Introduction to CFA

Level I CFA Exam Structure

How Long Does the CFA Level I Exam Last?

The Level I exam consists of 180 multiple choice questions, split between two 135-minute sessions (session times are approximate). There is an optional break between sessions. Candidates must take both sessions to receive an exam result.

• First session (2 hours, 15 minutes): 90 multiple choice questions, covering the topics of ethics & professional standards, quantitative methods, economics, and financial statement analysis 

• Second session (2 hours, 15 minutes): 90 multiple choice questions, covering the topics of corporate issuers, equity, fixed income, derivatives, alternative investments and portfolio management 

Time Management Preparation for CFA Level I:

Timing: On average, you should allow approximately 90 seconds for each multiple choice question. You may need more or less time, depending on the question and how well you understand the topic.

How to Study for the CFA Level I Exam:

The best way to study for the CFA Level I Exam is to follow the CFA program curriculum and give yourself enough time to learn the material in your ideal learning style.

Here are some resources candidates have listed as being most helpful for their exam preparation:

• CFA Program curriculum

• CFA Institute learning ecosystem (LES)

• CFA Institute online mock exams

• CFA Program approved prep providers

• CFA Program curriculum end-of-reading practice problems

• Study groups

Steps to Prepare for the CFA Level I Exam:

One of the most important ways to prepare for the CFA Level I exam is to give yourself enough time to study. The CFA Program enables candidates to customize their preparation to match individual needs and circumstances. Following are some numbers to consider in planning a study strategy for the CFA Level I exam.

• Successful candidates report studying on average over 300 hours for each level of the CFA Exam.

• About half of successful candidates passing the LIII exam passed each exam on the first attempt (i.e. sat a total of three exams) while about a quarter sat a total of four exams.