What are Level I of the CFA exam dates?

The Level I CFA exam is conducted in February, May, August, and November every year starting in 2021.

What are the exam fees for Level I of the CFA exam?

The exam fees for Level I of the CFA exam range from USD 700 to USD 1000, plus a one-time USD 450 enrollment fee.

What is the registration deadline for Level I of the CFA exam?

The early registration deadline is typically 6 months to 4 months before the exam date, while the standard registration deadline is 4 months to 3 months before the exam date.

Which calculators are allowed for the Level I CFA exam?

The allowed calculators are BA II Plus (most common) or HPC 12C.

How long is Level I of the CFA exam?

The Level I CFA exam is 4.5 hours long, divided into two 2-hour-and-fifteen-minute sessions on the same day.

What is the Level I pass rate?

The pass rate for Level I of the CFA exam has been around 43% in the past year.

What do I receive upon registration?

Upon registration, you receive access to the CFA Program Curriculum (e-book version) and the CFA Program web platform. AnalystPrep also offers free access to the Level I CFA Program Preparation Platform.

What is the minimum passing score for Level I of the CFA exam?

The minimum passing score (MPS) is determined each year by the CFA Institute after the administration of the exams. The MPS has never been officially released.

When will I know if I passed the exam?

You will know your results approximately 60 days after the exam date.

CFA Level 1 Study Materials | Question Bank, Mock Exams, Study Notes

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Level I Study Packages by AnalystPrep

AnalystPrep's study packages for the Level I of the CFA Exam start as low as $349.

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Study Notes for all three Levels of the CFA Exam
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What Should You Expect From the CFA®Level I Exam?

Are you wondering what’s waiting for you during the CFA Level 1 exam?

Let’s break it down!

You’ll face 180 multiple-choice questions spread across two sessions, each lasting 2 hours and 15 minutes:

Session 1 (morning): 90 questions covering ethics, quantitative methods, economics, and financial reporting and analysis.
Session 2 (afternoon): 90 questions tackling corporate finance, equity investments, fixed income, derivatives, alternative investments, and portfolio management.

You’ll need to attend both sessions, so plan your day accordingly. The CFA Level 1 exam focuses on building a strong foundation in finance, with 10 topics split into four main modules:

✅ Ethics and professional standards

✅ Investment tools

✅ Asset classes

✅ Portfolio management & wealth planning.

Each topic comes with its own set of Learning Outcome Statements (LOS): think of these as your learning objectives. Questions are multiple-choice with three options (A, B, or C), and the trick is to spend no more than 90 seconds per question to stay on track.

Here’s a little tip: Around 40% of the exam revolves around financial reporting, ethics, and quantitative analysis. Nailing these areas gives you a great shot at success! But don’t forget to cover the other topics too: t’s the best way to ace this level and set yourself up for future success in Levels II and III, not to mention your career.

	Topic	Percentage (%)
1	Ethical and Professional Standards	15-20
2	Quantitative Methods	8-12
3	Economics	8-12
4	Financial Reporting and Analysis	13-17
5	Corporate Finance	8-12
6	Equity Investments	10-12
7	Fixed Income	10-12
8	Derivative Investments	5-8
9	Alternative Investments	5-8
10	Portfolio Management	5-8

General Information about the CFA® Level I

The CFA Institute offers the exam in 170 cities worldwide in June and over 70 cities in December. Since it’s a global program, everything is in English, so having a solid grasp of the language is essential.

The exam is split into two sessions, each lasting 2 hours and 15 minutes.

You’ll face 90 multiple-choice questions in each session, making up a total of 180 questions. With an average of 1.5 minutes per question, time management is key. The questions come in two formats: sentence-completion or direct questions, and there are three possible answers (A, B, or C).

The good news is that you aren’t penalized for guessing, so always give it your best shot!

These subjects are divided into 58 readings, which can take 75 to 150 hours to review. That’s a lot of reading.

But don’t worry, many candidates opt to use AnalystPrep’s CFA Level 1 study materials and study notes to streamline their preparation and save time.

By using our comprehensive materials, you can cut down on study hours while still mastering all the important concepts.

It’s all about studying smarter, not harder. So, why not give yourself a head start with CFA Level 1 preparation that’s designed to help you succeed?

Exam fees for the CFA® Level 1 Exam

If you’re looking to earn your CFA Level 1 certification without breaking the bank… Here are some good news!

Compared to an MBA, the CFA Program is much more affordable. But before you dive in, it’s important to understand the fees involved.

First up is the program enrollment fee, a one-time payment of USD $450 to the CFA Institute. You only pay this when you register for Level I of the CFA exam, and it doesn’t apply to future levels.

Next, there’s the exam fee, which you’ll pay each time you register for a level. If you plan ahead, you can take advantage of the early registration fee of USD $700, which applies if you register 8 to 9 months before the exam. However, if you wait until closer to the exam date (3 to 4 months out), the standard registration fee is USD $1,000.

In total, to get started with CFA Level 1, you’ll need to budget at least USD $1,150. Not bad when you think about the long-term value of the CFA designation! It’s a solid investment in your financial career, and with CFA Level 1 study materials from AnalystPrep, you can feel confident you’re getting the most out of every dollar you spend.

	CFA Level 1 Exam Fees Breakdown
	Fee Type	Cost (USD)	When to Pay
1	Program Enrollment Fee	$450	One-time fee upon CFA Level 1 registration
2	Early Registration Fee	$700	8–9 months before the exam
3	Standard Registration Fee	$1000	3–4 months before the exam

CFA Exam Passing Scores & Pass Rates

What does it take to pass the CFA Level 1 exam?

