Management, Law & CA · Updated October 2026
Chartered Financial Analyst (CFA) Level I
Conducted by CFA Institute, CFA Level I is the first of three exams leading to the Chartered Financial Analyst charter, the global credential for investment professionals. It is a computer-based exam of 180 three-option multiple-choice questions in two 135-minute sessions, offered in February, May, August and November, testing investment tools, asset classes, portfolio construction and ethics with no penalty for wrong answers.
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CFA Level I is the first of three exams in the Chartered Financial Analyst programme run by CFA Institute, the global credential for investment professionals. Level I tests knowledge of investment tools, asset classes, portfolio management and ethics through multiple-choice questions. Passing it is the first step toward the CFA charter, which also requires passing Levels II and III and gaining qualified work experience.
The examination process for CFA Level I comprises 2 stages: Session 1, followed by Session 2. The official syllabus tests candidates across 6 core areas — Ethical and Professional Standards, Quantitative Methods, Economics and Corporate Finance, Financial Statement Analysis, Equities, Fixed Income, Derivatives and Alternatives, Portfolio Construction — focusing on conceptual clarity, speed, and accuracy. Results are pass or fail against a minimum passing score set by CFA Institute after each exam, with a performance summary by topic. Passing allows you to register for Level II.
Complete snapshot of CFA Level I conducting authority, frequency, mode, stages, negative marking and official portal.
| Particulars | Details |
|---|---|
| Exam Name | CFA Level I — Chartered Financial Analyst (CFA) Level I |
| Conducting Body | CFA Institute |
| Exam Category | Management, Law & CA |
| Exam Level | National level |
| Exam Type & Purpose | Eligibility & certification (Eligibility & Fellowship Certification) |
| Exam Frequency | Four exam windows a year, typically in February, May, August and November |
| Usual Notification & Exam Window | Four exam windows a year (February, May, August and November); register several months ahead for lower fees and seat choice |
| Mode of Application | Online through a CFA Institute account, then scheduling through Prometric |
| Mode of Examination | Computer-based at Prometric test centres |
| Medium / Exam Languages | English |
| Selection Stages | 2 Stages (2 Papers Total): Session 1 → Session 2 |
| Negative Marking | None |
| Selection / Merit Process | Results are pass or fail against a minimum passing score set by CFA Institute after each exam, with a performance summary by topic. Passing allows you to register for Level II. |
| Educational Qualification | A bachelor's degree or equivalent, or be within 23 months of completing one, or have 4,000 hours of professional work experience or a combination of work and education over at least three years |
| Age Limit | No age limit |
| Qualification & Fellowship Benefit | Progress toward the CFA charter, which is valued in investment research, portfolio management and analysis roles |
| Scorecard / Certificate Validity | A Level I pass does not expire while you remain in the programme |
| Competition Scale | Pass rates for Level I are typically well under half |
| Official Website | www.cfainstitute.org/programs/cfa-program |
Summary for orientation only, last reviewed October 2026. Check eligibility, dates and pattern in the official notification.
Standard annual cycle and application workflow for CFA Level I. Confirm exact notification and closing dates on the official Finance & Accounting website.
| Examination Event | Typical Calendar Window | Cycle / Mode |
|---|---|---|
| CFA Level I Official Notification & Information Bulletin | Four exam windows a year (February, May, August and November); register several months ahead for lower fees and seat choice | Four exam windows a year, typically in February, May, August and November |
| Online Registration & Application Fee Window | Typically remains open for 21 to 30 days from the date of notification release | Online Portal |
| Application Form Correction / Edit Window | 2 to 5 days immediately following the close of the online registration window | As Notified |
| Exam City Intimation & Admit Card Release | City slip 10–15 days prior; Hall Ticket / E-Admit Card 4 to 10 days before the exam date | Via CFA Institute |
| CFA Level I — Session 1 | Four exam windows a year (February, May, August and November); register several months ahead for lower fees and seat choice | Computer-based at Prometric test centres |
| CFA Level I — Session 2 | Typically 6 to 12 weeks after declaration of Stage 1 results | Shortlisted Candidates |
| Provisional Answer Key & Objection Representation Window | Within 3 to 10 days after completion of the objective examination shifts | Online Challenge |
| Final Answer Key, Normalized Result & Merit List / Scorecard | Typically 3 to 6 weeks after conclusion of the examination stage | Merit List PDF / Login |
One-Time Registration (OTR) & Portal Login
Visit www.cfainstitute.org/programs/cfa-program and complete your candidate registration using a valid email ID, active mobile number, and Aadhaar / government photo ID details. Online through a CFA Institute account, then scheduling through Prometric.
