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CFA Level 1 Exam Details

CFA Level 1 Exam Details

CFA Level 1 Exam Details:- The CFA Institute is organized primarily to promote higher standards to practitioners in the investment industry. By not simply meeting minimum legal requirements, the CFA Institute and its members aim to increase public confidence and acceptance of the investment profession. Although today’s exam tests competence in many areas (including accounting, economics, quantitative methods, asset valuation, portfolio management and more), the core intent of the CFA Program and the CFA Institute is to promote the highest ethical standards among investment professionals.

Although only 15% of the exam focuses on ethics, this is single-handedly the most important topic on your upcoming exam. If your average score on other topics is close to the minimum passing score, your score on ethics-related questions is essential in determining whether you pass or fail.

The Code and Standards is designed to be relevant and constant over time; however, the CFA Institute periodically updates its principles to stay current with significant developments in investment management. The global financial crisis of 2008 triggered such a review. A new section entitled “Why Ethics Matters” was added to the 10th edition, which highlights that investment professionals need to be aware of how their actions impact the global economy and marketplace. Additionally, given the worldwide and diverse nature of today’s CFA Institute membership, the language and examples in the Handbook were clarified and simplified to improve understanding for all.

CFA Level 1 Exam Details

Structure: The Level I exam consists of 240 multiple choice questions, split among two 3-hour sessions. Candidates must attend both sessions.

  • Morning session (3 hours): 120 multiple choice questions, covering all topics
  • Afternoon session (3 hours): 120 multiple choice questions, covering all topics

Timing: On average you should allow approximately 90 seconds for each multiple choice question. You may need more or less time, depending on the question and how well you understand the topic.

CFA Level 1 Exam Details-Question Format

Multiple Choice Questions

Each item on the Level I multiple choice exam consists of a question, a statement, and/or table and three answer choices: A, B, and C.

Two basic formats are used:

  1. Sentence completion with three unique choices
  2. Questions with three unique choices

CFA Level 1 Exam Details-Examples

Example 1 (Sentence completion)
An analyst suspects that a particular company’s U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. The most likely effect of the appropriate adjustments would be to increase that company’s

A. return on assets.
B. debt-to-equity ratio.
C. interest coverage ratio.

Example 2 (Question)
An analyst suspects that a particular company’s U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. Which of the following is most likely to increase as a result of the appropriate adjustments being made to that company’s financial statements?

A. Return on assets.
B. Debt-to-equity ratio.
C. Interest coverage ratio.

All questions are equally weighted and there is no penalty for an incorrect answer.

CFA Level 1 Exam Details-2016 Exam Topics and Study Session Outlines

2016 Level I Study Sessions combined | 2016 Level I Study Sessions index

Ethical and Professional Standards
Exam Weight: 15%
Study Session 1 | Readings 1-4
Quantitative Methods
Exam Weight: 12%
Study Session 2
Study Session 3
Economics
Exam Weight: 10%
Study Session 4
Study Session 5
Study Session 6
Financial Reporting and Analysis
Exam Weight: 20%
Study Session 7
Study Session 8
Study Session 9
Study Session 10
Corporate Finance
Exam Weight: 7%
Study Session 11
Portfolio Management
Exam Weight: 7%
Study Session 12
Equity Investments
Exam Weight: 10%
Study Session 13
Study Session 14
Fixed Income
Exam Weight: 10%
Study Session 15
Study Session 16
Derivatives
Exam Weight: 5%
Study Session 17
Alternative Investments
Exam Weight: 4%
Study Session 18

CFA Level 1 Exam Details-2017 Exam Topics and Study Session Outlines

2017 Level I Study Sessions index | 2017 Level I Study Sessions combined

Ethical and Professional Standards
Exam Weight: 15%
Study Session 1 | Readings 1-5
Quantitative Methods
Exam Weight: 12%
Study Session 2
Study Session 3
Economics
Exam Weight: 10%
Study Session 4
Study Session 5
Financial Reporting and Analysis
Exam Weight: 20%
Study Session 6
Study Session 7
Study Session 8
Study Session 9
Corporate Finance
Exam Weight: 7%
Study Session 10
Study Session 11
Portfolio Management
Exam Weight: 7%
Study Session 12
Equity
Exam Weight: 10%
Study Session 13
Study Session 14
Fixed Income
Exam Weight: 10%
Study Session 15
Study Session 16
Derivatives
Exam Weight: 5%
Study Session 17
Alternative Investments
Exam Weight: 4%
Study Session 18

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