Last updated: November 03, 2022

CFA exam / Level 1

Level 1 CFA Exam

CFA exam, level 1, tests you on 10 topics. It includes two 135-minute exam sessions with 90 multiple-choice questions each. The level 1 CFA exam is now computer-based. In 2022 & 2023, it’ll be held 4 times: in February, May, August, and November.


Level 1 exam is the first of the 3 levels of the CFA exam – a prestigious financial certification introduced and held worldwide by CFA Institute. The exam is quite costly and rather hard but rewarding.


CFA exam

consists of 3 levels:
level 1, level 2, level 3

2022 level 1 CFA exam windows

15-21 Feb, 17-23 May, 23-29 Aug, 15-21 Nov

2023 level 1 CFA exam windows

14-20 Feb, 16-22 May,
22-28 Aug, [?] Nov

Basic level 1 exam cost in 2022

USD 700 for early birds or USD 1000 of standard fee

Basic level 1 exam cost in 2023

USD 900 for early birds or USD 1200 of standard fee

Recommended study hours

300 study hours/exam level

Level 1 exam pass rates

official: around 41%, real: even lower! (read below)

Level 1 CFA exam study plan

10 topics scheduled into 300 hours of study and review week by week! 3 basic game-changers:
weekly control, maintained motivation, knowledge retention (see our study guide).

Your goal?

CFA® Charter – global gold standard in finance


Welcome to the LEVEL 1 CFA EXAM INFO CENTER – a place where you’ll find all you need to know about your level 1 exam. Read on and learn about:

First Things First: 5 CFA Program Requirements

To be able to sit for your level 1 exam, you must meet CFA Program entrance requirements. There are 5 and they include your education/work experience, knowledge of English, fee payments, place of residence + valid international passport, as well as your professional conduct.

CFA Program requirements you need to meet before you can register for your level 1 exam:

  1. EDUCATION: Have a bachelor’s (or equivalent) degree or be a final-year student (complete the degree before registering for level 2 exam).
    OR
    WORK EXPERIENCE (investment related or not): Have 4,000 hours of professional full-time work experience or a combination of professional full-time work experience and education totaling 4,000 hours (dates of education and professional work experience cannot overlap!).
  2. KNOWLEDGE OF ENGLISH: CFA exam is held in English + CFA Program curriculum you get after registration is in English, so you should know English quite well to take the exam.
  3. CFA EXAM FEE PAYMENT: You can register for your level 1 exam only when you make due payments as presented below in more detail. If it’s your first registration ever – apart from the exam fee – you’ll also need to pay a one-time program enrollment fee. Mind that after you register and pay for your exam, you'll be required to self-schedule your CFA exam exam appointment within your chosen exam window.
  4. PLACE OF RESIDENCE AND INTERNATIONAL PASSPORT: You need to live in a participating country (currently, most of countries are in, while a few are excluded by the US OFAC policy) and have a valid international passport to register for your exam.
  5. PROFESSIONAL CONDUCT: As a candidate, you are obliged to follow CFA Institute Code of Ethics and Standards of Professional Conduct and to confirm your commitment to the code and standards you need to submit – upon registering for your exam – a Professional Conduct Statement disclosing relevant reprimands, investigations, litigations, etc.

Chartered Financial Analyst® (CFA®) is a graduate-level program developed and run by CFA Institute, an association of investment professionals originating in the USA and spreading all over the world. As a candidate and then CFA charterholder, you can enhance your analytical skills, gain your investment expertise, and improve your chances of career advancement. If there is one expression that can describe what you’re up for after signing up for the CFA exam, it’s disciplined self-study. As of 2021, CFA Institute introduced computer-based testing for level 1 exams. More on the CFA exam day and structure below.


Nearest
2022/2023 Level 1 CFA Exam Dates

15-21 Nov*
2022

0 days until the exam

15-21 Nov* 2022

0 days until the exam

14-20 Feb*
2023

71 days until the exam

14-20 Feb* 2023

71 days until the exam

16-22 May*
2023

162 days until the exam

16-22 May* 2023

162 days until the exam

22-28 Aug*
2023

260 days until the exam

22-28 Aug* 2023

260 days until the exam

* The dates indicate the exam window when you can self-schedule your level 1 exam. You can read here about computer-based exams.



