CFA Level I Guide
CFA Level I Exam: Complete Curriculum, Study Plan & Best Prep
The entry gate to the CFA Program. Master 10 foundational financial disciplines, 180 multiple-choice questions, and essential analytical tools to pass on your first attempt.
180 Multiple-Choice Questions (Two 135-min sessions)
300 – 350 Hours Recommended
36% – 44% Average Range
Mandatory: Python or Financial Modeling
Direct Summary: What Is the CFA Level 1 Exam?
The CFA Level 1 exam is the introductory test in the Chartered Financial Analyst credential, consisting of 180 multiple-choice questions administered across two 135-minute computerized sessions. It evaluates foundational knowledge across 10 curriculum disciplines, heavily weighted toward Ethical Standards, Financial Statement Analysis, Equity Investments, and Fixed Income.
2025–2026 Curriculum
CFA Level I Curriculum & Topic Weightings
Level I focuses on investment tools, fundamental concepts, and ethical standards. CFA Institute divides testing into morning (Session 1) and afternoon (Session 2) blocks.
| Curriculum Topic | Exam Weight | Testing Session | Est. Question Count | Core Learning Focus |
|---|---|---|---|---|
| Ethical & Professional Standards | 15% – 20% | Session 1 (Morning) | 27 – 36 Questions | Code of Ethics, 7 Standards of Professional Conduct, GIPS introduction, candidate conduct rules |
| Financial Statement Analysis | 11% – 14% | Session 1 (Morning) | 20 – 25 Questions | Income statements, balance sheets, cash flow CFO/CFI/CFF, inventory FIFO/LIFO, long-lived assets, deferred taxes |
| Equity Investments | 11% – 14% | Session 2 (Afternoon) | 20 – 25 Questions | Market organization, index construction, market efficiency, industry analysis, DDM & Gordon Growth, P/E multiples |
| Fixed Income | 11% – 14% | Session 2 (Afternoon) | 20 – 25 Questions | Bond features, yield measures, spot/forward curve bootstrapping, asset-backed securities, Macaulay & Modified duration, convexity |
| Portfolio Management | 8% – 12% | Session 2 (Afternoon) | 14 – 22 Questions | Portfolio approach to investing, risk aversion, modern portfolio theory, capital market line, CAPM, IPS development |
| Alternative Investments | 7% – 10% | Session 2 (Afternoon) | 12 – 18 Questions | Real estate, private equity, commodities, hedge fund fee structures, digital assets & crypto intro |
| Quantitative Methods | 6% – 9% | Session 1 (Morning) | 11 – 16 Questions | Time value of money, descriptive statistics, probability theory, hypothesis testing z/t-tests, simple linear regression |
| Economics | 6% – 9% | Session 1 (Morning) | 11 – 16 Questions | Firm and market structures, aggregate output and growth, business cycle phases, monetary & fiscal policy, FX exchange rates |
| Corporate Issuers | 6% – 9% | Session 2 (Afternoon) | 11 – 16 Questions | Corporate governance, ESG factors, capital structure theory, working capital management, WACC estimation |
| Derivatives | 5% – 8% | Session 2 (Afternoon) | 9 – 14 Questions | Forward commitments vs contingent claims, futures mechanics, put-call parity, European vs American options, swap payoffs |
The "Big Four" Topic Priority Strategy
Four topics—Ethics, Financial Statement Analysis, Equity Investments, and Fixed Income—together represent roughly 55% of the total Level I exam score. Candidates who secure a 70%+ score in these four heavyweight disciplines establish an almost insurmountable statistical buffer, allowing them to absorb lower scores in smaller areas like Derivatives or Quantitative Methods.
Computer-Based Testing
CFA Level I Exam Format & Session Mechanics
Everything you need to know about the computerized Prometric testing format, timing rules, and session breakdown.
180 Multiple-Choice Questions Structure
The Level I exam features 180 freestanding multiple-choice questions. Each question has three answer choices (A, B, or C). There is no penalty for guessing, meaning you should never leave an answer blank.
Passing Score & Pass Rate History
CFA Institute uses the Modified Angoff standard-setting method to establish the Minimum Passing Score (MPS). The pass mark is an absolute standard of competence, not a curved quota:
Proven Study Framework
How to Pass CFA Level I: 4-Phase Timeline
A structured 5-month preparation calendar designed to take candidates from zero background to test day mastery across 300+ study hours.
Months 1–3: Core Comprehension
Work through all 10 topics sequentially using concise notes or on-demand lectures. Complete every official CFAI end-of-reading practice question immediately upon finishing a reading.
Target: 150 Hours
Month 4: Question Banks & PSM
Drill 2,000+ questions from UWorld or Schweser. Maintain an error log to record why questions were missed. Complete your mandatory Practical Skills Module (Financial Modeling or Python).
Target: 90 Hours
Month 5: Full Mock Exams
Sit for at least 4 to 6 full-length timed mock exams (two 135-min sessions each) under strict exam-day conditions. Spend 4+ hours dissecting each mock exam result to eliminate blind spots.
Target: 60 Hours
Final Week: Active Recall
Stop taking full mocks 48 hours before test day. Review your handwritten formula sheet, reread the Standards of Practice Handbook for Ethics, and verify calculator battery life.
Target: 20 Hours
Mandatory Practical Skills Module (PSM) for Level I
Candidates must complete one 10-to-15 hour online Practical Skills Module before their exam results will be released. You can choose between:
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Deep-Dive Guides
Explore Dedicated CFA Level I Resources
Detailed standalone guides covering Level I study materials, video classes, preparation strategies, and free study offers.
Study Materials & Notes
Compare SchweserNotes, textbooks, Q-Banks, and formula cheat sheets for Level I.
Classes & Video Lectures
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5-Month Prep Strategy
Step-by-step 300-hour study timetable, Big Four focus, and test day routine.
Free Level I Resources
Directory of free trial passes, formula sheets, Ethics handbook, and YouTube playlists.
CFA Level I Frequently Asked Questions
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