{"id":3499,"date":"2024-12-20T13:34:33","date_gmt":"2024-12-20T19:34:33","guid":{"rendered":"https:\/\/www.kansascity.com\/careers-education\/?p=3499"},"modified":"2026-06-19T08:49:09","modified_gmt":"2026-06-19T14:49:09","slug":"cfa-level-1-exam-format","status":"publish","type":"post","link":"https:\/\/www.kansascity.com\/careers-education\/cfa-level-1-exam-format\/","title":{"rendered":"CFA\u00ae Level 1 Exam Format, Structure, and Tips to Pass"},"content":{"rendered":" <p class=\"wp-block-paragraph\">In a CFA Institute survey,<a href=\"https:\/\/www.cfainstitute.org\/about\/press-room\/2023\/impact-assessment-cfa-program-india\" target=\"_blank\" rel=\"noreferrer noopener\"> 76%<\/a> of respondents saw increased salary thanks to their CFA\u00ae charter within 12 months of earning it.<\/p> <p class=\"wp-block-paragraph\">Yes, you read that correctly!<\/p> <p class=\"wp-block-paragraph\">Needless to say, becoming a Chartered Financial Analyst is a smart move\u2014and it all starts with passing the CFA\u00ae Level I Exam. In this guide, I&#8217;ll break down the exam format, topic weights, helpful tips for tackling those tricky multiple-choice questions, and even share the best CFA\u00ae prep courses to help you pass Level I on your first try. <\/p> <p class=\"custom_key wp-block-paragraph\"><strong>Key Takeaways<\/strong><\/p> <ul class=\"wp-block-list custom_underline\"> <li><strong>Understand the Format<\/strong>: The CFA\u00ae Level 1 exam consists of 180 multiple-choice questions split into two sessions of 90 questions each, totaling 4 hours and 30 minutes.<\/li> <li><strong>Focus on Key Topics<\/strong>: Ethical and Professional Standards and Financial Statement Analysis carry significant weight\u2014mastering these will give you an edge.<\/li> <li><strong>Practice is Essential<\/strong>: Regular practice with exam-style questions and mock exams is crucial for success.<\/li> <li><strong>No Penalty for Guessing<\/strong>: Every question is equally weighted, and there\u2019s no penalty for wrong answers\u2014always make an educated guess if you\u2019re unsure.<\/li> <li><strong>Choose the Right Prep Course<\/strong>: Resources like AnalystPrep, Kaplan Schweser, and The Princeton Review can help you structure your study plan and boost confidence.<\/li> <\/ul> <h2 class=\"wp-block-heading\" id=\"h-cfa-level-1-exam-structure-and-length\"><strong>CFA\u00ae Level 1 Exam Structure and Length<\/strong><\/h2> <p class=\"wp-block-paragraph\">The CFA\u00ae Level 1 exam tests your knowledge across ten core topics with a total of 180 multiple-choice questions. These questions are split evenly into two sessions of 90 questions each.<\/p> <p class=\"wp-block-paragraph\">Each session runs for 2 hours and 15 minutes, giving you a total of 4 hours and 30 minutes of exam time. There\u2019s also an optional 30-minute break between sessions, so make a plan for how you\u2019ll recharge during that downtime.<\/p> <h3 class=\"wp-block-heading\" id=\"h-key-details\"><strong>Key Details:<\/strong><\/h3> <ul class=\"wp-block-list\"> <li><strong>Number of Questions<\/strong>: 180<\/li> <li><strong>Sessions<\/strong>: 2 (90 Questions Each)<\/li> <li><strong>Total Time<\/strong>: 4 Hours and 30 Minutes (2 Hours and 15 Minutes Per Session)<\/li> <li><strong>Time Per Question:<\/strong> 90 Seconds<\/li> <li><strong>Question Format<\/strong>: Multiple-Choice Questions (3 Options, Not 4)<\/li> <li><strong>CFA\u00ae Exam Date Windows: <\/strong>February, May, August, and November<\/li> <\/ul> <p class=\"wp-block-paragraph\"><strong>Pro Tip:<\/strong> Only two calculator types are allowed in the exam room: the <strong>Texas Instruments BA II Plus<\/strong> and the <strong>Hewlett Packard 12C<\/strong>. Get your calculator early and practice with it!