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The Level I exams include 240 total multiple choice questions, 120 on the morning session of the exam and 120 on the afternoon session. Each multiple choice question is free-standing (not dependent on other questions) and has three possible answers: A, B, and C. All questions are equally weighted and there is no penalty for guessing.
When you are preparing for the Level I multiple choice exam, remember:
Carefully manage your time. Don’t spend too much time on any one question or topic area. On average, you should allocate 1.5 minutes to each multiple choice question, including time to record your answer on the answer sheet.
Read the questions carefully. A careless “skimming” of the question may lead you to a completely different, and incorrect, answer.
Read each item carefully and eliminate obviously incorrect answers. If you have to guess and you can eliminate one of the responses, your odds of answering the question correctly are much higher. There is no penalty for guessing.
Mark your answers on the answer sheet as you complete each question. Some candidates mark their answers in the exam book and wait until the end of the exam to complete the answer sheet. This is not an advisable strategy.
Expect to encounter questions that you will not be able to answer correctly. There is a great deal of material to master and exam questions are challenging. Standard setters and the Board of Governors (at all three levels) take account of exam difficulty in setting Minimum Passing Scores. For a full description of how the MPS is established, see The CFA Program: Our Fifth Decade (PDF).
Exam writers use a standard set of formatting conventions on the multiple choice questions. Many sample exams produced by third parties do not follow these conventions, so review the CFA Institute format presented below.
Familiarize yourself with the instructions for filling out your answer sheet (PDF). Instructions are also available at the time of the exam.
