2026 and 2027 weights side by side
| Topic | 2026 | 2027 | Questions (2027) |
|---|---|---|---|
| Ethical and Professional Standards | 15–20% | 10–15% | 18–27 |
| Quantitative Methods | 6–9% | 11–14% | 20–25 |
| Economics | 6–9% | 6–9% | 11–16 |
| Financial Statement Analysis | 11–14% | 11–14% | 20–25 |
| Corporate Finance (2026: Corporate Issuers) | 6–9% | 6–9% | 11–16 |
| Equities (2026: Equity Investments) | 11–14% | 11–14% | 20–25 |
| Fixed Income | 11–14% | 11–14% | 20–25 |
| Derivatives and Risk Management (2026: Derivatives) | 5–8% | 6–9% | 11–16 |
| Alternative Investments | 7–10% | 6–9% | 11–16 |
| Portfolio Construction (2026: Portfolio Management) | 8–12% | 8–12% | 14–22 |
Changed weights are in bold. The question column is the weight range times 180 questions; CFA Institute publishes only the ranges. Our mocks give each topic close to the midpoint: in 2027, for example, 21 Quantitative Methods and 21 Ethics questions.
How to use the weights
- Split your hours by weight. The four 11–14% topics of 2027 (Ethical and Professional Standards, Quantitative Methods, Financial Statement Analysis, Equities) deserve about half of your study time. The study plan does the split for you.
- Fix big weak topics first. A 50% score in a 12% topic costs more marks than the same score in a 7% topic.
- Don't drop the small topics. A 6–9% topic is still 11 to 16 questions, and the easy definitional questions there are some of the cheapest marks on the exam.
- Check your exam year. If you sit the exam in 2027, use the 2027 column. See what else changed.
Topic weights FAQ
- What is the heaviest topic on CFA Level 1?
- For 2026 exams, Ethical and Professional Standards, at 15–20% of the exam. From February 2027, four topics share the top weight of 11–14%: Quantitative Methods, Financial Statement Analysis, Equities and Fixed Income, with Ethics at 10–15%.
- What changed in the 2027 topic weights?
- Ethics falls from 15–20% to 10–15%, Quantitative Methods rises from 6–9% to 11–14%, Derivatives (now Derivatives and Risk Management) moves from 5–8% to 6–9%, and Alternative Investments from 7–10% to 6–9%. The other weights are unchanged.
- How many questions does each topic get?
- CFA Institute publishes ranges, not exact counts. Multiplying a weight by 180 questions gives the range: Ethics at 15–20% is 27–36 questions, a 6–9% topic is about 11–16 questions.
- Can I skip a low-weight topic?
- It is risky. Even a 6–9% topic is worth 11 to 16 questions, and there is no published pass mark to plan around. Spend less time on small topics, but don't leave any of them out.
Source: CFA Institute, Level I exam. Last checked 12 October 2026.