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CFA® Level 1 Exam
Structure
The CFA Level I exam is the first step toward earning the Chartered Financial Analyst (CFA®) designation. It tests foundational knowledge and critical thinking in investment analysis and portfolio management.
Exam Format: Computer-Based Testing (CBT), offering increased scheduling flexibility across global testing centres.
Language: English, with careful attention given to making sure all questions are unambiguous.
Duration: Approximately 4.5 hours, split into two sessions of 2 hours and 15 minutes each.
Number of Questions: Candidates will complete 180 multiple-choice questions, 90 questions per session.
Break: An optional 30-minute break is offered between sessions.
No negative marking: This encourages educated guesses in time-pressured scenarios, replicating decision-making in real investment rolls.
Each question is standalone: (i.e., not linked to a vignette) and has three answer choices. Questions test both conceptual understanding and practical application.
CFA® Level 1
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Per Module
Tailor your CFA® Level 1 Package!- "Off-the-Charts" CFA® Study Guide – Streamlined for Speed, Effectiveness & Retention
- 1000 Exam-Level Questions
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CFA® Level 1
Topics and Weightings
The CFA Level I curriculum is organized into 10 topic areas, each representing a core domain in global finance. The exam draws from all topics, with weightings that reflect their importance in the real-world investment profession.
| Topic | Exam Weight (%) |
|---|---|
| Ethical and Professional Standards | 15–20% |
| Quantitative Methods | 6–9% |
| Economics | 6–9% |
| Financial Statement Analysis (FSA) | 11–14% |
| Corporate Issuers | 6–9% |
| Equity Investments | 11–14% |
| Fixed Income | 11–14% |
| Derivatives | 5–8% |
| Alternative Investments | 7–10% |
| Portfolio Management & Wealth Planning | 8–12% |
Key emphasis areas include Ethics, FSA, Equity and Fixed Income, representing more than half the exam. These areas often determine whether a candidate passes or fails.
CFA® Updates for 2025
The CFA Institute regularly updates the curriculum to reflect industry changes. For 2025, several enhancements have been made
Ethics and Professional Standards Updates: New emphasis has been placed on Standard I(E): Competence, encouraging continuous professional development. Ethical decision-making frameworks are more deeply integrated into question styles.
Learning Module (LM) Format: The curriculum is now organized into bite-sized Learning Modules instead of lengthy readings. Each module has clear Learning Outcome Statements (LOS), simplifying navigation and comprehension.
Improved Instructional Design: Concepts are grouped more logically, with better flow between theory and practice. Examples are now more global and relevant to modern investment challenges.
These refinements aim to improve retention, reduce cognitive load and help candidates apply their knowledge more effectively in real-world scenarios.
Exam Windows for 2025
The CFA Level I exam is offered four times annually, giving candidates greater flexibility to schedule based on their readiness and personal commitments: February, May, August and November 2025.
Each window includes a 7-day testing period. It’s strongly recommended that candidates register early to secure their preferred date, location and time slot, as popular centers may fill up quickly.
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