Exam Structure and Timing
Structure: The Level I exam consists of 240 multiple choice questions, split among two 3-hour sessions. Candidates must attend both sessions.
Morning session (3 hours): 120 multiple choice questions, covering all topics
Afternoon session (3 hours): 120 multiple choice questions, covering all topics
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.
Exam Question Format
Multiple Choice Questions
Each item on the Level I multiple choice exam consists of a question, a statement, and/or table and three answer choices: A, B, and C.
Two basic formats are used:
Sentence completion with three unique choices
Questions with three unique choices
Example 1 (Sentence completion)
An analyst suspects that a particular company’s U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. The most likely effect of the appropriate adjustments would be to increase that company’s
A. return on assets.
B. debt-to-equity ratio.
C. interest coverage ratio.
Example 2 (Question)
An analyst suspects that a particular company’s U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. Which of the following is most likely to increase as a result of the appropriate adjustments being made to that company’s financial statements?
A. Return on assets.
B. Debt-to-equity ratio.
C. Interest coverage ratio.
All questions are equally weighted and there is no penalty for an incorrect answer.
More details referencing item stem and item construction (PDF).
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Examples of Level I Exam Questions
Below are some examples of Level I questions, but remember: the exam is based on the current curriculum. You can expect to see similar questions in terms of structure, format and level of difficulty, but don't expect to see the same questions repeated on future exams.
Examples of Level I exam multiple choice questions (PDF)
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2016 Exam Topics and Study Session Outlines
2016 Level I Study Sessions combined | 2016 Level I Study Sessions index
Ethical and Professional Standards
Exam Weight: 15% Study Session 1 | Readings 1-4
Quantitative Methods
Exam Weight: 12% Study Session 2
Study Session 3
Economics
Exam Weight: 10% Study Session 4
Study Session 5
Study Session 6
Financial Reporting and Analysis
Exam Weight: 20% Study Session 7
Study Session 8
Study Session 9
Study Session 10
Corporate Finance
Exam Weight: 7% Study Session 11
Portfolio Management
Exam Weight: 7% Study Session 12
Equity Investments
Exam Weight: 10% Study Session 13
Study Session 14
Fixed Income
Exam Weight: 10% Study Session 15
Study Session 16
Derivatives
Exam Weight: 5% Study Session 17
Alternative Investments
Exam Weight: 4% Study Session 18
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2017 Exam Topics and Study Session Outlines
2017 Level I Study Sessions index | 2017 Level I Study Sessions combined
Ethical and Professional Standards
Exam Weight: 15% Study Session 1 | Readings 1-5
Quantitative Methods
Exam Weight: 12% Study Session 2
Study Session 3
Economics
Exam Weight: 10% Study Session 4
Study Session 5
Financial Reporting and Analysis
Exam Weight: 20% Study Session 6
Study Session 7
Study Session 8
Study Session 9
Corporate Finance
Exam Weight: 7% Study Session 10
Study Session 11
Portfolio Management
Exam Weight: 7% Study Session 12
Equity
Exam Weight: 10% Study Session 13
Study Session 14
Fixed Income
Exam Weight: 10% Study Session 15
Study Session 16
Derivatives
Exam Weight: 5% Study Session 17
Alternative Investments
Exam Weight: 4% Study Session 18
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Examples of Tips for Taking the Level I Exam
Be comfortable with your calculator. Make sure you know how to use the calculator features needed to address the learning outcome statements (LOS).
Exam questions referring to Financial Reporting and Analysis (FRA) are based on International Financial Reporting Standards (IFRS) unless otherwise specified. When a question is based on U.S. GAAP, it will be stated in the question.
Answer all questions: There is no penalty for incorrect answers.
bout the CFA Program Exam
Registration and Results
Fees and registration deadlines
Test center locations
Exam dates and deadlines
Exam results and pass rates
Already registered? Log in to access your study tools and candidate resources.
The CFA Program includes a series of three exams; Levels I, II, and III. The exams:
Are offered annually — at test centers around the world — on the first Saturday in June. The Level I exam is also offered in December.
Must be passed sequentially.
Are available in English only.
The exam content, learning focus, and question format increase in complexity with each level.
Curriculum Content and Learning Focus
An example showing the increase in complexity is the ethical and professional standards curriculum content. This content is similar for each exam level; however, candidates are asked different types of questions:
Level I tests your knowledge of the ethical and professional standards.
Level II tests how you apply those standards to situations analysts face.
Level III tests how you apply the standards in a portfolio management and compliance context.
In general:
Level I exams consist of basic knowledge and comprehension questions focused on investment tools; some questions will require analysis.
Level II exams emphasize more complex analysis, along with a focus on valuing assets.
Level III exams require synthesis of all the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning.
CFA Program Course of Study
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The CFA Program course of study includes the Candidate Body of Knowledge (CBOK), the curriculum content, learning outcome statements (LOS), and the topic area weights.
Updates to the course of study are informed by our ongoing practice analysis, which includes feedback from practicing investment professionals, security market regulators, university faculty, and policymakers. Learn more about our practice analysis process and updates to the curriculum.
Three Levels
The course of study is organized into three levels and each level requires passing a six-hour exam. The program curriculum increases in complexity as you move through the three levels:
Level I: Focuses on a basic knowledge of the ten topic areas and simple analysis using investment tools
Level II: Emphasizes the application of investment tools and concepts with a focus on the valuation of all types of assets
Level III: Focuses on synthesizing all of the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning
Candidates report dedicating in excess of 300 hours of study per level to prepare for each exam.
