Investment analysis
The CFA Level I path, built to the 2027 curriculum
Chartered Financial Analyst (CFA®) Program Level I exam
This path prepares you for the CFA® Program Level I exam: 180 questions in two sessions, ten topics at the weights CFA Institute publishes for 2027. It follows every learning module, topic by topic, and its mock follows the exam's length, sessions and question style.
Free while it is built: no card and no account; your progress stays in this browser.
ExamDragon is independent exam preparation. It is not affiliated with, endorsed by or reviewed by CFA Institute. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute, used only to name the examination. Every question and guide here is our own, written to CFA Institute's published 2027 Level I topics and weights.
Everything in the CFA Level I path
- TodayA short session for the day: some practice, one module to study, the mock when you are ready.
- Practice200 original questions across every learning module, three choices each, every choice explained.
- Mock examA full mock: 180 questions in two 135-minute sessions, with a report by topic.
- LibraryHow the exam is built, and a study guide for each of the ten topics, module by module (102 modules).
- ProgressEach topic from learning to secure, your past mocks and your readiness.
- PlayShort rounds of the path's own questions, with your dragon beside you.
Ten topics in two sessions
- Session 1Ethical and Professional Standards10-15%10 modules
- Session 1Quantitative Methods11-14%11 modules
- Session 1Economics6-9%8 modules
- Session 1Financial Statement Analysis11-14%12 modules
- Session 1Corporate Finance6-9%7 modules
- Session 2Equities11-14%12 modules
- Session 2Fixed Income11-14%19 modules
- Session 2Derivatives6-9%10 modules
- Session 2Alternative Investments6-9%7 modules
- Session 2Portfolio Construction8-12%6 modules
Weights and sessions as CFA Institute publishes them for the 2027 curriculum.
The exam, as CFA Institute describes it
- Questions
- 180 multiple-choice questions, each with three choices (A, B or C) and one correct answer. All questions are equally weighted and there is no penalty for a wrong answer.
- Time
- Two sessions of 135 minutes, 90 questions each: about 90 seconds a question. Time is also allocated for a tutorial on the exam software, a break and a survey at the end.
- Sessions
- Session 1: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Finance. Session 2: Equities, Fixed Income, Derivatives, Alternative Investments, Portfolio Construction.
- Question style
- Sentence completions and direct questions. Qualifiers such as most likely, least likely, best described or most appropriate; no except, true or false; no all of the above or cannot determine. Numeric choices run from smallest to largest.
- Reporting
- Financial reporting questions follow IFRS unless US GAAP is stated.
- Calculator
- Bring the Texas Instruments BA II Plus or the HP 12C; no other model is allowed.
- Result
- Pass or fail, within 5 to 9 weeks after the exam window closes, with a scale score against the minimum passing score and your percent correct by topic. There is no minimum passing score by topic.
Sources, all from CFA Institute, read 13 November 2026: CFA Program Level I exam (CFA Institute); CFA exam results and pass rates (CFA Institute); Code of Ethics and Standards of Professional Conduct (CFA Institute). Every source.
What CFA Institute does not publish, and what we do
- The curriculum year: CFA Institute publishes the 2026 and 2027 weights side by side. This path follows the 2027 curriculum, the one for sittings in 2027.
- The minimum passing score is not published as a percentage. Our mock report shows your percent correct overall and by topic with a likely range, against a 70% practice line that is ours, and never a pass, a fail or a predicted result.
- The real exam may include unscored questions, unidentified; every question on our mock counts.
- How many questions each topic has on a form is a range, not a number. Our mock puts each topic near the middle of its range (Ethical and Professional Standards 21, Quantitative Methods 22, Economics 13, Financial Statement Analysis 21, Corporate Finance 13, Equities 21, Fixed Income 24, Derivatives 14, Alternative Investments 14, Portfolio Construction 17), inside every published range.
- The order of topics inside a session and the handling of the break are ours.
- CFA Institute's learning outcome statements are for candidates only, so we never reproduce them: each learning module appears under our own name, and every question, guide and explanation is ExamDragon's.