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CFA Institute certificationsCFA Institute · proctored exam

CFA® Program Level I

Level I is the gate to the most demanding route in investment management. It is broad by design: ten subjects, from ethics to derivatives, tested with the patience of 180 short questions.

Passing it is not itself a credential; it is the first third of a charter that takes most people several years.

Certificate facts

Level
Professional
Field
Finance & accounting
Access
Paid
Assessment
Proctored exam
Duration
270 minutes
Questions
180 multiple-choice questions with three options each, in two 135-minute sessions of 90
Passing score
Pass or fail against a minimum passing score set by CFA Institute; the Level I page does not state it
Languages
EnglishCFA Institute's Level I pages do not name an exam language; the curriculum, sample questions and exam guides are published in English.
Price
1,490 USD (read 26 September 2026)
Validity
never expires
Exam delivery
Computer-based at Prometric test centres in four windows a year, usually February, May, August and November

Prerequisites: CFA Institute's enrolment requirements (not reproduced here). One Practical Skills Module must also be completed before the result is released; exam day requires an international travel passport and an approved calculator.

Renewal: None for a Level I pass. The charter itself requires all three levels, 4,000 hours of relevant experience over at least 36 months, and CFA Institute membership.

Source: certificate page at CFA Institute · Price: Level I standard registration for the November 2026 window; the early rate for that window was 1,140 USD. Registration for November 2026 had closed on the reading day, and CFA Institute shows each window's fees in its dates-and-fees tool. Local taxes are added where they apply (read 2026-09-26)

How to prepare

  1. 1. Online courses

    Courses and practice questions from the directory that target exactly this exam — details, price and the provider link (affiliate) are on the course page.

  2. Book the exam

    Delivered by Computer-based at Prometric test centres in four windows a year, usually February, May, August and November. Schedule with CFA Institute (opens in a new tab)

Affiliate disclosure: the course link above is an affiliate link — buying through them may earn us a commission at no extra cost to you. The vendor's learning path and booking links carry no commission.

A survey paper before the specialist ones

CFA Institute describes its three levels as learn and describe, analyse and evaluate, then integrate and apply. Level I is the first verb. Every question has a stem and three answer choices, and the institute publishes the rules its writers follow: no all-of-the-above, no cannot-determine, choices ordered by length or size. What remains is a test of whether you know the terms, relationships and formulas the investment industry takes for granted, across a syllabus that spans the whole investment industry.

  • Ethical and Professional Standards, the institute's code applied to cases.
  • Quantitative Methods and Economics, the language of return, risk and the macro environment.
  • Financial Statement Analysis, based on IFRS unless a question says US GAAP.
  • Corporate Finance, Equities and Fixed Income, the valuation core.
  • Derivatives and Risk Management, Alternative Investments and Portfolio Construction, where the pieces are combined.

The mechanics that shape preparation

The paper runs to four and a half hours with the tutorial, break and closing survey, and two content sessions of 135 minutes each. That is about ninety seconds per question, which sounds generous until a calculation stacks three steps. Only two calculators are allowed, the Texas Instruments BA II Plus and the HP 12C, and the institute's own advice is to know yours well enough that its keystrokes are automatic. Wrong answers cost nothing, so every question should be answered.

RuleWhat it means for your plan
Four windows, usually February, May, August and NovemberYou can pick a date that fits study, not the other way round
At most two sittings a year, never in consecutive windows or within six monthsA failed attempt costs you at least half a year
One Practical Skills Module per levelNo result is released until it is done, and a module used at Level I cannot be reused later
Missed appointments forfeit the feeRescheduling inside the window is possible for a fee if Prometric has a slot

The pass rate is the institute's own warning

CFA Institute publishes a ten-year average Level I pass rate of 41 %. It also reports that successful candidates spend more than 300 hours on each level. Those two figures belong together: the exam is not tricky, it is large.

