Exam prep for

CFA® Level I

Exam set and awarded by CFA Institute Feb 2027 window

For candidates preparing for the CFA® Level I exam: build the analytical and professional judgment needed to pursue the CFA charter, starting with the first of its three exam levels. Elandi is independent and does not award CFA Institute credentials.

Start preparing
See all sittings
Try a sample question

Included with Elandi Pro: practice on all 10 exam domains and unlimited mock exams.

Independent exam prep. Elandi is not affiliated with, endorsed by or approved by CFA Institute, and does not award CFA Institute credentials. Our practice questions and mocks are written by Elandi, not taken from the real exam. Exam names are trademarks of their owners. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

The exam in numbers

The exam assesses investment concepts, analytical methods and professional standards. CFA Institute normally offers Level I in February, May, August and November; the November 2027 dates remain unconfirmed. The exam has two sessions; the mock does not model the session break. Our practice target is 70%; CFA Institute does not disclose its minimum passing score. CFA®, Chartered Financial Analyst®, CIPM®, and GIPS® are registered trademarks owned by CFA Institute. CFA Institute does not endorse, promote or warrant the accuracy of this product. Your mock exams use this learning plan's question count, time limit and pass mark.

Questions
180
Time limit
270min
Mock pass mark
70%
126 correct
Prep time
300hrs
Calculator
Allowed
  • Single select (Radio): 3 options

Upcoming sittings

Pick a sitting when you start. Your workspace counts down to it and paces your prep from there.

  1. 22 – 28 February 2027 In 102 days
    Register for this sitting
  2. 11 – 17 May 2027 In 180 days Registration closes 10 Feb 2027
    Register for this sitting
  3. 15 – 22 August 2027 In 276 days Registration closes 29 Apr 2027
    Register for this sitting
  4. 13 – 19 November 2027 In 366 days Dates unconfirmed
    Register for this sitting

What CFA® Level I covers

10 modules · 102 units · ~102h of structured prep. Each exam domain with the weight the exam gives it, and the modules that prepare you for it.

  1. 01Ethical and Professional Standards 13%
    1. Trust and ethical conduct in investment practice
    2. Principles of the professional code
    3. Standard I: Professionalism in practice
    4. Standard II: Market integrity
    5. Standard III: Responsibilities to clients
    6. Standard IV: Responsibilities to employers
    7. Standard V: Investment analysis and recommendations
    8. Standard VI: Managing conflicts of interest
    9. Standard VII: Responsibilities of members and candidates
    10. Applying the professional standards to cases
  2. 02Quantitative Methods 13%
    1. Measuring returns on financial instruments
    2. Money-weighted and time-weighted returns and market indexes
    3. Discounting and compounding cash flows
    4. Describing the distribution of asset returns
    5. Probability models for prices and returns
    6. Estimation and statistical tests
    7. Portfolio return and risk measures
    8. Simulating financial outcomes
    9. Simple regression for financial applications
    10. Working with financial data science
    11. Types of investment returns
  3. 03Economics 8%
    1. Competition and firm behavior
    2. Cycles in economic activity
    3. Government budgets and economic activity
    4. Central banks and monetary policy
    5. Geopolitical forces and investment decisions
    6. Trade between economies
    7. Capital movements and foreign exchange markets
    8. Calculating and interpreting exchange rates
  4. 04Financial Statement Analysis 13%
    1. Using financial reports in analysis
    2. Interpreting the income statement
    3. Assessing the balance sheet
    4. Cash flow statements: construction and classification
    5. Cash flow statements: analytical applications
    6. Inventory accounting and analysis
    7. Accounting for long-lived assets
    8. Long-term obligations and equity reporting
    9. Income tax accounting for analysts
    10. Evaluating reporting quality
    11. Tools for financial analysis
    12. Building financial statement projections
  5. 05Corporate Finance 8%
    1. Legal forms and ownership of companies
    2. Stakeholders and corporate interests
    3. Governance mechanisms and conflicts
    4. Managing liquidity and working capital
    5. Investment projects and capital allocation
    6. Financing mix and capital structure
    7. Analyzing corporate business models
  6. 06Equities 13%
    1. Characteristics of equity securities
    2. Share classes and shareholder voting
    3. Issuing and trading shares
    4. Drivers of equity investment returns
    5. Approaches to valuing shares
    6. Cash flow and growth-based equity models
    7. Relative valuation using comparable firms
    8. Forecasting statements for equity valuation
    9. Industry structure and competitive position
    10. Company performance and future prospects
    11. Communicating equity research
    12. Equity risk and factor models
  7. 07Fixed Income 13%
    1. Key terms of debt instruments
    2. Debt cash flow structures
    3. Bond issuance and secondary trading
    4. Corporate debt markets
    5. Government debt markets
    6. Bond prices and yield calculations
    7. Yield and spread measures for fixed coupons
    8. Floating-rate yields and spreads
    9. Spot, par and forward interest rates
    10. Bond returns and interest rate exposure
    11. Duration measures for bond price sensitivity
    12. Convexity and fixed-income portfolio sensitivity
    13. Curve-based and empirical bond risk measures
    14. Understanding credit risk
    15. Analyzing government creditworthiness
    16. Assessing corporate credit quality
    17. Securitization structures and participants
    18. Asset-backed securities and markets
    19. Mortgage-backed securities and markets
  8. 08Derivatives and Risk Management 8%
    1. Contracts and markets for derivatives
    2. Forward commitments and contingent claims
    3. Uses and risks of derivative contracts
    4. No-arbitrage pricing and replication
    5. Valuing forwards across maturities
    6. Futures pricing and valuation
    7. Pricing interest rate and other swaps
    8. Option pricing and value drivers
    9. Put–call parity and replication
    10. One-period binomial derivative valuation
  9. 09Alternative Investments 8%
    1. Structures and characteristics of alternative assets
    2. Measuring alternative investment performance
    3. Private equity and private debt
    4. Property and infrastructure investment
    5. Investing in natural resources
    6. Hedge fund strategies and structures
    7. Digital asset exposures
  10. 10Portfolio Construction 10%
    1. Portfolio return and diversification: part I
    2. Capital market theory, CAPM and risk-adjusted performance
    3. The portfolio management process
    4. Investor objectives and portfolio design
    5. Behavioral influences on investor decisions
    6. Risk management in investment portfolios

