CFA Level I exam format and topic weights guide exam help

CFA Institute describes Level I as a learn-and-describe exam that tests key terms, concepts, and formulas that form the foundation of the investment industry. The exam has 180 multiple-choice questions, split into two 135-minute sessions with 90 questions each, and candidates are advised to allow about 90 seconds per question. Each item has a stem and three answer choices, all questions are equally weighted, and there is no penalty for an incorrect answer. Current Level I topic weights are Ethical and Professional Standards 15-20%, Quantitative Methods 6-9%, Economics 6-9%, Financial Statement Analysis 11-14%, Corporate Issuers 6-9%, Equity Investments 11-14%, Fixed Income 11-14%, Derivatives 5-8%, Alternative Investments 7-10%, and Portfolio Management 8-12%. Candidates must also complete one Practical Skills Module at the level to receive their exam result, bring a valid international travel passport and an approved calculator on exam day, and expect results within the CFA Institute results window after the exam and PSM requirements are complete.