Level 1 CFA Exam in 2022 & 2023

Level 1 CFA exam takes place 4 times a year, in February, May, August, and November. The 2022 level 1 exam registration is already closed. The 2023 exam registration is now available. Please note that as of 2023 level 1 CFA exam registration fees go up, both early and standard.

Here are the nearest 2022/2023 level 1 CFA exam dates:

Note that the length of the CFA exam window and seating availablility may vary for different test centers and geografic regions.


Can I Still Register?

LEVEL 1 REGISTRATION
CFA EXAM STARTS ENDS
NOVEMBER 2022 1 Feb 2022 9 Aug 2022
FEBRUARY 2023 10 May 2022 8 Nov 2022
MAY 2023 9 Aug 2022 31 Jan 2023
AUGUST 2023 14 Nov 2022 9 May 2023

Remember: Registering for the exam means you need to pay the fee. Before you register, however, see if you are eligible for a scholarship. If you apply, wait for your scholarship before you register for the exam or you’ll lose it. Mind the final registration deadline, though! Check right below.


CFA Exam Costs & Registration Deadlines

NEWCOMERS ONLY: one-time program enrollment fee of
USD 450 (2022 exams) / USD 350 (2023 exams)

ALL CANDIDATES: Each time you register to take or retake your level 1 exam (and later your level 2 and 3 exams), you'll have to pay a registration fee. Your basic exam cost will depend on when you register for your exam.

Importantly, the 2023 level 1 CFA exam fees increased by USD 200 for both early registration and standard registration. The early fee for 2023 level 1 CFA exam is now USD 900 and the standard fee is as high as USD 1200.

November 2022 FEES
$700
early
fee

begins: 1 Feb | ends:
3
MAY 2022
$1,000
standard
fee

begins: 4 May | ends:
9
AUG 2022

Read more about Nov 2022 level 1 exam


February 2023 FEES
$900
early
fee

begins: 10 May | ends:
9
AUGUST 2022
$1,200
standard
fee

begins: 10 Aug | ends:
8
NOVEMBER 2022

Read more about Feb 2023 level 1 exam

May 2023 FEES
$900
early
fee

begins: 9 Aug | ends:
2
NOVEMBER 2022
$1,200
standard
fee

begins: 3 Nov | ends:
31
JANUARY 2023

Read more about May 2023 level 1 exam

Aug 2023 FEES
$900
early
fee

begins: 14 Nov | ends:
1
FEBRUARY 2023
$1,200
standard
fee

begins: 2 Feb | ends:
9
MAY 2023

Read more about Aug 2023 level 1 exam


Note: All the deadlines end at 11:59 p.m. ET.

CBT EXAMS: rescheduling fee is $250 & it allows exam re-appointment


CFA INSTITUTE SCHOLARSHIPS


ACCESS SCHOLARSHIP

Access Scholarship:

CFA exam Access Scholarship application window for 2023 CFA exams opens on 20 September 2022. The deadline passes at midnight ET on 18 October 2022! If you apply in the 20 Sept-18 Oct application window, you should expect your scholarship award decision by 15 December 2022.

In the current CFAI. Access Scholarship program year that starts on 1 September 2022 and ends on 31 August 2023, it is the first Access Scholarship application window. There will be one more Access Scholarship application window available from 17 January 2023 to 14 February 2023.

The awarded Access Scholarship reduces the exam registration fee to USD 250 (and waives the enrollment fee).

ACCESS SCHOLARSHIP APPLICATION WINDOWS:

RECENTLY CLOSED: 20 September – 18 October 2022

NEXT: 17 January – 14 February 2023

Access Scholarship is for all those who may find the CFA exam cost challenging. To apply you must NOT be registered for the exam yet and you need to meet all the CFA Program entrance requirements.


OTHER SCHOLARSHIPS

Other Scholarships:

Other CFA Institute scholarships are subject to limitations, e.g. not all students can apply for Student Scholarships (ask your alma mater). For women willing to participate in the CFA Program, there's hope that Women's Scholarships will be easier to obtain as they are now awarded on a “rolling” basis and there are many short application windows available. Those of you who apply from 1 September to 3 October should receive their scholarship award decision by 9 December 2022, so just in time for the May 2023 CFA exam. And those who choose the 3 January 2023 – 5 February 2023 window should get their decision no later than 31 March 2023. Log into your CFA Institute account to find out more.

