CFA Level 1: exam fee, requirements, passing score and prep
CFA Level I is the first of the three CFA Program exams from CFA Institute. It has 180 multiple-choice questions in two 135-minute sessions, runs in February, May, August and November, and costs USD 1,140 (early) or USD 1,490 (standard) per registration. To enrol you need a bachelor’s degree, a final-year place, or 4,000 hours of work and/or higher education. CFA Institute publishes pass rates — 43% in August 2026 — but not a numeric passing score.
- Exam
- CFA Program Level I, the first of three levels towards the CFA charter, run by CFA InstituteCFA Institute charter page, checked 10 October 2026
- CFA Level 1 exam fee
- USD 1,140 early or USD 1,490 standard registration; the one-time USD 350 enrolment fee was dropped in April 2025CFA Institute pricing announcement for exams from February 2026, checked 10 October 2026
- Questions
- 180 multiple-choice questions, three answer options eachCFA Institute Level I exam page, checked 10 October 2026
- Duration
- 4.5 hours: two sessions of 135 minutes, 90 questions eachCFA Institute exam pages, checked 10 October 2026
- Passing score
- Not published as a number — the minimum passing score is set by the Board of GovernorsCFA Institute exam results page, checked 10 October 2026
- Pass rate
- 43% in August 2026 (28,145 candidates); 10-year average 41%CFA Institute press release and exam page, checked 10 October 2026
- Exam windows
- Usually February, May, August and November; computer-based at Prometric test centresCFA Institute dates and fees page and registration guide, checked 10 October 2026
- Enrolment requirements
- Bachelor’s degree, final year of study (exam 23 months or less before graduation), or 4,000 hours of work and/or higher education; valid passportCFA Institute policies, checked 10 October 2026
- Attempts
- Up to six per level, at most two per calendar yearCFA Institute policies, checked 10 October 2026
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What is CFA Level 1?
CFA Level I is the entry exam of the CFA Program, the three-level programme run by CFA Institute that leads to the CFA charter. CFA Institute describes it simply: Level I tests your knowledge of foundational financial terms, concepts and formulas. Level II and Level III build on it.
People often search for a CFA Level 1 certification or a CFA Level 1 certificate, but Level I is a step rather than a credential of its own. To become a charterholder, CFA Institute requires all three exam levels plus the Practical Skills Modules, at least 4,000 hours of relevant work experience over a minimum of 36 months, and membership of CFA Institute.
CFA Institute names three groups it has in mind: university students aiming at finance, corporate banking or investment management, industry professionals who want to strengthen their credentials, and people changing careers into finance.
Source: CFA Institute — How to become a CFA charterholder. Checked 10 October 2026.
How much is the CFA Level 1 exam?
For exams from February 2026 onwards, CFA Institute set the CFA Level 1 exam fee at USD 1,140 if you register in the early period and USD 1,490 in the standard period. The same announcement removed the one-time USD 350 enrolment fee from 29 April 2025, so there is no separate CFA Level 1 exam registration fee on top any more.
CFA Institute’s dates and fees page lists the exam “from USD 1,140” and puts the cost of all three levels at USD 3,520 to 4,570, depending on whether you register early or standard each time. Prices change from time to time, so treat the figure shown during your own registration as binding.
Two further costs are worth knowing. Moving your appointment within the same window costs USD 250. And from the February 2027 exam cycles CFA Institute is eliminating paid deferrals: a candidate who skips a scheduled exam forfeits the registration fee and has to register again.
- Early registration: USD 1,140
- Standard registration: USD 1,490
- One-time enrolment fee: none since 29 April 2025
- Rescheduling within your window: USD 250
Source: CFA Institute — Pricing changes for the CFA Program (exams from February 2026). Checked 10 October 2026.
CFA Level 1 requirements
The requirements for CFA Level 1 are set out in CFA Institute’s enrolment rules. You qualify with a completed bachelor’s programme or equivalent; as an undergraduate if the Level I window you choose is 23 months or less before your graduation month; or with a combination of 4,000 hours of work experience and/or higher education. Every candidate also needs a valid international travel passport, both to register and to sit the exam.
