CFA® Level 1 Exam Prep, Study Material & Courses

The exam’s historical 41% to 45% pass rate is a result of the sheer volume and breadth of the material, rather than any individual concept being impossible to grasp. Candidates must memorize a vast library of formulas and apply theories across 10 entirely different sub-disciplines all on the same day, while answering 180 questions under tight testing windows.

The exam uses a computer-based testing (CBT) layout split evenly into two testing sessions. Each session lasts exactly 2 hours and 15 minutes, totaling 4 hours and 30 minutes of live exam time. Because you must complete 90 questions per session (180 total), candidates have a blistering average pace of roughly 90 seconds per question.

The CFA Institute sets a Minimum Passing Score (MPS) for each exam level, but does not publish it as a fixed percentage. Instead, since 2025, candidates receive a scaled score alongside the MPS threshold directly on their score report. While the number isn’t broadcast publicly, it is disclosed to individual candidates.
The MPS is expressed on a scaled score system (1,000–1,900 for Level 1, 2,000–2,900 for Level 2, and 3,000–3,900 for Level 3), with current passing thresholds set at 1,600, 2,600, and 3,600 respectively. It is not a fixed percentage and varies by administration based on exam difficulty and curriculum changes.
Independent analysis of candidate results estimates the effective passing threshold at roughly 67–69% for Level 1, 68–70% for Level 2, and 60–65% for Level 3. As a general rule of thumb, scoring 70% or above on practice exams is considered a safe target.

The CFA Institute limits candidates to a maximum of six attempts at the Level I exam. Candidates who exhaust all six attempts without passing are permanently ineligible to register for Level I, effectively ending their path to the CFA charter. This policy applies regardless of whether a candidate attempts to re-register under a new account, and partially completed exams count toward the limit.

Testing centers enforce strict security guidelines on exam day. A valid international travel passport is the only accepted form of identification, and only two calculator models are authorized: the Texas Instruments BA II Plus (including the Professional version) and the Hewlett Packard HP 12C (including the Platinum, 25th Anniversary, 30th Anniversary, and Prestige editions). No other models are permitted, and using an unauthorized calculator will result in your results being voided.

The Practical Skills Module (PSM) is a mandatory hands-on training component required at every exam level. It is not scored or graded, and completion alone is what matters. Candidates must finish at least one PSM before their exam results are released. Failing to do so does not simply delay your results. They are voided entirely, requiring you to re-register, pay all applicable fees, and resit the exam. No grace period is granted.

CFA Level 1 results are typically released within 5 to 7 weeks after the close of the testing window, delivered via email notification. You will receive a pass or fail result alongside a detailed performance breakdown across all 10 topic areas, allowing you to see exactly where you stood relative to the Minimum Passing Score.

To register for CFA Level 1, candidates must hold a bachelor’s degree, be within approximately two years of graduation, or have a combination of higher education and professional work experience totaling at least 4,000 hours. Candidates must also possess a valid international passport and agree to the CFA Institute Code of Ethics and Standards of Professional Conduct.