Are you gearing up for the CFA Level 1 exam? With so much information to absorb, understanding the exam structure is one of the most crucial steps in your preparation. One of the most common questions CFA candidates have is: How many questions are in the CFA Level 1 exam?
At TakeMyCFAExam.com, we’ve got your back. In this article, we’ll give you the breakdown of the CFA Level 1 exam, what to expect, and tips on how to approach your study strategy. Let's dive in.
What Is the CFA Level 1 Exam?
The CFA Level 1 exam is the first step toward earning your Chartered Financial Analyst (CFA) credential. It’s a rigorous exam that tests your knowledge of investment principles, ethics, and financial analysis. This exam is a significant milestone in your career as an aspiring finance professional, and it is the first of three levels you need to pass to become a CFA charter holder.
The CFA Level 1 exam is known for its challenging content and wide scope. You’ll need to study a variety of subjects, including financial reporting, corporate finance, portfolio management, economics, and ethics. But before you get too overwhelmed by all the material, let’s focus on an important question: How many questions are in the exam?
The CFA Level 1 Exam Format: Number of Questions
The CFA Level 1 exam consists of two main parts:
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Morning Session (AM) – 120 Multiple-Choice Questions
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Afternoon Session (PM) – 120 Multiple-Choice Questions
That’s right! The exam contains a total of 240 multiple-choice questions. Each session lasts 3 hours, and you’ll have a total of 6 hours to complete the entire exam. That means you will have to pace yourself carefully during the exam to ensure you can answer all questions within the allotted time.
The questions are divided into two main topics: Ethical and Professional Standards and Quantitative Methods. These topics are crucial to both the CFA program and the finance industry as a whole. The CFA Institute provides a detailed breakdown of the curriculum, which we recommend reviewing closely.
Question Format
The multiple-choice questions in the CFA Level 1 exam are structured as follows:
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Each question has three possible answer choices.
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You are asked to select the best answer based on your knowledge and understanding of the material.
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Questions may range from simple factual recall to more complex analytical scenarios.
A common mistake many candidates make is underestimating the complexity of the questions. While some may seem straightforward, others may require in-depth application of financial concepts. As you study, be sure to practice answering these types of questions to get a feel for the style and difficulty level.
How Much Time Should You Spend on Each Question?
With 240 questions to answer and only 6 hours to do it, time management is key. Here’s a breakdown of how much time you should spend on each question:
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Total time available: 360 minutes (6 hours)
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Total questions: 240 questions
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Time per question: 1.5 minutes
This gives you just about 90 seconds per question, which means you’ll need to work efficiently. If you find yourself stuck on a question, don’t dwell on it for too long. Move on to the next question and come back to it later if needed.
How to Approach Your CFA Level 1 Exam
Now that you know how many questions are in the CFA Level 1 exam, it’s important to strategize for success. Here are some tips to help you prepare effectively:
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Understand the CFA Curriculum: The CFA curriculum is comprehensive, so make sure you cover all topics thoroughly. Use study materials such as the CFA Institute’s curriculum, study guides, practice exams, and online courses to ensure you're fully prepared for the exam.
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Take Practice Tests: Practice makes perfect! Taking as many practice tests as possible will help you get used to the question format and improve your time management skills. It will also identify areas where you need more review.
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Focus on Weak Areas: If you notice certain topics are challenging, give them extra attention during your study sessions. Consider dedicating more time to those areas to boost your confidence and knowledge.
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Master Time Management: Since each question only allows for about 90 seconds, practicing time management is essential. Start by timing yourself during practice tests and gradually improve your speed without sacrificing accuracy.
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Review Ethics and Professional Standards: Ethics is a huge part of the CFA Level 1 exam, and these questions are weighted heavily. Make sure you spend ample time studying the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
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Stay Calm and Focused: The CFA Level 1 exam can be stressful, but staying calm and focused is vital. Take deep breaths, trust in your preparation, and tackle the exam with a clear mind.
Frequently Asked Questions (FAQs)
Q1: Can I pass the CFA Level 1 exam without finishing all 240 questions? While you should strive to answer all the questions, it’s important to focus on the quality of your answers rather than rushing through all of them. If you run out of time, don’t leave any questions blank; make educated guesses instead. Ensure that you manage your time wisely throughout the exam.
Q2: What is the passing score for the CFA Level 1 exam? The CFA Institute does not disclose the exact passing score, as it varies each year depending on the difficulty of the exam. Generally, a passing score is somewhere in the range of 70% to 75%. However, it’s important to focus on understanding the material rather than fixating on the passing score.
Q3: How long is the CFA Level 1 exam? The CFA Level 1 exam consists of two sessions: the morning and afternoon. Each session lasts 3 hours, making the total exam time 6 hours.
Q4: Are there breaks during the exam? Yes! There is a 30-minute break between the morning and afternoon sessions. Use this break to rest, recharge, and review your notes quickly. Just make sure to manage your time effectively so you don’t feel rushed.
Q5: How can I improve my speed during the CFA Level 1 exam? To improve your speed, take timed practice tests. Focus on answering questions efficiently without sacrificing accuracy. Practice, review, and refine your time management strategies to ensure you can finish all 240 questions within the time limit.
Q6: Should I skip questions I don’t know the answer to? Skipping questions should be avoided. If you’re unsure about an answer, make an educated guess and move on. It’s better to guess than to leave a question unanswered, as there is no penalty for incorrect answers.
Conclusion
Now that you know how many questions are in the CFA Level 1 exam (240 multiple-choice questions), you can begin to structure your study approach with a clear focus. Time management, preparation, and practice are key to conquering the exam. At TakeMyCFAExam.com, we’re here to help you with tips, resources, and guidance to ensure your success on this challenging journey.
So, whether you're just starting your CFA journey or are already deep into your studies, take a deep breath and know that with the right strategies, you’ve got this! Best of luck in your exam preparation.
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