Exam format
| Questions | 180 multiple choice, three options (A, B, C) each |
|---|---|
| Sessions | 2 sessions of 90 questions |
| Time per session | 135 minutes (4 h 30 min of testing in total) |
| Time per question | About 90 seconds |
| Format | Computer-based, at a test centre |
| Pass mark | Not published; set by CFA Institute after each exam window |
| Curriculum | 2026 curriculum for 2026 exams; 2027 curriculum for exams from February 2027 (what changed) |
Topic weights
Four weights change for exams from February 2027 (in bold). Question counts are how many of 180 questions a CheapMocks mock gives each topic in that year, close to the midpoint of each range. Weights: CFA Institute, Level I exam.
| Topic (2026) | 2027 name | 2026 | 2027 | ≈ Questions 2026 / 2027 |
|---|---|---|---|---|
| Ethical and Professional Standards | same | 15–20% | 10–15% | 30 / 21 |
| Quantitative Methods | same | 6–9% | 11–14% | 13 / 21 |
| Economics | same | 6–9% | 6–9% | 13 / 13 |
| Financial Statement Analysis | same | 11–14% | 11–14% | 22 / 22 |
| Corporate Issuers | Corporate Finance | 6–9% | 6–9% | 12 / 13 |
| Equity Investments | Equities | 11–14% | 11–14% | 22 / 22 |
| Fixed Income | same | 11–14% | 11–14% | 22 / 22 |
| Derivatives | Derivatives and Risk Management | 5–8% | 6–9% | 11 / 14 |
| Alternative Investments | same | 7–10% | 6–9% | 15 / 14 |
| Portfolio Management | Portfolio Construction | 8–12% | 8–12% | 20 / 18 |
Pass rates
| Exam window | Pass rate | Candidates |
|---|---|---|
| August 2026 | 43% | 28,145 |
| May 2026 | 39% | 31,566 |
| February 2026 | 45% | 24,006 |
| November 2025 | 43% | 26,752 |
| August 2025 | 43% | 26,192 |
| May 2025 | 45% | 24,227 |
| February 2025 | 45% | 19,848 |
- Average of the last 7 windows: 43%. Long-term average according to CFA Institute: about 40%.
- In August 2026, first-time candidates passed at 49% and candidates who had deferred at least once at 29%.
Source: CFA Institute results press releases (linked above). More on the pass rates page.
Quick answers
- How many questions are on the CFA Level I exam?
- 180 multiple-choice questions, each with three answer options, split into two sessions of 90 questions.
- How long is the CFA Level I exam?
- Two sessions of 135 minutes each, 4 hours 30 minutes of testing in total. That is about 90 seconds per question.
- What is the CFA Level I pass rate?
- 43% in August 2026 (28,145 candidates). The average over the last 7 exam windows was 43%, and CFA Institute gives a long-term average of about 40%.
- Which topic has the highest weight on CFA Level I?
- For 2026 exams, Ethical and Professional Standards, at 15–20% (about 30 of 180 questions). For exams from February 2027, Ethics drops to 10–15%, and Quantitative Methods, Financial Statement Analysis, Equities and Fixed Income lead at 11–14% each.
- Did the topic weights change for the 2027 curriculum?
- Yes, for four topics. Ethics falls from 15–20% to 10–15%, Quantitative Methods rises from 6–9% to 11–14%, Derivatives (renamed Derivatives and Risk Management) moves from 5–8% to 6–9% and Alternative Investments from 7–10% to 6–9%. Corporate Issuers, Equity Investments and Portfolio Management are also renamed (Corporate Finance, Equities and Portfolio Construction).
- Is there a pass mark for CFA Level I?
- CFA Institute does not publish a fixed pass mark. It sets the minimum passing score for each exam window after the exam.
CheapMocks in numbers
An independent, original Level I course. These numbers update automatically.
| Short lessons | 794 across 10 topics |
|---|---|
| Animated video lessons | 218 |
| Flashcards | 5,018, with spaced repetition |
| Question bank | 2,900 original exam-style questions, every answer explained |
| Full mock exams | 5 × 180 questions, timed in two sessions (the first one is free) |
| Curricula | 2026 and 2027 |
| Price | Monthly subscription $29.99 · 3-month pass $79.99 · 6-month pass $149.99 · 12-month pass $199.99 (from $16.67 a month) |
| Free trial | 7 days of the Academy and question bank, no card (the other mocks need a plan) |
| Refunds | 14-day money-back guarantee on passes |
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