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CFA Level 1

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CFA Level 1

CFA Level I builds a strong foundation in investment analysis, financial reporting, ethics, and portfolio management. It enhances analytical and financial skills, improves career prospects, and prepares candidates for roles in investment banking, asset management, and equity research.

Next Exam

announced
Date: 11 November 2026
Message: The upcoming CFA Level 1 November 2026 exam window is scheduled for November 11–17, 2026.

Registration

ongoing
Open Date: 5 May 2026
Close Date: 5 November 2026
Message: Registration for the CFA Level 1 February 2027 exam window is currently ongoing and will close on November 5, 2026.
Official Websites:
https://www.cfainstitute.org

Result & Answer Key

Message: Results for the August 2026 CFA Level I exam window are officially announced to be released on September 24, 2026.

Latest Updates & News

CFA Institute Announces Strategic Partnership with AmplifyME

CFA Institute has partnered with AmplifyME to provide university students with hands-on, practical finance experience, helping bridge the gap between academic theory and real-world market practice.

CFA Institute Launches AI Research Series for Investment Professionals

CFA Institute launched a new research series aimed at helping investment professionals navigate structural changes driven by artificial intelligence (AI).

CFA Program Level I May 2026 Exam Results Released

CFA Institute released the Level I May 2026 exam results showing a global pass rate of 39% out of 31,566 candidates.

CFA Institute Unveils Major 2027 Curriculum Changes

CFA Institute announced extensive updates for the 2027 CFA curriculum, adding AI, data science, and LLM concepts to Level I Quantitative Methods, updating Equities valuation, and streamlining Ethics.

CFA Level I February 2026 Results Published with 45% Pass Rate

CFA Institute published results for the February 2026 Level I testing window, with 45% of the 24,006 candidates successfully passing the exam.

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Eligibility

Graduation

  • Bachelor's degree OR
  • Undergraduate student can register if chosen Level I exam window is within 23 months of your expected graduation month. OR
  • A combination of 4,000 hours of professional work experience and/or higher education completed over at least 3 consecutive years before registering for Level I.
  • The work experience does not need to be finance or investment related.
  • Paid inteship / article ships may qualify if they meet CFA institute's criteria.

Valid Passport

  • A valid interational passport that exactly matches your CFA Institute registration details.

Eligible Country

  • Candidate must reside in a country where the CFA Institute is permitted to operate

Paper Pattern

CFA LEVEL I

180 MCQ Questions
Equal Weightage Marks per Question
270 min Duration
CBT Type
No Negative Marking

Key Information

2 Total Sessions
90 MCQ per Session
180 MCQs Total
135 minutes Duration per Session
30 Minutes between two Sessions Optional Break
📋

Complete Syllabus Breakdown

Click on individual units below to reveal the specific topics and underlying concepts.

CFA LEVEL 1

Ethical & Professional Standards
  • CFA Institute Code of Ethics
  • Standards of Professional Conduct
  • Ethical decision-making
  • Global Investment Performance Standards (GIPS)
Quantitative Methods
  • Time Value of Money (TVM)
  • Statistical Measures & Probability Concepts
  • Sampling & Estimation
  • Hypothesis Testing , Correlation & Regression
  • Introduction to AI and Machine Learning in Finance
Economics
  • Demand & Supply Analysis
  • Market Structures & Macroeconomic Indicators
  • Macroeconomic Indicators
  • International Trade & Currency Exchange Rates
  • Monetary & Fiscal Policy
Financial Statement Analysis
  • Income Statement , Balance Sheet & Cash Flow Statement
  • Financial Reporting Standards & Ratio Analysis
  • Inventory & Long-lived Assets & Financial Reporting Quality
Corporate Issuers
  • Corporate Governance & Capital Budgeting
  • Cost of Capital & Working Capital Management
  • Capital Structure & Business Models
Equity Investments
  • Market Organization & Security Market Indexes
  • Equity Markets & Industry & Company Analysis
  • Equity Valuation Basics
Fixed Income
  • Bond Features & Bond Pricing & Yield
  • Duration & Convexity, Interest Rate Risk
  • Credit Analysis & Asset-Backed Securities
Derivatives
  • Forward Contracts & Futures
  • Options , Swaps & Derivative Pricing Basics
Alteative Investments
  • Real Estate & Private Equity
  • Hedge Funds , Commodities & Infrastructure Investments
Portfolio Management
  • Risk & Return , Diversification
  • Modern Portfolio Theory , CAPM
  • Investment Policy Statements , Portfolio Construction & Performance Measurement
Timeline
24 September 2026
ANNOUNCED
📢

August 2026 Exam Results Release

📅
24 September 2026
14 October 2026
ONGOING
●

May 2027 Level I Early Registration Deadline

📅
14 October 2026
31 October 2026
ANNOUNCED
📢

November 2026 Level I Rescheduling Deadline

📅
31 October 2026
5 November 2026
ONGOING
●

February 2027 Level I Registration Closes

📅
5 November 2026
10 November 2026
ANNOUNCED
📢

February 2027 Level I Scheduling Deadline

📅
10 November 2026
11 November 2026
ANNOUNCED
📢

November 2026 Level I Exam Window

📅
11 November 2026
20 January 2027
ANNOUNCED
📢

August 2027 Level I Early Registration Deadline

📅
20 January 2027
10 February 2027
ANNOUNCED
📢

May 2027 Level I Registration Closes

📅
10 February 2027
11 February 2027
ANNOUNCED
📢

February 2027 Level I Rescheduling Deadline

📅
11 February 2027
16 February 2027
ANNOUNCED
📢

May 2027 Level I Scheduling Deadline

📅
16 February 2027
Fees
Announced
Category
Fee (USD)
Early Registration Fee
₹1,140
Standard Registration Fee
₹1,490
Payment Mode
Credit cards (Visa, MasterCard, American Express, Diners Club, JCB, Discover, UnionPay), Alipay, or Invoice.
Cut Offs
Year: 2026
Message: The CFA Institute does not publish a fixed, pre-announced official percentage cutoff. They use a Minimum Passing Score (MPS) decided after each exam using standard setting (such as the modified Angoff method). For 2025/2026, the estimated MPS is between 65% and 70% of raw scores, corresponding to a scaled score of 1600 on the 1000-1900 score scale.