CFA® Level 1 Exam
First Step to the CFA Charter
Now that you've made the decision to become a CFA® charterholder, it’s time to start studying. There are 3 levels of exams in the CFA Program. Level 1 covers 10 topics and is divided into 2 sessions on the same day. While this exam’s multiple-choice questions focus on finance fundamentals, it has the lowest passing rate of the 3.
What Is the CFA Level 1 Exam Format, Structure, and Duration?
The first session of the CFA Level 1 exam covers four topics: Ethics, Quantitative Methods, Economics, and Financial Statement Analysis. The second session covers six topics: Corporate Finance, Equity, Fixed Income, Derivatives, Alternative Investments, and Portfolio Management.
Each session consists of 90 multiple-choice questions (MCQ) in 2 hours and 14 minutes, giving you 1.5 minutes per question. You will not be penalized for incorrect responses, so be sure to answer each question.
Level 1 includes 3 types of MCQs:
- Theoretical – Tests your knowledge of different financial concepts, definitions, models, and theorems
- Computing – Tests your ability to do quick calculations
- Reasoning – Tests your understanding of establishing connections between concepts and your ability to think logically
CFA Level 1 Exam Topics Overview
The CFA Level 1 exam focuses on fundamental knowledge and your understanding of investment valuation and portfolio management tools and concepts.
The curriculum is divided into the 10 topic areas below with the noted weights:
| S.No | Topic Name | Weight | Number of Questions |
|---|---|---|---|
| 1 | Ethical and Professional Standards | 15-20% | 27-36 |
| 2 | Quantitative Methods | 6-9% | 15-22 |
| 3 | Economics | 6-9% | 15-22 |
| 4 | Financial Statement Analysis | 11-14% | 24-30 |
| 5 | Corporate Issuers | 6-9% | 15-21 |
| 6 | Portfolio Management | 8-12% | 9-15 |
| 7 | Equity Investments | 11-14% | 18-21 |
| 8 | Fixed Income | 11-14% | 18-21 |
| 9 | Derivative Investments | 5-8% | 9-15 |
| 10 | Alternative Investments | 7-10% | 9-15 |
CFA Level 1 Exam Curriculum Updates
The CFA Level 1 curriculum for 2025 remains committed to the enhancements made in 2024, ensuring you receive a contemporary and relevant education. The only notable modification for 2025 will be in the Ethics topic, which will be updated to reflect evolving standards and practices in the finance industry. These changes specifically affect Learning Modules 2, 3, and 5.
CFA Level 1 Exam Eligibility, Registration, and Scheduling
Ready to sign up for the CFA Level 1 exam? To be eligible to take the exam, you must meet the CFA program entrance requirements.
Eligibility
To start the CFA Program, you should hold a bachelor's degree or equivalent, have at least 2 years remaining in your undergraduate studies, or have around 4,000 hours of relevant professional work experience. CFA Institute has introduced extended eligibility periods as part of the CFA Evolution 2024 changes to offer candidates an opportunity to prepare for internships and careers in investment. This program is particularly suitable for those with finance-related degrees, and some universities have partnered with CFA Institute to support students in their preparation. As per the recent policy change, these students can take Level 1 of the CFA exam to demonstrate their interest in pursuing a career in the investment industry to potential employers.
Because the exam and the entire curriculum are in English, you must be fluent in English. You can register for the Level 1 exam only after making the required payments.
Registration
The CFA exam registration is a 2-step process:
- Step 1: Enroll in the CFA exam through the CFAI registration portal.
- Step 2: After completing the registration process and making your payment, you will see the "schedule your exam" option in your CFA Program tile. This will take you to the Prometric scheduling tool, where available testing centers and dates are provided. This step must be completed by the scheduled deadline.
Please note that if you do not receive a confirmed date and time, you are not successfully scheduled for an exam. CFAI changes the annual exam schedule periodically, so always refer to the official website for the most updated information. To initiate your registration process, please visit the CFAI website.
Exam fee
When registering for the CFA exam, you can choose between two payment options: early registration and standard registration. In addition to the registration fee, you must pay a 1-time enrollment fee of $350.
| Type of Registration | May 2025 Window | Registration Fees + One-time enrollment fee | Total |
|---|---|---|---|
| Early Registration | Oct 16, 2024 | $990 + $350 | $1,340 |
| Standard Registration | Dec 28, 2024 | $1290 + $350 | $1,640 |
Exam center locations
CFA exams are administered in over 400 locations worldwide. You will see test center options during the scheduling procedure with confirmed available seating. Remember that you must first register before scheduling your appointment. If you don't see your preferred location listed, check back since the CFAI updates the appointment availability routinely.
CFA Level 1 Exam-Day Requirements
For the CFA Level 1 exam, you are allowed to bring the following items to the test center:
- A CFA exam calculator (including the case and loose batteries)
- A valid international travel passport
- Prescription eyeglasses (without the case
- Additional personal items such as earplugs or medication
Please note: Personal baggage and food items aren't allowed inside the test center.
Read more on What To Take to the CFA Exam on Test Day.
Calculators used for the Level 1 exam
Only 2 calculator models are authorized for use during the test:
- Texas Instruments BA II Plus (including BA II Plus Professional)
- Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th-anniversary edition, and HP 12C Prestige)
Read more on approved calculators for the CFA exam.
Practice CFA Level 1 Exam with UWorld
Studying for the CFA Level 1 exam requires dedication and an efficient practice strategy. UWorld's CFA Mock Exams closely simulate the Level 1 exam experience to help you prepare and build confidence for test day.
Our mock exams mirror the actual CFA exam format and allow you to identify areas where you need more study time. By selecting the CFA exam mode, your screen will emulate the real Prometric interface, providing a realistic test day environment.
Frequently Asked Questions
How hard is the CFA Level 1 exam?
How often can you take the CFA Level 1 Exam?
What if I fail the Level 1 exam?
A candidate may take an exam up to two times per calendar year, but only after six months of the initial testing window. You can retake the exam, but you will need to pay the registration fee each time. CFA Institute recommends you take at least four months to prepare for each level of the exam, so carefully consider your study plan.
Read more on How To Overcome Failing the CFA Exam.Are there scholarships available for the CFA exam?
- Access Scholarship – $400
- Student Scholarship – $600
- Professor Scholarship – $600
Where can I get CFA Level 1 exam practice questions?
How is the CFA Level 1 exam scored?
Candidates do not receive a numerical score on CFA exams. Instead, CFAI establishes a Minimum Passing Score (MPS) after each exam cycle. If your score is at or above the MPS, you will receive a “Pass” result.
Read more on CFA Exam Scoring and CFA Minimum Passing Score.