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Level I

This is the first of three exams offered by the CFA. Students will need to complete all three to become a CFA charter holder. Level I examinations have always focused primarily on testing investment tools and concepts that apply to investment valuation and management. 


Exams are offered annually at test centers around the world on the first Saturday in June. The Level I exam is also offered in December. Exams must be passed sequentially and are only available in English.


The exam content, learning focus, and question format increase in complexity with each level. Level I exams consist of basic knowledge and comprehension questions focused on investment tools; some questions will require analysis.


Information regarding your exam venue will be provided by the CFA Institute after registration.


Exams are computer-based and each exam is 6 hours long. The Level I exam consists of 240 multiple choice questions, split between two 3-hour sessions. Candidates must attend both sessions. Question types include multiple choice questions and complete-the-missing-word questions.


Results for Level I candidates are available within 60 days of the exam date. You can retake each exam as many times as required to pass.

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