Fill Academic, Personal & Exam Centre Preferences
Log in to open the CFA Level I application form. Enter your qualifying degree/board details, category/reservation status, medium of examination (English), and choose 3 to 4 preferred test cities.
Upload Photograph, Signature & Category Certificates
Upload a recent passport-size photograph (in prescribed KB dimensions and light background), scanned running-hand signature, and valid SC/ST/OBC-NCL/EWS/PwBD/Domicile certificates where applicable.
Online Application Fee Payment & Confirmation Page
Pay the category-wise examination fee via UPI, Net Banking, Debit/Credit Card, or e-Challan before the closing deadline, then download and preserve the final CFA Level I Confirmation Page / Application PDF for admit card and verification stages.
Candidates applying for CFA Level I must fulfil the academic qualification, age limit, nationality and category reservation rules notified by Finance & Accounting.
A bachelor's degree or equivalent, or be within 23 months of completing one, or have 4,000 hours of professional work experience or a combination of work and education over at least three years.
No age limit.
Each level can be taken up to twice in a 12-month period, with at least six months between attempts, and a maximum of six attempts per level.
Open to all nationalities, subject to CFA Institute's country restrictions.
An international travel passport is required to register and sit the exam. You must complete one Practical Skills Module at this level to receive your exam result.
| Category | Age Relaxation / Rule | Key Conditions & Documentation |
|---|---|---|
| Assistant Professor / Teaching Eligibility (All Categories) | No upper age limit for eligibility certification (unless specified for state cadre posts) | Minimum 55% Master's / 50% D.El.Ed or B.Ed marks for Unreserved; 5% marks relaxation for SC/ST/OBC-NCL/PwBD. |
| Junior Research Fellowship (JRF) — Unreserved / EWS | No age limit. | Applies only to candidates opting for JRF fellowship; Lectureship/TET generally carries no upper age cap. |
| OBC-NCL / SC / ST / PwBD / Third Gender & Women Candidates | Up to 5 years upper-age relaxation for JRF + 5% relaxation in minimum qualifying degree marks | Additional relaxation up to 5 years for candidates with LLM or documented research/armed forces experience where applicable. |
Negative Marking & Evaluation Rule: None. Selection & Merit Weightage: Results are pass or fail against a minimum passing score set by CFA Institute after each exam, with a performance summary by topic. Passing allows you to register for Level II.
Computer-based • 1 Paper (Session 1) • 90 Questions • Duration: 2 hours 15 minutes • 90 multiple-choice questions covering Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis and Corporate Finance.
90 multiple-choice questions covering Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis and Corporate Finance.
| Paper / Section | Questions | Marks | Duration |
|---|---|---|---|
| Session 1 | 90 | Varies | 2 hours 15 minutes |
Computer-based • 1 Paper (Session 2) • 90 Questions • Duration: 2 hours 15 minutes • 90 multiple-choice questions covering Equities, Fixed Income, Derivatives and Risk Management, Alternative Investments and Portfolio Construction.
90 multiple-choice questions covering Equities, Fixed Income, Derivatives and Risk Management, Alternative Investments and Portfolio Construction. There is an optional 30-minute break between sessions.
| Paper / Section | Questions | Marks | Duration |
|---|---|---|---|
| Session 2 | 90 | Varies | 2 hours 15 minutes |
Official CFA Institute portal • Category-wise qualifying cut-off verification • Issuance of Eligibility / JRF / Scorecard Certificate
Candidates who equal or exceed the category-wise qualifying marks and aggregate cut-off receive the official digital eligibility certificate or scorecard (A Level I pass does not expire while you remain in the programme) after credential verification.
SmartRank organizes chapter-wise study notes for every subject below in 12 languages, with an AI Tutor on hand for doubts. Start exploring for free, and unlock the complete syllabus with Learn or SmartRank Pass.
Progress toward the CFA charter, which is valued in investment research, portfolio management and analysis roles. Clearing CFA Level I establishes statutory eligibility for teaching, research, or professional recruitment across India.
Progress toward the CFA charter, which is valued in investment research, portfolio management and analysis roles.
CFA Institute
A Level I pass does not expire while you remain in the programme
Central universities, KVS, NVS, EMRS, state education boards, colleges, and R&D institutions nationwide.
