1.4 Exam Format, Fees, Windows, and Results

Logistics that shape the study plan

CFA Level I has 180 multiple-choice questions. The exam is divided into two sessions of 135 minutes each, with 90 questions per session. That is 270 testing minutes for 180 questions, or about 90 seconds per question before breaks, check-in, and personal pacing choices are considered.

Delivery is computer-based, in-person, and proctored through Prometric and some British Council locations. Do not plan for remote testing. Your practical task is to choose an available window, register, schedule an appointment, verify identification, and practice at the same pace the real exam requires.

Fees and appointment control

The current CFA Program overview PDF, effective from the February 2026 exam window onward, lists Level I early registration at USD 1,140 and Level I standard registration at USD 1,490. The source brief also notes a USD 250 rescheduling fee listed on the CFA Institute store page for rescheduling within the exam window.

Fees should affect planning without rushing you into a weak window. Early registration saves money only if the window is realistic. If work travel, school deadlines, passport renewal, or personal obligations make a window fragile, the cheaper fee may not be the cheaper outcome.

Results and pass rates

The latest official Level I pass rate in the source brief is February 2026. CFA Institute reported 24,006 candidates and a 45% pass rate. The release said this exceeded the 10-year average of 40%. First-time candidates passed at 50%, and candidates testing after at least one deferral passed at 30%.

Pass rate is not MPS. The Minimum Passing Score is set by CFA Institute and is not published as a stable raw percentage. A 45% pass rate means 45% of candidates passed that February 2026 administration. It does not mean the passing score was 45%, and it does not reveal the raw score needed on your form.

Pacing rule

Use three passes inside each session. First, answer items you can solve cleanly. Second, return to marked items that need calculation or careful reading. Third, check answer recording and a small number of high-risk flags. This keeps one hard item from consuming time that belongs to several easier points.

Practice with 90-question sets before exam week. Short quizzes teach concepts, but a full session teaches fatigue, speed, and recovery after a miss. If your accuracy falls after question 60, your issue may be endurance as much as content.

Test-window strategy

Level I is offered in February, May, August, and November cycles. Pick the window by counting study hours backward, then checking registration deadlines, passport status, PSM timing, and work obligations. A strong window is one you can actually complete, not merely the first available date.