Level I CFA® Exam
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Level I Exam Format
CFA Institute changed the format and dates of the Level I CFA exam effective in 2021. The exam moved from its traditional paper-based format to computer-based with exam windows in February, May, July, August, and November. CFA Institute added an additional window in March to accommodate seating capacity issues for candidates sitting in February. The number of questions also reduced from 240 to 180 with a morning and afternoon session. Each session has 90 questions and is 2 hours and 15 minutes long.