Ritik Kumar · August 3, 2025 
The CFA Level I Exam 2025 is the crucial first step for finance professionals aiming to earn the globally respected Chartered Financial Analyst designation. With increasing demand for investment experts in India and abroad, this exam tests your understanding of core financial concepts, ethics, and analytical skills. Whether you’re a fresh graduate or a working professional, this guide offers everything you need to know—exam format, dates, fees, eligibility criteria, curriculum topics, and preparation tips—to confidently begin your CFA journey.
Table of Contents
What Is the CFA Level I Exam?
The Level I Exam assesses your grasp of investment tools, ethical and professional standards, and the basics of economics, financial reporting, and portfolio management. As the entry point to the CFA Program, passing Level I is essential for your journey toward becoming a CFA Charterholder.
Upcoming CFA Level I Exam Dates (2025–2026)
The CFA Level I exam is held four times per year at Prometric test centers worldwide.
Example exam windows and key dates:
(Verify the latest dates each year on the CFA Institute website, as exam cycles and registration deadlines may change.)
- February 2025: Registration closes November 2024
- May 2025: Registration closes February 2025
- August 2025: Registration closes May 2025
- November 2025: Registration closes August 2025
Results: Announced 5–7 weeks after your exam date.
CFA Level I Exam Structure (2025)
| Parameter | Details |
|---|---|
| Format | Computer-based; Multiple choice (MCQ) |
| Questions | 180 total: 90 per session, 2 sessions |
| Duration | 4 hours, 30 minutes total (2 sessions of 2 hr 15 min each) |
| Break | Optional break between sessions |
| Options per MCQ | 3 (A, B, or C) – Only one correct answer |
| Negative Marking | None – Attempt every question |
| Curriculum | Based on CFA Institute’s official digital curriculum |
| Testing Centers | Global Prometric test centers |
What Topics Are Covered in Level I?
Level I covers 10 core topic areas, all underpinned by ethical and professional standards:
- Ethical and Professional Standards
- Quantitative Methods
- Economics
- Financial Statement Analysis
- Corporate Issuers
- Equity Investments
- Fixed Income
- Derivatives
- Alternative Investments
- Portfolio Management & Wealth Planning
All questions follow International Financial Reporting Standards (IFRS) unless specified otherwise.
Eligibility & Registration
- Eligibility: Bachelor’s degree (or final-year undergraduate); or equivalent work experience.
- Registration: Online via CFA Institute.
Step-by-step:- Create a CFA Institute account.
- Choose preferred exam window/location.
- Upload a valid international travel passport.
- Pay fees.
- Required Documents: Valid international passport (mandatory on exam day).
CFA Level I Exam Fees (2025–2026)
- Enrollment fee (once for new candidates): USD350 (subject to change).
- Exam Registration Fee: USD940 (early); USD1,250 (standard). Exact window dates apply.
- Total estimated cost for all three levels: USD3,520–4,600.
- Scholarships: Multiple scholarships available (see below).
Scholarships
The CFA Institute offers several scholarships for eligible candidates:
- Access Scholarship: For those with financial needs.
- Student Scholarship: For full-time students at affiliated universities.
- Professor Scholarship: For faculty in academia.
Each program has specific eligibility criteria; check CFA Institute for application details and deadlines.
How To Prepare for Level I
- Study Time: Plan at least 300 hours of preparation. Most candidates study over 4–6 months.
- Resources:
- CFA Institute Learning Ecosystem: digital curriculum, practice questions, mock exams, study planning tools.
- Optional: Printed curriculum (for additional fee post-registration).
- Practice: Use mock exams to simulate test conditions.
- Calculator: Only two allowed – Texas Instruments BA II Plus or Hewlett Packard 12C.
Exam Day: What You Must Bring
- Valid international travel passport (other IDs not accepted)
- Approved financial calculator (BA II Plus or HP 12C only)
- No personal items allowed at the exam desk (lockers provided)
Important Tips for Success
- Attempt all questions—no penalty for wrong answers.
- Carefully read questions for qualifiers (“most likely”, “least appropriate”).
- Use official CFA Institute practice questions and mock exams.
- Manage time using mocks—move on if stuck, then come back if time permits.
- Know your calculator shortcuts.
CFA Level I: Step-by-Step Process
- Register for the exam and pay fees.
- Access the Learning Ecosystem for the study plan and curriculum.
- Schedule your exam at a convenient Prometric center.
- Study all ten curriculum topics, focusing on ethics and high-weight areas.
- Take mock exams and use practice questions.
- Sit for your exam with the required documents and calculator.
- Await results (email in 5–7 weeks).
Detailed FAQs
1.How many times a year is Level I offered?
Four times a year at global test centers.
2.When will I get my results?
Within 5–7 weeks post-exam.
3.What if I fail the Level I exam?
There is no limit to the number of retakes.
4.Can I access the curriculum after registration?
Yes, full digital access is included (print option extra with fee).
5.Who can apply for scholarships?
Those who meet eligibility: financial need (Access), students, professors.
6.What is the total time to become a CFA Charterholder?
Typically 3–4 years (all levels plus required work experience).
7.What is the pass rate for Level I?
Varies by cycle; usually between 22–43%.
8.Are there prerequisites?
Yes, see eligibility above.
9.Is there a dress code?
No formal dress code, but wear comfortable, layered clothing.
10.Do I need work experience to start?
No, but 4,000 hours of qualifying experience is required before becoming a charterholder.
Still Unsure About CFA or Finance Careers? Career Plan B Can Help
If you’re confused about whether CFA Level I is the right move—or how to balance it with work or studies—Career Plan B can help.
Our expert finance career counselors will:
Guide you through the CFA registration process
Help you build a custom CFA study plan
Show you alternative or backup career options in finance, investment, or analytics
Assist with scholarship guidance if eligible
Take control of your finance career journey—get clarity, guidance, and a backup plan with Career Plan B!
For the latest information, always refer directly to the official CFA Institute website. All information above is based on CFA Institute resources for maximum authenticity and accuracy.
