CFA Level I exam guide: format, topic weights, cost, and a free practice quiz covering ethics, quantitative methods, economics, financial statement analysis, corporate issuers, equity, fixed income, derivatives, alternatives, and portfolio management.
The CFA (Chartered Financial Analyst) charter from CFA Institute is one of the most respected credentials in investment management. Level I is the first of three exams and tests foundational knowledge across the investment toolkit.
This guide and free practice quiz cover all ten Level I topic areas. Note: this is educational exam-practice material only and is not investment advice.
▶ Start the free CFA Level I practice quiz| Certification | CFA Level I |
|---|---|
| Exam code | CFA Level I |
| Level | Professional |
| Format | Multiple choice, computer-based (two sessions) |
| Questions | 180 questions (~4.5 hours total) |
| Duration | Two 2-hour-15-minute sessions |
| Passing score | Minimum Passing Score set by the Board (not publicly disclosed) |
| Cost (USD) | One-time enrollment fee plus a per-exam registration fee (varies by registration window) |
| Validity | N/A (progress to Level II) |
| Prerequisites | Bachelor's degree (or final-year student) or qualifying work experience |
Exam details change over time — always confirm the current specifics on the official exam page before you book.
The official exam is organized into these domains. Our practice bank mirrors them so you can drill each area:
| Domain | Exam weight | Practice questions |
|---|---|---|
| Ethical & Professional Standards | 15-20% | 5 |
| Quantitative Methods | 8-12% | 6 |
| Economics | 8-12% | 6 |
| Financial Statement Analysis | 13-17% | 7 |
| Corporate Issuers & Equity Investments | 19-26% | 7 |
| Fixed Income, Derivatives & Alternatives | 23-32% | 10 |
| Portfolio Management | 8-12% | 5 |
Prioritize the heaviest topics: Ethics and Professional Standards, Financial Statement Analysis, and the combined Equity and Fixed Income areas.
Build the quantitative and economics foundations (time value of money, statistics, elasticity, monetary/fiscal policy) that support the rest of the curriculum.
Practice corporate issuers, derivatives, alternatives, and portfolio management concepts (CAPM, diversification, the IPS). The free quiz below spans all ten topic areas.
Our free CFA Level I practice quiz has 46 scenario-based questions covering every exam domain. Each question includes the correct answer, a plain-English explanation of why it is right (and why the alternatives are wrong), and a reference to the relevant topic — so you learn as you go, not just test yourself.
▶ Practice CFA Level I now — 46 questions, freeIt's broad and demanding; candidates typically report several hundred hours of study. Pass rates are often below 50%.
180 multiple-choice questions split across two sessions of about 2 hours 15 minutes each, taken on a computer at a test center.
No. CFA Institute sets a Minimum Passing Score each cycle and does not disclose it. Aim well above the low-60s percent range historically discussed.
No. It is educational exam practice only, designed to reinforce CFA Level I concepts — not personalized investment advice.