Your exam workspace counts down and keeps score

Set your exam day once. The workspace paces your prep in four phases, weighs your coverage by what each topic is worth, and shows where the marks are still open after every mock.

Exam window in 102 days Start mock exam
  • Overview
  • All attempts
  • Review
  • Preview questions
Questions
180
Time limit
270 minutes
Pass score
70% · 126 correct
102

days until your exam window

14 weeks · 4 days

Monday, 22 February 2027· window 22 – 28 February 2027

  1. Learn 8+ weeks out
  2. Mock and repair 8 to 2 weeks out
  3. Simulate Last 2 weeks
  4. Consolidate Last 3 days

Now: Learn. Work through the curriculum. Plan your first full mock about eight weeks out.

How ready you are

Exam-weighted coverage
66% of the plan, counted by what each topic is worth
Full mocks taken
2 Prep guides suggest three to five before the exam
Latest mock
66% 4 points below the 70% pass mark

Where the marks are still open

  1. Equities 11–14% of the exam 47%
  2. Portfolio Construction 8–12% of the exam 42%
  3. Financial Statement Analysis 11–14% of the exam 54%
  4. Derivatives and Risk Management 6–9% of the exam 36%
  5. Alternative Investments 6–9% of the exam 58%
  6. Corporate Finance 6–9% of the exam 63%
  7. Fixed Income 11–14% of the exam 80%
  8. Economics 6–9% of the exam 71%
  9. Ethical and Professional Standards 10–15% of the exam 88%
  10. Quantitative Methods 11–14% of the exam 100%

How the content is written

Clear, independent investment-finance instruction for CFA® Level I candidates, combining concise explanations, practical calculations and professional judgment at proficient exam depth.

Worked examples
Heavy
Technical jargon
Heavy
Maths & formulas
Heavy
Code
None
Diagrams
Light

Try a sample question

Elandi wrote these in this learning plan's style. Pick an answer to see whether it's right and why. They are not taken from the exam.

Select one answer
  • A company reports annual net income of USD96 million and has 20 million weighted-average common shares outstanding. Throughout the year, 2 million preferred shares were outstanding; each receives an annual dividend of USD2 and is convertible into 1.5 common shares. There are no other potentially dilutive securities. Assuming conversion at the start of the year, diluted earnings per share is closest to: One answer
    Select one answer
  • A dealer sells securities for USD12 million under a repurchase agreement and agrees to buy them back after 75 days. The annual repo rate is 4.8%, with simple interest on an actual/360 basis. The repurchase price is closest to: One answer
    Select one answer
  • An investment adviser is considering whether to disclose a fee arrangement that creates a potential conflict of interest. Local law permits the arrangement without disclosure. Which approach best reflects ethical judgment? One answer
    Select one answer
  • A client’s investment policy statement sets a long-term objective and risk constraints. The adviser now compares broad mixes of equities, bonds, and cash to select target portfolio weights consistent with that policy. In which stage of the portfolio management process, in the three-stage process of planning, execution and feedback, is the adviser working? One answer
    Select one answer

Start your CFA® Level I learning plan.

Start preparing for CFA® Level Iwith Elandi Pro today. 102 days to the February window.

Start preparing Browse more exams