What is CFA?
The Chartered Financial Analyst (CFA) is one of the most sought after designations for investment professionals. However, becoming a CFA charter holder is not for the faint-hearted nor the uninterested. The journey to becoming a CFA charter holder is long, and it tests not only your knowledge of the subject but also your endurance, diligence, and will. According to the CFA Institute, the current program is best described as a self-study, distance-learning program that takes a generalist approach to investment analysis, valuation and portfolio management, and emphasizes the highest ethical and professional standards.
Level Requirement
Meet CFA Program enrollment requirements
Question Format
Multiple-choice questions
Exam Results Availability
Within 60 days of taking the exam
10 Year Average Pass Rate
42%
Details
View Quick Start Guide for Level I
View Level I Details
CFA Level I Nov Exam Dates
15-21 Nov’22
Registration Window Opens
1 February 2022
Scheduling Window Opens
1 February 2022
Early Registration Deadline
3 May 2022
Pay by Invoice Deadline
25 June 2022
Registration Closes
9 August 2022
Scheduling Deadline
17 August 2022
Rescheduling Deadline
15 October 2022
CFA Program Costs
Registration costs vary depending on when you decide to register for the exam.
All fees shown are net of any local VAT, Goods and Services Tax (GST) or any other sales tax payable by the candidate in their country of residence. Where CFA® Institute is required to add sales tax at the local statutory rate, this will be added to the fees shown during the payment/checkout process.
For information about taxability related to online purchases from CFA Institute, please visit our Tax Policy page.
One-Time Enrollment Fee
There is a one-time enrollment fee when you register for CFA Program and the Level I exam. For 2023, the initial enrollment fee will decrease from USD 450 to USD 350. This fee will not be applied to subsequent exams. All fees must be paid in US dollars. For more information on enrollment fees and payment options, visit our policies page.
Registration Price Increase for 2023
Effective for February 2023 exams, prices will increase from USD 700 to USD 900 for early registration and from USD 1,000 to USD 1,200 for standard registration.
Rescheduling Fee
If you wish to reschedule your exam appointment within your exam window, a USD 250 rescheduling fee will apply.
CFA Level I Exam Structure
How Long Does the CFA Level I Exam Last?
The Level I exam consists of 180 multiple choice questions, split between two 135-minute sessions (session times are approximate). There is an optional break between sessions. Candidates must take both sessions to receive an exam result.
First session (2 hours, 15 minutes): 90 multiple choice questions, covering the topics of ethics & professional standards, quantitative methods, economics, and financial statement analysis
Second session (2 hours, 15 minutes): 90 multiple choice questions, covering the topics of corporate issuers, equity, fixed income, derivatives, alternative investments and portfolio management
The CFA® Program curriculum for the Level I exam is focused on the knowledge and comprehension of investment tools and asset classes, as well as portfolio management and ethical and professional standards. The exam covers the following 10 topic areas:
| Session | Functional Area | Topic | Exam Weight |
| 1 | Ethical and Professional Standards | Ethical and Professional Standards | 15-20% |
| Tools | Quantitative Methods | 8-12% | |
| Economics | 8-12% | ||
| Financial Statement Analysis | 13-17% | ||
| 2 | Portfolio Management and Analysis | Corporate Issuers | 8-12% |
| Portfolio Management | 5-8% | ||
Assets | Equity Investments | 10-12% | |
| Fixed Income | 10-12% | ||
| Derivatives | 5-8% | ||
| Alternative Investments | 5-8% |
Understand the Multiple-Choice Exam Question Format
Question Format
Each multiple-choice item on the CFA Level I exam consists of a stem (a question, a statement, and/or table) as well as three answer choices (A, B, or C).
Two basic formats are used:
Sentence completion with three unique choices
Questions with three unique choices
Example 1: Sentence completion
If the 12-month continuously compounded return of a security is 9%, its associated 12-month holding period return is closest to:
8.62%
9.38%
9.42%
Example 2: Question
Which of the following is most likely an assumption of technical analysis?
Security markets are efficient
Market trends reflect irrational human behavior
Equity markets react quickly to inflection points in the broad economy
Question Structure
The Level I CFA exam does not use ‘except’, ‘true’, or ‘false’ in items and avoids the use of ‘not’ whenever possible. When appropriate, question stems will include one of the following qualifiers: ‘most likely’, ‘least likely’, ‘best described’, ‘most appropriate’, ‘most accurate’, ‘least appropriate’, or ‘least accurate’. Each question stem supports only one item on the exam.
Answer Choices
The Level I CFA exam does not use any of the following answer options: ‘all of the above’, ‘none of the above’, ‘A and B only’, ‘B and C only’, ‘A and C only’, ‘cannot determine’, ‘cannot calculate’, or ‘not enough information to determine’. Choices consisting of words or sentences are typically ordered from shortest to longest; choices that are quantitative are ordered from the smallest number to largest number. The choices agree grammatically with the question stem; language common to all choices is placed in the question stem.
All questions are equally weighted and there is no penalty for an incorrect answer.
What ULURN Brings to the Table: CFA Level 1
Exam Hacks:
These are terms used primarily to identify the mode of delivery of video content.
If you choose download link, then a Google drive link will be shared with you via mail. You are required to download the video content including the software folder through the link. The email accompanying the Google drive link comprehensively details the download process.
If you chose Student to provide Hard disk option, then you are required to courier the hard disk to SSEI Kolkata office. Once the hard disk is received at SSEI Kolkata office, the videos relevant to your course are uploaded on the hard disk and shipped to you along-with books and software dongle.
If you choose HDD (Hard Disk) option, then we will purchase a fresh hard disk for you, upload all the video content that is ready relevant to your course and ship to your address along-with books and software dongle. The hard disk procured is generally either of the two: 1TB Seagate / WD Elements.
Yes, for some privacy policy & security reasons we do put some restrictions. Restrictions are primarily at 2 level:
Also, please note that we strongly discourage getting the player software installation done on office laptop for watching the classes. If a student however still goes ahead and gets the software installation done on his / her office laptop, he or she would alone be responsible for the playing of video classes and the experience there in. SSEI would not be held accountable for the same and accordingly no application for refund or partial refund of the amount paid would be tenable.
For Online App:
Steady internet is required if you are watching the videos through streaming mode be it on Android App or Laptop
For Download:
Internet is required to download the video files. Thereafter, whenever you are starting the video, internet connectivity is required initially for logging in and connecting with the server. Thereafter internet is not required.
For Pen Drive / Hard Disk:
Whenever you are starting the video, internet connectivity is required initially for logging in and connecting with the server. Thereafter internet is not required.
Minimum download speed required is 1MBPS. Further, unlimited internet is required. Accordingly, use of mobile hotspot for the download process is not recommended.
