How to Study for the CFA Level I

Ethical and professional standards carries the most weight on CFA Level I, at 15 to 20%. Financial statement analysis, equity investments and fixed income come next at 11 to 14% each, and the other six topics carry less.

Start with the CFA Institute outline
- CFA Institute 2026 Level I Topic Outlines (learning outcomes) ↗
- CFA Institute exam details ↗
About the CFA Level I exam
- All CFA Level I practice exam details
Work through each section
15-20%11-14%11-14%11-14%8-12%
1. Ethical and Professional Standards15-20%
2. Quantitative Methods6-9%
3. Economics6-9%
4. Financial Statement Analysis11-14%
5. Corporate Issuers6-9%
6. Equity Investments11-14%
7. Fixed Income11-14%
8. Derivatives5-8%
9. Alternative Investments7-10%
10. Portfolio Management8-12%
- Ethical and Professional Standards15-20%
  - Ethics and Trust in the Investment Profession
  - Code of Ethics and Standards of Professional Conduct
  - Guidance for Standards I-VII
  - Introduction to the Global Investment Performance Standards (GIPS)
- Quantitative Methods6-9%
  - Rates and Returns
  - Statistical Measures of Asset Returns
  - Hypothesis Testing
  - Simple Linear Regression
- Economics6-9%
  - The Firm and Market Structures
  - Understanding Business Cycles
  - Monetary and Fiscal Policy
  - Capital Flows and the FX Market
- Financial Statement Analysis11-14%
  - Analyzing Income Statements
  - Analyzing Balance Sheets and Cash Flow Statements
  - Financial Reporting Quality
  - Financial Analysis Techniques
- Corporate Issuers6-9%
  - Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
  - Capital Investments and Capital Allocation
  - Capital Structure
  - Working Capital and Liquidity
- Equity Investments11-14%
  - Market Organization and Structure
  - Market Efficiency
  - Industry and Competitive Analysis
  - Equity Valuation: Concepts and Basic Tools
- Fixed Income11-14%
  - Fixed-Income Bond Valuation: Prices and Yields
  - Yield-Based Duration and Convexity
  - Credit Risk and Credit Analysis
  - Fixed-Income Securitization (ABS/MBS)
- Derivatives5-8%
  - Forward Commitment and Contingent Claim Features
  - Arbitrage, Replication, and Cost of Carry
  - Pricing and Valuation of Forwards, Futures, and Swaps
  - Pricing and Valuation of Options
- Alternative Investments7-10%
  - Alternative Investment Features, Methods, and Structures
  - Investments in Private Capital: Equity and Debt
  - Hedge Funds
  - Introduction to Digital Assets
- Portfolio Management8-12%
  - Portfolio Risk and Return (Parts I & II)
  - Basics of Portfolio Planning and Construction
  - The Behavioral Biases of Individuals
  - Introduction to Risk Management
Practice by topic
Mix topics in one practice set
- CFA Level I practice questions with answers
Compare the CFA Level I with other exams
- CFP vs CFA Level I