APPLICATION WINDOWS for WOMEN:

CURRENTLY CLOSED: 1 September – 3 October 2022

UPCOMING: 3 January 2023 – 5 February 2023

APPLICATION WINDOW for STUDENTS:

STARTS ON: 1 September 2022

ENDS ON: 31 July 2023


NOT ELIGIBLE FOR A SCHOLARSHIP?

Not Eligible For a Scholarship?

It’s not a rare thing that employers financially help their employees taking part in the CFA Program by reimbursing or paying for their CFA exams, either fully or partially. So, don’t hesitate to ask your employer for support.


How High Is Level 1
CFA Exam Pass Rate?

Until 2020, CFA exams were held 2 times a year, in June and December. Some former level 1 pass rates are given below:

PREVIOUS LEVEL 1 PASS RATES
JUNE EXAMS DECEMBER EXAMS
postponed 2020 49%
41% 2019 42%
43% 2018 45%
43% 2017 43%

Beginning in 2021, CFA exams are computer-based and are held more frequently. The pass rate for the first computer-based level 1 CFA exam was similar to what we had seen in the past. Then, there was a series of astonishingly low CFA exam pass rates. However, the most recent level 1 CFA exam pass rates are again higher, though not as high as they used to be:

COMPUTER-BASED LEVEL 1 EXAM PASS RATES
February 2021 44%
May 2021 25%
July 2021 22%
August 2021 26%
November 2021 27%
February 2022 36%
May 2022 38%
August 2022 37%

IMPORTANT! The 40+ percent pass rate we saw in the past was for those level 1 candidates who actually sat for their exam. However, many registered to take their level 1 exam but didn’t even turn up on the exam day, which means that the "real" pass rate for all registered level 1 candidates was always much lower, even by 10+ pp! (in our opinion, more registered candidates decided to take their chance when the exam was moved to the CBT format, which could partially explain the low 2021 CFA exam pass rates).

Lower than 40%! Why so low? See below



Level 1 Topics In a Nutshell

Level 1 candidates are tested in 10 topic areas, each with its defined exam topic weight given as a range. Below, we present all 10 level 1 CFA exam topics ordered from the highest to the lowest weight range:

  • Ethics: 15-20% of exam questions
  • Financial Statement Analysis:* 13-17% of exam questions
  • Equity Investments: 10-12% of exam questions
  • Fixed Income: 10-12% of exam questions
  • Quantitative Methods: 8-12% of exam questions
  • Economics: 8-12% of exam questions
  • Corporate Issuers:* 8-12% of exam questions
  • Derivatives: 5-8% of exam questions
  • Alternative Investments: 5-8% of exam questions
  • Portfolio Management: 5-8% of exam questions
  • Ethics: 15-20%
  • Financial Statement Analysis:* 13-17%
  • Equity Investments: 10-12%
  • Fixed Income: 10-12%
  • Quantitative Methods: 8-12%
  • Economics: 8-12%
  • Corporate Issuers:* 8-12%
  • Derivatives: 5-8%
  • Alternative Investments: 5-8%
  • Portfolio Management: 5-8%

* NOTE: Before 2022, CFA Program curriculum referred to Financial Statement Analysis as Financial Reporting and Analysis (FRA for short) and to Corporate Issuers as Corporate Finance (CF for short).

Here is the recommended Soleadea topic sequence with all topics shortly described (but you can easily customize this order when you use our study planner):


3 LEVEL 1 TOPICS CATEGORIZATIONS

While the most important level 1 topics are Ethics, Financial Statement Analysis, and Quantitative Methods, the hardest trio is Financial Statement Analysis, Fixed Income, and Derivatives. Also, 3 topics may be regarded as relatively easy. However, topic difficulty is always a subjective criterion.

3 most important L1 topics 3 hardest L1 topics 3 easiest L1 topics
Financial Statement Analysis Fixed Income Portfolio Management
Ethical and Professional Standards Derivatives Corporate Issuers
Quantitative Methods Financial Statement Analysis Equity Investments

The 10 topics are all covered in 6 books of the level 1 curriculum. The topics content is further divided into smaller portions: topics study sessions readings. Overall, level 1 curriculum is roughly 3000 pages long. That’s why candidates often look for more digestible study materials like videos, tests, or e-books. As a rule, the CFA exam curriculum slightly changes from year to year. Both 2022 and 2023 curriculum includes the new names for two of the topics (see above) and some new concepts such as, e.g., blockchain.

