Your guide to CFA® Level I in 2027

What Level I covers

Level I covers the foundations of investment analysis, from financial statements and asset valuation to ethics.

Use materials aligned with your exam year. CFA Institute's 2027 curriculum includes changes to Quantitative Methods and Equities, and updated ethics content. The topic names and weight ranges below are for 2027 Level I. Compare the 2027 curriculum changes.

Session 1

Ethical and Professional Standards

10–15%

Quantitative Methods

11–14%

Economics

6–9%

Financial Statement Analysis

11–14%

Corporate Finance

6–9%

Session 2

Equities

11–14%

Fixed Income

11–14%

Derivatives and Risk Management

6–9%

Alternative Investments

6–9%

Portfolio Construction

8–12%

The weights describe the share of exam questions allocated to each topic. They are ranges, so adding all the lower bounds or all the upper bounds will not produce a useful study allocation. A topic's exam weight also does not tell you how many hours you personally need to learn it.

As a first orientation, the syllabus asks you to connect several kinds of thinking. You will work with quantitative tools, read and interpret financial statements, understand businesses and economic conditions, analyse different investments, and apply professional standards. Questions can require both conceptual judgment and calculation. Use the 2027 topic outline to check what you should be able to do.^[3]

Start with your weakest foundations as well as the higher-weight areas. For example, difficulty with percentages, compounding, or basic accounting can slow your progress across several topics. Give those foundations enough practice, then revisit them in mixed questions. Keep ethics in your revision cycle throughout preparation.

If you already own 2026 materials, compare them before reusing them. Quizara's 2027 curriculum changes guide explains the program-level changes and the volumes reviewed so far. It can help you locate differences; your registered exam year's official curriculum remains the reference for scope.

Exam format

Each question has three answer choices. Questions carry equal weight, and incorrect answers do not attract a penalty. An optional break separates the sessions; check-in and other procedures add time beyond the testing periods. ^[1][11]

2027 exam windows and deadlines

Level I has four exam windows in 2027. Compare the testing dates with your available study weeks, then check the relevant registration and appointment deadlines. The table separates paying for the exam from booking a test-centre seat.

2027 CFA Level I exam windows and deadlines

Window	Exam dates	Early fee deadline	Register by	Book your seat by
February	Exam datesFeb 22–28, 2027	Early fee deadlineJul 7, 2026	Register byNov 5, 2026	Book your seat byNov 10, 2026
May	Exam datesMay 11–17, 2027	Early fee deadlineOct 14, 2026	Register byFeb 10, 2027	Book your seat byFeb 16, 2027
August	Exam datesAug 15–22, 2027	Early fee deadlineJan 20, 2027	Register byApr 29, 2027	Book your seat byMay 6, 2027
November	Exam datesNov 13–19, 2027	Early fee deadlineNot yet published	Register byNot yet published	Book your seat byNot yet published

Registration deadlines are 11:59 p.m. US Eastern Time. Booking a seat is a separate step after payment. Check the official calendar and local seat availability before paying.

Registration opening dates and appointment-change deadlines

February 2027

Registration opens: May 5, 2026

Change appointment by: Feb 11, 2027

May 2027

Registration opens: Aug 12, 2026

Change appointment by: Apr 30, 2027

August 2027

Registration opens: Nov 3, 2026

Change appointment by: Aug 4, 2027

November 2027

Registration opens: Not yet published

Change appointment by: Not yet published

Choose a window you can realistically attend. Starting with the February 2027 exam, CFA Institute has removed paid deferrals. If you choose not to sit, you generally forfeit the registration fee and must pay to register again. Emergency deferrals remain subject to their separate eligibility rules. This makes your likely availability an important part of the decision. ^[10]

Fees

Early registration US$1,140

Standard registration US$1,490

Level I exam registration only. Applicable local taxes are additional. These fee tiers apply to all four 2027 windows.

Think in terms of exam registration + applicable tax + an approved calculator + travel, if needed + any optional preparation materials. Check where you can actually sit before assuming travel will be negligible.

Registration includes access to CFA Institute's Learning Ecosystem, including the curriculum, practice questions, and mock exams. Review those resources before deciding what extra support you want. An independent provider may help you work through explanations or practise in a different format; it is an additional choice in your budget. ^[13]

If cost is a barrier, check the Access Scholarship before paying.^[14] Application windows, eligibility, and the conditions attached to an award matter. A possible future award should not be treated as a confirmed discount.

Changing your appointment within the same exam window costs US$250, plus applicable tax, and is subject to availability and the appointment-change deadline. This does not move your registration to a later exam window.^[5]

How long to study

Build your calendar from hours you can sustain. A plan that needs every evening for six months can become fragile as soon as work gets busy.

CFA Institute reports that successful candidates spend more than 300 hours on average preparing for each level. That is a reported average, not a minimum requirement or a promise of readiness. Your background, reading speed, and familiarity with accounting and quantitative methods will affect how much time you need. ^[1]

Move the slider to see which exam window fits your timeline. You can turn the result into a free study plan.

