CFA Level I · exam guide

How the CFA Level I Exam Is Conducted

Checked against CFA Institute's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.

The CFA Level I exam is a computer-based test taken in English at a proctored test centre booked through Prometric.

• Computer-based exam at a secure, proctored test centre. After registering you book a date and time through the Prometric scheduling tool; appointments are first-come, first-served.
• CFA exams are offered at more than 400 test centres worldwide. CFA Institute lists Thane, India as a new location from the February 2027 administration.
• The Level I exam has 180 multiple-choice questions in two sessions of 135 minutes each (90 questions per session). CFA Institute describes the full appointment as about 4.5 hours, including a software tutorial, a break and a closing survey.
• Each question has a stem and three answer choices (A, B, C). All questions carry equal weight and there is no penalty for a wrong answer. CFA Institute suggests allowing about 90 seconds per question.
• Financial reporting questions follow IFRS unless a question states US GAAP.
• Exams are in English only.
• Calculator: only the Texas Instruments BA II Plus (including the Professional) or the HP 12C (including the Platinum, anniversary editions and Prestige) is allowed. Bring your own; borrowing or sharing is not allowed, and using or possessing an unauthorised calculator voids your result.
• ID: an original, current, machine-readable international travel passport with a recognisable photo, carrying your name exactly as in your CFA Institute account. It is checked at check-in for both sessions; if the name does not match, you cannot sit and you forfeit the fee.
• Arrive about 30 minutes before your appointment; late arrivals can be refused entry and lose their fees. Check-in includes inspection of belongings, clothing and eyeglasses, a metal-detector wand, and CCTV monitoring.
• You may take up to two unscheduled breaks, but the exam clock keeps running during them.