level of significance in practice - hypothesis testing

Anyone know if 5% is a standard level of significance used in practice for hypothesis testing? I know that we can also use 1% or 10%, but 5% seems to be the norm in CFAI and Schweser books to gauge the probability of Type I error (i.e. reject when hypothesis is true). Thanks.

It seems to be but this should not be an issue for anyone at all.

Practically speaking I’ve predominantly seen the 95% and 99% being quoted in real financial data. 95% even more so.

Thanks - it may not be an issue for the exam but was more interested in the practicality of its use.