What to Expect on CFA Level 1 2026 Exam Day: Format, Duration & Session Breakdown
- Dimitri Dangeros, CFA, CAIA
- Jan 10
- 4 min read
Walking into your CFA Level 1 exam well-prepared means more than just knowing the curriculum—it means understanding exactly what to expect on exam day. This comprehensive guide provides official information about the 2026 CFA Level 1 exam format, timing, and requirements to help you approach test day with confidence.
2026 CFA Level 1 Exam Windows
The CFA Level 1 exam is offered four times throughout 2026 in computer-based testing format. Testing appointments are available on a first-come, first-served basis within each exam window.
Exam Window | Registration Deadline | Scheduling Deadline | Rescheduling Deadline |
February 1-8, 2026 | October 29, 2025 | November 5, 2025 | January 22, 2026 |
May 12-18, 2026 | February 12, 2026 | February 18, 2026 | May 1, 2026 |
August 18-24, 2026 | May 6, 2026 | May 13, 2026 | August 7, 2026 |
November 11-17, 2026 | August 11, 2026 | August 18, 2026 | October 31, 2026 |
Important: All deadlines end at 11:59 PM ET. After registering, you must self-schedule your specific exam date and time through the Prometric scheduling system before the scheduling deadline.
Exam Format and Structure
The CFA Level 1 exam consists of 180 multiple-choice questions designed to test foundational knowledge across ten topic areas.
Session Breakdown
Component | Duration | Number of Questions | Time Per Question |
Session 1 | 135 minutes (2 hours 15 minutes) | 90 questions | ~1.5 minutes |
Optional Break | Variable | — | — |
Session 2 | 135 minutes (2 hours 15 minutes) | 90 questions | ~1.5 minutes |
Total Testing Time | 270 minutes (4 hours 30 minutes) | 180 questions | ~1.5 minutes average |
Additional Time: Beyond the 4.5 hours of testing, you should expect additional time for:
Pre-exam tutorial (software familiarization)
Check-in and ID verification
Optional breaks
Post-exam survey
Total time at test center: Approximately 5-6 hours
Question Format
Each multiple-choice question consists of:
A stem (question statement or scenario)
Three answer choices (A, B, or C)
Question Characteristics:
Questions test one specific concept
No "except," "true," "false," or "not" phrasing
May include qualifiers like "most likely," "least likely," "best described," or "most appropriate"
No answer options such as "all of the above," "none of the above," or "cannot determine"
Sentence choices ordered shortest to longest; numerical choices ordered smallest to largest
No penalty for incorrect answers (always answer every question)
Topic Coverage and Weights
The 2026 Level 1 curriculum covers ten topic areas with specified weightings:
Topic Area | Weight |
Ethical and Professional Standards | 15-20% |
Quantitative Methods | 8-12% |
Economics | 8-12% |
Financial Statement Analysis | 13-17% |
Corporate Issuers | 8-12% |
Equity Investments | 11-15% |
Fixed Income | 11-15% |
Derivatives | 5-8% |
Alternative Investments | 7-11% |
Portfolio Management and Wealth Planning | 5-8% |
Questions are distributed across both sessions and cover all topic areas. Each session contains a mix of topics rather than being topic-specific.
Registration Fees and Deadlines
For 2026, CFA Institute has eliminated the one-time $350 enrollment fee. Current registration fees are:
Registration Tier | CFA Level 1 Fee |
Early Registration | $1,140 |
Standard Registration | $1,490 |
Savings for Early Registration | $350 |
Rescheduling Fee: $250 (must be completed before rescheduling deadline)
What to Bring on Exam Day
Required Items
Item | Specifications |
Valid International Passport | Must match your CFA Institute account details exactly. No other forms of ID accepted. |
Approved Calculator | Either Texas Instruments BA II Plus (all editions) OR Hewlett Packard 12C (all editions including Platinum, 25th anniversary, 30th anniversary, Prestige) |
Permitted Items
Loose batteries for calculator (must remain in view on desk)
Calculator case and keystroke card (must remain in view on desk if brought)
Eyeglasses (without case)
Clear water bottle with no labels, images, or writing
Earplugs
Medical items (with prior authorization from test center)
All personal belongings must be stored in designated lockers outside the testing room.
After the Exam
Results Timeline
CFA Level 1 exam results are typically released 5-7 weeks after the exam window closes. You will receive either a "pass" or "fail" result along with a performance summary showing your results by topic area.
Recent Pass Rates
Historical data shows Level 1 pass rates ranging between 43-46% for recent exam windows, making thorough preparation essential.
Next Steps
If you pass:
Consider registering for Level 2 (offered in May, August, November)
Minimum 6-month waiting period before taking next level
If you do not pass:
You may retake Level 1, but must wait 6 months between attempts
Example: February exam takers can retake in August; May exam takers can retake in November
Important Reminders
No admit card required for computer-based exams (though keeping your confirmation number accessible is recommended)
Masks optional but may be required to remove briefly for ID verification
Familiarize yourself with calculator functions before exam day to maximize efficiency
All items on your desk must remain in full view including unused calculator, passport, batteries
Monitoring systems are in place; possession of unauthorized items may result in nullified exam results
Prepare with Confidence
Understanding exam day logistics reduces anxiety and allows you to focus entirely on demonstrating your knowledge. Review this guide thoroughly, complete all registration and scheduling requirements before deadlines, and arrive prepared with only the required items.
Your CFA Level 1 journey culminates on exam day—make it count by knowing exactly what to expect when you walk through those testing center doors.
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