CFA Institute may ask for proof of the education or work experience you declare, and failing to provide it can lead to an investigation by its Professional Conduct Program. Prior finance experience is not a requirement for Level I itself; the 4,000 hours of investment-related work only matter later, for the charter.
Each level can be attempted at most six times, no more than twice in a calendar year, and retakes may not fall in consecutive windows or windows six months or less apart.
Source: CFA Institute — CFA Program policies. Checked 10 October 2026.
CFA Level 1 exam format
The exam has 180 multiple-choice questions split into two sessions of 135 minutes, 90 questions each — 4.5 hours of testing in total, plus time for a software tutorial, a break and a closing survey. CFA Institute suggests about 90 seconds per question. Each item has three answer choices, A, B or C, written either as a sentence to complete or as a direct question.
The test is computer-based and delivered at Prometric test centres; you schedule your appointment through Prometric after registering. You must bring an approved calculator — the Texas Instruments BA II Plus or the Hewlett Packard 12C — and your passport.
Source: CFA Institute — CFA Program Level I exam. Checked 10 October 2026.
What is the passing score for CFA Level 1?
CFA Institute does not publish a passing score for CFA Level 1 as a number or a percentage. The minimum passing score is set by the CFA Institute Board of Governors after an exam administration when the curriculum or candidate population changes significantly; otherwise it is carried forward through equating so results stay comparable between windows. Any “pass mark for CFA Level 1” quoted as a fixed percentage does not come from CFA Institute.
What candidates receive is a pass or fail result, performance by topic area, and an overall scaled score shown against the minimum passing score. CFA Institute does publish pass rates: 43% of the 28,145 candidates passed in August 2026 (49% of first-time candidates), and its exam page lists a 10-year average of 41%.
Source: CFA Institute — Level I results, August 2026. Checked 10 October 2026.
What is on the CFA Level 1 syllabus?
Ten topic areas make up the CFA Level 1 syllabus, each with a weight range and published learning outcomes, CFA Institute’s term for the objectives behind each reading. For 2026 exams the largest areas are Ethical and Professional Standards (15–20%), followed by Financial Statement Analysis, Equity Investments and Fixed Income (11–14% each).
From February 2027 the weights shift. Ethics drops to 10–15% and Quantitative Methods rises from 6–9% to 11–14%; several topics are renamed — Corporate Finance, Equities, Derivatives and Risk Management, Portfolio Construction. CFA Institute says the curriculum update covers about 25% of the Level I exam, so check which year’s curriculum applies to your window before you start.
- Ethical and Professional Standards — 15–20% (2027: 10–15%)
- Quantitative Methods — 6–9% (2027: 11–14%)
- Economics — 6–9%
- Financial Statement Analysis — 11–14%
- Corporate Issuers — 6–9% (2027: Corporate Finance, 6–9%)
- Equity Investments — 11–14% (2027: Equities, 11–14%)
- Fixed Income — 11–14%
- Derivatives — 5–8% (2027: Derivatives and Risk Management, 6–9%)
- Alternative Investments — 7–10% (2027: 6–9%)
- Portfolio Management — 8–12% (2027: Portfolio Construction, 8–12%)
Source: CFA Institute — CFA Program Level I exam. Checked 10 October 2026.
CFA Level 1 courses, prep courses and training
Registration includes CFA Institute’s own study platform, the Learning Ecosystem: the official curriculum plus practice questions, mock exams, flashcards and a study planner. For many candidates that is the core of their CFA Level 1 prep, and the official curriculum is what the exam is written from.
Beyond that, a CFA Level 1 course comes from independent firms — as a CFA Level 1 online course, a live class or an intensive bootcamp. CFA Institute runs a Prep Provider Program with best-practice principles for these firms, but it is explicit that it does not endorse, promote or warrant their products and does not verify the pass rates they advertise. That also means there is no official answer to “best CFA Level 1 prep course”; compare any CFA Level 1 course online against the topic weights and learning outcomes.
One test CFA Institute itself offers for any CFA Level 1 training or preparation course: be wary of anyone promising you can get ready in fewer than 300 hours.