<\/p> <figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"410\" height=\"1024\" src=\"https:\/\/www.kansascity.com\/careers-education\/wp-content\/uploads\/sites\/7\/2024\/12\/Effective-strategies-for-CFA-410x1024.png\" alt=\"CFA questions strategies\" class=\"wp-image-3500\" style=\"width:789px;height:auto\" srcset=\"https:\/\/www.kansascity.com\/careers-education\/wp-content\/uploads\/sites\/7\/2024\/12\/Effective-strategies-for-CFA-410x1024.png 410w, https:\/\/www.kansascity.com\/careers-education\/wp-content\/uploads\/sites\/7\/2024\/12\/Effective-strategies-for-CFA-120x300.png 120w, https:\/\/www.kansascity.com\/careers-education\/wp-content\/uploads\/sites\/7\/2024\/12\/Effective-strategies-for-CFA-60x150.png 60w, https:\/\/www.kansascity.com\/careers-education\/wp-content\/uploads\/sites\/7\/2024\/12\/Effective-strategies-for-CFA.png 640w\" sizes=\"auto, (max-width: 410px) 100vw, 410px\" \/><\/figure> <h2 class=\"wp-block-heading\" id=\"h-cfa-level-1-exam-topics-and-weights\"><strong>CFA\u00ae Level 1 Exam Topics and Weights<\/strong><\/h2> <p class=\"wp-block-paragraph\">The exam tests your fundamental understanding of finance and investment concepts. Here&#8217;s a quick look at how topics are weighted and divided across the two sessions:<\/p> <!DOCTYPE html> <html lang=\"en\"> <head> <meta charset=\"UTF-8\"> <meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\"> <title>Session Topics and Weights<\/title> <style> body { font-family: Arial, sans-serif; background-color: white; \/* Solid white background with no shading outside the table *\/ margin: 0; display: flex; justify-content: center; align-items: center; min-height: 100vh; } table { border-collapse: collapse; margin: 0 auto; background-color: white; \/* No shading outside the table *\/ text-align: center; border: 1px solid #ddd; \/* Border for table clarity *\/ } th, td { padding: 12px 20px; border: 1px solid #ddd; } th { background-color: #0793CF; \/* Header color *\/ color: white; } tr:nth-child(even) { background-color: #f9f9f9; \/* Shading within table rows only *\/ } tr:hover { background-color: #d0eaf7; \/* Hover effect limited to table rows *\/ transition: background-color 0.3s; } <\/style> <\/head> <body> <table> <thead> <tr> <th>Session<\/th> <th>Topic<\/th> <th>Weight<\/th> <\/tr> <\/thead> <tbody> <tr><td>1<\/td><td>Ethical and Professional Standards<\/td><td>15-20%<\/td><\/tr> <tr><td>1<\/td><td>Financial Statement Analysis<\/td><td>11-14%<\/td><\/tr> <tr><td>1<\/td><td>Corporate Issuers<\/td><td>6-9%<\/td><\/tr> <tr><td>1<\/td><td>Economics<\/td><td>6-9%<\/td><\/tr> <tr><td>1<\/td><td>Quantitative Methods<\/td><td>6-9%<\/td><\/tr> <tr><td>2<\/td><td>Equity Investments<\/td><td>11-14%<\/td><\/tr> <tr><td>2<\/td><td>Fixed Income<\/td><td>11-14%<\/td><\/tr> <tr><td>2<\/td><td>Portfolio Management<\/td><td>8-12%<\/td><\/tr> <tr><td>2<\/td><td>Alternative Investments<\/td><td>7-10%<\/td><\/tr> <tr><td>2<\/td><td>Derivatives<\/td><td>5-8%<\/td><\/tr> <\/tbody> <\/table> <\/body> <\/html> <p class=\"wp-block-paragraph\">The topic Ethical and Professional Standards carries the most weight, so master ethics to give yourself an edge. Financial Statement Analysis, Equity Investments, and Fixed Income are heavily weighted and worth some extra study time.<\/p> <h2 class=\"wp-block-heading\" id=\"h-question-format-what-to-expect\"><strong>Question Format: What to Expect<\/strong><\/h2> <p class=\"wp-block-paragraph\">The CFA\u00ae Level 1 exam uses multiple-choice questions designed to test your understanding clearly and fairly. Each question consists of:<\/p> <ul class=\"wp-block-list\"> <li><strong>A Stem<\/strong>: This is the central question, statement, or data table that sets the context.