CFA Level 1

First, the CFA Level 1 exam is the first of three examinations in the Chartered Financial Analyst (CFA) Program. It provides a strong foundation in investment management, financial analysis, ethics, and quantitative methods, thereby preparing candidates for more advanced levels of the CFA Program.

To be eligible, candidates must have a bachelor’s degree (or be in the final year of their degree), four years of relevant professional work experience, or a combination of education and work experience totaling at least four years.

The CFA Level 1 exam consists of 180 multiple-choice questions, divided into two 90-question sessions. Overall, candidates have 4 hours and 30 minutes to complete the examination.

Although the CFA Institute does not publish an official passing score, the Minimum Passing Score (MPS) is generally estimated to range between 65% and 70%. Therefore, candidates should aim to score well above this range to maximize their chances of passing.

The CFA Level 1 exam is offered four times each year, with testing windows in February, May, August, and November. Therefore, candidates have the flexibility to select the exam window that best aligns with their study plan and preparation timeline.

Effective preparation strategies include studying with our comprehensive learning materials, practicing regularly through mock exams and question banks, and dedicating 300–350 hours to structured study for thorough exam preparation.

Candidates whose overall scores are close to the Minimum Passing Score (MPS) may have their results influenced by their performance in the Ethics section. Therefore, a strong Ethics score can improve the likelihood of passing when scores are near the passing threshold.

Results are typically released 6–8 weeks after the CFA Level 1 exam. Therefore, candidates can expect to receive their results within approximately two months of their exam date.

Yes, candidates can retake the exam in the next available testing window. However, a candidate can attempt the exam a maximum of six times.

CFA Level 1 is considered challenging due to its broad syllabus and analytical depth. The historical pass rate is around 35%–45%, emphasizing the need for disciplined preparation.

The CFA Institute recommends 300–350 hours of study over 4–6 months to ensure thorough preparation.

No specific finance background is required, but a strong understanding of quantitative concepts is beneficial.

Yes, work experience is not mandatory for Level 1, but four years of relevant experience is required to obtain the CFA charter after passing all three levels.

No, the exam is closed-book, and candidates must rely on their knowledge and calculations. However, an approved calculator (Texas Instruments BA II Plus or HP 12C) is allowed.

Candidates can take the exam up to six times in their lifetime.

All questions are multiple-choice, with three answer choices (A, B, or C) per question.

Since 2021, the CFA Level 1 exam is conducted entirely in a computer-based format at designated testing centers worldwide.

• CFA Institute’s official curriculum
• Third-party providers like Kaplan Schweser, Wiley, Fitch Learning, and AnalystPrep
• Berkeley School of Business Online courses, mock exams, and question banks

Yes, practicing full-length mock exams helps improve time management and familiarizes candidates with exam-style questions.

No, there is no negative marking, so candidates should attempt all questions.

Yes, many candidates balance work and study by allocating 10–15 hours per week over several months.

There is no expiration date, and candidates can proceed to CFA Level 2 whenever they are ready.

No, candidates must pass Level 1 before attempting Level 2.