Level 1 CFA® Exam Structure, Topic Weights, Passing Score, Calculator
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CBT CFA Exam Structure
As of 2021, there's computer-based testing (CBT) for the level 1 CFA exam. The structure of the CBT CFA exam looks as follows:
- LEVEL 1 CBT CFA EXAM = SESSION 1 break (optional) SESSION 2
- START = 30 minutes allotted to pledge, tutorial, and survey
- SESSION 1 = 2h 15 minutes = 90 multiple-choice questions
- break = 30 minutes (optional)
- SESSION 2 = 2h 15 minutes = 90 multiple-choice questions
- TOTAL exam day = 5.5 hours, including 4.5 hours of test time
- average time per question = 1.5 minute
Level 1 CFA Exam Topic Weights
In 2024, topic weights for the level CFA exam change. The new topic weightage is given in the table:
| Level 1 Topic | Exam Weight | No. of Questions | Predicted no. of Questions | Topic Group |
|---|---|---|---|---|
| Quantitative Methods | 6-9% | 11-16 | 16 | II |
| Economics | 6-9% | 11-16 | 16 | II |
| Financial Statement Analysis | 11-14% | 20-25 | 25 | II |
| Corporate Issuers | 6-9% | 11-16 | 12 | III |
| Equity | 11-14% | 20-25 | 20 | IV |
| Fixed Income | 11-14% | 20-25 | 20 | IV |
| Derivatives | 5-8% | 9-14 | 11 | IV |
| Alternative Investments | 7-10% | 13-18 | 13 | IV |
| Portfolio Management | 8-12% | 15-21 | 14 | III |
| Ethics | 15-20% | 27-36 | 33 | I |
READ MORE:
Level 1 CFA Exam Topic Weights
Level 1 CFA Exam in the CBT Format
CFA Exam Passing Score
It is said that about 70% is sufficient to pass the CFA exam. The minimum passing score (MPS) is set for every exam individually and it is never made public.
It is the total score that counts, so you don't have to score over 70% for each topic to pass your level 1 exam. In an extreme scenario, you may get just a few points for one of the topics and you may still pass the exam if you excel in another topic.
Note, however, that as far as Ethics is concerned, the topic is of great importance because of the ethics adjustment. Are you interested in what former CFA candidates have to say about Ethics and the last days before the exam? Read: Ethics Mastery? Naah...
Approved CFA Exam Calculators
Only two calculator models can be used during the CFA exam:
Texas Instruments BA II Plus (including BA II Plus Professional),
Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition, and HP 12C Prestige)
Most of the candidates use Texas Instruments calculators. We covered CFA exam approved calculators in more detail in the TI vs HP post.
LAST UPDATE: 5 Dec 2023