<\/li> <li><strong>Three Answer Choices<\/strong>: Labeled A, B, and C, with only one correct answer.<\/li> <\/ul> <p class=\"wp-block-paragraph\"><strong>These questions come in two straightforward styles:<\/strong><\/p> <ol class=\"wp-block-list\"> <li><strong>Sentence Completion<\/strong>: You\u2019re given a statement with a missing piece. Your job is to choose the best way to complete it from your options. <ul class=\"wp-block-list\"> <li><em>Example<\/em>:<br><strong>One of the main objectives of portfolio diversification is to:<\/strong><strong><br><\/strong>A. Eliminate all types of risk<br>B. Reduce unsystematic risk<br>C. Increase the correlation between asset returns<\/li> <\/ul> <\/li> <li><strong>Direct Questions<\/strong>: These simple, straightforward questions ask you to identify the most appropriate answer. <ul class=\"wp-block-list\"> <li><em>Example<\/em>:<br><strong>Which financial ratio is primarily used to measure a company\u2019s liquidity?<\/strong><strong><br><\/strong>A. Current ratio<br>B. Debt-to-equity ratio<br>C. Return on equity (ROE)<\/li> <\/ul> <\/li> <\/ol> <p class=\"wp-block-paragraph\"><em>(If you&#8217;re curious, the answers are B and A.)<\/em><\/p> <h3 class=\"wp-block-heading\" id=\"h-exam-structure-notes\"><strong>Exam Structure Notes<\/strong><\/h3> <ul class=\"wp-block-list\"> <li>Questions avoid tricky phrasing. You won\u2019t see words like \u201cnot\u201d or \u201cexcept.\u201d<\/li> <li>Confusing answer choices like \u201call of the above\u201d or \u201cnone of the above\u201d are never used.<\/li> <li>Answers follow a logical order. If the options are numerical, they\u2019ll go from smallest to largest. If they\u2019re word-based, they\u2019re usually ordered by length.<\/li> <\/ul> <p class=\"wp-block-paragraph\"><strong>Pro Tip:<\/strong> Since all questions are equally weighted and there\u2019s <strong>no penalty for guessing<\/strong>, don\u2019t leave any blanks! If you\u2019re stuck, eliminate the least likely options and make an educated guess.<\/p> <h2 class=\"wp-block-heading\" id=\"h-8-tips-for-tackling-cfa-level-i-multiple-choice-questions\"><strong>8 Tips for Tackling CFA\u00ae Level I Multiple-Choice Questions<\/strong><\/h2> <p class=\"wp-block-paragraph\">When you\u2019re up against 180 multiple-choice questions (MCQs) on the CFA\u00ae Level 1 exam, smart strategies can make a huge difference. Here are some practical tips to help you conquer CFA\u00ae exam questions with confidence:<\/p> <ol class=\"wp-block-list\"> <li><strong>Read the Question Stem Carefully<\/strong>: Before looking at the answer options, make sure you understand what the question is asking. Misreading the question is one of the most common pitfalls. If necessary, rephrase it in your own words\u2014this helps you focus on the key point without getting distracted by answer choices.<\/li> <li><strong>Predict the Answer First<\/strong>: Try to come up with the answer independently before looking at the options. This keeps you from getting swayed by incorrect choices designed to confuse you. Once you\u2019ve predicted an answer, scan the options to see if your choice is there.<\/li> <li><strong>Benchmark the Best Option<\/strong>: Start with the first answer choice and decide if it seems reasonable. If it does, mentally mark it as your \u201cbenchmark\u201d answer. As you review the other options, compare each to your benchmark and choose the strongest contender. This prevents second-guessing.<\/li> <li><strong>Don\u2019t Overthink\u2014Take It at Face Value<\/strong>: The CFA Institute doesn\u2019t use \u201ctrick questions.\u201d Avoid overanalyzing or imagining unlikely scenarios where multiple answers <em>could<\/em> be correct. Stick to the information provided and choose the answer that best fits the question.