What to Expect on the CFA Level 1 Exam in 2026
What Is the CFA Level 1 Exam?
The CFA Level 1 exam is a computer-based test (CBT) consisting of 180 multiple-choice questions split across two sessions of 2 hours and 15 minutes each. It covers 10 topics, from ethics and financial reporting to equity investments and derivatives, and tests the foundational knowledge required for the CFA charter. The Level 1 pass rate in 2025 ranged from 43% to 45%, with first-time candidates passing at rates around 49-52%. In 2026, the exam is offered in four windows: February, May, August, and November.
This guide covers the current exam structure, 2026 topic weights and dates, recent pass rate data, and practical preparation strategies.
Becoming a Chartered Financial Analyst (CFA) is one of the most recognized career paths in the investment world. The CFA Program provides deep, investment-specific expertise at a fraction of what an MBA costs. However, earning the charter requires passing three rigorous exam levels over an average of 2.5 to 4+ years, with a recommended 300+ hours of study per level. Here’s a complete breakdown of what to expect on the CFA Level 1 exam.
The CFA Level 1 exam is offered four times per year, in February, May, August, and November, through computer-based testing (CBT) at Prometric test centers worldwide.
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CFA Level 1 Exam Dates for 2026
The CFA Level 1 exam is offered in four testing windows in 2026. Registration opens approximately 9 months before each window, and you must self-schedule your specific exam date within the window after registering.
| Exam Window | Dates | Early Registration Deadline | Standard Registration Deadline |
|---|---|---|---|
| February 2026 | Feb 2–8, 2026 | — (closed) | Oct 29, 2025 (closed) |
| May 2026 | May 12–18, 2026 | — | Feb 12, 2026 |
| August 2026 | Aug 18–24, 2026 | Jan 21, 2026 | May 6, 2026 |
| November 2026 | TBA | TBA | TBA |
Registration fees (2026): $1,140 (early) or $1,490 (standard). The one-time $350 enrollment fee was eliminated in April 2025, so new candidates only pay the registration fee.
For the most up-to-date dates and deadlines, always check the CFA Institute Exam Dates & Fees page.
What Is the CFA Level 1 Exam Structure?
Since 2021, the CFA Level 1 exam has been administered as a computer-based test (CBT) at Prometric test centers. Here’s the current format:
- Total questions: 180 multiple-choice questions (MCQs)
- Sessions: Two sessions of 2 hours and 15 minutes each (4 hours 30 minutes total)
- Questions per session: 90 MCQs
- Question format: Each question has a stem (short statement or question) followed by 3 answer choices (A, B, or C)
- Break: Optional break between sessions
- Scoring: No penalty for wrong answers, answer every question
- Time per question: Approximately 90 seconds on average
All questions are standalone (not related to each other). You can navigate back and forth within a session, but once you finish Session 1, you cannot return to it. Topics are grouped into four blocks: (I) Ethics, (II) Investment Tools, (III) Corporate Issuers and Portfolio Management, and (IV) Investment Assets.
What to bring: A valid international travel passport and an approved calculator (Texas Instruments BA II Plus or Hewlett-Packard 12C only). Personal items must be stored in designated areas.
What Are the CFA Level 1 Topic Weights?
The CFA Level 1 exam covers 10 topics across a curriculum of approximately 3,000 pages (6 books, 93 learning modules). For 2026, the topic weights are unchanged from 2025:
| Topic | Weight | Difficulty |
|---|---|---|
| Ethical & Professional Standards | 15–20% | High (tie-breaker in borderline cases) |
| Financial Statement Analysis | 11–14% | High |
| Equity Investments | 11–14% | Medium |
| Fixed Income | 11–14% | Medium–High |
| Portfolio Management | 8–12% | Medium |
| Alternative Investments | 7–10% | Medium |
| Quantitative Methods | 6–9% | Medium–High |
| Economics | 6–9% | Medium |
| Corporate Issuers | 6–9% | Medium |
| Derivatives | 5–8% | High |
Where to focus: Ethics and Financial Statement Analysis together account for roughly one-third of the exam. Ethics is especially important because CFA Institute has indicated it can serve as a tie-breaker for candidates near the minimum passing score. Candidates frequently cite Financial Statement Analysis, Fixed Income, and Derivatives as the hardest Level 1 topics.
