CMT Level I exam guide: knowledge domains, format and study hours
Last checked October 16, 2026 · Sources: CMT Association knowledge domains, 2026 Program Guide (PDF), registration page and FAQs
The CMT Level I exam, “Foundational Principles of Technical Analysis,” tests the basic terminology and tools of technical analysis. It has 132 multiple-choice questions in 2 hours, and the CMT Association suggests 40 to 100 hours of study. Theory and history is the biggest knowledge domain at 38%, followed by classical techniques at 33%.
Knowledge domains and weights
| Knowledge domain | Share of exam | Topics include |
|---|---|---|
| Theory and History | 38% | Evolution of technical analysis, key concepts in technical and market analysis, behavioral finance |
| Classical Techniques | 33% | Chart types and construction, trend analysis, chart pattern analysis, internal and external indicators, cycles |
| Advanced Techniques | 26% | Statistical analysis, volatility analysis, systematic trading, cross-asset analysis, principles of risk management |
| Ethics | 3% | Code of Ethics and Standards of Professional Conduct |
Weights and topic examples from the CMT Association’s knowledge domains page, checked October 16, 2026.
The CMT Association’s 2026 Program Guide says it has adopted the CFA Institute Code of Ethics and Standards of Professional Conduct as its ethics guide. Its Level I learning objectives include tasks like reviewing the basic tenets of Dow Theory, defining confirmation, and describing the two general categories of technical indicators. Some older prep sites still show an 11-topic Level I breakdown from earlier years; the four domains above are current.
Format, dates and fees
Level I is all multiple choice: 132 questions in 2 hours. Exams run twice a year, in June and December; for December 2026, Levels I and II run December 1 to 16 (Eastern Time). You can sit at a test center or, according to the CMT Association, through its online proctoring option. Registration costs $875 early, $1,075 standard or $1,475 late, includes the official curriculum, and needs no separate enrollment fee.
December 2026 late registration is open until November 4. Curriculum included.
Register on CMT AssociationCFA charterholders can skip Level I
Active CFA charterholders can waive CMT Level I and start at Level II. The waiver is for people who already hold the CFA charter, not CFA candidates. See our CMT vs CFA page.
How to prepare for the first CMT exam
The Program Guide includes Level I sample questions, each with the curriculum excerpt it comes from.
Spend the most time on theory and history (38%) and classical techniques (33%).
Use the Optuma access included with registration to practice chart types, patterns and indicators.
At 132 questions in 2 hours, you have under a minute per question, so practice at that pace.
Common questions about CMT Level I
How many questions are on CMT Level I?
132 multiple-choice questions in 2 hours, according to the CMT Association’s Program Guide.
What does CMT Level I cover?
Theory and history (38%), classical techniques (33%), advanced techniques (26%) and ethics (3%).
How long should I study for CMT Level I?
40 to 100 hours, as suggested by the CMT Association.
What is the CMT Level I passing score?
The CMT Association doesn’t publish a fixed passing percentage.
Next: CMT Level II and Level III. See also our CMT study plan. MockTestPrep is independent and is not affiliated with the CMT Association.