CFA® Level I prep, all in one place.
93 study chapters with formula sheets, 969 exam-style questions with worked explanations, timed mock exams and an AI tutor beside every chapter. Built around the 2026 topic weights.
The Level I exam at a glance
- Questions
- 180, multiple choice with three options
- Time
- Two sessions of 2 h 15 min (1.5 min a question)
- Windows
- February, May, August and November
- Pass rate 2026
- 45% Feb · 39% May · 43% Aug
- Study time
- About 300 hours, per CFA Institute surveys
- Calculator
- TI BA II Plus or HP 12C families only
JephAi for CFA Level I
The topics
CFA Level I topics and exam weights
CFA Institute publishes a weight range for each topic. JephAi’s analytics put your accuracy next to these weights, so your time goes where the points are.
| Topic | Exam weight | Chapters on JephAi |
|---|---|---|
| Ethical and Professional Standards | 15–20% | 5 |
| Financial Statement Analysis | 11–14% | 12 |
| Equity Investments | 11–14% | 8 |
| Fixed Income | 11–14% | 19 |
| Portfolio Management | 8–12% | 6 |
| Alternative Investments | 7–10% | 7 |
| Quantitative Methods | 6–9% | 11 |
| Economics | 6–9% | 8 |
| Corporate Issuers | 6–9% | 7 |
| Derivatives | 5–8% | 10 |
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Free CFA Level I practice questions
Five Level I questions from five topics, with the full explanation.
A three-year bond pays a 6% annual coupon and is priced at par to yield 6%. Its Macaulay duration is CLOSEST to:
Pick an answer to see the explanation.
Okafor, CFA, works in a country whose securities law requires LESS disclosure of conflicts of interest than the CFA Institute Standards. No other law applies. Under Standard I(A) Knowledge of the Law, Okafor MOST likely must:
Pick an answer to see the explanation.
A 10-year government bond yields 4.1% and a 10-year bond issued by a manufacturing company yields 5.8%. The government bond is default-free and highly liquid; the corporate bond's liquidity premium is estimated at 0.4%. Assuming both bonds carry the same maturity premium, the corporate bond's default risk premium is CLOSEST to:
Pick an answer to see the explanation.
Two otherwise identical US companies face rising inventory costs and stable inventory quantities. One uses LIFO and the other FIFO. Compared with the FIFO company, the LIFO company will MOST likely report a higher:
Pick an answer to see the explanation.
Which statement BEST distinguishes venture capital from leveraged buyout investing?
Pick an answer to see the explanation.
CFA Level I questions
How many questions are on the CFA Level I exam?
180 multiple-choice questions, each with three options, split into two sessions of 2 hours 15 minutes. That is about 1.5 minutes per question.
What is the CFA Level I pass rate?
CFA Institute reported 45% in February 2026, 39% in May and 43% in August. The long-term average is about 40%.
How long should I study for CFA Level I?
CFA Institute candidate surveys put it at around 300 hours. With a full-time job, most people plan five to six months at 12 to 15 hours a week.
What does JephAi include for Level I?
93 study chapters with summaries, learning objectives and formula sheets, 969 exam-style questions with an explanation for every option, timed mock exams, notes, analytics weighted by the exam topics and, on the Advanced plan, Jeph, the AI tutor.
Can I try it before paying?
Yes. Every plan starts with 7 days free, and Basic and Premium don’t need a card. You can also answer the five sample questions on this page without signing up.
What if I don’t pass?
With a Level I exam pass, you get a free extension to the next exam window.
CFA Level I guides
Start Level I free for 7 days.
No card for Basic or Premium. Or pay once: from €69 for your exam.
Exam format, topic weights, pass rates and calculator policy: CFA Institute. JephAi is not affiliated with CFA Institute. CFA® and Chartered Financial Analyst® are trademarks of CFA Institute.