CFA Institute

CFA Level I: exam guide, topic weights and practice questions

CFA Level I is the first of three exams in the CFA Program. It tests a broad foundation in investment tools, from ethics and quantitative methods to financial statement analysis, equity, fixed income, derivatives and portfolio management.

The questions are short multiple-choice items, so the exam rewards breadth, speed and accuracy. The topic weights are published, which lets you divide your time sensibly instead of studying every chapter equally.

Take the free diagnostic Practice questions (300)

Who this exam is for

Level I suits finance and accounting graduates, analysts and career changers who want a recognised investment qualification. A calculator is allowed in the exam, so practise with the approved models.

Exam format

180 questions with three answer choices. Two sessions of 135 minutes.

Formats change. Confirm the current rules on the official CFA Institute website before you book.

Syllabus areas

Ethical and Professional Standards (15–20%)
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%)

How to prepare

Plan backwards from the exam date. CFA Institute suggests a large number of study hours per level. Check the current guidance, then divide the weeks you have into topic blocks using the published weights.
Give the heaviest topics the most time. Ethical and Professional Standards carries the largest weight, followed by Financial Statement Analysis, Equity Investments and Fixed Income. Do not leave Ethics until the end.
Learn formulas by using them. Do not memorise formula sheets in isolation. Solve a handful of questions for each formula until you can recall it and its assumptions.
Use practice questions every week. Short daily sets keep topics active. Review each mistake and note whether it was knowledge, a calculation slip or a misread question.
Finish with full mock exams. Sit complete mocks under timed conditions in the final weeks, then spend as long reviewing as you spent sitting.

Common mistakes

Spending too long on the quantitative topics and leaving Ethics thin.
Memorising formulas without their conditions, which exam questions often test.
Not practising with the allowed calculator until the last week.
Reading the question too fast and answering a different question from the one asked.

Frequently asked questions

How is the CFA Level I exam structured?

As listed above: 180 questions with three answer choices, delivered in two sessions of 135 minutes. Always confirm the current format on the CFA Institute website.

Which topics are weighted most heavily?

Ethical and Professional Standards (15–20%) has the largest range. Financial Statement Analysis, Equity Investments and Fixed Income are each 11–14%.

Is Etalorix affiliated with CFA Institute?

No. Etalorix is independent and not endorsed by CFA Institute. All questions are original and based on the public curriculum outline.