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CFA Level I exam format and timing

CFA Institute lists 180 multiple-choice questions across two 135-minute sessions, with 90 questions in each session.

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Read the session structure

Current official format
FeatureFormat
Questions180 multiple-choice questions
SessionsTwo sessions of approximately 135 minutes
Questions per session90
Answer choicesThree choices per item

Use the average as a planning reference

135 minutes divided by 90 questions is 1.5 minutes per question, matching the Institute’s approximate 90-second reference. An average is not a requirement that every item consume identical time. A short definition item and a calculation can use different amounts while sharing the same session budget.

Run an original pacing rehearsal

Choose a practice block, record time used and classify unfinished work. In a 30-question rehearsal at the same arithmetic average, the corresponding time budget is 45 minutes. This is a proportional learning exercise, not an official mock or a prediction of the exam’s exact item mix.

Review why time was lost

Separate time spent recalling a definition, setting up a calculation and checking arithmetic. Correct the bottleneck before simply adding more timed questions. Use the official candidate information for your registered exam’s current policies and procedures.

Further references