basic application of key concepts.
How long is the CFA Level 1 exam?
The CFA Level 1 exam lasts approximately 4 hours and 30 minutes, delivered in two equal sessions of 2 hours and 15 minutes each with an optional break in between. The total time at the test center may be longer due to check-in procedures and security requirements.
What study materials do I need for the CFA Level 1 exam?
UWorld’s CFA Level 1 prep materials provide exam-style questions, detailed rationales, learning modules, flashcards, and full-length mock exams—giving you all the resources needed to build confidence and master every topic.
When will I receive my CFA Level 1 exam results?
Level 1 exam results are typically released 6–8 weeks after the exam window closes. CFA Institute will email you when your results are available, and you can also access them through your candidate account. Results include topic-level performance indicators to guide future study if needed.
What if I fail the CFA Level 1 Exam?
If you fail, you can retake the exam during the next available exam window. You will need to register and pay the exam fee again.
Can I postpone my CFA Level 1 Exam after I’ve registered?
Yes. You can defer your exam to a future date under specific circumstances, such as medical emergencies, but deferral fees may apply.
How does the CFA Level 1 Exam differ from Levels 2 and 3?
The CFA Level 1 exam focuses on basic knowledge and comprehension of investment tools, while Levels 2 and 3 emphasize more complex analysis, portfolio management, and practical application.