CFA Level I Comprehensive Practice Exam NEW 2025
NEW 2025, CFA Level I, Practice Exam, Financial analyst, Financial analysis
CFA Level I Comprehensive Practice Exam NEW 2025 udemy course
NEW 2025, CFA Level I, Practice Exam, Financial analyst, Financial analysis
NEW 2025 - CFA Level I
The CFA exam as a whole is difficult by design. It’s an exclusive designation that truly demonstrates mastery. According to CFA Institute, Level I has the lowest pass rate of all the exams, at just 41%, and the average candidate spends 303 hours preparing.
Level I curriculum topics and weights
The curriculum is organized into topics, and each topic contains learning modules. There are learning outcome statements at the beginning of each learning module.
Session 1: Topic Exam weight
1 Ethical and Professional Standards 15-20%
1 Quantitative Methods 6-9%
1 Economics 6-9%
1 Financial Statement Analysis 11-14%
1 Corporate Issuers 6-9%
Session 2: Topic Exam weight
2 Equity Investments 11-14%
2 Fixed Income 11-14%
2 Derivatives 5–8%
2 Alternative Investments 7-10%
2 Portfolio Management 8-12%
Level I exam format, structure, and duration
The CFA Level I exam consists of multiple-choice questions. Familiarizing yourself with the format will help you approach the exam efficiently, manage your time effectively, and avoid common pitfalls to maximize your performance.
The Level I exam consists of 180 multiple choice questions, split between two 135-minute sessions (session times are approximate).
The are two 135-minute sessions (session times are approximate), with an optional break between sessions.
Each multiple-choice item on the CFA Level I exam consists of a stem (a question, a statement, and/or table) as well as three answer choices (A, B, or C).
Two basic formats are used:
Sentence completion with three unique choices
Questions with three unique choices.
The Level I CFA exam does not use ‘except’, ‘true’, or ‘false’ in items and avoids the use of ‘not’ whenever possible. When appropriate, question stems will include one of the following qualifiers: ‘most likely’, ‘least likely’, ‘best described’, ‘most appropriate’, ‘most accurate’, ‘least appropriate’, or ‘least accurate’. Each question stem supports only one item on the exam.
The Level I CFA exam does not use any of the following answer options: ‘all of the above’, ‘none of the above’, ‘A and B only’, ‘B and C only’, ‘A and C only’, ‘cannot determine’, ‘cannot calculate’, or ‘not enough information to determine’. Choices consisting of words or sentences are typically ordered from shortest to longest; choices that are quantitative are ordered from the smallest number to largest number. The choices agree grammatically with the question stem; language common to all choices is placed in the question stem.
CFA Exam Dates and Schedules
In 2024 and 2025, the CFA Institute will offer the CFA exam on a regular schedule.
Level I will be offered four times a year in February, May, August, and November
Level II will be offered three times a year in May, August, and November
Level III of the CFA exam will be offered twice a year in February and August
How do I qualify for the CFA Level 1 exam?
To qualify for the CFA Level 1 exam, candidates must meet certain eligibility requirements. You need to either hold a bachelor’s degree or be in the final year of your undergraduate program. Alternatively, candidates with at least 4,000 hours of relevant work experience, accumulated over a period of three years, can also qualify. Make sure to register by the CFA Level 1 registration deadline and stay aware of other important CFA deadlines as you plan your exam journey.
Level I exam tips
Here are some practical tips to help you perform your best on the CFA Level I exam.
Financial Statement Analysis: Questions on this topic are based on International Financial Reporting Standards (IFRS), unless otherwise noted. If a question references U.S. GAAP, this will be explicitly stated.
No penalty for guessing: There is no penalty for incorrect answers, so be sure to answer every question.
Know your calculator: Make sure you know how to use the calculator features needed to solve the formulas and examples shown in the curriculum. Familiarity with your calculator will save valuable time during the exam.
Dress for comfort: There’s no official dress code, but dressing in layers will allow you to adjust to the room temperature and remain comfortable during the exam.
Exam hardware and software: Make sure you’re aware of how hardware and software at test centers might affect your experience.
Proctor assistance: During the normal course of the exam, candidates may find they need assistance from proctors.
