Format at a glance
| Item | Detail |
|---|---|
| Questions | 132 multiple choice (120 scored, 12 unscored trial items) |
| Time | 2 hours, about 55 seconds per question |
| Delivery | Prometric test center or ProProctor remote |
| Windows | June and December |
| Pass mark | Not published; scaled standard set by the CMT Association |
The four domains
- Theory and History (38%): Dow Theory, the premises of technical analysis, market efficiency, behavioral finance.
- Classical Techniques (33%): charts, trends, patterns, gaps, candlesticks, moving averages.
- Advanced Techniques (26%): oscillators, volume and breadth, sentiment, cycles, Elliott Wave, Fibonacci, statistics.
- Ethics (3%): the CMT Code of Ethics and Standards of Professional Conduct.
What gets tested most
Definitions and default settings carry a lot of Level I marks: the three Dow trends, the Elliott rules, RSI 14 with 70/30, MACD 12-26-9, Bollinger 20 and 2. Expect short calculations too: EMA smoothing constants, measured-move targets and expectancy.
See where you stand in 10 minutes
Take the free CMT Level I practice test. 15 questions, every answer explained.
Pacing
At about 55 seconds a question, definition questions should take 15 to 20 seconds so you have time for chart scenarios. Flag anything over 90 seconds and come back to it.
An 8-week plan
- Weeks 1-2: theory and history, plus daily flashcards.
- Weeks 3-4: charts, trends, patterns and moving averages.
- Weeks 5-6: indicators, volume, sentiment, cycles, statistics and ethics; first full timed mock.
- Weeks 7-8: clear your mistakes bank, take a second full mock, then light review only in the last two days.
Frequently asked questions
How many questions are on CMT Level I?
132 multiple-choice questions, of which 120 are scored, in 2 hours.
What is the CMT Level I pass rate?
The CMT Association doesn't publish a fixed pass mark. Pass rates vary by window; check the Association's announcements.
How long should I study for Level I?
The CMT Association suggests about 80 to 120 hours for candidates with a relevant degree and work experience.
Can I skip Level I?
CFA charterholders can apply for a Level I waiver. Check the current rules with the CMT Association.
Official sources
Practice tests for these certifications
This guide is general information, checked October 2026, not legal advice. the CMT Association rules change; confirm with the CMT Association before you apply.
