By The Exam Atlas Editorial Team · Verified 2026-05-29
A suggested study plan
Months 1–2
Quantitative Methods, Economics, and Financial Statement Analysis (the analytical core)
Months 3–4
Corporate Issuers, Equity, Fixed Income, Derivatives and Alternative Investments
Month 5
Portfolio Management and a deep pass on Ethics
Month 6
Full-length mock exams and weak-area revision
CFA Level I is broad and knowledge-heavy: ten topic areas, around 300 hours of study, and a strong emphasis on ethics. The biggest mistakes are underestimating the breadth and leaving ethics until the end. The path that works is steady coverage plus heavy question practice. This guide is study guidance only, with no real or simulated exam questions.
The ten topics, and how to study each
Ethical and Professional Standards — heavily weighted and decisive at the margin. Study it deeply and revisit it often.
Quantitative Methods — time value of money, statistics and the analytical toolkit.
Economics — micro and macro fundamentals relevant to investing.
Financial Statement Analysis — reading and adjusting the three statements and key ratios.
Corporate Issuers — capital structure, governance and corporate finance basics.
Equity Investments — markets and core equity valuation.
Fixed Income — bond pricing, yields and risk.
Derivatives — forwards, futures, options and swaps at a foundational level.
Alternative Investments — real estate, private equity, hedge funds and commodities.
Portfolio Management — risk, return, diversification and portfolio basics.
How to prepare
Cover the analytical core first (quant, economics, financial analysis), then the asset classes, then portfolio management, with ethics threaded throughout. Master the approved calculator early, and do as many practice questions and full mock exams as you can. Authoritative material is CFA Institute’s own curriculum.
Key concepts to master
Ethics is decisive
Ethics is heavily weighted and often the difference at the margin — study it deeply, not last.
Time value of money
Underpins valuation across equity, fixed income and corporate finance.
Financial statement analysis
Reading and adjusting the three statements and key ratios.
Asset class valuation
Core valuation approaches for equity, fixed income and derivatives.
Portfolio management basics
Risk, return, diversification and the basics of portfolio construction.
Common mistakes to avoid
Leaving Ethics until last; it is heavily weighted and can decide a borderline result.
Underestimating the ~300-hour commitment and the breadth of ten topics.
Practising too little; CFA rewards heavy question and mock-exam practice.
Not mastering the approved financial calculator early.
