Level I guide · 2026 curriculum
The CFA® Level I exam, explained
Level I is a computer-based exam of 180 multiple-choice questions, split into two sessions of 135 minutes with an optional break in between. That is about 90 seconds per question.
Exam format at a glance
| Questions | 180 standalone multiple-choice questions, 90 per session |
| Answer options | Three per question (A, B, C), one correct |
| Time | Two sessions of 135 minutes, with an optional break between them |
| Scoring | Every question carries the same weight and there is no penalty for a wrong answer |
| Pass rate | 39% in May 2026; long-term average about 40% (see all recent results) |
The ten topics and their weights
CFA Institute publishes a weight range for each topic. Our mocks follow these weights, so each full mock has roughly the number of questions per topic shown below.
| Topic | Weight | ≈ Questions |
|---|---|---|
| Ethical and Professional Standards | 15–20% | 30 |
| Quantitative Methods | 6–9% | 13 |
| Economics | 6–9% | 13 |
| Financial Statement Analysis | 11–14% | 22 |
| Corporate Issuers | 6–9% | 12 |
| Equity Investments | 11–14% | 22 |
| Fixed Income | 11–14% | 22 |
| Derivatives | 5–8% | 11 |
| Alternative Investments | 7–10% | 15 |
| Portfolio Management | 8–12% | 20 |
Source: CFA Institute, Level I exam.
How to use mock exams well
- Sit at least one full mock under real timing. Pace matters: 90 seconds a question leaves little room for getting stuck.
- Review every question, including the ones you got right. Guessed correct answers hide gaps.
- Study by weight. A weak, heavily weighted topic costs more marks than a weak, light one.
- Retest on a new mock. Retaking the same mock mostly measures memory, not progress.
Try it under exam conditions
A full 180-question mock with a topic-by-topic report. Free with an account.