What fits into your week?

See when your weekly study time fits a 2027 exam window. Move the slider to find a pace you can keep.

Hours each week10 hours

2h per study day

Across 5 study days each week.

30 study weeks.

30study weeks

Estimated finish

Calculated from today

First window to consider

Compare dates below

Your local start date determines the finish date and exam window.

Compare exam dates and deadlines

Exam window for your planFebruary 2027May 2027August 2027November 2027Build your study plan for this window →

Example: 300 hours for learning, practice, revision, and mocks, plus 4 buffer weeks for interruptions and the Practical Skills Module. Calendar fit does not predict a pass; check registration deadlines and seat availability.

Before choosing a window, sketch a normal week. Count the hours left after work, sleep, commuting, and family commitments. Then set aside three kinds of study time:

1. Learning and immediate practice. After a short reading or lesson, attempt questions while the idea is still fresh. Explain the reasoning behind the correct answer.
2. Cumulative revision. Return to older topics while learning new ones. Keep a short record of errors you can act on, such as confusing a return measure or using the wrong calculator setting.
3. Timed preparation. Leave space for mock exams, reviewing mistakes, and another attempt at weak areas. Completing a mock is only part of that work.

Add a buffer for weeks when you cannot follow the plan. Also allow separate time for a Practical Skills Module (PSM), which CFA Institute estimates at 10–20 hours. You can complete it during your preparation; the formal deadline is before results are released. ^[8]

Eligibility and registration

Check eligibility before making a study or payment commitment. You must meet one of these education or experience routes when registering for Level I:

• Completed degree: you have a bachelor's degree or an equivalent qualification.
• Undergraduate: your chosen exam window is no more than 23 months before your expected graduation month.
• Work and education: you have a combined 4,000 hours of professional work experience and/or higher education acquired over at least three sequential years. Education and work periods cannot overlap for this calculation; one year of higher education counts as 1,000 hours.

The third route has specific conditions. Read the full policy if you are relying on it, and keep the records needed to support your eligibility. You must also meet the professional conduct requirements, be able to take the exam in English, hold a valid international travel passport, and live in a participating country. ^[6]

Your passport matters at registration and on exam day. Check the identity requirements early, particularly if your passport will expire or your name has changed.

Passing Level I is one step towards the CFA charter. The charter also requires the remaining exams, Practical Skills Modules, qualifying work experience, and membership requirements. ^[7]

Register and book your seat

Complete registration through CFA Institute. Next, use the scheduling link in your account to select a test centre, date, and time through Prometric. Paying for registration does not reserve an appointment. Test-centre capacity is limited, so schedule early and keep the confirmation. ^[5]

Before leaving the booking flow, check the appointment details against the confirmation email. If your preferred location is unavailable, consult the current scheduling guidance rather than assuming you can change it later without a cost.

Your next steps

Start with one real concept

Before committing to a long study routine, try one small piece of the work. The goal is to see whether you can explain an idea, apply it, and recognise a mistake.

Start with arithmetic versus geometric mean return. If an investment rises 20% and then falls 20%, its average yearly percentage change is zero, but its ending value is lower. Work through the example, change the inputs, and answer the practice question. Then explain which return measure answers which question without looking back.

Keep the free formula reference beside your practice. If calculator use is unfamiliar, follow the financial calculator introduction. Practise one workflow until you can identify the inputs and explain the output. These two guides give you a concrete first session before you decide how to organise the rest of your preparation.

Explore the CFA Level 1 course if you are ready to study the full curriculum. Return to the study-time estimate after that session. Your experience with real material is a better starting point for a sustainable weekly plan than an ambitious number chosen in isolation.

Study, practise, and complete your PSM

Use the curriculum and learning outcomes to guide coverage. Build question practice into each topic, then introduce mixed and timed sets as your coverage grows. Review why you missed a question before moving on.

For Level I in 2027, the PSM choices are Financial Modeling and Python Programming Fundamentals. Choose and complete one using CFA Institute's instructions. Finish it during your preparation if your workload allows; otherwise, schedule a firm completion date before the results deadline. The requirement is separate from your exam questions. ^[8]

Prepare for the test-centre visit

Review the current candidate instructions and your appointment confirmation. Plan the journey, check the required identification, and practise with the calculator you will bring.

CFA Institute permits the Texas Instruments BA II Plus family and specified Hewlett Packard 12C models. Check your exact model against the calculator policy.^[12] An online practice calculator helps you learn keystrokes, but you need a permitted physical calculator for the exam.

Check PSM completion before results

Verify that the PSM is complete and submitted. Under CFA Institute's PSM policy, missing the deadline means your exam result is voided and you must register, pay, and test again to receive a result. Check your candidate account and CFA Institute communications for the deadline that applies to you. ^[9]

After results, use the official report to decide your next step. Passing Level I lets you progress through the program; it does not by itself confer the CFA charter.

Sources

The CFA Institute references below support the exam facts in this guide. Confirm live registration deadlines and test-centre availability with CFA Institute before paying.