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USA
CFA Program Level I Exam
600 questions
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About this exam
The CFA Program Level I Exam is the first exam in the CFA charter pathway, a globally recognized professional qualification in investment analysis and portfolio management. It is taken by university students nearing graduation, graduates, and early-career finance professionals seeking a strong grounding in investment decision-making; it is not a university entrance exam. Level I tests whether candidates can apply foundational concepts across finance, accounting, economics, and ethics. Registration is subject to CFA Institute eligibility and conduct requirements, so applicants should confirm the rules for their exam cycle before enrolling.
Candidates study ten broad areas: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, and Portfolio Management. Key Level I review topics include time value of money, discounted cash flow, probability and statistical inference, and supply and demand. Preparation typically involves working through the current curriculum, revisiting weaker concepts, and applying formulas and principles to questions under time limits. Timed multiple-choice practice can help build accuracy and pacing, but understanding why an answer is correct matters more than memorizing answers.
How to prepare for the CFA Level I Exam
- Use the current CFA Institute curriculum and topic weights to build a study plan, giving regular review time to Ethics and Professional Standards as well as quantitative and financial reporting concepts.
- Review time value of money, discounted cash flow, probability, sampling, and statistical inference by solving problems step by step; keep a record of errors and revisit the underlying concept.
- Study economics topics such as supply, demand, and market structures, then complete timed question sets across multiple topic areas to practice switching subjects and managing exam pace.
FAQ
Who is eligible to take the CFA Level I Exam?
CFA Institute provides eligibility pathways based on education and/or qualifying work experience. Candidates also need to meet current registration and conduct requirements, including passport requirements. Check CFA Institute’s eligibility guidance for the rules that apply to your exam cycle.
What is the format of the CFA Level I Exam?
The exam is computer-based and uses multiple-choice questions across two sessions. The current format is 180 questions in total, with 90 questions in each 135-minute session. Confirm the exam structure with CFA Institute for your scheduled cycle.
What subjects are covered on the CFA Level I Exam?
The exam covers ten topic areas, including ethics, quantitative methods, economics, financial statement analysis, corporate issuers, investments, and portfolio management. The current CFA Institute curriculum and topic weights are the best sources for planning what to review.