CFA Level 1 exam: dates, format, pass rate and results
The CFA Level I exam is a 4.5-hour, computer-based test of 180 multiple-choice questions, split into two 135-minute sessions. It runs four times a year, usually in February, May, August and November. In August 2026, 43% of 28,145 candidates passed; CFA Institute does not publish the passing score itself.
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When is the CFA Level 1 exam?
CFA Institute offers Level I four times a year, usually in February, May, August and November. Each sitting is a window of several days rather than one fixed date; you pick a day and test centre inside your window when you schedule.
Of the CFA Level 1 exam dates 2026, the February, May and August windows are over; August results came out on 24 September 2026. CFA Institute’s registration store still lists November 2026 and already lists the CFA Level 1 exam dates 2027 for February and May. The exact first and last day of each window, and the registration deadlines, are in the exam calendar on CFA Institute’s dates and fees page. Registration windows open at 9:00 a.m. ET and every deadline is 11:59 p.m. ET.
If you are searching for CFA Level 1 exam dates 2025, those windows are over. For the record, results for the August 2025 window were released on 7 October 2025, when 43% of 26,192 candidates passed. Any CFA Level 1 exam date 2025 has passed, so plan for a 2026 or 2027 window.
- February window — first sitting of each year
- May window
- August window
- November window
Source: CFA Institute — Dates and fees; CFA Program Level I registration. Checked 10 October 2026.
CFA Level 1 exam registration
CFA Level 1 exam registration has two steps. To sit the CFA Level 1 exam, register in your CFA Institute account and pay the fee — USD 1,140 early or USD 1,490 standard for exams from February 2026. Once payment is processed, a “schedule your exam” option opens the Prometric tool, where you choose a test centre, date and time.
Appointments are first come, first served, and not every centre offers weekend slots. CFA Institute warns that without a confirmed date and time you are not yet scheduled. Moving an appointment inside your window costs USD 250; moving to another window is a deferral, and from February 2027 paid deferrals are being eliminated.
Source: CFA Institute — Exam registration and scheduling guide. Checked 10 October 2026.
CFA Level 1 exam format and structure
The CFA Level 1 exam format is all multiple choice: 180 questions, each with three answer options (A, B or C). Questions come in two styles — a sentence to complete, or a direct question. The format of CFA Level 1 exam questions is the same across all ten topic areas.
The CFA Level 1 exam structure is two sessions of 90 questions. Session 1 covers Ethics, Quantitative Methods, Economics, Financial Statement Analysis and Corporate Issuers; session 2 covers Equity, Fixed Income, Derivatives, Alternative Investments and Portfolio Management. There is a break between them. For a CFA Level 1 example of both question styles, CFA Institute’s practice questions in the Learning Ecosystem are written in the same format as the exam.
Source: CFA Institute — CFA Program Level I exam. Checked 10 October 2026.
How long is the CFA Level 1 exam?
The CFA Level 1 exam time is 4.5 hours of questions: two sessions of 135 minutes each. On top of that comes time for a tutorial on the exam software, a break and a short survey at the end, so plan for a longer day at the centre than the CFA Level 1 test time alone suggests.
CFA Institute suggests about 90 seconds per question. That is the pace to practise: a mock exam taken without a timer will not tell you whether you finish.
Source: CFA Institute — CFA exam information. Checked 10 October 2026.
CFA Level 1 exam weights
CFA Institute publishes the CFA Level 1 exam weights as ranges. For 2026 windows, Ethical and Professional Standards carries the most (15–20%), followed by Financial Statement Analysis, Equity Investments and Fixed Income at 11–14% each. Economics, Quantitative Methods and Corporate Issuers are 6–9% each, Derivatives 5–8%, Alternative Investments 7–10% and Portfolio Management 8–12%.
From February 2027 the CFA Level I exam changes its balance: Ethics drops to 10–15%, Quantitative Methods rises to 11–14%, Derivatives and Risk Management moves to 6–9% and Alternative Investments to 6–9%. The session layout stays the same.
Source: CFA Institute — CFA Program Level I exam. Checked 10 October 2026.
CFA Level 1 passing score
There is no published CFA Level 1 passing score. CFA Institute explains that its Board of Governors sets the minimum passing score after an exam when the curriculum or candidate population changes significantly; otherwise the standard is carried forward through equating so that different windows are comparable.
You see your result as pass or fail, with a scaled overall score shown against the minimum passing score and a breakdown by topic area.
Source: CFA Institute — Exam results and pass rates. Checked 10 October 2026.
CFA Level 1 pass rate
CFA Institute publishes the CFA Level 1 pass rate after every window. In August 2026, 43% of the 28,145 candidates passed; first-time candidates passed at 49% and candidates who had deferred at least once at 29%. In February 2026 the CFA Level 1 exam pass rate was 45% of 24,006 candidates. CFA Institute’s exam page lists a 10-year average of 41%.
Read the gap between first-timers and deferrers as the practical lesson: CFA Institute calls staying on schedule one of the strongest predictors of success.
Source: CFA Institute — Level I results, August 2026. Checked 10 October 2026.
CFA Level 1 exam results
CFA Level 1 exam results are typically available within 5–7 weeks after your exam date; CFA Institute’s general rule is 5–9 weeks after the window closes, by email. For August 2026 the release date was 24 September 2026.
One condition applies: you must complete one Practical Skills Module at each level before CFA Institute releases your result.
Source: CFA Institute — CFA Program Level I exam. Checked 10 October 2026.
What to bring to CFA Level 1 exam day
CFA Institute names two essentials: a valid international travel passport and an approved calculator — the Texas Instruments BA II Plus or the Hewlett Packard 12C. You may bring water in a clear bottle with no labels, images or writing. Arrive about 30 minutes before your appointment.
Source: CFA Institute — CFA exam information. Checked 10 October 2026.
CFA Level 1 exam: questions people ask
When is the CFA Level 1 exam?
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.
When is CFA Level 1 exam registration open for 2027?
CFA Institute’s store already offers the February 2027 and May 2027 Level I windows. Checked 10 October 2026.
How long is the CFA Level 1 exam?
4.5 hours of testing in two 135-minute sessions, plus a tutorial, a break and a survey. Source: CFA Institute, checked 10 October 2026.
How many questions are on the CFA Level I exam?
180 multiple-choice questions, 90 per session, each with three options. Source: CFA Institute, checked 10 October 2026.
What is the CFA Level 1 pass rate?
43% in August 2026 and 45% in February 2026; 10-year average 41%. Source: CFA Institute, checked 10 October 2026.
What is the CFA Level 1 passing score?
CFA Institute does not publish one. The minimum passing score is set by its Board of Governors and maintained through equating.
When do CFA Level 1 results come out?
Typically 5–7 weeks after your exam date, and only once you have completed a Practical Skills Module. Source: CFA Institute, checked 10 October 2026.
What do I need to bring to the CFA Level 1 exam?
Your passport and an approved calculator (TI BA II Plus or HP 12C). Water is allowed in a clear, unlabelled bottle. Source: CFA Institute, checked 10 October 2026.
