An exploration of quantitative concepts and financial analysis. Concepts include the time value of money, data organization, visualization, and description, probability theory in investments, and testing for hypotheses. Conclude with an introduction to linear regression.
Introduction to CFA® Level I Exam
It all starts here. The CFA Level I exam is the first exam you need to pass to become a CFA charterholder.
Setting Expectations
Set aside the time
According to the CFA Institute, the 10-year average pass rate for the CFA Level I exam is 42%. In total, candidates report investing more than 300 hours into their studies for each level of the CFA exam.
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Important Dates
Registration Opens: Nov 14, 2022
Registration Closes: May 9, 2023
Exam Dates: Aug 22 - 28, 2023
Results are provided 6-8 weeks after exam -
Exam Format
180 multiple choice questions
Evenly divided into 2 sessions
Approx. 135 minutes per session
Computer-based testing -
Enrollment Information
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Question Format
Each question will have up to 3 answer choices to select from
Level I 2022 Curriculum
Topics, Weights, and Content Offerings
The Level I 2022 curriculum is broken into the following 10 topics, uniquely weighted according to their importance.
Quantitative Methods
We Prepare You With Over
- 33,100+ Words in manuals
- 400+ Minutes of video
- 105+ Assignments questions
- 385+ Quiz and Exam questions
Economics
An introduction to supply-and-demand analysis for customers and firms. Concepts include market structures, macroeconomics, the business cycle, and monetary and fiscal policies. We introduce global economics and conclude with currency exchange rates.
We Prepare You With Over
- 29,100+ Words in manuals
- 430+ Minutes of video
- 95+ Assignments questions
- 360+ Quiz and Exam questions
Financial Reporting and Analysis
An introduction to primary financial statements. We explore a general framework for financial statement analysis, three major financial statements, financial reporting for specific assets and liabilities, and financial reporting quality.
We Prepare You With Over
- 27,000+ Words in manuals
- 430+ Minutes of video
- 95+ Assignments questions
- 520+ Quiz and Exam questions
Corporate Issuers
An introduction to corporate governance and stakeholder management, exploring uses and sources of capital. We cover some foundational topics in estimating cost of capital and conclude with how companies use leverage.
We Prepare You With Over
- 18,700+ Words in manuals
- 205+ Minutes of video
- 45+ Assignments questions
- 95+ Quiz and Exam questions
Equity
An overview of financial markets. We discuss construction and use of security market indexes, market efficiency, equity securities, useful frameworks for conducting industry and individual company analysis, and three equity valuation approaches.
We Prepare You With Over
- 19,100+ Words in manuals
- 260+ Minutes of video
- 70+ Assignments questions
- 335+ Quiz and Exam questions
Fixed Income
An exploration of fixed-income securities. We discuss global fixed-income markets and valuation of fixed-income securities. We introduce securitization, examine bond returns and risks, and conclude with credit risk and analysis.
We Prepare You With Over
- 22,800+ Words in manuals
- 355+ Minutes of video
- 75+ Assignments questions
- 380+ Quiz and Exam questions
Derivatives
A look at basic derivatives and derivative markets. We discuss the essential functions of forwards, futures, swaps, and contingent claims (e.g., options) as well as the basics of valuing these derivatives.
We Prepare You With Over
- 7,900+ Words in manuals
- 130+ Minutes of video
- 30+ Assignments questions
- 70+ Quiz and Exam questions
Alternative Investments
A discussion of hedge funds, private equity, real estate, commodities, and infrastructure investments. We discuss their distinguishing characteristics and potential benefits and risks.
We Prepare You With Over
- 8,700+ Words in manuals
- 75+ Minutes of video
- 35+ Assignments questions
- 75+ Quiz and Exam questions
Portfolio Management
An introduction to the portfolio approach to investments. We discuss risk and return, modern portfolio theory, portfolio planning and construction, a risk management framework, technical analysis, and the ways financial technology is impacting investing.
