The first step on your CFA journey.
The Level I CFA exam is the first step toward the CFA charter. The exam consists of 120 multiple choice questions tested over 2 exam sessions (morning and afternoon). The Level I CFA exam covers the following topic areas, each having their own subcategory in the forum:
| Topic | Exam Weight | Study Session(s) |
|---|---|---|
| Ethics and Professional Standards | 15% | 1 |
| Quantitative Methods | 10% | 2,3 |
| Economics | 10% | 4,5 |
| Financial Reporting and Analysis (FRA) | 15% | 6,7,8,9 |
| Corporate Finance | 10% | 10,11 |
| Equity Investments | 11% | 12,13 |
| Fixed Income | 11% | 14,15 |
| Derivatives | 6% | 16 |
| Alternative Investments | 6% | 17 |
| Portfolio Management | 6% | 18,19 |
Historical Pass Rates
| Year | Total | Pass | Fail | % Pass |
|---|---|---|---|---|
| 1963 | - | - | - | - |
| 1964 | 1,241 | 986 | 255 | 79% |
| 1965 | 767 | 649 | 118 | 85% |
| 1966 | 621 | 481 | 140 | 77% |
| 1967 | 594 | 423 | 171 | 71% |
| 1968 | 592 | 412 | 180 | 70% |
| 1969 | 556 | 409 | 147 | 74% |
| 1970 | 644 | 424 | 220 | 66% |
| 1971 | 755 | 464 | 291 | 61% |
| 1972 | 731 | 466 | 265 | 64% |
| 1973 | 721 | 432 | 289 | 60% |
| 1974 | 862 | 604 | 258 | 70% |
| 1975 | 808 | 568 | 240 | 70% |
| 1976 | 634 | 457 | 177 | 72% |
| 1977 | 667 | 421 | 246 | 63% |
| 1978 | 925 | 596 | 329 | 64% |
| 1979 | 824 | 522 | 302 | 63% |
| 1980 | 949 | 602 | 347 | 63% |
| 1981 | 1,107 | 677 | 430 | 61% |
| 1982 | 1,532 | 903 | 629 | 59% |
| 1983 | 1,656 | 1,082 | 573 | 65% |
| 1984 | 2,075 | 1,199 | 876 | 58% |
| 1985 | 2,186 | 1,317 | 869 | 60% |
| 1986 | 2,366 | 1,405 | 961 | 59% |
| 1987 | 3,095 | 1,782 | 1,313 | 58% |
| 1988 | 3,927 | 2,174 | 1,753 | 55% |
| 1989 | 4,149 | 2,237 | 1,912 | 54% |
| 1990 | 4,415 | 2,658 | 1,757 | 60% |
| 1991 | 4„950 | 3,087 | 1,863 | 62% |
| 1992 | 5,002 | 2,928 | 2,074 | 59% |
| 1993 | 6,588 | 3,616 | 2,972 | 55% |
| 1994 | 8,445 | 4,087 | 4,358 | 48% |
| 1995 | 11,341 | 5,750 | 5,591 | 51% |
| 1996 | 14,381 | 7,627 | 6,754 | 53% |
| 1997 | 16,833 | 8,847 | 7,966 | 53% |
| 1998 | 21,744 | 12,855 | 8,889 | 59% |
| 1999 | 23,199 | 14,757 | 8,442 | 64% |
| 2000 | 27,625 | 14,314 | 13,311 | 52% |
| 2001 | 36,317 | 17,726 | 18,591 | 49% |
| 2002 | 43,882 | 19,106 | 24,776 | 44% |
| Jun-03 | 32,027 | 13,478 | 18,549 | 42% |
| Dec-03 | 20,657 | 8,214 | 12,443 | 40% |
| Jun-04 | 24,211 | 8,262 | 15,949 | 34% |
| Dec-04 | 19,566 | 7,128 | 12,438 | 36% |
| Jun-05 | 22,915 | 8,138 | 14,777 | 36% |
| Dec-05 | 21,127 | 7,276 | 13,851 | 34% |
| Jun-06 | 26,467 | 10,602 | 15,865 | 40% |
| Dec-06 | 28,082 | 10,905 | 17,177 | 39% |
| Jun-07 | 33,599 | 13,294 | 20,305 | 40% |
| Dec-07 | 37,573 | 14,831 | 22,742 | 39% |
| Jun-08 | 44,063 | 15,311 | 28,752 | 35% |
| Dec-08 | 49,797 | 17,612 | 32,185 | 35% |
| Jun-09 | 45,682 | 21,034 | 24,648 | 46% |
| Dec-09 | 44,209 | 14,884 | 29,325 | 34% |
| Jun-10 | 46,863 | 19,656 | 37,207 | 42% |
| Dec-10 | 46,785 | 17,009 | 29,776 | 36% |
| Jun-11 | 48,068 | 18,881 | 29,187 | 39% |
| Dec-11 | 49,380 | 18,736 | 30,644 | 38% |
| Jun-12 | 49,445 | 18,968 | 30,477 | 38% |
| Dec-12 | 48,981 | 18,106 | 30,875 | 37% |
| Jun-13 | 47,502 | 18,078 | 29,424 | 38% |
| Dec-13 | 45,693 | 19,468 | 26,225 | 43% |
| Jun-14 | 47,005 | 19,953 | 27,413 | 42% |
| Dec-14 | 47,175 | 20,589 | 26,586 | 44% |
| Jun-15 | 51,134 | 21,303 | 29,831 | 42% |
| Dec-15 | 52,315 | 22,274 | 30,041 | 43% |
| Jun-16 | 58,677 | 25,093 | 33,584 | 43% |
| Dec-16 | 59,627 | 25,807 | 33,820 | 43% |
| Jun-17 | 63,283 | 27,158 | 35,125 | 43% |
| Dec-17 | 68,086 | 29,583 | 38,503 | 43% |
| Jun-18 | 79,507 | 34,547 | 44,960 | 43% |
| Dec-18 | 77,245 | 34,651 | 42,594 | 45% |
| Jun-19 | 83,656 | 34,585 | 49,071 | 41% |
| Dec-19 | 73,688 | 30,628 | 43,060 | 42% |