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CFA Program Level I Exam Details

For Registered Candidates

Prerequisite Economics Material: Demand and Supply Analysis (PDF)
Log in to access your candidate resources, including your personal study planner and practice tests.
Some of the items you'll review when preparing for the Level I exam:

Exam questions format
Examples of Level I exam questions
Exam topics and study session outlines: 2017
Tips for taking the Level I exam
Exam Structure and Timing
Structure: The Level I exam consists of 240 multiple choice questions, split among two 3-hour sessions. Candidates must attend both sessions.

Morning session (3 hours): 120 multiple choice questions, covering all topics
Afternoon session (3 hours): 120 multiple choice questions, covering all topics
Timing: On average you should allow approximately 90 seconds for each multiple choice question. You may need more or less time, depending on the question and how well you understand the topic.

Exam Question Format
Multiple Choice Questions

Each item on the Level I multiple choice exam consists of a question, a statement, and/or table and three answer choices: A, B, and C.

Two basic formats are used:

Sentence completion with three unique choices
Questions with three unique choices
Example 1 (Sentence completion)
An analyst suspects that a particular company’s U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. The most likely effect of the appropriate adjustments would be to increase that company’s

A. return on assets.
B. debt-to-equity ratio.
C. interest coverage ratio.

Example 2 (Question)
An analyst suspects that a particular company’s U.S. GAAP financial statements may require adjustment because the company uses take-or-pay contracts. Which of the following is most likely to increase as a result of the appropriate adjustments being made to that company’s financial statements?

A. Return on assets.
B. Debt-to-equity ratio.
C. Interest coverage ratio.

All questions are equally weighted and there is no penalty for an incorrect answer.

More details referencing item stem and item construction (PDF).

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Examples of Level I Exam Questions
Below are some examples of Level I questions, but remember: the exam is based on the current curriculum. You can expect to see similar questions in terms of structure, format and level of difficulty, but don't expect to see the same questions repeated on future exams.

Examples of Level I exam multiple choice questions (PDF)

Already registered for the next Level I exam? Login to access your practice topic tests and mock exam.

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2017 Exam Topics and Study Session Outlines
2017 Level I Study Sessions index | 2017 Level I Study Sessions combined

Ethical and Professional Standards
Exam Weight: 15% Study Session 1 | Readings 1-5
Quantitative Methods
Exam Weight: 12% Study Session 2
Study Session 3
Economics
Exam Weight: 10% Study Session 4
Study Session 5
Financial Reporting and Analysis
Exam Weight: 20% Study Session 6
Study Session 7
Study Session 8
Study Session 9
Corporate Finance
Exam Weight: 7% Study Session 10
Study Session 11
Portfolio Management
Exam Weight: 7% Study Session 12
Equity
Exam Weight: 10% Study Session 13
Study Session 14
Fixed Income
Exam Weight: 10% Study Session 15
Study Session 16
Derivatives
Exam Weight: 5% Study Session 17
Alternative Investments
Exam Weight: 4% Study Session 18
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Examples of Tips for Taking the Level I Exam
Be comfortable with your calculator. Make sure you know how to use the calculator features needed to address the learning outcome statements (LOS).
Exam questions referring to Financial Reporting and Analysis (FRA) are based on International Financial Reporting Standards (IFRS) unless otherwise specified. When a question is based on U.S. GAAP, it will be stated in the question.
Answer all questions: There is no penalty for incorrect answers.
Log in to view more tips for taking the Level I exam and access the rest of your candidate resources, including your personal study planner, topic tests, and mock exams.

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The Series 7 is a six-hour exam.[2] It is held in two three-hour sessions. There are 260 questions on the test, 250 of which count toward the final score. Candidates have to score at least 72 percent to pass.

The Series 7 exam tests candidates on five functions.[2]

Test Breakdown by Function Number of Questions Percentage of Test Questions
Seeks Business for the Broker-Dealer through Customers and Potential Customers 68 27%
Evaluates Customers' Other Security Holdings, Financial Situation and Needs, Financial Status, Tax Status, and Investment Objectives 27 11%
Opens Accounts, Transfers Assets, and Maintains Appropriate Account Records 27 11%
Provides Customers with Information on Investments and Makes Suitable Recommendations 70 28%
Obtains and Verifies Customer's Purchase and Sales Instructions, Enters Orders, and Follows Up 58 23%
In order to take the exam, an individual must be sponsored by a member firm of either FINRA or a self-regulatory organization (SRO).[3]

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Features
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Get the Open-Source Code
Ace is a community project. We actively encourage and support contributions! The Ace source code is hosted on GitHub and released under the BSD license ‐ very simple and friendly to all kinds of projects, whether open-source or not. Take charge of your editor and add your favorite language highlighting and keybindings!
git clone git://github.com/ajaxorg/ace.git
History
Skywriter/Bespin and Ace started as two independent projects both aiming to build a no compromise code editor component for the web. Bespin started as part of Mozilla Labs and was based on the <canvas> tag, while Ace is the editor component of Cloud9 IDE and uses the DOM for rendering. After the release of Ace at JSConf.eu 2010 in Berlin the Skywriter team decided to merge Ace with a simplified version of Skywriter's plugin system and some of Skywriter's extensibility points. All these changes have been merged back to Ace now, which supersedes Skywriter. Both Cloud9 IDE and Mozilla are actively developing and maintaining Ace.
Related Projects
GCLI
DryIce
Ace wrapper for ExtJS
Ace wrapper for GWT

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AACE International has been certifying individuals since 1976. We offer the following certifications: Certified Cost Professional (CCP), Certified Cost Technician (CCT), Certified Estimating Professional (CEP), Certified Forensic Claims Consultant (CFCC), Earned Value Professional (EVP), Decision and Risk Management Professional (DRMP), Certified Scheduling Technician (CST) and Planning & Scheduling Professional (PSP). AACE’s CCP, CCT, CEP, EVP, and PSP certifications are independently accredited by the Council of Engineering and Scientific Specialty Boards.

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NO.1 Which of the following options is an example of revenue?
A. $10,000 received from a customer for goods purchased a month ago
B. $300 received from a customer when they purchased and received an item
C. An order for $3,000 received from a customer
D. $20,000 received as a down payment from a customer when they placed their order
Answer: B

CORe Objectives   CORe Dates   

NO.2 A company's 2013 year-end balance sheet included the following:
The company's net cash from operating activities on its 2013 statement of cash flows is $200,000.
Current year depreciation expense is $25,000. What amount should the company report as net
income for 2013?
A. $175,000
B. $170,000
C. $130,000
D. $230,000
Answer: B

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Test information:

• Number of questions: 68
  
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---

Related certifications:

• IBM Certified Advanced Deployment Professional - IBM Service Management Service Delivery and Process Automation V4
  
• IBM Certified Advanced Deployment Professional - IBM Service Management Service Availability and Performance Management V4
  
• IBM Certified Deployment Professional - Tivoli Monitoring V6.3

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