The fee depends on how early you register for a window, and the gap between the early and standard rates is large enough to plan around. Beyond Level I, the institute puts the exam fees for all three levels between the figures in the cost table. Study materials in the institute's Learning Ecosystem are included in registration; a printed curriculum and an extra practice pack cost more. Scholarships exist for candidates who need help with the fee, and results arrive five to seven weeks after the exam as a pass or fail with a performance summary by topic, which is the most useful study guide for a second attempt.

What a question looks like

Written by us in the exam's style. It is not a real question from any question bank, and we do not publish those.

A company reports rising net income for three years while cash flow from operations falls each year. Receivables are growing faster than revenue. Which conclusion is most appropriate?

All three answer choices will sound like accounting facts. The question tests whether you can connect accrual accounting to earnings quality: profit recognised before cash arrives, with receivables outrunning sales, points to aggressive revenue recognition rather than to a healthy business investing for growth.

What it costs to get and to keep

ItemAmountNote
Level I exam, standard rate1490 USDNovember 2026 window, already closed on the reading day; each window shows its own fee in CFA Institute's dates-and-fees tool (read 26 September 2026)
Level I exam, early rate1140 USDNovember 2026 window; CFA Institute's pages advertise Level I from this amount (read 26 September 2026)
Rescheduling within a window250 USDonly if Prometric has an appointment available; otherwise a missed exam forfeits the fee (read 26 September 2026)
All three levels, exam fees only3520 USDCFA Institute's lower bound for the whole programme with early registration; its upper bound with standard registration is 4,570 USD (read 26 September 2026)
One-time enrolmentnot publishedthe dates-and-fees tool names a one-time enrolment fee, but no amount was displayed on the reading day (read 26 September 2026)

How much preparation, from where you are

Finance or economics graduate
Economics, corporate finance and parts of quantitative methods will be revision. Ethics and fixed income usually take longer than expected.
Accountant
Financial statement analysis is home ground, though the exam uses IFRS by default. Derivatives, fixed income and portfolio construction will be new.
Engineer or scientist moving into finance
The maths will not stop you; the vocabulary will. Budget for learning what every instrument is before learning how it is valued.

What passing this does not prove

  • Building a model in a spreadsheet; everything is answered with a handheld calculator.
  • Writing: Level I has no essay or constructed-response questions.
  • Weighing a whole client portfolio's competing goals, which the institute leaves to its later levels.
  • Any market-specific regulation beyond the institute's own code and standards.

Against the alternatives

Financial Modeling & Valuation Analyst (FMVA®)
FMVA teaches you to build the spreadsheet a valuation lives in; Level I tests whether you understand the finance behind it. They complement each other, and the FMVA is far quicker and cheaper, but only one is a step toward a charter employers name in job titles.
Financial Risk Manager (FRM®) Certification
If the goal is a risk function rather than investment selection, the FRM reaches it in two exams. Level I is the better start for asset management, research and portfolio roles.
CFP® certification (CERTIFIED FINANCIAL PLANNER®)
The CFP is built for advisers who plan a household's finances; Level I is built for people who analyse securities. Some wealth managers hold both, but few need both at the start.

CFA® Program Level I — quick answers

How much does CFA Level I cost?

There is an early and a standard fee for each window, set by CFA Institute and shown in its dates-and-fees tool; the cost table has the figures read for the November 2026 window. Study materials in the Learning Ecosystem are included.

How long should I study?

CFA Institute says successful candidates report more than 300 hours per level. Alongside a full-time job, that is months of evenings and weekends.

What happens if I fail?

You can retake, but not in the next window and not within six months, and no more than twice in a calendar year. Every result comes with a performance summary by topic, which shows where to focus next time.

Does passing Level I make me a CFA?

No. The charter requires all three levels, 4,000 hours of relevant work over at least three years and CFA Institute membership.

Which calculator can I use?

Only the Texas Instruments BA II Plus or the HP 12C. Practise on the one you will take in.

Where this certificate sits in the field

What comes next

Concepts this certificate draws on

Glossary entries with the reason each one matters for CFA® Program Level I.

A vendor certificate — not a degree and not an accredited qualification. Facts are from the vendor's exam page on the date shown; prices are list prices that vary by country and tax.

Last reviewed 26 September 2026 · Getting Digital