We Prepare You With Over
- 23,700+ Words in manuals
- 285+ Minutes of video
- 70+ Assignments questions
- 390+ Quiz and Exam questions
Ethical and Professional Standards
An introduction to ethics and its role in the investment profession. We examine the CFA Institute Code of Ethics, Standards of Professional Conduct, and the Global Investment Performance Standards.
We Prepare You With Over
- 18,600+ Words in manuals
- 150+ Minutes of video
- 60+ Assignments questions
- 300+ Quiz and Exam questions
Level I 2023 Curriculum
Topics, Weights, and Content Offerings
The Level I 2023 curriculum is broken into the following 10 topics, uniquely weighted according to their importance.
Quantitative Methods
An exploration of quantitative concepts and financial analysis. Concepts include the time value of money, data organization, visualization, and description, probability theory in investments, and testing for hypotheses. Conclude with an introduction to linear regression.
We Prepare You With Over
- 34,300+ Words in manuals
- 400+ Minutes of video
- 105+ Assignments questions
- 390+ Quiz and Exam questions
Economics
An introduction to supply-and-demand analysis for customers and firms. Concepts include market structures, macroeconomics, the business cycle, and monetary and fiscal policies. We introduce global economics and conclude with currency exchange rates.
We Prepare You With Over
- 34,800+ Words in manuals
- 460+ Minutes of video
- 105+ Assignments questions
- 380+ Quiz and Exam questions
Financial Reporting and Analysis
An introduction to primary financial statements. We explore a general framework for financial statement analysis, three major financial statements, financial reporting for specific assets and liabilities, and financial reporting quality.
We Prepare You With Over
- 28,700+ Words in manuals
- 430+ Minutes of video
- 95+ Assignments questions
- 520+ Quiz and Exam questions
Corporate Issuers
An introduction to corporate governance and stakeholder management, exploring uses and sources of capital. We cover some foundational topics in estimating cost of capital and conclude with how companies use leverage.
We Prepare You With Over
- 33,300+ Words in manuals
- 265+ Minutes of video
- 85+ Assignments questions
- 200+ Quiz and Exam questions
Equity
An overview of financial markets. We discuss construction and use of security market indexes, market efficiency, equity securities, useful frameworks for conducting industry and individual company analysis, and three equity valuation approaches.
We Prepare You With Over
- 19,900+ Words in manuals
- 260+ Minutes of video
- 70+ Assignments questions
- 335+ Quiz and Exam questions
Fixed Income
An exploration of fixed-income securities. We discuss global fixed-income markets and valuation of fixed-income securities. We introduce securitization, examine bond returns and risks, and conclude with credit risk and analysis.
We Prepare You With Over
- 23,700+ Words in manuals
- 355+ Minutes of video
- 75+ Assignments questions
- 380+ Quiz and Exam questions
Derivatives
A look at basic derivatives and derivative markets. We discuss the essential functions of forwards, futures, swaps, and contingent claims (e.g., options) as well as the basics of valuing these derivatives.
We Prepare You With Over
- 20,900+ Words in manuals
- 185+ Minutes of video
- 50+ Assignments questions
- 130+ Quiz and Exam questions
Alternative Investments
A discussion of hedge funds, private equity, real estate, commodities, and infrastructure investments. We discuss their distinguishing characteristics and potential benefits and risks.
We Prepare You With Over
- 12,700+ Words in manuals
- 90+ Minutes of video
- 35+ Assignments questions
- 125+ Quiz and Exam questions
Portfolio Management
An introduction to the portfolio approach to investments. We discuss risk and return, modern portfolio theory, portfolio planning and construction, a risk management framework, technical analysis, and the ways financial technology is impacting investing.
We Prepare You With Over
- 24,600+ Words in manuals
- 285+ Minutes of video
- 70+ Assignments questions
- 390+ Quiz and Exam questions
Ethical and Professional Standards
An introduction to ethics and its role in the investment profession. We examine the CFA Institute Code of Ethics, Standards of Professional Conduct, and the Global Investment Performance Standards.
