The Level 1 CFA Exam is your first step towards becoming a Chartered Financial Analyst (CFA), a prestigious global qualification for finance professionals. This exam is the foundation for a rewarding career in investment management, equity research, and more.
The CFA Level 1 exam is well-structured, covering the basics of financial topics. With CFA Level 1 exam dates 2025 announced, now is the perfect time to begin preparing. Each level has its syllabus, so the earlier you start the better you prepare.
We are here to guide you with the exam dates, exam format, syllabus, and pattern. Read on and make your journey to becoming a CFA smooth.
CFA Level 1 Syllabus 2025
The CFA Level I syllabus 2025 is divided into ten topics. Each topic has several learning modules. At the start of each module, you will find learning outcome statements. These outline what you need to learn. Below are the current topic outlines and their weights:
| Topic | Core curriculum | Exam weight (%) |
| Ethical and Professional Standards | Focus on ethics, decision-making frameworks, and the CFA Institute Code of Ethics, Professional Conduct, and GIPS standards | 15–20% |
| Quantitative Methods | Explore descriptive statistics, probability theory, risk quantification, and techniques for financial analysis and investment decisions | 6–9% |
| Economics | Study supply and demand, market structures, macroeconomic principles, economic growth, and the business cycle’s effect on economic activity | 6–9% |
| Financial Statement Analysis | Understand financial reporting, and accounting standards, and analyze primary financial statements with alternative accounting methods | 11–14% |
| Corporate Issuers | Explore corporate governance, investing, financing decisions, stakeholder management, and environmental/social factors in investing | 6–9% |
| Fixed Income | Study fixed-income securities, yield measures, risks, valuation, bond returns, credit analysis, and securitization of assets. | 11–14% |
| Equity Investments | Learn equity investment characteristics, security markets, company analysis, and equity valuation models for long-term growth and diversification | 11–14% |
| Derivatives | Understand basic derivatives like forwards, futures, swaps, and options, along with arbitrage and their pricing relation to underlying assets | 5–8% |
| Alternative Investments | Talks about hedge funds, private equity, real estate, commodities, and infrastructure for diversification and higher returns | 7–10% |
| Portfolio Management | Learn portfolio and risk management, return and risk measurement, and optimal portfolio construction using the capital asset pricing model | 8–12% |
CFA Level 1 Format 2025
After you learn what there is in the CFA Level 1 syllabus 2025, it is time to understand the exam format. The exam has 180 multiple-choice questions, split into two 135-minute sessions for each. There is an optional break between the sessions.
Question format:
Each CFA Level 1 question has a stem (a question, statement, or table) and three answer choices (A, B, or C). There are two formats for the questions:
- Sentence completion with three choices
- Questions with three choices
Question structure:
The exam avoids words like ‘except’, ‘true’, or ‘false’. It also limits the use of ‘not’. The CFA Level 1 questions may include terms like ‘most likely’, ‘least likely’, ‘best described’, and others. Each question supports one item.
Answer choices:
All questions are equally weighted. If you make a mistake in the answers, there is no penalty for the incorrect ones. Answer options do not include:
- ‘All of the above’, ‘None of the above’, or similar phrases.
- Answers are ordered from shortest to longest or smallest to largest.
- All answers match the grammar of the question stem.
CFA Level 1 Exam Dates 2025
The CFA Level 1 exams are held four times a year- February, May, August, and November.
You can take the exam twice a year but not in consecutive windows or within six months. The essential CFA Level 1 Exam Dates 2025 are:
- February 2025 exam dates:
-
- Registration ongoing: 9 May 2024 – 7 November 2024
- Scheduling deadline: 12 November 2024
- Rescheduling deadline: 18 January 2025
- Exam window: 17 – 23 February 2025
- May 2025 exam dates:
-
- Registration ongoing: 8 August 2024 – 6 February 2025
- Scheduling deadline: 11 February 2025
- Rescheduling deadline: 14 April 2025
- Exam window: 14 – 20 May 2025
- August 2025 exam dates:
-
- Registration ongoing: 6 November 2024 – 6 May 2025
- Scheduling deadline: 13 May 2025
- Rescheduling deadline: 21 July 2025
- Exam window: 20 – 26 August 2025
- November 2025 exam dates:
-
- Registration ongoing: 12 February 2025 – 5 August 2025
- Scheduling deadline: 12 August 2025
- Rescheduling deadline: 1 November 2025
- Exam window: 12 – 18 November 2025
PSM Requirement for CFA Level 1 Exam Result
The goal of the CFA Program is to teach you investment tools, asset valuation, portfolio management, and wealth planning. This is why, practical skills training is now part of the program to enhance learning.
In CFA, it is known as the real-life Practical Skills Module or PSM. It combines videos, multiple-choice questions, guided practice, and case studies. It helps you apply the curriculum to real-world scenarios.
PSM requirements:
To get your CFA Level I exam results, you must complete one PSM. This is necessary for each CFA exam level, which means you need to complete one PSM for Level 1, one for Level 2, and one for Level 3. The same module cannot be used for multiple levels.
For example, if you finish a module on the Fundamentals of Python Programming at Level I, you must choose a different module like Data Science and AI, or Analyst Skills for Level II.
Conclusion
On average, successful candidates study for over 300 hours per level to pass the exam. With proper planning and consistent effort, you too can achieve your goal of becoming a CFA charter holder. Stay focused, stick to your schedule, and trust the process.
At The WallStreet School, we offer both CFA online courses and classroom bootcamps to help you prepare for the CFA Level 1 exam. Our programs are designed to give you the edge you need to excel and advance in your finance career.
For more details, visit The WallStreet School website or reach out to us via email or phone at +91-9953729651.
Your hard work and determination will pay off. Good luck!
FAQs
- How many times can I attempt the CFA Level 1 exam?
You can attempt the exam a maximum of six times. However, you can only take it twice per calendar year.
- Are CFA Level 1 exam results available immediately?
No, results are released approximately 6 to 7 weeks after the exam window closes. You will receive an email notification once the results are available.
- Is there an age limit to register for the CFA Level 1 exam?
No, there is no age limit. However, you must meet the education or work experience requirements to qualify for registration.
