Skip to main content
CFA · Level I

CFA Level I

Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.

Start studying

Start your CFA Level I practice

MiloPrep will cover Level I with adaptive practice mapped to the published content areas.

Sign up

Who should prioritise Level I

Fits you if

  • Analysts, portfolio managers, and career-switchers targeting investment management who can commit to a multi-year, three-level sequence.

Skip if

  • Candidates who need a US CPA licence, or who only want alternatives depth - CAIA may be the better primary path.
  • Also skip if you cannot protect hundreds of study hours across multiple exam windows.

Format at a glance

Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.

Question format

Stand-alone multiple choice

Duration

270 min

2 sessions

Questions

180

Sessions

2

CFA Level I topic weights

Published weight ranges or scored-question allocations from the awarding body. Use them to budget study time - larger areas deserve calendar priority.

Level I

TopicWeight
Ethical and Professional Standards10–15%
Quantitative Methods11–14%
Economics6–9%
Financial Statement Analysis11–14%
Corporate Finance6–9%
Equities11–14%
Fixed Income11–14%
Derivatives and Risk Management6–9%
Alternative Investments6–9%
Portfolio Construction8–12%
MiloPrep study guidance

Sample Level I study sequence

Select a stage to see its purpose. This is not an official timetable. Repeat or shorten stages according to your baseline, work calendar, and timed practice results.

Current stage

Ethical and Professional Standards

Weight 10–15%. Under-weighting Ethics and Financial Statement Analysis, then losing easy marks on formula-heavy Quantitative Methods under time pressure.

Keep your primary course aligned with the current syllabus, then use practice evidence to decide whether this stage needs more repetition.

Where CFA practice should focus

Three high-leverage drills. If practice time is short, start here.

  • Ethics application, not slogan recall

    Practise duty-of-care conflicts and disclosure timing. The stem usually turns on one missing disclosure.

  • Vignette fact locating (Level II)

    Underline only the numbers and constraints each item needs. Extra vignette colour is often a distractor.

  • Pathway-weighted Level III writing

    Budget study time for your specialised pathway. It is a large share of the Level III exam.

Navigate this exam

All CFA learn topics →CFA exam hub →Level II hub →Level III hub →

Level I learn articles(15)

Full CFA learn index →

How to read a Level II item set

Setup

A vignette describes a firm’s inventory method change, two years of ratios, and an analyst’s conclusion. Four questions follow about earnings quality and comparability.

How to read it

Before question 1, list the method change, the direction of COGS/inventory impact, and which ratio the analyst cited. Each question usually depends on one of those facts, not the whole story.

Takeaway

Item sets punish global skimming. Extract the controlling facts once, then answer tightly.

Troubleshooting common CFA study problems

If your mocks are stuck, match the symptom and change the next week. do not just do more of the same questions.

  • Level I mocks stuck in the mid-50s

    Likely cause

    Even practice across all topics while Ethics or FSA remain weak.

    Next step

    Reallocate the next two weeks to your lowest high-weight topics only.

  • Level II vignettes feel endless

    Likely cause

    Re-reading the full vignette for every question.

    Next step

    Build a three-line fact sheet per vignette before you open question 1.

  • Level III constructed responses ramble

    Likely cause

    Writing theory paragraphs instead of answering the command word.

    Next step

    Practice bullet answers that start with the decision, then one supporting reason.

Level I extras

Level I study-week checklist

  • List published weights for Level I
  • Drill Stand-alone multiple choice under partial timing
  • Attack failure mode: Under-weighting Ethics and Financial Statement Analysis, then losing easy marks on formula-heavy Qua
  • Run one block near 270 minutes
  • Log misses and retest within 72 hours
Pro tip

If level i mocks stuck in the mid-50s, Reallocate the next two weeks to your lowest high-weight topics only.

Without structured practiceWith MiloPrep-style loops
Read chapters end-to-end with no weight mapBudget weeks to published CFA content-area ranges
Untimed question dumps until exhaustionShort diagnostics → mixed drills → timed sitting blocks
Ignore format (sims / cases / item sets)Separate format drills that match each sitting
Repeat the same miss with no error logLog stem mistakes and retest within 72 hours
Practice access

Get the CFA practice library

Sign up for MiloPrep for adaptive CFA drills in the app.

  • Mapped practice across every CFA sitting
  • Weak-area targeting instead of random question dumps
  • One expanding study system across professional exams
Sign up

Create your account to start practicing.

Level I FAQs

How many levels are in the CFA Program?
Three: Level I, Level II, and Level III. You sit them in order.
What is the Level I format?
180 stand-alone multiple-choice questions across two sessions of 135 minutes each, per CFA Institute candidate resources.
How is Level III different?
Level III mixes item sets with constructed-response sets and includes a specialised pathway that carries a large weight band. See the topic table on this page.
Does MiloPrep include all three CFA levels?
Yes. The all-access plan covers Level I, Level II, and Level III practice under one subscription.

Next steps

CFA exam hub

Full CFA overview, parts, and study sequence.

Open hub

How to study

A practical study approach for CFA candidates.

Read guide