by thinQtankLearning.com
Home › Finance & Accounting › CFA Level I
CFA Institute, delivered at Prometric test centers

CFA® Program Level I Exam

The first step to the CFA charter — ethics, quantitative tools, economics, financial statements and the major asset classes.

Enroll free and start Sign in
Questions180 multiple-choice, three answer choices each — two sessions of 90
Time4 hours 30 minutes — two 135-minute sessions with an optional break
BlueprintEthics 10–15% · Quant 11–14% · Econ 6–9% · FSA 11–14% · Corp Fin 6–9% · Equities 11–14% · Fixed Income 11–14% · Derivatives & Risk 6–9% · Alts 6–9% · Portfolio 8–12% (2027)
WherePrometric test centers worldwide in February, May, August and November windows
FeeRegistration about $1,140 early or $1,490 standard; no one-time enrollment fee since 2026 — check CFA Institute for current pricing
Who sits itCandidates with a bachelor's degree (or close to finishing one) or 4,000 hours of work and/or higher education, plus a valid international passport
ScoringPass/fail against a minimum passing score set after each window; results come after you complete the Practical Skills Module

About the exam

The CFA Program is the global standard for investment professionals. Level I tests the tools and concepts of investment analysis: the Code and Standards, quantitative methods, economics, financial statement analysis, corporate finance, equities, fixed income, derivatives, alternative investments and portfolio construction.

The exam has 180 three-option multiple-choice questions in two 135-minute sessions of 90 questions each, with an optional break between. We follow the 2027 topic outline, which applies from the February 2027 window: Quantitative Methods rises to 11–14%, Ethics moves to 10–15%, and several topics are renamed. Sitting in November 2026? That window still uses the 2026 curriculum and weights, including Ethics at 15–20%.

Our practice covers every topic with scenario questions in the CFA three-choice style, plus flashcards for formulas and definitions, case simulations where you make the analyst's call and see the consequence, and illustrated guides to the models — from duration to put-call parity. Practice exams simulate one full 90-question session.

How we track your progress

Every blueprint domain moves through five levels as you study:

  1. Not startedNo questions answered in this domain yet.
  2. Getting startedFirst questions answered — not enough yet to judge.
  3. DevelopingAt least 5 answered and 50% or better on your recent questions.
  4. ProficientAt least 15 answered and 70% or better on your recent questions.
  5. Exam readyAt least 25 answered, 80% or better recently, and holding up on hard questions.

The exam blueprint

CFA Program 2027 Level I topic outline and weights, which apply from the February 2027 window. The November 2026 window still uses the 2026 curriculum and weights (Ethics 15–20%). — 10 topic areas, each a range of the exam (2027 weights). Tap a domain to see its topics.

1 Ethical and Professional Standards 10–15% of the exam
Ethics and trust in the investment professionCode of Ethics and Standards of Professional ConductStandard I: ProfessionalismStandard II: Integrity of Capital MarketsStandard III: Duties to ClientsStandard IV: Duties to EmployersStandard V: Investment Analysis, Recommendations, and ActionsStandard VI: Conflicts of InterestStandard VII: Responsibilities as a CFA Member or CandidateApplying the Code and Standards

55 practice questions in this domain so far

2 Quantitative Methods 11–14% of the exam
Returns of financial assets and types of returnBenchmarking returnsTime value of money in financeStatistical characteristics of asset returnsDistributions of asset prices and returnsEstimation and hypothesis testingReturn and risk of a portfolioSimulation of asset prices and returnsSimple linear regression in financeIntroduction to financial data science

55 practice questions in this domain so far

3 Economics 6–9% of the exam
The firm and market structuresBusiness cyclesFiscal policyMonetary policyIntroduction to geopoliticsInternational tradeCapital flows and the FX marketExchange rate calculations

35 practice questions in this domain so far

4 Financial Statement Analysis 11–14% of the exam
Introduction to financial statement analysisAnalyzing income statements and balance sheetsAnalyzing statements of cash flowsInventoriesLong-term assetsLong-term liabilities and equityIncome taxesFinancial reporting qualityFinancial analysis techniques and ratiosIntroduction to financial statement modeling

55 practice questions in this domain so far

5 Corporate Finance 6–9% of the exam
Organizational forms and corporate issuer featuresInvestors and other stakeholdersCorporate governance: conflicts and mechanismsWorking capital and liquidityCapital investments and capital allocationCapital structureBusiness models

30 practice questions in this domain so far

6 Equities 11–14% of the exam
Equity instrument featuresEquity classes, jurisdictions and votingEquity issuance and tradingSources of equity returnsDiscounted cash flow and growth modelsRelative value (multiples) valuationFinancial statement forecastingIndustry and competitive analysisCompany analysis: past, present and futureEquity analyst research reportsCAPM, market model and factor models