Source: CFA Institute — Prep providers. Checked 10 October 2026.
How to pass CFA Level 1
CFA Institute recommends about 300 hours of study per level. Searches for “how I passed CFA Level 1” turn up plenty of personal stories, but the official data points the same way: in August 2026, first-time candidates passed at 49%, while candidates who had deferred at least once passed at 29%. CFA Institute calls staying on schedule one of the strongest predictors of success.
So how to pass the CFA Level 1 in practice: start early enough to reach 300 hours, work through every topic area rather than skipping the light ones, answer the practice questions as you go, and sit at least one full mock exam under timed conditions. Passing CFA Level 1 also requires one Practical Skills Module — CFA Institute releases your result only once it is complete.
Source: CFA Institute — CFA Program. Checked 10 October 2026.
CFA Level 1 salary: is CFA Level 1 worth it?
CFA Institute does not publish a salary for CFA Level 1, and this page does not invent one; any average CFA Level 1 salary figure you see comes from surveys outside CFA Institute and mixes very different roles and countries. What CFA Institute does say is that charterholders are qualified for senior and executive positions in investment management, with roles in asset and wealth management, commercial banking and consulting.
Whether CFA Level 1 is worth it therefore depends on whether you intend to continue. On its own it shows you have passed a demanding exam on foundational finance; the career claims CFA Institute makes are attached to the full charter, which takes three to four years by its own estimate.
Source: CFA Institute — CFA Program. Checked 10 October 2026.
CFA Level 1 dumps and leaked questions
Material sold as a CFA Level 1 dump or as “real exam questions” is not a safe way to prepare. Under Standard VII(A) of CFA Institute’s Code and Standards, candidates are prohibited from disclosing confidential exam material, including specific details of questions and even the broad topical areas and formulas tested or not tested. Violating the testing policies is itself a violation of Standard VII(A).
Source: CFA Institute — Standard VII(A) Conduct as Participants in CFA Institute Programs. Checked 10 October 2026.
CFA Level 1 practice questions
Certsqill’s CFA Level 1 practice questions are expert-developed: every answer option comes with an explanation, and a readiness score for each topic area shows whether Ethics, Financial Statement Analysis or Fixed Income needs more work before you sit the exam.
CFA Level 1 questions people ask
How much is the CFA Level 1 exam?
USD 1,140 with early registration or USD 1,490 with standard registration for exams from February 2026. The one-time USD 350 enrolment fee was removed in April 2025. Source: CFA Institute, checked 10 October 2026.
What are the requirements for CFA Level 1?
A bachelor’s degree or equivalent, final-year student status with the exam 23 months or less before graduation, or 4,000 hours of work and/or higher education — plus a valid passport. Source: CFA Institute policies, checked 10 October 2026.
What is the minimum passing score for CFA Level 1?
CFA Institute does not publish it as a number. The Board of Governors sets the minimum passing score and it is maintained through equating. Source: CFA Institute, checked 10 October 2026.
What is the CFA Level 1 pass rate?
43% in August 2026 and 45% in February 2026; CFA Institute’s exam page lists a 10-year average of 41%. Checked 10 October 2026.
How many questions are on the CFA Level 1 exam?
180 multiple-choice questions in two 135-minute sessions of 90 questions each. Source: CFA Institute Level I exam page, checked 10 October 2026.
When can I take CFA Level 1?
Level I is offered four times a year, usually in February, May, August and November. Exact window dates are in CFA Institute’s exam calendar. Checked 10 October 2026.
How long should I study for CFA Level 1?
CFA Institute recommends 300 hours per level and warns against anyone quoting fewer. Source: CFA Institute, checked 10 October 2026.
What is the average salary for CFA Level 1 candidates?
CFA Institute publishes no salary figure for Level I. Its career statements refer to the full charter, not to passing one level.
How much is CFA Level 1 exam registration if I miss the early deadline?
The standard registration fee of USD 1,490 applies instead of the early USD 1,140. Source: CFA Institute pricing announcement, checked 10 October 2026.
