Exam format at a glance
| Questions | 180 standalone multiple-choice questions, 90 per session |
|---|---|
| Answer options | Three per question (A, B, C), one correct |
| Time | Two sessions of 135 minutes, with an optional break between them |
| Scoring | Every question carries the same weight and there is no penalty for a wrong answer |
| Pass rate | 43% in August 2026; long-term average about 40% (see all recent results) |
The ten topics and their weights
CFA Institute publishes a weight range for each topic. Our mocks follow the weights of your curriculum: the question counts below are for 2026, and four weights change for exams from February 2027 (shown after each topic where they differ; what changed). Each topic has a free study guide here, and its full course in CheapMocks Academy.
- 01Ethical and Professional Standards15–20% of the exam · ≈ 30 questions · 2027: 10–15%Academy: 55 lessons · 11 videos
- 02Quantitative Methods6–9% of the exam · ≈ 13 questions · 2027: 11–14%Academy: 82 lessons · 23 videos
- 03Economics6–9% of the exam · ≈ 13 questionsAcademy: 60 lessons · 15 videos
- 04Financial Statement Analysis11–14% of the exam · ≈ 22 questionsAcademy: 89 lessons · 36 videos
- 05Corporate Issuers6–9% of the exam · ≈ 12 questionsAcademy: 49 lessons · 15 videos
- 06Equity Investments11–14% of the exam · ≈ 22 questionsAcademy: 62 lessons · 20 videos
- 07Fixed Income11–14% of the exam · ≈ 22 questionsAcademy: 110 lessons · 37 videos
- 08Derivatives5–8% of the exam · ≈ 11 questions · 2027: 6–9%Academy: 59 lessons · 24 videos
- 09Alternative Investments7–10% of the exam · ≈ 15 questions · 2027: 6–9%Academy: 52 lessons · 15 videos
- 10Portfolio Management8–12% of the exam · ≈ 20 questionsAcademy: 46 lessons · 22 videos
Source: CFA Institute, Level I exam.
Plan your preparation
- Exam dates Every 2026 and 2027 window with registration opening dates and early and standard deadlines.
- Cost and fees The exam fee, what else to budget for and how to keep the total down.
- Topic weights The 2026 and 2027 weights side by side, and how many questions each topic gets.
- How hard is it? Pass rates, study hours and what the candidates who pass do differently.
- Passing score How the minimum passing score is set and what to aim for on mocks.
- Study plan How many hours you need, how to split them by topic weight, and a 20-week schedule.
- Formula sheet The key Level I formulas on one page, topic by topic, with the mistakes to avoid.
- Pass rates Results for every recent exam window from CFA Institute, and what they mean for you.
- Mocks vs question bank What each one trains, when to use it, and how to combine them in your last weeks.
- Cheapest prep What Level I prep costs at the main providers, what is included and how to compare them.
How to prepare: learn, remember, practise, prove
Passing Level I takes two things: knowing the curriculum, and applying it quickly under time pressure. CheapMocks Academy covers both in one loop for every topic.
- Learn. Work through each topic in short lessons with worked examples and self-checks (794 lessons · 218 videos across 10 topics).
- Remember. Finish a lesson and its flashcards join your deck; spaced repetition brings each card back just before you would forget it.
- Practise. Drill each topic or learning module in the question bank, with the answer and explanation straight away.
- Prove. Sit full 180-question mocks with real timing in your last weeks, starting with the free mock.
How to use mock exams well
- Sit at least one full mock under real timing. Pace matters: 90 seconds a question leaves little room for getting stuck.
- Review every question, including the ones you got right. Guessed correct answers hide gaps.
- Study by weight. A weak, heavily weighted topic costs more marks than a weak, light one.
- Retest on a new mock. Retaking the same mock mostly measures memory, not progress.