<\/li> <li><strong>Pay Attention to Qualifiers<\/strong>: Words like \u201cmost likely,\u201d \u201cleast likely,\u201d \u201cbest described,\u201d or \u201cmost accurate\u201d are common in CFA\u00ae questions. These qualifiers set the tone for what the question is looking for, so underline them to stay focused on the task.<\/li> <li><strong>Watch for Clues in the Question<\/strong>: Look for grammatical clues\u2014correct answers often align in tense, subject, and number with the question. If two options are opposites, one is likely the right pick. For numerical answers, eliminate values that seem far too large or small.<\/li> <li><strong>Trust Your Instincts<\/strong>: If you\u2019re stuck between two options, go with the one that feels more accurate. Research shows that our instincts are often correct, even if we can\u2019t pinpoint why. Just make sure the answer directly addresses the question.<\/li> <li><strong>Review Carefully, But Don\u2019t Overchange<\/strong>: If time permits, go back and review flagged questions. However, avoid changing your answers unless you\u2019re positive you made a mistake\u2014your first choice is often correct.<\/li> <\/ol> <h2 class=\"wp-block-heading\" id=\"h-cfa-level-1-prep-courses\"><strong>CFA\u00ae Level 1 Prep Courses<\/strong><\/h2> <p class=\"wp-block-paragraph\">Choosing the right prep course can make all the difference in your CFA\u00ae Level 1 journey. Here are three excellent options to consider:<\/p> <ul class=\"wp-block-list\"> <li><strong>AnalystPrep<\/strong>: A top-notch option for practice questions, mock exams, and entertaining &amp; engaging video lectures. Their study materials are concise and user-friendly, and their budget-friendly 3-level package offers lifetime access.<\/li> <li><strong>Kaplan Schweser<\/strong>: Kaplan is a favorite among CFA\u00ae candidates for its in-depth study guides, question banks, and excellent video lectures. They offer a structured approach and a reputation that speaks for itself.<\/li> <li><strong>The Princeton Review<\/strong>: Known for their expert instructors and engaging teaching style, The Princeton Review offers strong resources for mastering challenging topics.<\/li> <\/ul> <p class=\"wp-block-paragraph\">Check out my detailed comparison of the best CFA<strong>\u00ae<\/strong> prep courses to help you pick based on your preferences.<\/p> <h2 class=\"wp-block-heading\" id=\"h-final-thoughts-nbsp\"><strong>Final Thoughts <\/strong><\/h2> <p class=\"wp-block-paragraph\">The CFA\u00ae Level 1 exam marks the beginning of your journey toward earning the coveted CFA\u00ae charter, a credential that can significantly enhance your career opportunities in the finance and investment industry. With <a href=\"https:\/\/www.kansascity.com\/careers-education\/how-long-are-the-cfa-exams\/\">180 multiple-choice questions<\/a> covering essential topics like Ethics, Financial Statement Analysis, and Equity Investments, the exam requires a well-rounded understanding of foundational concepts and a strategic approach to time management.<\/p> <p class=\"wp-block-paragraph\">To maximize your success, focus on mastering high-weight topics, practicing regularly with mock exams, and developing efficient strategies for tackling multiple-choice questions. Remember, there\u2019s no penalty for guessing, so use every opportunity to boost your score. Additionally, investing in a reliable prep course\u2014such as AnalystPrep, Kaplan Schweser, or The Princeton Review\u2014can provide the structure and resources needed to stay on track.<\/p> <h2 class=\"wp-block-heading\" id=\"h-faqs\"><strong>FAQs<\/strong><\/h2> <div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1734596692249\"><strong class=\"schema-faq-question\"><strong>Is CFA\u00ae Level 1 difficult?