Chartered Financial Analyst Certification

CFA Level I

Prepare for the CFA Level I exam with realistic practice questions covering ethical and professional standards, financial analysis, and investments. Master the foundational knowledge tested on the official 180-question multiple-choice exam.

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Duration

270 minutes (two 135-minute sessions)

Questions

180 multiple choice (90 per session)

Cost

From USD 1,140 (early); standard registration higher

Where to register

CFA Institute

Issued by CFA Institute. Delivered via Prometric. Early registration (approximately USD 1,140) available; standard registration higher. Exams offered February, May, August, and November.

01·Overview

Certification overview

The format, prerequisites, and what to expect on exam day.

Exam details

Duration
270 minutes (two 135-minute sessions)
Questions
180 multiple choice (90 per session)
Format
Multiple choice with 3 options; no vignettes at Level I
Passing Score
Minimum Passing Score (MPS) not disclosed
Cost
From USD 1,140 (early); standard registration higher
Validity
Passing Level I is permanent; advance to Level II
Languages
English; additional languages available in select regions

Prerequisites

No formal prerequisites; open to all candidates
High school diploma or equivalent recommended
Self-paced learning of approximately 300+ hours
Understanding of fundamental financial concepts
Proficiency in basic algebra and statistics
Commitment to ethical standards outlined by CFA Institute

02·Domains

Exam domains

Topics on the official blueprint, with their relative weight.

Ethical and Professional Standards

15-20%

Code of Ethics and Standards of Professional Conduct
Professional responsibility framework
Conflicts of interest and independence
Client confidentiality and data protection

Financial Statement Analysis

11-14%

Income statement interpretation
Balance sheet and cash flow analysis
Ratio analysis and financial comparisons
Corporate governance and accounting standards

Equity Investments

11-14%

Equity valuation models and multiples
Stock market structure and functions
Market efficiency and behavioral finance
Industry and company analysis

Fixed Income

11-14%

Bond characteristics and pricing
Yield calculations and duration
Credit risk and default analysis
Interest rate risk and term structure

Alternative Investments

7-10%

Hedge funds and private equity
Commodities and commodity futures
Real estate investment analysis
Infrastructure and other alternatives

Quantitative Methods

6-9%

Probability distributions and sampling
Correlation and regression analysis
Time series and hypothesis testing
Financial calculation and analysis tools

Economics

6-9%

Microeconomic analysis
Macroeconomic factors and indicators
International trade and finance
Economic cycles and policy

Corporate Issuers

6-9%

Capital structure and cost of capital
Working capital and dividend policy
Corporate governance frameworks
Mergers, acquisitions, and restructuring

Derivatives

5-8%

Forwards, futures, and options mechanics
Derivative valuation and pricing
Hedging strategies and risk management
Swap contracts and applications

Portfolio Management

8-12%

Portfolio theory and efficient frontier
Capital asset pricing model (CAPM)
Portfolio construction and rebalancing
Investment policy statements

03·Study tips

How to actually pass it

Practical strategies for the weeks before, and the morning of.

Preparation strategy

Dedicate 300+ hours of study; successful candidates average this time per level
Use the CFA Institute Learning Ecosystem with videos, case studies, and practice questions
Review Learning Outcome Statements (LOS) for each topic
Work through the official practice pack and mock exams
Focus heavily on Ethical and Professional Standards (15-20% of exam)
Master formula applications in Quantitative Methods and Economics
Take full-length mock exams under timed conditions

Exam day

Arrive early to settle in and review calculator settings
Use proctor-approved calculator (approved list at CFA Institute website)
Spend approximately 90 seconds per question as guideline
Read each question carefully; look for keywords and qualifiers
Answer all 180 questions; there is no penalty for guessing
Flag difficult questions and return if time permits
Manage breaks strategically to maintain focus across 270 minutes

Build foundational investment knowledge that earns recognition.

Master 10 domains tested on the CFA Level I exam with 180 practice questions grounded in the official curriculum. Start free, no card required.

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