To organize your long and tough exam prep, you'll want to have a study plan with deadlines for topics and – ideally – also for readings, best if arranged weekly. This way you get a controllable and manageable study plan you can systematically follow. We explain more below .


CFA Exam Day: What to Expect?

In 2022, level 1 CFA exam will consist of two sessions taken the same day with an optional break meanwhile. Each session will include 90 multiple-choice (a-b-c) questions. What is important here is that you'll have 1.5 minute per question on average. Moreover, there is no penalty for giving a wrong answer (so go ahead and guess if you don’t know ). Also, we distinguish 3 types of level 1 questions: theory, computing, and reasoning questions.

Level 1 CFA Exam Day Schedule
30 minutes allotted to pledge, tutorial, and survey
SESSION 1: 135 min
(90 questions)
BREAK (optional): 30 min
SESSION 2: 135 min
(90 questions)
TOTAL TESTING TIME: 4.5 hrs
WHOLE EXAM DAY: 5.5 hrs
3 TYPES OF L1 QUESTIONS:
Theory questions
Computing questions
Reasoning questions
QUESTIONS TOTAL:
180 questions
1.5 min per question

Theory questions mean you'll need to show your knowledge of different financial concepts and their definitions, as well as of various models, theorems, or principles.

Computing questions will require competence in using your financial calculator and doing the math.

Reasoning questions demand the ability to see relations between concepts, associate things, and think logically.

SESSION 1 of your level 1 CFA exam will cover Ethics, Quantitative Methods, Economics, and Financial Statement Analysis.

SESSION 2 of your level 1 CFA exam will cover Corporate Issuers, Portfolio Management, Equity, Fixed Income, Derivatives, and Alternative Investments.

On the exam day, you must bring your valid international passport and approved calculator (only different versions of TIBA II Plus or Hewlett Packard 12C are allowed). You will be provided with writing tools such as an erasable writing tablet.


Best Way to Prepare
for Level 1 CFA Exam

Keeping in mind the 3000 pages of curriculum and the low level 1 pass rates, you’ll need a sure-fire study strategy for your CFA exam prep. It’s best if it’s based on these 3 pillars:


FULL
CONTROL

MAINTAINED
MOTIVATION

KNOWLEDGE
RETENTION

WHY?

ca. 300 hrs
& procrastination

25%
no-shows

ca. 30%
of the "real" pass rate!


It is common knowledge that you need approximately 300 study hours to get prepared for your level 1 CFA exam. That’s a lot. Take 5 months of prep, for example. It gives you an average of 60 hours per month, i.e. around 15 study hours every week.

It is hard to control 300 hours or even 60 hours. But 15 hours a week? That you can control! So, break down those 300 hours to smaller study times you can easily control and manage from week to week of your exam prep.

Otherwise, procrastination may seriously endanger your CFA exam preparation. It is too easy to postpone, especially if the consequences are delayed into the future. Many people choose to overlook these consequences in favor of immediate gains such as a night with a movie instead of curriculum. But, in the end, they end up with too many readings piled up and impossible to cover before their exam.

That is why you need to constantly maintain your motivation to study week by week. To better understand why it’s so important, consider this: as many as 25% of level 1 candidates do not show up for their exam because they feel they didn’t learn enough to take it. What it means is that the effective pass rate is lower than the average 41% If out of 100 candidates registered for the CFA exam, only 75 actually take it, then – with the pass rate of 40+ percent – only a bit over 30 out of 75 exam-takers pass, which gives us the "real" pass rate for all registered level 1 candidates of ca. 30% instead of 41% (or 45% ;D, and lately the level 1 pass rate's even lower).


Procrastination and lack of motivation are also a problem when it comes to revision. The majority of candidates put off reviewing the study material until last weeks before the exam, which is a huge mistake. It makes your forgetting curve even steeper (after one day only, we forget up to 65% of what we studied the previous day!) and leaves your learning curve totally unattended.

Forgetting Curve
Learning Curve

To be sure you’ll really learn all 10 topics just in time for your exam, it’s best you have your study plan scheduled weekly and revise regularly. Benchmark study times for weeks and readings and a proper review system in place make it is easier to stay motivated and hold tight to the benchmarks and recommendations, and then to pass the exam. If you also feel this is the way to go, you can find all this and more inside our CFA Exam Study Planner.


