Most Frequently Asked Questions About Level I of the CFA^® Exam

By: Kaplan Schweser

December 30, 2024

If you have considered sitting for CFA level I exam, you probably have questions. You’re always welcome to reach out to our knowledgeable Student Support team with any questions you have about preparing for the exam. We’ve also created this article to answer some of the most common questions we receive from people preparing to take the first step toward becoming a CFA charterholder.

What is the CFA^® Charter?

Let’s start with the basics. The Chartered Financial Analyst^® (CFA) charter is a professional designation administered by CFA Institute. According to CFA Institute, it’s the most respected and recognized investment management designation in the world.

How Do I Earn the CFA Charter?

To earn the CFA charter, you must pass three levels of the exam in order: Level I, Level II, and Level III. Each exam builds on the mastery demonstrated by achieving a passing score on the previous exams.

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Is the CFA Charter a Degree?

It is not a degree. It’s a professional credential that demonstrates mastery of advanced investment analysis and real-world portfolio management. Candidates often weigh the benefits of the CFA charter against those of an MBA, which may be a contributing factor in this common misunderstanding.

What To Expect on the CFA Level I Exam?

Candidates should expect the CFA Level I exam to be complicated. Candidates should take their prep seriously and anticipate using an approved CFA calculator when answering the 180 multiple-choice questions in 4 hours and 30 minutes.

What is the Date for Level I of the CFA Exam?

The Level I CFA exam is offered multiple times per year so find a CFA exam date that works for you.

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Can I Postpone My CFA Exam After I’ve Registered?

You can only postpone your CFA exam after you’ve registered in specific circumstances, mostly related to medical reasons. It’s easier to withdraw, but unless you withdraw within three days of registering, you will have to pay the registration fees again and re-register. There are many CFA exam postponement rules for candidates to be aware of, especially if you think you can’t take the exam on the scheduled date.

What are the Requirements To Sit for the CFA Exam?

An individual wishing to enroll in the CFA Program and register for the Level I exam for the first time must possess an international travel passport. In addition, candidates must meet one of the following requirements:

Have a bachelor’s degree (or equivalent) or two years remaining in your undergraduate studies
Have accumulated 4,000 hours of applicable professional work experience (not required to be investment-related)

Candidates may also have a combination of full-time professional experience and education that totals a minimum of 4,000 hours. Those hours of experience/education must be accrued prior to enrollment in the program. Continue learning about enrollment requirements for the CFA Program.

What is the Format of Level I of the CFA Exam?

The exam format is computer-based with 180 multiple-choice questions. There are two 2 hours and 15 minute session times. Learn about the best way to study for the CFA Level I exam.

What Subjects or Topics are Tested on the Level I CFA Exam?

The CFA Level 1 syllabus covers a broad range of foundational topics in finance including:

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What are the Weights of the Topics of Level I of the CFA Exam?

The weights of Level I curriculum topics are subject to change on a year-to-year basis, at the discretion of the CFA Institute. Currently the Level I CFA exam weights and topics are:

Level I Topic	Level I Topic Weight
Ethical and Professional Standards	15-20%
Quantitative Methods	6-9%
Economics	6-9%
Corporate Issuers	6-9%
Financial Statement Analysis	11-14%
Equity Investments	11-14%
Fixed Income	11-14%
Derivatives	5-8%
Alternative Investments	7-10%
Portfolio Management	8-12%

How Much Time Does it Take to Study for the Exam?

The average candidate for Level I of the CFA exam should spend a minimum of 300 hours over the course of six months preparing for the exam. In a recent Kaplan Schweser CFA Study, 50% of those who most recently passed the CFA Level I exam spent 300 or more hours preparing.

How Hard is the Exam?

The CFA exam as a whole is difficult by design. It’s an exclusive designation that truly demonstrates mastery of the investment management field. Continue learning about what makes the CFA Program the most respected and recognized investment management designation in the world.

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How is Level I of the Exam Graded?

CFA exam grading is done by machines and charterholders. CFA Institute then uses a methodology to determine a minimum passing score that is applied to each exam. Our article on how the CFA exam is graded at all levels has all the details.

What is the Level I CFA Exam Pass Rate?

Knowing the pass rate for the CFA exam is an important metric to know considering only 20% of candidates who begin the program actually earn the charter, according to the CFA Insitute. You can greatly improve your odds of success by learning from other candidates’ experiences and avoiding common pitfalls in your preparation.

How Much Does it Cost to Sit for the Exam?

How much you'll pay to sit for the Level I exam depends on how early you register. First of all, there is a one-time CFA enrollment fee of $350. In addition, you must pay an exam fee each time you register to sit for an exam. CFA Institute has early and standard deadlines, and the price goes up the later you register.

Expect to pay around $1,000 - 2,500 USD for the Level I exam, including prep materials.

There are two really good reasons to register early.

You will save $300, which you could put towards CFA exam prep.
The earlier you commit to sitting for the exam, the sooner you can begin preparing.

Total CFA Program Cost »

Can I Take a CFA Level I Mock Exam In-Person?

Yes, through Kaplan Schweser you can visit a Prometric exam center near you and take a practice test just like you will on exam day. Your in-person mock exam appointment can be scheduled for any day; there are no predetermined dates for “Mock Exam Windows”.

What are Practical Skill Modules (PSMs)?

Practical Skill Modules are an additional educational requirement you need to complete to receive your CFA Level I exam results. PSM's take about 10-15 hours to complete and must be finished before your exam results are released. To start a PSM, login to CFAI's Learning Ecosystem and navigate to the Practical Skills Module content.

CFA Program Practical Skills Modules Guide >>

What Score Should I Be Getting on My Level I Mock Exams?

Level I candidates should aim for a target mock exam score of 70% or higher. If you are find yourself scoring below 70%, evaluate your performance in each topic area to see where you need to focus more time and improve your study plan.

Contact Kaplan Schweser

If you have additional questions, feel free to reach out to the Kaplan Schweser Student Support team for the answers you need to take this next step in your career.

Ready To Start Preparing for the CFA Exam?

Looking for more guidance on how to prepare for Level I of the CFA® exam? Enroll in one of our CFA Level I Premium study packages to receive expert instruction, CFA Program study materials, and more. Give yourself the best chance to prepare, practice, and perform on the CFA exam.

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Our representatives are ready to guide you in choosing the right education package for your exam-day success. Schedule a time to talk to one of our financial education experts and have all your questions answered.

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