CFA® Level I Exam FAQ

Q1: How many questions are on the CFA Level I exam? What is the format?

The CFA Level I exam has 180 multiple-choice questions, split into two 135-minute sessions of 90 questions each, with an optional break between sessions. Every question is standalone with three answer choices (A/B/C). The exam is computer-based at proctored test centers.

Q2: How long is the exam?

Total testing time is 4.5 hours — two sessions of 2 hours 15 minutes each, plus an optional break between them. That works out to 90 seconds per question, so pacing practice matters as much as knowledge.

Q3: When can I take Level I in 2026?

Level I is offered in four windows per year: February, May, August, and November. You register for a window and then schedule a specific appointment date within it. Registration closes months before each window — check CFA Institute for current deadlines.

Q4: How hard is Level I? What is the pass rate?

Recent Level I pass rates have generally been in the 40–50% range, so more than half of candidates can fail a given administration. The difficulty comes from breadth — ten topics, hundreds of learning outcome statements — rather than depth in any one area. Candidates who put in 300+ hours, drill practice questions continuously, and sit full timed mocks pass at meaningfully higher rates.

Q5: What score do I need to pass?

CFA Institute sets a minimum passing score (MPS) after each exam administration and never publishes it. Results are reported as pass/fail with topic-level performance bands. The MPS is widely believed to sit meaningfully below a perfect score, so you do not need to master every question — you need broad, consistent competence.

Q6: How much does the exam cost?

Early registration is US$1,140 and standard registration is US$1,490 per attempt. The previous one-time program enrollment fee has been discontinued. Fees are set by CFA Institute and change periodically — check CFA Institute for current fees and deadlines before registering.

Q7: Am I eligible to register?

You must meet one of three conditions: hold a bachelor’s degree (or equivalent); be within 23 months of graduating from your bachelor’s program at registration; or have 4,000 hours of professional work experience and/or higher education combined. You also need a valid international travel passport.

Q8: Which calculators are allowed?

Only two models: the Texas Instruments BA II Plus (including the Professional version) and the Hewlett Packard 12C (including variants). No other calculators are permitted in the exam room. Pick one early and practice every TVM and statistics workflow until keystrokes are automatic.

Q9: Is there negative marking for wrong answers?

No. There is no penalty for wrong answers, so you should answer every question. With three choices per question, even blind guessing recovers expected points, and eliminating one obviously wrong choice improves your odds further.

Q10: How many hours should I study?

CFA Institute’s long-standing guideline is around 300 hours per level, and most successful first-time candidates report 300–400 hours spread over 4–6 months. Weight your hours by topic weight: Ethics (15–20%), Financial Statement Analysis, Equity Investments, and Fixed Income (11–14% each) deserve the largest share.

Q11: What happens if I fail? Can I retake the exam?

Yes, you may retake it, but CFA Institute limits how frequently you can retake — you may attempt an exam a maximum of two times per calendar year, and you cannot register for two consecutive exam windows. Each attempt requires a new registration fee. Check CFA Institute for the current retake policy before planning your next window.

Q12: Which topics carry the most weight?

Ethical & Professional Standards is the largest single topic at 15–20%. Financial Statement Analysis, Equity Investments, and Fixed Income are 11–14% each. Portfolio Management is 8–12%, Alternative Investments 7–10%, and Quantitative Methods, Economics, and Corporate Issuers 6–9% each, with Derivatives at 5–8%.

Q13: What happens after I pass Level I?

You can register for Level II, which shifts from standalone questions to vignette-based item sets and tests analysis and application in more depth. Passing all three levels, meeting the qualified work-experience requirement, and becoming a CFA Institute member are the requirements for the CFA® charter. Passing Level I alone is already a meaningful signal on a resume in investment roles.

Q14: Where can I practice with high-quality questions?

The official exam item bank is confidential and copyright-protected, so avoid any provider claiming to sell actual exam content. PrepLicense: CFA® Exam Prep offers 900 originally authored practice questions plus a 540-question mock bank across all 10 Level I topics — written at LOS-level from publicly known curriculum concepts, weighted to the published outline, with explanations and cross-audited answer keys.

Free study resources

• CFA® Level I exam guide — format, windows, fees, topic weights, study plan
• Study notes for all 10 topics
• 20 free practice questions with explanations
• CFA Institute (authoritative reference)