We Prepare You With Over
- 19,000+ Words in manuals
- 150+ Minutes of video
- 60+ Assignments questions
- 300+ Quiz and Exam questions
Level I 2024 Curriculum
Topics, Weights, and Content Offerings
The Level I 2024 curriculum is broken into the following 10 topics, uniquely weighted according to their importance.
Quantitative Methods
An exploration of quantitative concepts and financial analysis. The concepts covered include the time value of money, statistical analysis in finance, probability theory in investments, and hypothesis testing. The topic concludes with an introduction to linear regression and big data techniques.
We Prepare You With Over
- 27,100+ Words in manuals
- 305+ Minutes of video
- 90+ Assignments questions
- 285+ Quiz and Exam questions
Economics
An introduction to firms and market structures. The topic covers concepts such as the business cycle, monetary and fiscal policies, geopolitics, international finance, and concludes with currency exchange rates.
We Prepare You With Over
- 21,000+ Words in manuals
- 260+ Minutes of video
- 60+ Assignments questions
- 190+ Quiz and Exam questions
Corporate Issuers
An introduction to different organizational forms, stakeholder management, and corporate governance. This topic emphasizes the importance of understanding working capital & liquidity and capital allocation. It concludes by covering foundational topics in capital structures and business models.
We Prepare You With Over
- 25,300+ Words in manuals
- 185+ Minutes of video
- 40+ Assignments questions
- 125+ Quiz and Exam questions
Financial Statement Analysis
An introduction to primary financial statements. We explore a general framework for financial statement analysis, three major financial statements, financial reporting for specific assets and liabilities, and financial reporting quality.
Equities
An overview of financial markets. We discuss construction and use of security market indexes, market efficiency, equity securities, useful frameworks for conducting industry and individual company analysis, and three equity valuation approaches.
Fixed Income
An exploration of fixed-income securities. We discuss global fixed-income markets and valuation of fixed-income securities. We examine bond returns and risks, introduce credit risk and analysis, and conclude with securitization.
Derivatives
A look at basic derivatives and derivative markets. We discuss the essential functions of forwards, futures, swaps, and contingent claims (e.g., options) as well as the basics of valuing these derivatives.
We Prepare You With Over
- 20,900+ Words in manuals
- 185+ Minutes of video
- 45+ Assignments questions
- 145+ Quiz and Exam questions
Alternative Investments
An overview of the features and performance appraisal for alternative investments. We discuss private capital, real estate and infrastructure, natural resources, hedge funds, and digital assets.
Portfolio Management
An introduction to the portfolio approach to investments. We discuss risk and return, modern portfolio theory, portfolio planning and construction, a risk management framework, technical analysis, and the ways financial technology is impacting investing.
We Prepare You With Over
- 17,900+ Words in manuals
- 205+ Minutes of video
- 65+ Assignments questions
- 270+ Quiz and Exam questions
Ethical and Professional Standards
An introduction to ethics and its role in the investment profession. We examine the CFA Institute Code of Ethics, Standards of Professional Conduct, and the Global Investment Performance Standards.
We Prepare You With Over
- 19,000+ Words in manuals
- 150+ Minutes of video
- 30+ Assignments questions
- 300+ Quiz and Exam questions
Learn From CFA Experts
Study Tips From Our Instructors

Write It Down
If you're stuggling to memorize formulas, write them down when you're answering practice questions. Then you can plug in the values that you've been given and solve for the answer. It's easier to remember a formula when you've seen it in action.

Focus On What You Know
Don't get stressed when you see questions that leave you dumbfounded. That's to be expected when there is so much material on an exam. Instead, just focus on answering the questions correctly that you are familiar with.

Manage Your Time
Don't be afraid to skip questions. You can always mark a question and come back to it later. Give yourself enough time to ace easy questions that may be at the end of your exam. Remember, easy questions are worth just as much as hard questions.
Get Started for Free on Level I Today
If you’re reading this, you’re ready to earn your CFA charter. And our team of educators is here to support you along the way. Begin your journey with a Salt Solutions account.
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