CFA® Level I exam format
Level I is 180 three-option multiple-choice questions in two 135-minute sessions of 90, about 90 seconds a question, with an optional break between the sessions.
The exam at a glance
Questions
180
Sessions
2 × 135 min
Per question
90 s
Options each
3
- Pledge and tutorial19 min
- Session 1135 min
- Optional break31 min
- Session 2135 min
- Survey8 min
Session 1: 90 questions, 135 minutes
- Ethical and Professional Standards10 to 15%
- Quantitative Methods11 to 14%
- Economics6 to 9%
- Financial Statement Analysis11 to 14%
- Corporate Finance6 to 9%
Session 2: 90 questions, 135 minutes
- Equities11 to 14%
- Fixed Income11 to 14%
- Derivatives and Risk Management6 to 9%
- Alternative Investments6 to 9%
- Portfolio Construction8 to 12%
Approved calculators: Texas Instruments BA II Plus (including the Professional); Hewlett Packard 12C (including the Platinum and anniversary editions and the Prestige). Arrive 30 minutes early. One Practical Skills Module must be completed at each level before the exam result is released.
12-week Level I plan
300 hours over 12 weeks
| Week | From | Study |
|---|---|---|
| 1 | February 16 | Foundations: calculator, statements, probability (6 h); Ethics: why trust matters (7.6 h); Quantitative Methods (11.4 h) |
| 2 | February 23 | Quantitative Methods (19.1 h); Economics (5.9 h) |
| 3 | March 2 | Economics (12.4 h); Financial Statement Analysis (12.6 h) |
| 4 | March 9 | Financial Statement Analysis (17.9 h); Corporate Finance (7.1 h) |
| 5 | March 16 | Corporate Finance (11.1 h); Equities (13.9 h) |
| 6 | March 23 | Equities (16.6 h); Fixed Income (8.4 h) |
| 7 | March 30 | Fixed Income (22.1 h); Derivatives and Risk Management (2.9 h) |
| 8 | April 6 | Derivatives and Risk Management (15.4 h); Alternative Investments (9.6 h) |
| 9 | April 13 | Alternative Investments (8.7 h); Portfolio Construction (16.3 h) |
| 10 | April 20 | Portfolio Construction (8 h); Ethics: the Standards in practice (17 h) |
| 11 | April 27 | Ethics: the Standards in practice (5.9 h); Final review and timed mocks (19.1 h) |
| 12 | May 4 | Final review and timed mocks (25 h) |
Your result
300 hours over 12 weeks. Start February 16, 2027 for exams from May 11 to 17, 2027, at 25 hours a week, every topic in teaching order and the last stretch on timed review.
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Questions people ask
How long is the Level I exam?
Two 135-minute sessions, 4 hours 30 minutes of questions. With the 19-minute pledge and tutorial, the 31-minute optional break, the 8-minute survey and a few one-minute screens, plan on about five and a half hours at the screen.
Is there negative marking on Level I?
No. Every question carries equal weight and a wrong answer costs nothing, so answer every question.
Which topics are in each session?
Session 1: Ethics, Quantitative Methods, Economics, Financial Statement Analysis and Corporate Finance. Session 2: Equities, Fixed Income, Derivatives and Risk Management, Alternative Investments and Portfolio Construction.
Which calculators are allowed?
The Texas Instruments BA II Plus (including the Professional) or the HP 12C (including the Platinum and anniversary editions and the Prestige).
Do I need anything besides the exam to get my result?
Yes. You must complete one Practical Skills Module at each level before CFA Institute releases your result.
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How we work this out
What it does
How the exam is laid out, how long it takes, how the topics are weighted, and a 12-week plan to your window.
The computer-based Level I exam as CFA Institute describes it on October 12, 2026, and a 12-week plan to any 2027 window.
Method
- Format, timeline and calculators come from CFA Institute's Level I page and exam day guide.
- The plan starts 12 weeks before the window's first exam day and splits your hours by the midpoint of each 2027 topic weight, in the course's teaching order.
- Foundations (for a lighter finance background) and the last 15% of hours for timed review are our choices.
Sources
Checked .
- CFA Institute: Level I exam, 180 questions, two 135-minute sessions of 90, about 90 seconds a question, three choices, equal weight, no penalty, Practical Skills Module
- CFA Institute: Exam day preparation guide, On-screen timeline: 19, 135, 31, 135 and 8 minutes; approved calculators; arrive 30 minutes early
- CFA Institute: Where theory meets practice, 160 scored and 20 unscored Level I items
- CFA Institute: Exam dates and fees, Level I dates and fees
- CFA Institute: Public data feed used by official exam calendar, Level I rows, deduplicated by window
- CFA Institute: Deferral policies update (2026 press release), Paid deferral eliminated beginning with the February 2027 exam cycles
- CFA Institute: CFA exam results, Results email within 5 to 9 weeks after the close of the exam window
- CFA Institute: 2026 Level I topic outline, 2026 topic outline
- CFA Institute: 2027 Level I topic outline, 2027 topic outline
- CFA Institute: PSM policy, PSM completion requirement and 10 to 20 hour estimate