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Reference: https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam

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What is the duration, language, and format of the CFA CFA-Level-I: CFA Institute CFA Level I Chartered Financial Analyst Exam

Format: Multiple choices, multiple answers:

  • Language: English

  • Duration of Examination: 6 hours

  • Number of Questions: 120

  • Passing score: 70%

CFA CFA-Level-I Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Fixed Income11–14%- Fixed income securities characteristics
- Yield measures, spot rates, forward rates
- Bond valuation and risk measures
Topic 2: Financial Statement Analysis11–14%- Income statement, balance sheet, cash flow statement
- Financial reporting standards
- Inventories, long-lived assets, taxes, debt
- Ratio analysis and profitability
Topic 3: Ethical and Professional Standards15–20%- Global Investment Performance Standards (GIPS)
- Code of Ethics and Standards of Professional Conduct
Topic 4: Derivatives5–8%- Derivative markets and instruments
- Derivative pricing and valuation basics
- Forwards, futures, options, swaps
Topic 5: Corporate Issuers6–9%- Business and financial risk
- Capital structure
- Corporate governance
- Capital budgeting
Topic 6: Equity Investments11–14%- Market organization and structure
- Equity valuation models
- Industry and company analysis
Topic 7: Economics6–9%- Monetary and fiscal policy
- Microeconomics
- Macroeconomics
- International trade and currency markets
Topic 8: Portfolio Management8–12%- Asset allocation and performance measurement
- Portfolio planning and construction
- Risk and return concepts
Topic 9: Quantitative Methods6–9%- Statistical concepts and returns
- Regression and time-series analysis
- Time value of money
- Probability and hypothesis testing
Topic 10: Alternative Investments7–10%- Commodities and infrastructure
- Investment characteristics and returns
- Private equity, real estate, hedge funds

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