Studying for the CFA Level I exam is crucial, and it takes a substantial effort.
There are no shortcuts. The one thing standing between you and success on the Level I CFA® Program exam is hard work. CFA Institute recommends you aim to spend at least 300 hours preparing for the Level I exam. Schweser’s Prepare • Practice • Perform® methodology gives you the structure you need to get the most out of the time you spend preparing.
Previous Knowledge
Prior to enrolling in the CFA Program, you are required to have a bachelor’s degree, or be in the final year of a bachelor’s degree program. That degree does not need to be in a particular area of study, but you will be in a much stronger position if your education is finance-based. The CFA Program is designed to be a supplement to a finance-related education and investment experience already completed by an investment professional. You don’t need to have a finance degree to sit for Level I, but you may face greater challenges than those who do have a finance-based education.
Study Tips and Tools
Looking for additional tips to help you prepare? Schweser has you covered.
- Start early. Build your confidence by getting into a routine.
- The tools in your study package are designed to work together. Use them all.
- Find exam prep tips on the Schweser Blog.
- Download our free eBook: CFA Fundamentals, 2nd edition.
How to Study
The Kaplan Way is a three-phase learning strategy: Prepare • Practice • Perform®. Using this methodology, we have built the most comprehensive study packages available for Level I of the CFA exam, designed to help you make the most of the time you spend preparing for the exam.
How Long It Takes to Study
The generally held notion is that candidates should spend an average of 300 hours studying for each level of the CFA Program exam. In a
2019 survey, Level I candidates reported spending an average of 303 hours studying for the exam.CFA Level I Exam Details
Registration and CFA® Exam Dates
May 2025
Level I May Exam Dates:
- May 14-20, 2025
Registration and Scheduling Windows Open:
- August 8, 2024
Early Registration Deadline:
- October 16, 2024
Registration Closes:
- February 6, 2025
Scheduling Deadline:
- February 11, 2025
Rescheduling Deadline:
- April 14, 2025
Registration and CFA® Exam Dates
August 2025
Level I August Exam Dates:
- August 20-26, 2025
Registration and Scheduling Windows Open:
- November 6, 2024
Early Registration Deadline:
- January 29, 2025
Registration Closes:
- May 6, 2025
Scheduling Deadline:
- May 13, 2025
Rescheduling Deadline:
- July 21, 2025
Registration and CFA® Exam Dates
November 2025
Level I November Exam Dates:
- November 12-18, 2025
Registration and Scheduling Windows Open:
- February 12, 2025
Early Registration Deadline:
- April 9, 2025
Registration Closes:
- August 5, 2025
Scheduling Deadline:
- August 12, 2025
Rescheduling Deadline:
- November 1, 2025
Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
All CFA exams are only offered in a computer-based format.
Level I
Candidates concentrate on the tools and concepts related to investment valuation and portfolio management, as well as an overview of how these processes fit within the guidelines of the CFA Institute Code of Ethics and Standards of Professional Conduct. There are four Level I exam windows each year—February, May, August, and November.
Master these concepts with a comprehensive Level I study package:
Exam Format
Level I
- Format: Computer-based and multiple-choice
- Questions:
- 180 equally weighted questions
- Session 1: 90 questions
- Session 2: 90 questions
- Each session is 2 hours and 15 minutes long
Our CFA Level I study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
Topic Weights by Level
Level I
For the 2025 Level I exams, the topics are weighted as follows:
- 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%
- Ethical and Professional Standards: 15-20%
These topic weights were used to develop a Level I study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.
Exam Results Available:
2024 Exam Results
February Exam:
- April 4, 2024
May Exam:
- June 26, 2024
August Exam:
- October 8, 2024
November Exam:
- January 14, 2025
2025 Exam Results
February Exam:
- April 3, 2025
CFA® Exam Requirements
Candidate Eligibility Requirements
To be eligible to enter the CFA® Program, you must accomplish the following:
- Have a U.S. bachelor’s (or equivalent) degree
- or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for Level II.
- or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
- Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
- Be prepared to take the exams in English
- Have a valid international travel passport (required for enrollment and exam registration)
Enrollment and Exam Registration Fees
For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam level and when you register.
To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.
