The complete CFA® Level I exam guide
Everything a Level I candidate needs to plan the exam — dates, format, pass rates, and a personalized study plan that puts your time where the points are — updated every cycle.
Dates and deadlines
Level I runs four times a year — February, May, August, and November.
See all 2026–27 windows and registration deadlines →Difficulty and pass rates
Recent Level I pass rates sit in the low-to-mid 40s — slightly above the long-run average near 41%. The bar is breadth, not depth: 180 questions across ten topics, no partial credit.
See the results by window and what the passing score means →The format
180 multiple-choice questions, split into two 135-minute sessions, taken on a computer at a Prometric test center. Three choices per question, no penalty for guessing, no on-screen calculator — you bring one of the two CFA-approved models. Solurana's questions are written to that exact item format, and its six full mock exams run on a pixel-faithful replica of the real screen, so you train on exactly the exam you will sit.
How to prepare
CFA Institute guides roughly 300 hours for Level I, and most who pass log more. What sets them apart is method, not raw hours — the pattern that works:
Solurana sequences exactly that — a personalized plan and a readiness score that predicts your result before exam day, so your hours go only where they move the score.
Register and verify with CFA Institute
For the authoritative dates, fees, deadlines, and official results, go straight to the source:
The fastest way to plan your prep is to see where you stand.
Take a full, timed CFA Level I mock for free, and read a detailed explanation for every choice.