CFA Institute
CFA Level I
Chartered Financial Analyst Program — Level I Exam
The first of three exams toward the CFA charter, the most recognized credential in investment management. Level I tests a broad foundation across ethics, financial analysis, asset classes, and portfolio management.
Full program: 10 decks, 992 cards.
What's on the exam
CFA Program Level I Topic Weights (2026 exams; revised 2027 weights apply from the February 2027 window: Ethics 10–15%, Quantitative Methods 11–14%, Derivatives and Risk Management 6–9%, Alternative Investments 6–9%, with topics renamed Corporate Finance, Equities, and Portfolio Construction)
Quantitative Methods
6–9%Rates of return and time value of money · Statistical measures of asset returns · Probability and distributions · Hypothesis testing and simulation · Simple linear regression basics
Economics
6–9%Firms and market structures · Business cycles · Monetary and fiscal policy · Currency exchange rates · International trade and capital flows
Financial Statement Analysis
11–14%Income statements, balance sheets and cash flow statements · Ratio analysis · Inventories and long-lived assets · Income taxes · Financial reporting quality
Corporate Issuers
6–9%Corporate structures and stakeholder governance · Business models · Capital structure · Cost of capital · Working capital and liquidity
Equity Investments
11–14%Market organization and structure · Security market indexes · Market efficiency · Industry and company analysis · Equity valuation (dividend models, multiples)
Fixed Income
11–14%Bond features, issuance and markets · Bond valuation, yields and spreads · Securitization and asset-backed securities · Interest rate risk, duration and convexity · Credit risk and credit analysis
Derivatives
5–8%Forwards and futures · Options · Swaps · Pricing and valuation fundamentals · Arbitrage and replication
Alternative Investments
7–10%Private equity and private debt · Real estate and infrastructure · Hedge funds · Natural resources and commodities · Digital assets
Portfolio Management
8–12%Portfolio risk and return · Modern portfolio theory and CAPM · Portfolio planning and the IPS · Behavioral biases of investors · Introduction to risk management
Ethical and Professional Standards
15–20%Code of Ethics and Standards of Professional Conduct · Guidance and application of the Standards · Ethical decision-making framework · GIPS overview
Frequently asked questions
How much does the CFA Level I cost?
The CFA Level I costs $1490. Standard registration for 2026 exam windows; early registration is $1,140. The one-time $350 enrollment fee was eliminated starting with the February 2026 exam.
How long is the CFA Level I and how many questions does it have?
180 multiple-choice items — About 4.5 hours of testing (plus optional break).
What do you need to pass the CFA Level I?
Pass/fail; minimum passing score set by the CFA Institute Board of Governors.
Can you retake the CFA Level I?
Up to two attempts per calendar year; cannot sit in consecutive windows.
What is the best way to study for the CFA Level I?
Start from the official outline and your primary study materials: the exam is weighted by domain (Quantitative Methods 6–9%, Economics 6–9%, Financial Statement Analysis 11–14%, Corporate Issuers 6–9%, Equity Investments 11–14%, Fixed Income 11–14%, Derivatives 5–8%, Alternative Investments 7–10%, Portfolio Management 8–12%, Ethical and Professional Standards 15–20%). Once you've learned the material, spaced-repetition flashcards organized by those domains are an efficient way to retain it and refresh it before test day.
Ready to prepare?
Our CFA Level I program is organized by this outline's domains and scheduled by spaced repetition, with a path from first card to test day.
Flashcards are a memory tool. Learn the material first, then use NoReread to retain it and refresh what you already know. It doesn't replace studying the subject.