For a deeper look at the equity investments topic specifically, see our complete guide to CFA equity investments.
What Is the CFA Level 1 Pass Rate?
The CFA Level 1 exam is the most failed level of the three. Here are the most recent pass rates from CFA Institute:
2025 CFA Level 1 Pass Rates:
| Exam Window | Pass Rate | First-Time Candidates | Retake / Deferral |
|---|---|---|---|
| February 2025 | 45% | ~52% | ~28% |
| May 2025 | 45% | 52% | 28% |
| August 2025 | >41% (10-year avg) | 50% | 29% |
| November 2025 | 43% | 49% | 29% |
Historical CFA Level 1 Pass Rates:
| Year | Pass Rate Range |
|---|---|
| 2025 | 43–45% |
| 2024 | 43–45% |
| 2023 | 35–38% |
| 2022 | 36–38% |
| 2021 (CBT transition) | 22–27% |
| 2019 (pre-COVID) | 41–43% |
| 2017 | 43% |
The 10-year average pass rate is approximately 41%. Pass rates dropped sharply in 2021 when the exam transitioned to computer-based testing, but have since recovered to pre-pandemic levels. A consistent pattern across all 2025 sittings: first-time test takers pass at significantly higher rates (49-52%) than candidates who had deferred or were retaking (28-29%).
Score reporting: Starting in February 2025, candidates receive a scale score alongside their result, enabling direct comparison against the Minimum Passing Score (MPS), which is set at 1600 on the scale.
Source: CFA Institute Exam Results
How Much Do CFA Charterholders Earn?
CFA charterholders earn a significant premium over non-charterholders. While salaries vary widely by role, location, and experience, here are general benchmarks:
| Experience Level | Typical Salary Range (US) |
|---|---|
| Entry-level (0–3 years) | $60,000 – $90,000 |
| Mid-career (4–10 years) | $90,000 – $150,000 |
| Senior (10–20 years) | $150,000 – $250,000+ |
| Executive / Portfolio Manager | $200,000 – $500,000+ |
The CFA charter is most valuable in roles like equity analysis, portfolio management, investment banking, and risk management. In Asia, the charter carries particularly strong recognition; see our article on the rise of CFA candidates in Asia.
The salary premium comes not just from the credential itself, but from the investment knowledge you acquire. Understanding stock valuation, financial statement analysis, and portfolio theory is directly applicable to career advancement.
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How to Prepare for the CFA Level 1 Exam
Successful candidates report spending an average of 300+ hours preparing for Level 1. Here’s a structured approach:
1. Start 6 Months Before Your Exam Date
Build a study schedule that covers all 10 topics with time left for review and practice exams. The curriculum is approximately 3,000 pages; you can’t cram it in the final weeks.
2. Follow a Strategic Study Order
Don’t follow the curriculum order blindly. Many successful candidates recommend:
- Start with Ethics – it’s high-weight, and you’ll revisit it throughout
- Tackle Financial Statement Analysis early – it’s the foundation for equity and corporate finance topics
- Save Derivatives and Alternative Investments for later – lower weight, builds on concepts from other topics
3. Practice Relentlessly
The exam tests application, not just memorization. Aim for at least 6 full-length mock exams in the final 10 weeks. A good benchmark: if you consistently score above 70% per topic on mocks, you’re likely ready.
4. Master the Calculator
Only two calculators are permitted: the Texas Instruments BA II Plus and the Hewlett-Packard 12C. The time you save with efficient calculator use adds up significantly over 180 questions. Practice time value of money calculations and present value problems until they’re automatic.
5. Don’t Underestimate Ethics
Many candidates assume ethics is an easy topic because it’s “just reading.” In practice, the ethics questions are highly situational and require judgment. Ethics also functions as a tie-breaker for candidates near the passing threshold.
