The CFA Level I exam, explained
180 multiple-choice questions, two sessions of 2 hours 15 minutes, about 90 seconds a question. Here is how the exam is built, and how that should shape the way you study.
Format
- 180 questions, split into two sessions of 90 questions each.
- 2 hours 15 minutes per session, with an optional break between them. That is 90 seconds per question on average.
- Three options per question (A, B or C), one correct. No penalty for wrong answers, so never leave one blank.
- Computer-based, taken at a test center in one of several windows each year. Check dates and fees with CFA Institute before you book.
- Calculators: only the Texas Instruments BA II Plus (including the Professional) and the Hewlett Packard 12C (including the Platinum and anniversary editions).
Topic weights (2026)
The weights tell you roughly how many questions each topic contributes. Ethics is the single largest topic and, by long-standing convention, a borderline result can turn on it.
| Topic | Weight | Questions, roughly | Modules |
|---|---|---|---|
| Quantitative Methods | 6–9% | 11–16 | 11 |
| Economics | 6–9% | 11–16 | 8 |
| Corporate Issuers | 6–9% | 11–16 | 7 |
| Financial Statement Analysis | 11–14% | 20–25 | 12 |
| Equity Investments | 11–14% | 20–25 | 8 |
| Fixed Income | 11–14% | 20–25 | 19 |
| Derivatives | 5–8% | 9–14 | 10 |
| Alternative Investments | 7–10% | 13–18 | 7 |
| Portfolio Management | 8–12% | 14–22 | 6 |
| Ethical and Professional Standards | 15–20% | 27–36 | 5 |
How to use the weights
- Study in curriculum order the first time. Quantitative Methods comes first because its tools (discounting, returns, statistics) are used everywhere after it.
- Revise by weight. In the final weeks, Ethics, Financial Statement Analysis, Equity and Fixed Income together make up roughly half the exam.
- Practice at exam pace. Every checkpoint on this site is timed for 90 seconds a question.
Command words
Every learning outcome starts with a verb, and the verb tells you the kind of question to expect. "Calculate" means you will be given numbers and must produce one. "Describe", "identify" and "explain" mean you will need to recognize the right statement among three. "Compare" and "contrast" mean the two wrong options will usually be the other item's features. Each lesson here marks the command word in its "On the exam" box.
Pass rates
CFA Institute publishes pass rates after each exam window. In recent years roughly 40 to 45 percent of Level I candidates have passed. The minimum passing score is not published.