Level I guide · 2026 curriculum
CFA® Level I study plan
CFA Institute says successful candidates report studying for more than 300 hours on average for each exam. At 15 hours a week, that is about 20 weeks: 16 weeks to work through the curriculum and the rest for review and full mock exams.
How many hours do you need?
Treat 300 hours as a starting point, not a target. A finance or accounting degree can shorten Financial Statement Analysis and Corporate Issuers considerably; if you are new to the material, or out of practice with maths, plan for more. What matters more than the total is that you cover every topic and leave enough time at the end to practise under exam conditions.
Hours by topic
The table splits 230 hours of first-time study across the topics in proportion to their exam weights (the midpoint of each range), rounded to five hours. Move time towards your weaker topics once you know what they are.
| Topic | Exam weight | Hours | When |
|---|---|---|---|
| Quantitative Methods | 6–9% | 15 | Week 1 |
| Ethical and Professional Standards | 15–20% | 40 | Weeks 2–4 |
| Economics | 6–9% | 15 | Weeks 4–5 |
| Financial Statement Analysis | 11–14% | 30 | Weeks 5–7 |
| Corporate Issuers | 6–9% | 15 | Weeks 7–8 |
| Equity Investments | 11–14% | 30 | Weeks 8–10 |
| Fixed Income | 11–14% | 30 | Weeks 10–12 |
| Derivatives | 5–8% | 15 | Weeks 12–13 |
| Alternative Investments | 7–10% | 20 | Weeks 13–14 |
| Portfolio Management | 8–12% | 20 | Weeks 15–16 |
A 20-week schedule
- Weeks 1–16: learn the curriculum. Work through the topics in the order above. Quantitative Methods comes first because later topics use its tools; Ethics comes early so you can revisit it at the end. Finish each learning module with practice questions before moving on.
- Weeks 17–18: first full mock and targeted review. Sit a full, timed mock, review every question, and spend the rest of the time on your weakest high-weight topics.
- Weeks 19–20: more mocks and final review. Take at least one more full mock, re-read the Standards and ethics cases, and go over the formula sheet until you can use every formula without looking.
- The final week: light review only. Rest, check the exam logistics and keep your timing routine.
If you have less time
With 10–12 weeks, cut the first-time reading rather than the review: skim the descriptive modules, focus on the high-weight topics (Ethics, Financial Statement Analysis, Equity and Fixed Income together make up about half the exam), and still keep the last three weeks for mocks. A mock shows you where marks are being lost far faster than rereading does.
Tips that make the hours count
- Study little and often. Five sessions of three hours beat one fifteen-hour weekend.
- Practise questions from the first week. Reading alone feels productive but is easily forgotten.
- Keep a log of every question you get wrong and why, and review it each week.
- Use your exam calculator from day one, so the keystrokes are automatic by exam day.
Check where you stand
Take a full 180-question mock for free and get your score for every topic.