CFA Level 1 is two sessions in one day, and the second one is where your pacing gets tested. This guide answers one question: how is the Level 1 exam built, and what does that mean for the way you practice?
As of October 2026, the facts below come from CFA Institute's own pages, named in each section and listed under Sources.
How many questions and sessions does Level 1 have?
According to CFA Institute's Level I exam page, the exam has 180 multiple-choice questions divided into two sessions. Each session has 90 questions and lasts 135 minutes. CFA Institute's exam page puts the whole exam at 4.5 hours, made up of the two content sessions.
Put the numbers side by side and you get a working rule. CFA Institute says candidates have about 90 seconds per question. That is an average, not a target for each item. A short recall question can take 30 seconds, which buys time for a longer calculation later in the same session.
| Part | Questions | Time |
|---|---|---|
| Session 1 | 90 | 135 minutes |
| Session 2 | 90 | 135 minutes |
What does a Level 1 question look like?
The Level I exam page says every question is multiple choice with three answer choices: A, B or C. It describes two formats. One is a stem that asks a question. The other is a sentence you complete by choosing one of three endings. A stem can be a short statement, a question or a table.
CFA Institute also says the Level I exam does not use "except", "true" or "false" in its items, and avoids "not" where it can. When a qualifier is needed, the stem uses wording such as "most likely" or "best described". Read those qualifier words closely. When all three choices look plausible, the qualifier is usually what separates them.
How is Level 1 scored?
CFA Institute states that all questions are equally weighted and that there is no penalty for an incorrect answer. Two things follow from that.
- Answer every question. A blank earns nothing and a wrong guess costs nothing extra.
- Do not sink time into one hard item. A question that takes four minutes counts the same as one that takes forty seconds.
The Level I page also says candidates receive a pass or fail result with a performance summary by topic. CFA Institute does not publish a fixed passing score on that page, so this guide does not give one.
What is the break between the two sessions?
CFA Institute's exam day guide walks through the on-screen sections of the exam. Between the two content sessions it lists a section called "Break Introduction/Optional Break" with 31 minutes allocated. The word to notice is optional. You can use the break or you can carry on, and what you do with it is a decision to make before exam day, not during it.
A practical plan, which is our suggestion and not a CFA Institute rule:
- Decide in advance what you will do in the break, such as water, a snack and a few minutes away from the screen.
- Do not use the break to re-study session 1 material. Those questions are finished.
- Plan to start session 2 with a fresh pace, not with whatever time pressure you carried out of session 1.
How is the exam delivered?
The CFA Program exam page says exams are computer-based and taken at testing centers, with appointments available on a first-come, first-served basis. The exam day guide adds that exams are held at Prometric test centers and that you should arrive 30 minutes before your appointment time. It also says you can expect to be seated within 30 minutes of that time, and that the exam clock does not start until you are seated.
Two practical points from the same guide. First, it requires identification under the exam identification policy, which asks for a valid international travel passport. Second, it lists the approved calculators: the Texas Instruments BA II Plus (including the BA II Plus Professional) and the Hewlett Packard 12C (including several of its variants). Read the full list on CFA Institute's page before you buy or borrow one. Practice with the calculator you will bring.
How should you train for the second session?
Knowing the build of the exam lets you practice the shape of it, not only the content.
- Sit a full 90-question block under 135 minutes. A set of 20 questions tells you little about how you hold your pace at question 70.
- Do two blocks in a day at least once. Put a break between them like the one on exam day. You learn how you read and calculate when you are tired.
- Track your time at checkpoints. For a 135-minute session, note where you are at the one-third and two-thirds marks, and adjust your plan from those readings.
- Review by cause. For each wrong answer, write down whether you did not know the idea, misread the qualifier or ran short of time. Each cause has a different fix.
- Rehearse the calculator. Time-value-of-money keystrokes should be automatic before the first full block.
CFA Institute's Level I page also lists the ten topic areas the exam covers and publishes a weight range for each. Those weights belong to a separate question, how to split your study hours, and they are not covered here.
Exam dates, fees and rules change. Confirm the current details with the official exam body before you act on them.
Sources
- CFA Program Level I exam, CFA Institute
- CFA Exam Day Guide, CFA Institute
- CFA Exam Information, CFA Institute
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