Preparing for the CFA^® Level I Exam

There are four CFA Level I exam windows each year: February, May, August, and November. Find out when you need to register to sit for your CFA Level I exam.

Register for the CFA Exam

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.

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.

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

2025 Exam Results

• February Exam: April 3, 2025
• May Exam: June 26, 2025
• August Exam: To Be Announced
• November Exam: To Be Announced

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.

  2025 — Level I	Early Registration	Standard Registration
  One-Time Enrollment Fee	$350	$350
  Exam Registration Fee	$990	$1,290
  TOTAL	$1,340	$1,640

• 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.

  2026 — Level I	Early Registration	Standard Registration
  Exam Registration Fee	$1,140	$1,490