CFA Level I
CFA Level I is the first exam of the Chartered Financial Analyst program, testing investment tools, ethics, and financial analysis fundamentals.
Difficulty
Very Hard
Popularity
46%
Past questions
7
Study tips
10
Key Topics
Exam Format & Dates
Multiple windows per year
4 hours 24 minutes
Pass / Fail
Passing score set by MPS; ~40–45% pass Level I
| Section | Duration | Content | Weight |
|---|---|---|---|
| Session 1 | 2 hours 12 minutes | 90 questions | 50% |
| Session 2 | 2 hours 12 minutes | 90 questions | 50% |
Exam Breakdown & Insights
Difficulty · Elite
Popularity score
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Study Tips
- 1
Define every key term precisely — many exam marks come from accurate use of subject terminology.
- 2
Apply concepts to real-world scenarios; application questions dominate modern exams.
- 3
Work through past papers under timed conditions — familiarity with question style is half the battle.
- 4
Take full-length, timed practice tests under real conditions — stamina and pacing matter as much as content.
- 5
Review every wrong answer until you can explain why the right answer is right and yours was wrong, then log the mistake.
- 6
Learn the recurring question types — the SAT and ACT reuse the same patterns every administration, so familiarity is free points.
- 7
Master pacing: know your per-question time budget and practice skip-and-return so you never leave easy points behind.
- 8
Use aggressive elimination — rule out wrong choices on every question before you commit to an answer.
- 9
Attack your weakest section with focused drills between full tests; a few points per section compound fast into a big composite gain.
- 10
Simulate test day exactly — same start time, same breaks, no phone — so the real thing feels routine.
Past Exam Questions
Define the key terms associated with Ethical & Professional Standards and explain why they matter in this subject.
Apply the concept of Quantitative Methods to a realistic scenario, explaining your reasoning step by step.
Evaluate the strengths and limitations of Economics, using evidence to support a clear, balanced conclusion.
Define the key terms associated with Financial Reporting & Analysis and explain why they matter in this subject.
Apply the concept of Corporate Issuers to a realistic scenario, explaining your reasoning step by step.
Evaluate the strengths and limitations of Equity & Fixed Income, using evidence to support a clear, balanced conclusion.
Define the key terms associated with Portfolio Management and explain why they matter in this subject.
Common Mistakes to Avoid
- ✕
Confusing similar key terms that examiners deliberately test against each other.
- ✕
Memorizing definitions without practicing application to scenarios.
- ✕
Ignoring the marks allocated per question — a 2-mark answer doesn't need a paragraph.
Official Resources
Free, official study material for CFA Level I — always start with the source your exam board publishes.
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