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CFA Level I path

Sources

Every number about the CFA® Program Level I exam on this path (the topics, their weights and sessions, the number of questions, the time, the question style and the score report) comes from the documents below, all from CFA Institute. Where they are silent, the choice is ours and we say so.

Checked against the issuers' sites on November 13, 2026.

The exam and its curriculum

What Level I covers, how it is delivered and how it is reported.

  • CFA® Program Level I exam

    Issued by
    CFA Institute
    Version
    Candidate resources page, read 13 November 2026
    What we use it for
    The format: 180 multiple-choice questions in two 135-minute sessions of 90, three choices (A, B or C), about 90 seconds a question, equal weight and no penalty for a wrong answer; the question-writing rules (qualifiers, banned choices, the order of choices); the topic weights and sessions for 2026 and 2027; IFRS unless US GAAP is stated; the approved calculators.
    Read it at the source

  • 2027 Level I Topic Outlines

    Issued by
    CFA Institute
    Version
    2027 curriculum (PDF, for candidate use only)
    What we use it for
    The ten topics and their 102 learning modules. CFA Institute marks it for candidate use only, so we never reproduce it: it tells our authors what to cover, and every module appears on this path under our own name.
    Read it at the source

  • 2026 Level I Topic Outlines

    Issued by
    CFA Institute
    Version
    2026 curriculum (PDF)
    What we use it for
    The previous curriculum, read only to see what changed for 2027.
    Read it at the source

  • CFA® exam

    Issued by
    CFA Institute
    Version
    Program page, read 13 November 2026
    What we use it for
    Time is allocated for a tutorial on the exam software, a break and a survey at the end; results within 5 to 9 weeks after the exam window closes.
    Read it at the source

  • Curriculum Errata Notice, 2027 Level I CFA Program

    Issued by
    CFA Institute
    Version
    Issued November 2026
    What we use it for
    Shows the 2027 curriculum published and in use.
    Read it at the source

  • Candidate Body of Knowledge (CBOK)

    Issued by
    CFA Institute
    Version
    Read 13 November 2026
    What we use it for
    The topic weights as of the 2027 curriculum, the same as S1.
    Read it at the source

Results

What a candidate receives, and what is not published.

  • CFA® exam results and pass rates

    Issued by
    CFA Institute
    Version
    Read 13 November 2026
    What we use it for
    Pass or fail, topic-level performance and an overall scale score against the minimum passing score; how the minimum passing score is set and kept by equating. It is not published as a percentage.
    Read it at the source

  • Understanding your exam results

    Issued by
    CFA Institute
    Version
    PDF, read 13 November 2026
    What we use it for
    The score report our mock report follows in shape: the scale score with a confidence interval against the minimum passing score, and the percentage correct by topic with a likely range and the group average; there is no minimum passing score by topic; unscored items may be included.
    Read it at the source

Ethics

The standards the Ethical and Professional Standards topic and its questions are judged against.

  • Code of Ethics and Standards of Professional Conduct

    Issued by
    CFA Institute
    Version
    Effective 1 January 2024
    What we use it for
    The Code and Standards I to VII with their sub-standards, cited by number in the Ethics guide and questions.
    Read it at the source

What the sources leave open, and what we do

  • CFA Institute lists the 2026 and 2027 weights side by side and names no first window for 2027 on the pages read. 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 the percent correct overall and by topic with a likely range against a 70% practice line that is ours, never a pass, a fail or a prediction.
  • The real exam may include unscored questions, unidentified and uncounted; every question on our mock counts.
  • Each topic's weight is a range. Our mock puts each topic near the middle of its range, inside every published range; the order inside a session and the break's handling are ours.
  • The learning outcome statements are for candidates only: our module names, guides, explanations and questions are our own, and no question is adapted from CFA Institute's sample questions or curriculum.

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 on the CFA Level I path is our own.