CFA Level 1 exam format — 180 questions, 10 topics, one pass/fail line
All 180 questions are standalone multiple-choice items with three answer choices. There is no negative marking. Questions within each session are not adaptive — difficulty is fixed when the paper is assembled. An optional break separates the two sessions.
Topic weight ranges (official CFA Institute)
The Ethics overlay rule
CFA Institute explicitly states that when a candidate's total score is near the MPS, performance in Ethics can be the tiebreaker. This makes Ethics the single most strategically important topic — not just philosophically. Never skip Ethics practice. Practice Ethics questions on SGrade →
Testing logistics at a glance
How many questions is the CFA Level 1 exam?
180 multiple-choice questions total: 90 in the AM session and 90 in the PM session. Each session is 2 hours 15 minutes, giving 4.5 hours of testing time.
What is the topic weight of Ethics on CFA Level 1?
Ethical and Professional Standards carries the highest weight at 15–20%. It also has an explicit policy: if two candidates are on the boundary, the one with higher Ethics performance passes.
Is CFA Level 1 multiple choice only?
Yes. All 180 questions are standalone multiple-choice items with three answer options (A, B, C). There are no constructed-response or essay questions at Level 1.
What is the CFA Level 1 pass rate?
Pass rates have ranged from 37–44% in recent years. The February window historically shows the lowest pass rate; August is typically highest.
How is CFA Level 1 scored?
CFA Institute uses a minimum passing score (MPS) set after each exam window by the Board of Governors. Scores are reported as a percentage of the MPS, not a raw number.
How many times can I sit CFA Level 1 per year?
Level 1 is offered in February, May, August, and November — four windows per year. Candidates may attempt Level 1 twice per 12-month rolling period, with a maximum of six total attempts.
What calculator is allowed for CFA Level 1?
Only two calculators are approved: the Texas Instruments BA II Plus (including Professional) and the Hewlett Packard 12C (including Platinum). No other devices are permitted.
Can I take CFA Level 1 online?
Yes. Remote proctoring (online) is available at select windows alongside test centre sittings. Both formats deliver the same 180-question CBT exam.