CFA Institute publishes category-wise qualifying marks and/or aggregate percentile cut-offs alongside the CFA Level I result. Candidates must secure both the minimum paper-wise qualifying percentage and the category merit threshold (where applicable for JRF or merit lists) to be declared qualified.
| Category | Qualifying Floor / Standard | Recommended Safe Target |
|---|---|---|
| General / Unreserved (UR) | 40% to 60% Aggregate (as per paper rules) | 65%+ Aggregate Marks for comfortable qualification / JRF contention |
| OBC (Non-Creamy Layer) & GEN-EWS | 35% to 55% Aggregate (5% relaxation) | 60%+ Aggregate Marks |
| Scheduled Caste (SC) / Scheduled Tribe (ST) / PwBD | 35% to 55% Aggregate (5% relaxation) | 55%+ Aggregate Marks |
When CFA Level I is conducted across multiple shifts or sessions, CFA Institute applies standard score normalization (Equi-Percentile or Mean-Standard Deviation method) to account for any variation in paper difficulty across shifts. Because raw marks are governed by none, maintaining high accuracy (85%+) significantly boosts your normalized score.
City slip 10–15 days prior • Admit Card 4–10 days before exam
CFA Institute releases the advance Exam City Intimation Slip followed by the official CFA Level I Hall Ticket / e-Admit Card on www.cfainstitute.org/programs/cfa-program. No hard copy is sent by post; candidates must log in with their Registration Number and Date of Birth / Password to download it.
Within 3–10 days after the examination
After conclusion of the objective test, CFA Institute uploads the candidate response sheet and Provisional Answer Key on www.cfainstitute.org/programs/cfa-program. Candidates can calculate their raw score and submit online representations against any ambiguous question or key discrepancy within the stipulated 48–72 hour window.
3–6 weeks after stage completion
CFA Institute declares the CFA Level I result as a stage-wise Merit List PDF (with roll numbers and category cut-offs) and individual Normalized Scorecards on www.cfainstitute.org/programs/cfa-program. Shortlisted candidates proceed to the next stage, Document Verification, or Centralised Counselling.
Practice in the official CFA Level I pattern on the Free plan, and unlock 10 full or sectional mocks every month, unlimited chapter and topic tests, and the CBT Exam Simulator with SmartRank Pass.
CFA Level I Full Mock Test 1
Session 1 · 90 questions · 2 hours 15 minutes
CFA Level I Full Mock Test 2
Session 1 · 90 questions · 2 hours 15 minutes
CFA Level I Full Mock Test 3
Session 1 · 90 questions · 2 hours 15 minutes
CFA Level I Full Mock Test 4
Session 1 · 90 questions · 2 hours 15 minutes
CFA Level I Full Mock Test 5
Session 1 · 90 questions · 2 hours 15 minutes
Papers come with a solution for every question. Read them, or attempt them as timed tests. See all CFA Level I previous year papers by year
Recent CFA Level I question papers
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Predicted questions for CFA Level I
High-probability questions and topics for your next exam
A pass does not expire. You can take Level II whenever you are ready, as long as you remain in the programme.
CFA Institute does not publish a fixed passing score. The minimum passing score is set after each exam and is generally believed to be around 70 percent or slightly lower.
No. There is no penalty for wrong answers, so answer every question.
Up to twice in a 12-month period with at least six months between attempts, and a maximum of six attempts for the level in total.
Two sessions of two hours and 15 minutes each, with an optional 30-minute break in between, for 180 multiple-choice questions in total.
Yes. You can register if you are within 23 months of completing your bachelor's degree, though you must complete the degree before registering for Level II.
CFA Level I is conducted by CFA Institute across 2 stages: Session 1 → Session 2. Results are pass or fail against a minimum passing score set by CFA Institute after each exam, with a performance summary by topic. Passing allows you to register for Level II.
Educational Qualification: A bachelor's degree or equivalent, or be within 23 months of completing one, or have 4,000 hours of professional work experience or a combination of work and education over at least three years. Age Limit: No age limit.
Progress toward the CFA charter, which is valued in investment research, portfolio management and analysis roles. Validity: A Level I pass does not expire while you remain in the programme.
CFA Level I is held four exam windows a year, typically in February, May, August and November (Four exam windows a year (February, May, August and November); register several months ahead for lower fees and seat choice). Online through a CFA Institute account, then scheduling through Prometric.
Select CFA Level I as your target exam on SmartRank to get chapter-by-chapter study material built around its syllabus covering Ethical and Professional Standards, Quantitative Methods, Economics and Corporate Finance, Financial Statement Analysis, solved previous year question papers, topic and full-length mock tests in the exact CFA Level I pattern, a timed exam simulator, subject-wise analytics, an adaptive daily study plan and an AI Tutor.