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Exam Information
Official specifications published by CFA Institute
Exam Format
270 min
180
Entry
Registration
$1140 USD
Prometric
Validity
No expiration for individual exam pass
CFA-L1 Exam Topics and Domains
CFA-L1 is organized into 10 weighted domains. Expect to work with Risk analytics platforms, ABS markets, Alternative investment platforms, Bond calculators, and more.
1
Ethical and Professional Standards
17.5%
Ethics and Trust in the Investment Profession
Ethics in Investment ManagementCFA Institute Code of Ethics and Standards of Professional Conduct
- Explain ethics and describe the role of a code of ethics in defining a profession
- Describe professions and how they establish trust
- Describe the need for high ethical standards in the investment industry
- Explain professionalism in investment management
- Identify challenges to ethical behavior
- Distinguish between ethical and legal standards
- Describe and apply a framework for ethical decision-making
- State the six components of the Code of Ethics and the seven Standards of Professional Conduct
- Explain the ethical responsibilities required by the Code and Standards
2
Quantitative Methods
7.5%
Quantitative Concepts and Techniques
Time Value of MoneyStatistical Concepts and Market ReturnsHypothesis Testing and Regression
- Calculate and interpret present value and future value
- Describe and interpret measures of central tendency and dispersion
- Calculate and interpret correlation and covariance
- Explain the use of hypothesis testing in investment analysis
- Describe simple and multiple regression analysis
3
Economics
7.5%
Microeconomics and Macroeconomics
Market StructuresGDP, Economic Growth, and Business CyclesMonetary and Fiscal Policy
- Compare organizational forms of business
- Describe key features of different market structures
- Explain aggregate output and income measurement
- Describe aggregate demand and supply analysis
- Explain economic growth factors and business cycle effects
4
Financial Statement Analysis
12.5%
Financial Reporting and Analysis
Introduction to Financial Statement AnalysisIncome Statement AnalysisBalance Sheet AnalysisCash Flow Statement AnalysisFinancial Analysis TechniquesInventories, Long-lived Assets, and Income Taxes
- Describe the roles of financial reporting and financial statement notes
- Explain revenue and expense recognition principles
- Analyze income statements, balance sheets, and cash flow statements
- Calculate and interpret financial ratios
- Describe inventory valuation methods and their impact
- Explain depreciation methods for long-lived assets
- Describe deferred tax assets and liabilities
5
Corporate Issuers
7.5%
Corporate Governance and Capital Structure
Organizational Forms and Corporate GovernanceCapital Investments and Working Capital
- Compare organizational forms of businesses
- Describe key features of corporate issuers
- Compare publicly and privately owned corporate issuers
- Explain corporate governance and stakeholder management
- Describe how companies use leverage and manage working capital
6
Equity Investments
12.5%
Equity Securities and Markets
Market Organization and StructureIndustry and Company AnalysisEquity Valuation
- Describe characteristics of equity investments
- Explain security markets and indexes
- Analyze industries and companies
- Apply basic equity valuation models
- Describe global equities for growth and diversification
7
Fixed Income
12.5%
Fixed Income Securities and Markets
Fixed Income Instrument FeaturesYield Measures and CalculationsFixed Income Valuation and RiskAsset-Backed Securities
- Describe fixed income securities and their markets
- Calculate and interpret yield measures
- Explain fixed income risk factors
- Describe bond valuation and drivers
- Explain fundamentals of asset securitization
8
Derivatives
6.5%
Derivative Instruments and Markets
Forwards, Futures, and SwapsOptionsDerivative Pricing and Arbitrage
- Describe derivative instruments and their markets
- Explain forwards, futures, swaps, and options
- Calculate payoffs for derivative positions
- Describe the role of arbitrage in derivative pricing
- Explain no-arbitrage pricing concepts
9
Alternative Investments
8.5%
Alternative Investment Vehicles
Hedge Funds and Private EquityReal Estate and CommoditiesAlternative Investment Characteristics
- Define and describe alternative investments
- Explain hedge funds, private equity, real estate, commodities, and infrastructure
- Describe characteristics alternative investments have in common
- Explain the use of alternative investments for diversification and higher returns
10
Portfolio Management
10%
Portfolio Concepts and Risk Management
Portfolio Risk and ReturnCapital Asset Pricing Model (CAPM)Portfolio Planning and Construction
- Explain fundamentals of portfolio and risk management
- Calculate and interpret portfolio return and risk measures
- Describe portfolio planning and construction
- Explain needs of individual and institutional investors
- Describe the capital asset pricing model to identify optimal risk in portfolios
How do I earn this certification?
Passing CFA-L1 earns the CFA Charterholder (upon completing all 3 levels) certification. It sits in the Investment Management and Financial Analysis track.
Next Level Options
- CFA-L2 - CFA Level II
- CFA-L3 - CFA Level III
Alternative Paths
- CIPM (Certificate in Investment Performance Measurement) Specialized credential for investment performance and risk professionals
- FRM (Financial Risk Manager) Complementary certification focusing on financial risk management
- CAIA (Chartered Alternative Investment Analyst) Specialized in alternative investments including hedge funds, private equity, real estate
- CFP (Certified Financial Planner) Client-focused financial planning for individuals
Practice with Precision
The PlanetCert Simulator mirrors the real exam environment with authentic questions and timed pressure.
How to study for this exam?
The most effective way to prepare for CFA-L1 is by using the PlanetCert Simulator to practice questions and review detailed explanations.
What's changed on this exam?
Current Status
- ACTIVE
- Last content update: 2026
Updates
- CFA Program Learning Ecosystem 2026 Digital platform included with registration; provides curriculum, practice questions, and mock exams • Release date: 2025
- Computer-Based Testing (CBT) Current All exams delivered via Prometric testing centers; 4 exam windows per year • Release date: 2021
Who should take this exam?
- Bachelor's degree or equivalent
- 4 years of professional work experience
- Final year of bachelor's degree program
- Combination of work and education totaling 4 years