55 practice questions in this domain so far

7 Fixed Income 11–14% of the exam
Fixed-income instrument features and cash flowsIssuance and trading; corporate and government marketsBond valuation: prices and yieldsYield and yield spread measuresTerm structure: spot, par and forward curvesInterest rate risk and returnYield-based duration and convexityCurve-based and empirical risk measuresCredit risk and credit analysisSecuritization, ABS and MBS

55 practice questions in this domain so far

8 Derivatives and Risk Management 6–9% of the exam
Derivative instruments and marketsForward commitments vs. contingent claimsBenefits, risks and uses of derivativesArbitrage, replication and cost of carryPricing and valuing forwards and futuresPricing and valuing swapsPricing and valuing optionsPut-call parity and option replicationOne-period binomial model

35 practice questions in this domain so far

9 Alternative Investments 6–9% of the exam
Alternative investment features and structuresPerformance and returns of alternativesPrivate capital: equity and debtReal estate and infrastructureNatural resourcesHedge fundsIntroduction to digital assets

30 practice questions in this domain so far

10 Portfolio Construction 8–12% of the exam
Portfolio risk and returnDiversification and the efficient frontierPortfolio management overviewPortfolio planning and the IPSBehavioral biases of individualsIntroduction to risk management

45 practice questions in this domain so far

What you get when you access this exam

Free with your QuizMe account.

Questions built on the 2027 topic outline

Every question is tagged to one of the 10 Level I topic areas and its learning modules — three answer choices, just like the real exam.

Hints that teach the rule

Reveal the formula, Standard or concept behind the question when you're stuck. Every answer comes with the full rationale.

Adaptive practice

Questions steer toward your weakest areas, weighted like the real exam, and get harder as you get stronger.

Timed practice exams

Topic-weighted exams at the real pace — one 90-question, 135-minute session — with a pacing indicator and full review.

Flashcards, case simulations and guides

120 flashcards, 8 unfolding analyst cases where every decision shows its consequence, and interactive illustrated guides you explore hotspot by hotspot.

Progress in every topic area

Each topic area moves from Not started to Exam ready, so you know exactly what to study next.

Test at home or at a center

Register with CFA Institute for a Level I exam window, then book your appointment with Prometric. Level I is computer-based and offered in four windows a year.

At a Prometric test center

  • Computer-based testing at Prometric centers worldwide — there is no remote option.
  • Bring your valid international passport — it's the required ID.
  • Only a TI BA II Plus (or Professional) or HP 12C (incl. Platinum) calculator is allowed.
  • Phones, bags, watches and notes go in a locker; you can take an optional break between sessions.

Exam-day game plan

How to walk in ready — and how to pace 90 three-option questions — one 135-minute session.

Pacing checkpoints

The real exam is 180 questions in two 135-minute sessions of 90, with an optional break. Session 1 covers Ethics, Quantitative Methods, Economics, Financial Statement Analysis and Corporate Finance; session 2 covers Equities, Fixed Income, Derivatives, Alternatives and Portfolio Construction. Our practice exam simulates one 90-question session drawn from all ten topics at blueprint weights.

22questions0:34
45questions1:08
68questions1:42
90questions2:15

The week before

  • Take one full 180-question mock 4–7 days out, then shorter sets and rest.
  • Drill your approved calculator — TVM, cash flow (NPV/IRR) and statistics worksheets — until the keystrokes are automatic.
  • Spend your last sessions on the 11–14% topics and Ethics, and anything still below Proficient.
  • Check your Prometric appointment, passport and calculator (and a spare battery).

During the exam

  • Each question has three choices — eliminate one and you're at even odds.
  • Aim for about 90 seconds a question; don't let one calculation eat five minutes.
  • Ethics: identify the Standard first, then the action that best complies.
  • Pick your best answer, flag it and move on; revisit flags before the session ends.
  • Answer every question — there's no penalty for guessing.

Keep your head

  • A few nerves sharpen focus. If you freeze, take three slow breaths and reread the question.
  • You're measured against a minimum passing score, not graded on a curve within your session.
  • Use the optional break between sessions to eat, stretch and reset.

After you pass

  • Complete the Level I Practical Skills Module — your result is released only after you do, and modules don't carry over to another level.
  • Next: Level II, then Level III. The charter also requires 4,000 hours (at least 36 months) of relevant experience and CFA Institute membership.
  • Charterholders attest to the Code and Standards each year and are encouraged to log 20 hours of continuing education, including 2 on standards, ethics and regulations.

Official sources and further reading

Ready to start?

450 questions and scenarios across the blueprint — and growing.

Enroll free

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. QuizMe and thinQtank Learning are not affiliated with or endorsed by CFA Institute or Prometric. Details are summarized from CFA Institute's Level I exam pages and topic outlines; fees and policies change — always confirm at cfainstitute.org. Our Exam ready level asks for 80% or better.