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How to Study for CFA Level I: Complete Guide and Study Plan

Most candidates prepare for CFA Level I over about 6 months at 10 to 12 hours per week: work through all ten topics, then spend the final weeks on timed practice and full mock exams. Weight your time toward Ethics, Quantitative Methods, Financial Statement Analysis, Equities and Fixed Income, the largest areas in the 2027 curriculum.

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What is the CFA Level I?

CFA Level I is the first of three exams in the CFA Program, run by CFA Institute. It is a computer-based exam at Prometric and British Council test centers, with 180 three-choice multiple-choice questions split into two 135-minute sessions of 90 questions each, for 4 hours 30 minutes in total. There is no penalty for wrong answers. Results are pass/fail with a performance summary by topic, and you must complete a Practical Skills Module to receive them.

Who it is for

Level I is for university students, early-career finance professionals and career changers who want a recognized foundation in investment analysis, valuation, ethics and portfolio management. It suits people aiming at roles in asset management, research, wealth management and other investment work.

CFA Program Level I at a glance

Administered byCFA Institute
DeliveryComputer-based, at test centers (Prometric and British Council).
Total time4 hours 30 minutes: two 135-minute sessions.
Sections180 multiple-choice questions, 90 per session, equally weighted. 2027 topics: Ethics 10-15%, Quantitative Methods 11-14%, Economics 6-9%, Financial Statement Analysis 11-14%, Corporate Finance 6-9%, Equities 11-14%, Fixed Income 11-14%, Derivatives & Risk Management 6-9%, Alternatives 6-9%, Portfolio Construction 8-12%.
Question typesThree-choice (A/B/C) multiple choice; no penalty for wrong answers. Approved calculators: TI BA II Plus or HP 12C.
ScoringPass/fail with a performance summary by topic; results about 5-7 weeks after the exam, once a Practical Skills Module is completed.
FeeUS$1,140 early / US$1,490 standard; no enrollment fee (for exams from February 2026 on).
When offeredFour windows a year, usually February, May, August and November.
RetakesMax 6 attempts per level; at most 2 per calendar year, not in consecutive windows or windows 6 months or less apart.
Recent changes2027 curriculum reweights topics (Ethics down to 10-15%, Quant up to 11-14%) and renames areas (Corporate Finance, Portfolio Construction). A Practical Skills Module is required at each level to receive results.

Source: CFA Institute, checked October 21, 2026. Fees and policies change: confirm with the official site before you register.

What is tested

  • Ethical and Professional Standards: The CFA Institute Code of Ethics and Standards of Professional Conduct applied to practical scenarios, 10 to 15% of the 2027 exam. The key skill is spotting which standard a situation violates.
  • Quantitative Methods: Time value of money, statistics, probability, hypothesis testing and regression basics, 11 to 14% of the exam.
  • Economics: Supply and demand, market structures, business cycles, monetary and fiscal policy, and currency exchange rates, 6 to 9% of the exam.
  • Financial Statement Analysis: Reading income statements, balance sheets and cash flow statements, accounting choices, and financial ratios, 11 to 14% of the exam. It is one of the most calculation-heavy areas.
  • Corporate Issuers: Governance, capital structure, cost of capital and capital investment decisions, covered as Corporate Finance at 6 to 9% in the 2027 curriculum.
  • Equity Investments: Market organization, indexes, market efficiency, industry analysis and equity valuation models, covered as Equities at 11 to 14% in the 2027 curriculum.
  • Fixed Income: Bond features, pricing, yields, duration, convexity and credit risk, 11 to 14% of the exam.
  • Derivatives: Forwards, futures, options and swaps, pricing basics and their use in managing risk, covered as Derivatives and Risk Management at 6 to 9%.
  • Alternative Investments: Private equity, real estate, hedge funds, commodities and their return and fee structures, 6 to 9% of the exam.
  • Portfolio Management: Risk and return, portfolio theory, the investment policy statement and risk management concepts, covered as Portfolio Construction at 8 to 12% in the 2027 curriculum.

CFA Level I study plan: 24 weeks, 10 to 12 hours a week

1. Set up (week 1)

  • Register for an exam window and confirm the current fee and topic weights on the CFA Institute Level I page.
  • Set up your TI BA II Plus or HP 12C calculator and practice the time value of money keys.
  • Map the ten topics onto your calendar, leaving the last seven weeks for review, mock exams and the final week.

2. First pass through the curriculum (weeks 2 to 17)

  • Study Quantitative Methods and Economics early, since later topics build on them.
  • Give Financial Statement Analysis, Equities and Fixed Income extra weeks because they are large and calculation-heavy.
  • After each reading, do practice questions and read the explanation for every miss.
  • Review Ethics in short sessions throughout instead of saving it for the end.
  • Use flashcards daily for formulas, definitions and ethics standards.

3. Review and mock exams (weeks 18 to 23)

  • Do mixed timed sets at exam pace of 90 questions in 135 minutes.
  • Take at least two full mock exams under real timing.
  • Rework every topic where your mock scores are weakest.
  • Complete the Practical Skills Module so your result is not delayed.

4. Final week (week 24)

  • Review your formula sheet and the Ethics standards.
  • Do light question sets only and rest the day before.
  • Confirm your test center, ID and approved calculator.

How to practice

  • Practice at exam pace: 90 questions in 135 minutes is about 90 seconds per question.
  • Since there are three choices and no penalty for wrong answers, eliminate one option and always answer.
  • Practice ethics with scenario questions, not just by reading the standards.
  • Do calculator drills until time value of money and bond pricing keystrokes are automatic.
  • Keep an error log by topic and revisit it before each mock exam.

Common mistakes

  • Starting too late and rushing the review phase.
  • Skipping Ethics or leaving it until the last week, even though it is up to 15% of the exam.
  • Reading the curriculum without doing enough practice questions.
  • Neglecting smaller topics, which together still add up to a large share of the exam.
  • Forgetting the Practical Skills Module, which is required to receive results.

Free CFA Level I practice by topic

How many questions are on CFA Level I?

CFA Level I has 180 multiple-choice questions split into two sessions of 90 questions. Each session is 135 minutes, for 4 hours 30 minutes in total. Each question has three answer choices.

How much does CFA Level I cost?

Under CFA Institute pricing for exams from February 2026 on, registration is US$1,140 early or US$1,490 standard, with no enrollment fee. Confirm current pricing when you register.

When is the CFA Level I exam offered?

CFA Level I is offered in four windows a year, usually in February, May, August and November. Check the CFA Institute dates and fees page for exact windows and deadlines.

What is the passing score for CFA Level I?

CFA Institute does not publish a minimum passing score. Results are pass/fail with a performance summary by topic, released about 5 to 7 weeks after the exam once you complete a Practical Skills Module.

How many times can you take CFA Level I?

You can attempt each level up to 6 times, and at most 2 times in a calendar year. You cannot sit in consecutive windows or in windows 6 months or less apart.

What changed in the 2027 CFA Level I curriculum?

The 2027 curriculum reweights topics, with Ethics at 10 to 15% and Quantitative Methods at 11 to 14%, and renames areas such as Corporate Finance and Portfolio Construction. A Practical Skills Module is required at each level to receive results.

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Sources: CFA Institute: Level I exam, CFA Institute: CFA Program exam, CFA Institute: Dates and fees, CFA Institute: Program policies, CFA Institute: Pricing changes for the CFA Program.