Your Level 1 CFA Exam Study Plan

IT IS STILL ROUGHLY:

It is still roughly:

0 months

until your Nov exam

0 months

until your Nov exam

2 months

until your Feb exam

2 months

until your Feb exam

5 months

until your May exam

5 months

until your May exam

9 months

until your Aug exam

9 months

until your Aug exam

Get CFA Exam Study Schedule:

& see how to make the most of your study time!



Free CFA Exam Study Materials

If you're looking for some free CFA exam study materials to help you understand your CFA Program curriculum, here's a bunch of blog posts explaining some issues. Apart from theory, you'll also find there some exam-type questions. That’s how you should study: combine theory with practice!

Also, we've got some free videos for you. We suggest you use them twice. First – to get familiar with the most important concepts before you dive into your books. Then, after you study your level 1 curriculum – to revise & make sure you finally know everything there is to know for each topic:


What Calculator to Get
and Other Policies

As a level 1 candidate, you also need to know all CFA exam rules and regulations. There are many but your failure to be in compliance may result in your inability to take the exam, voiding your level 1 CFA exam result or even suspension in the CFA Program.

CFA Program Policies include (but are not limited to):

  • Calculator Policy
  • CFA Program Refund Policy
  • Identification Policy
  • Withdrawal Option
  • Qualified Deferral
  • Admission Policy
  • Personal Belongings Policy

We've prepared a selective summary of CFA exam policies, which – due to the ongoing COVID-19 pandemic – differ in many aspects from what CFA candidates are used to. For most important CFA exam rules, go here


When Will I Get
My CFA Exam Results?

CFA Institute has even 60 days for releasing level 1 CFA exam results. However, the level 1 CFA exam results are usually available 6-7 weeks post-exam. Still, the AUG 2022 level 1 results were released on 4 October and were the first CBT results to be made available roughly 5 weeks after the exam has ended:

AUG 22 LVL 1 EXAM
4 Oct 2022

NOV 22 LVL 1 EXAM
10 Jan* 2023

FEB 23 LVL 1 EXAM
4 Apr* 2023

MAY 23 LVL 1 EXAM
4 July* 2023

* This is our educated guess based on the information that CFA Institute intends to release level 1 CFA exam results in 6 to 7 weeks after the close of the exam window. In the past, the usual pattern was: exam date + 7.5 weeks + it was Tuesday or Thursday. CFA Institute says that for future computer-based exams, the results are likely to be released even sooner than 6-7 weeks post-exam.

You’ll get your results to your e-mail. Detailed results are also available on the CFA Institute website from the level of your account. Apart from the PASS or DID NOT PASS information, you will also learn about your performance for given topics relative to other exam takers. The CFA exam results are presented visually with the thick blue line illustrating how you scored, both in the exam and for different topic areas. No exact scores are given, though.

IMPORTANT! Only after you receive your level 1 CFA exam result may you register for the next exam.


CFA Exam Results New Format: Passed Exam

MPS, Ethics Adjustment,
CFA Exam Grading


CFA Exam Passing Score: What is MPS?

CFA Exam Passing Score: What is MPS?

Every CFA exam has its MPS individually set when it’s over. Minimum passing score (MPS) is the threshold value determining who passes and who fails the CFA exam. Both the MPS and individual candidate score are never released. However, in all likelihood, MPS is usually slightly below 70%.


What is Ethics adjustment?

What is Ethics adjustment?

CFA Program aims at promoting ethical culture in the investment industry. That’s why the Ethics topic is said to be particularly important in the CFA exam and there’s the so-called ethics adjustment. Your Ethics result can help you pass or fail if you are a borderline candidate, i.e. if your total exam score borders the MPS. According to the Ethics adjustment:

  • Good Ethics result for a borderline candidate means a Passed Exam.
  • Poor Ethics result for a borderline candidate means a Failed Exam.

What is CFA exam grading like?

What is CFA exam grading like?

To pass, you must score higher than the MPS set for your exam or your Ethics result must be good enough to pull you through if you are on the border. You don’t need to pass all the topics. It is the overall exam score that counts!



Editor's Note: This post was first published in 2019 and has been regulalry updated ever since.