For more exam preparation strategies, see our 9 steps to prepping for the CFA exams and 5 habits to adopt when preparing for Level 1.
Common Mistakes CFA Level 1 Candidates Make
- Underestimating the exam. The Level 1 has the lowest pass rate of all three levels. Candidates with finance backgrounds sometimes assume they can skip topics; this rarely works.
- Not doing enough practice questions. Reading the curriculum is only half the preparation. Active problem-solving under timed conditions is essential.
- Ignoring Financial Statement Analysis. It’s 11-14% of the exam and the foundation for several other topics. Candidates who struggle here often struggle with equity and corporate finance sections, too.
- Leaving Ethics for last. Ethics should be studied first and revisited throughout your preparation, not crammed in the final week.
- Not simulating exam conditions. Take full-length practice exams in a quiet environment, timed, without breaks beyond the scheduled optional break. The 4.5-hour exam day is mentally exhausting, and you need to be conditioned for it.
- Studying passively. Highlighting and re-reading are low-yield study methods. Active recall (flashcards, practice questions, teaching concepts to others) is far more effective. Personality and study habits significantly influence your CFA score.
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Frequently Asked Questions About the CFA Level 1 Exam
Q: How many questions are on the CFA Level 1 exam?
A: The CFA Level 1 exam has 180 multiple-choice questions divided into two sessions of 90 questions each. Each session is 2 hours and 15 minutes. All questions have three answer choices (A, B, or C), and there is no penalty for guessing, so you should answer every question even if you’re unsure.
Q: How hard is the CFA Level 1 exam?
A: The CFA Level 1 exam is considered challenging, with pass rates ranging from 43% to 45% in 2025. The difficulty comes not from tricky question formats but from the sheer breadth of material, 10 topics spanning approximately 3,000 pages. First-time candidates pass at higher rates (49-52%) than those retaking (28-29%), suggesting that consistent, structured preparation matters more than raw ability.
Q: How long should I study for the CFA Level 1 exam?
A: CFA Institute recommends a minimum of 300 hours of study. Most successful candidates start 6 months before their exam date and study 15-20 hours per week. The exact time needed depends on your background; candidates with finance degrees or work experience may need less, while career changers may need more. See our guide to improving your CFA exam score.
Q: What topics should I study first for CFA Level 1?
A: Start with Ethics (15-20% weight) and Financial Statement Analysis (11-14%), together they account for roughly a third of the exam. Ethics also serves as a tie-breaker for borderline candidates. After that, tackle Equity Investments and Fixed Income (each 11-14%). Save lower-weighted topics like Derivatives (5-8%) and Alternative Investments (7-10%) for later, as they build on concepts from earlier topics.
Q: Is the CFA Level 1 worth it for a career in finance?
A: The CFA charter significantly boosts earning potential and career opportunities in equity analysis, portfolio management, investment banking, and risk management. CFA charterholders earn premiums of 15-30% over non-charterholders in comparable roles. Beyond the credentials, the knowledge you gain, valuation methods, financial analysis, and ethics are directly applicable to professional practice. For a comparison with other credentials, see CFA Program vs. MBA Program.
Q: What happens if I fail the CFA Level 1 exam?
A: You can retake the CFA Level 1 exam in any subsequent testing window (February, May, August, or November). CFA Institute now provides enhanced score reports with a scale score, so you can see exactly how far you were from the Minimum Passing Score and which topics need more work. However, data shows retake candidates pass at lower rates (28-29%) than first-timers, so it’s worth understanding why CFA results get voided and how not to fail.
Q: Where can I practice valuation skills alongside CFA study?
A: The Valuation Master Class Boot Camp complements CFA preparation by providing hands-on experience with real company valuation. While the CFA exam tests theory, the Boot Camp teaches practical application, building financial models, writing equity research, and valuing real companies. Many CFA candidates use the Boot Camp to prepare for the CFA Research Challenge or to strengthen their portfolios for job applications.