Preparing for the CFA^® Level I Exam

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. According to CFA Institute, Level II candidates spend an average of 300+ hours preparing for the exam.

Important CFA Level I Exam Dates

Find out when you need to register to sit for your CFA Level I exam.

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Body of Knowledge

The CFA Program curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.

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.

CFA 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. 

Master these concepts with a Level I study package.

Level I Exam Details

Candidates have a total of six maximum attempts per CFA exam level and can take as much time as needed to complete the program.

Exam Dates: There are four Level I exam windows each year—February, May, August, and November.

Exam Format: Computer-based and multiple-choice

Exam Questions:

• 180 equally weighted questions

• Session 1: 90 questions

• Session 2: 90 questions

• Each session is 2 hours and 15 minutes

Our Level I study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.

Level I Topic Weights

For the 2025 and 2026 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 study plan you can follow to ensure complete coverage of the material. The study plan is included in all our Level I study packages.

Level I Exam Results

2024 Exam Results

• February Exam: April 4, 2024

• May Exam: June 26, 2024

• August Exam: October 8, 2024

• November Exam: January 14, 2025

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. Candidates who are currently undergraduate students may take the Level I exam and must be within 11 months of graduation to sit 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.

For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.