Exam overview

Requirements, fees, registration and results.

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CFA Level I Master Guide 2026CFA Level I is the first exam in the CFA Program. The 2026 exam has 180 standalone multiple-choice questions in two 135-minute sessions. It covers ten…
CFA Level I format and questionsCFA Level I has 180 stand-alone multiple-choice questions: 90 in each of two 135-minute sessions. Every item has three answer choices, all questions a…
CFA Level I registration and datesCFA Level I is offered in February, May, August, and November. On October 5, 2026, November 2026 registration is closed; February 2027 registration re…
CFA Level I eligibilityTo enroll and register for CFA Level I, you need a bachelor’s degree, an eligible undergraduate timeline, or a qualifying mix of higher education and …
CFA Level I feesFor CFA Level I exams seated from February 2026 onward, registration costs USD 1,140 during the early period or USD 1,490 at the standard rate. The on…
CFA Level I passing score and resultsCFA Institute does not publish a fixed raw percentage that guarantees a Level I pass. It sets or equates a Minimum Passing Score for each administrati…