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, the CFA\u00ae Level 1 exam is challenging, as it tests a broad range of topics across finance and investment concepts. However, the minimum passing score is estimated to be between 60 and 70%, which is certainly achievable for many candidates.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1734596699420\"><strong class=\"schema-faq-question\"><strong>What is the salary of a CFA\u00ae?<\/strong><\/strong> <p class=\"schema-faq-answer\">The salary of a CFA\u00ae charterholder varies based on experience, location, and role. On average, CFAs can earn between <a href=\"https:\/\/www.bls.gov\/ooh\/business-and-financial\/financial-analysts.htm#tab-5\" target=\"_blank\" rel=\"noreferrer noopener\">$80,000<\/a> and <a href=\"https:\/\/www.cfainstitute.org\/programs\/cfa-program#career-paths\" target=\"_blank\" rel=\"noreferrer noopener\">$200,000+<\/a> annually, with investment professionals in senior roles earning significantly more.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1734596710431\"><strong class=\"schema-faq-question\"><strong>How much does it cost to take the CFA\u00ae Level I exam?<\/strong><\/strong> <p class=\"schema-faq-answer\">The CFA\u00ae Level 1 exam cost includes a one-time enrollment fee of $350 and an exam registration fee that ranges from $990 to $1,290, depending on when you register. Early registration can save you money. The level II CFA\u00ae exam costs the same, but level III costs a bit higher at $1,090 or $1,390.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1734596715821\"><strong class=\"schema-faq-question\"><strong>Is CFA\u00ae or CPA harder?<\/strong><\/strong> <p class=\"schema-faq-answer\">Both certifications are challenging but differ in focus. The CFA\u00ae program curriculum focuses on financial analysis and portfolio and risk management, while the CPA emphasizes accounting and auditing. The difficulty depends on your background and career goals.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1734596721166\"><strong class=\"schema-faq-question\"><strong>What is CFA\u00ae Level 1 for?<\/strong><\/strong> <p class=\"schema-faq-answer\">CFA\u00ae Level 1 is the first step toward earning the CFA\u00ae charter. It builds a foundational understanding of finance, investments, and ethical practices, preparing candidates for careers in the investment industry.<\/p> <\/div> <\/div> ","protected":false},"excerpt":{"rendered":"<p>In a CFA Institute survey, 76% of respondents saw increased salary thanks to their CFA\u00ae charter within 12 months of earning it. Yes, you read that correctly! Needless to say, becoming a Chartered Financial Analyst is a smart move\u2014and it all starts with passing the CFA\u00ae Level I Exam. In this guide, I&#8217;ll break down [&hellip;]<\/p> ","protected":false},"author":11,"featured_media":3501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3,244],"tags":[],"class_list":["post-3499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-careers-education","category-finance"],"acf":{"external_author":[129],"external_editor":"","select_template":"default","not_show_feature_image":false,"hide_toc":false},"featured_image_src":"https:\/\/www.kansascity.com\/careers-education\/wp-content\/uploads\/sites\/7\/2024\/12\/CFA-Level-1-Exam-768x427.png","author_info":{"display_name":"","author_link":"https:\/\/www.kansascity.com\/careers-education\/author\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CFA\u00ae Level 1 Exam Format, Structure, and Tips to Pass<\/title>\n<meta name=\"description\" content=\"Master the CFA\u00ae Level 1 exam with this in-depth guide on format, topics, and expert MCQ tips. 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