Level I - FINANCIAL ANALYST - Exams in 2026

Overview of level 1 Exam FINANCIAL ANALYSTThe Level 1 exam is an introduction to 10 broad topics of investment analysis and ethics, building a solid foundation of your finance knowledge for Level 2 and 3.The exams are now computer-based, and Level 1 exams are held 4 times a year in February, May, August and November.Level 1 exam format and structures FINANCIAL ANALYSTLevel 1’s computer-based exam consists of 180 multiple-choice questions in total, split into two 2 hours and 15 minutes exam sessions with 90 questions each.On average, you should allocate 1.5 minutes (90 seconds) per question.There are 3 answer choices for each multiple choice question.1st exam session (2 hours 15 min) covers 4 topics: Ethics, Quant Methods, Economics, and Financial Reporting and Analysis.2nd session (2 hours 15 min) covers the remaining 6 topics: Corporate Finance, Equity, Fixed Income, Derivatives, Alternative Investments and Portfolio ManagementAll questions are equally weighted and there are no penalties/negative marking for wrong answers.​Level I exam curriculum & topic weightsEthics                                                      15-20%Quantitative Methods                          6-9%Economics                                              6-9%Financial Reporting & Analysis           11-14%Corporate Finance                                 6-9%Equi