Let’s break it down!

After each exam, the CFA Institute Board of Governors sets a minimum passing score (MPS) based on the exam’s difficulty and how well candidates performed. While the exact passing score is never officially revealed, it’s widely believed that scoring above 70% in most topics, and not dipping below 50% in Ethics, puts you in a strong position to pass.

Here’s where things get interesting: the CFA Level 1 pass rate tends to hover around 43%, based on recent exam data. But if you’re taking the exam for the first time, be prepared—first-time pass rates are usually lower. On the flip side, candidates retaking the exam for a second or third time often have a higher chance of success.

Of the three CFA levels, CFA Level 1 has the lowest pass rate, even though many consider it the easiest. This paradox is due to the progression of the CFA Program. Candidates who pass Level 1 move on to CFA Level 2, which has a slightly higher pass rate, and then to CFA Level 3, which boasts the highest pass rate of all.

if you don’t pass on your first try, don’t worry—it’s all part of the journey. With the right CFA Level 1 study material and solid preparation, you can confidently tackle the exam and come out on top!

How Many Hours Should You Devote?

“How many hours should I study for the CFA Level 1 exam?”

If we had a dollar for every time we’ve heard this question… The general consensus is that dedicating 300 hours of study time is a solid target for each level of the CFA exam.

But here’s the thing—CFA Level 1 is a bit different. This exam focuses on the basics of finance, covering topics like asset valuation, financial reporting, portfolio management, and using investment tools for simple analysis. So, if you already have some background in finance, you may not need to clock in as many hours as someone whose brand new to the field.

That said, don’t underestimate the exam. Even with basic finance knowledge, it’s crucial to fully grasp the CFA Level 1 curriculum and the structure of the exam. Yes, the questions are multiple-choice, and you might only need to confidently answer around 50% of them to pass, but you still need to be well-prepared.

A great way to maximize your study time is by diving into AnalystPrep’s Question Bank and CFA Level 1 mock exams. Solving as many exam-style questions as possible is key to feeling confident on test day. And if you find yourself struggling with certain topics, make sure to allocate extra time to reviewing those areas with CFA study materials to fill in the gaps.

Bottom line: preparation is everything. With smart planning and enough practice, you’ll be ready to conquer the exam!

Benefit of CFA Level 1 Study Materials Provided by Exam Preparation Platforms

Studying the entire CFA Program curriculum can feel like a never-ending task. With countless readings and in-depth explanations packed with examples, it’s easy to get overwhelmed.

That’s where CFA Level 1 study materials from platforms like AnalystPrep can help.

AnalystPrep offers a range of tools to make your prep more efficient and focused, without missing any of the essential Learning Outcome Statements (LOS). Our CFA Level 1 study notes simplify the curriculum, highlighting critical points so you can absorb the content faster and more effectively.

But it doesn’t stop there.

AnalystPrep’s question banks are designed to help you assess your strengths and weaknesses by focusing on key subjects in the curriculum. This way, you can figure out where you’re excelling and where you need to improve.

And the mock exams are nearly identical to the actual CFA exam in terms of format, difficulty, and length, so you can get a real taste of what exam day will be like.

Many first-time candidates overlook the value of these study materials, thinking they can get by with just the CFA Institute resources. This is risky! The key to passing the CFA Level 1 exam lies in repetition and practice. Experts recommend solving at least 1,000 practice questions to build the confidence and speed you need to succeed.

By using AnalystPrep’s mock exams and question banks, you’ll be ahead of the curve, practicing more questions and gaining more experience than candidates who only rely on the CFA Institute’s materials. This will give you the best chance of passing the exam on your first try.

FAQs about the CFA Level I Exam

What are the CFA Level I exam dates?	February, May, August, and November of every year starting in 2021
What are the exam fees for CFA Level I exam?	USD $700 to USD $1000 plus a one-time USD $450 enrollment fee
What is the registration deadline for CFA Level I exam?	Early registration: 6 months to 4 months before exam time Standard registration: 4 months to 3 months before exam time
Which calculators are allowed?	BA II Plus (most common) or HPC 12C
How long is CFA Level I exam?	4.5 hours, divided into two 2-hour-and-fifteen-minute sessions during the same day
What is the Level I pass rate?	Around 43% for the last year
What do I receive upon registration?	The CFA Program Curriculum (e-book version) and access to the CFA Program web platform. Even if you are not registered, you can also get free access to the Level I CFA Program Preparation Platform offered by AnalystPrep by clicking here.
What is the minimum passing score?	The minimum passing score (MPS) for each level of the exam is determined by CFA Institute each year after the administration of the exams. The MPS has never been released.
When will I know if I passed the exam?	60 days after the exam

AnalystPrep’s CFA® Level I Exam Study Tools

Easy-to-read CFA Study Notes Summarizing each LOS

3,000 Hard Exam-style Practice Questions Organized by Readings

5 Full-length Mock Exams Replicating the Level of Difficulty of the Actual Exam

A Formula Sheet and Ratio Sheet so You Know all of the Relevant Formulas to Use

24/7 Study Support from our Instructors to Answer all of your Questions

Performance Dashboard to Easily see your Strengths and Weaknesses

Compare Yourself to Other Candidates

You can compare your results with thousands of other candidates using AnalystPrep’s platform. Seeing how you stack up against others is a great way to stay motivated and adjust your study plan as needed. Whether you need to focus more on the CFA mock exams or tackle additional questions from the CFA Level 1 question bank, this tool helps you sharpen your strategy and boost your chances of success!

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