CFA Level I Practice Exam
CFA-LEVEL-I
First level of the Chartered Financial Analyst program, covering investment tools, ethics, and foundational concepts across equity, fixed income, derivatives, and portfolio management.
Exam Details
Official CFA-LEVEL-I exam format
Exam Domains
The CFA Level I exam covers 10 domains with different weight percentages
Domain 1: Ethics and Professional Standards
18%CFA Institute Code of Ethics, Standards of Professional Conduct, and GIPS.
- Code of Ethics
- Standards of Professional Conduct
- GIPS standards
- Case-based ethics
Domain 2: Quantitative Methods
7%Statistical and mathematical foundations for investment analysis.
- Time value of money
- Statistical concepts
- Probability and hypothesis testing
- Regression analysis
Domain 3: Economics
7%Microeconomic and macroeconomic foundations relevant to investment analysis.
- Demand and supply analysis
- Market structures
- Macroeconomics
- Monetary and fiscal policy
- International trade and FX
Domain 4: Financial Statement Analysis
13%Analyzing financial reports to evaluate company performance.
- Financial statements overview
- Revenue and expense recognition
- Balance sheet analysis
- Cash flow analysis
- Financial ratios
- Inventories and long-lived assets
Domain 5: Corporate Issuers
7%Corporate governance, capital structure, and working capital management.
- Corporate governance
- Capital structure
- Dividend and share repurchase
- Working capital management
Domain 6: Equity Investments
13%Equity markets, valuation models, and industry analysis.
- Equity market organization
- Security analysis overview
- Industry and competitive analysis
- Equity valuation
Domain 7: Fixed Income
13%Bond markets, valuation, risk measures, and credit analysis.
- Fixed income markets
- Bond valuation
- Interest rate risk
- Credit analysis
- Yield curve
Domain 8: Derivatives
6%Options, futures, forwards, and swaps — pricing and applications.
- Derivative markets and contracts
- Forward and futures pricing
- Options pricing
- Swap contracts
Domain 9: Alternative Investments
8%Private equity, hedge funds, real estate, commodities, and infrastructure.
- Private equity
- Hedge funds
- Real estate
- Commodities
Domain 10: Portfolio Management and Wealth Planning
8%Portfolio construction, risk management, and the investment policy statement.
- Portfolio theory
- CAPM
- Investment policy statement
- Behavioral finance
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Frequently Asked Questions
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Official Resources
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