CFA® Program Level I Guides

Six months to Level I of the CFA® Program: a 24-week study plan

By PreparaioEditorial team & sourcesUpdated October 28, 2026

CFA Institute reports that successful candidates study over 300 hours on average for each level of the CFA® Program. Spread over about 24 weeks, that is roughly 12 to 13 hours a week — manageable next to a full-time job. This plan suits candidates without a strong finance background or with limited weekday time.

This guide is independent educational content. Preparaio is not affiliated with, endorsed by, or reviewed by CFA Institute. Dates refer to the 2026–2027 windows; check the official CFA Institute pages for current deadlines.

Contents

Week 0: choose a window and register

Level I is offered four times a year, usually in February, May, August and November. Pick a window about six months ahead and register early: registration is cheaper before the early deadline, it gives you the official curriculum, and from the February 2027 window a paid deferral is no longer available — if you do not sit, your fee is forfeited. Book your Prometric seat before the scheduling deadline, which falls well before the window. For example, for the May 2027 window (Level I exams 11–17 May 2027), registration closes on 10 February 2027 and the scheduling deadline is 16 February 2027.

If you sit from February 2027, study the 2027 curriculum; about a quarter of the Level I exam changed, especially Quantitative Methods, Equities and Ethics.

Hours and weekly rhythm

Plan about 12 hours a week in weeks 1–20 and about 18 hours in weeks 21–24, roughly 310 hours in total. Add 10–20 hours for one Practical Skills Module: results are released only after you have completed one.

Weekdays: four sessions of about 1.5 hours for reading and topic questions.
Weekend: one longer block for questions, the error log and review.
Every week: about one hour of ethics, whatever the main topic.

Weeks 1–5: Quantitative Methods and Economics

Start with the foundations that later topics build on.

Weeks 1–3: Quantitative Methods (11–14%), including the new data science and AI reading; learn your calculator’s core functions from the first day.
Weeks 4–5: Economics (6–9%); explain each relationship in your own words.
End of week 5: a mixed set from both topics.

Weeks 6–11: FSA, Corporate Finance and a checkpoint

Financial Statement Analysis gets the longest block, because it is one of the heaviest reading loads.

Weeks 6–9: Financial Statement Analysis (11–14%), with questions after every reading.
Week 10: Corporate Finance (6–9%).
Week 11: catch-up and a timed mixed set covering session 1 topics; complete your Practical Skills Module this week so it is not left for the end.

Weeks 12–18: the session 2 topics

Keep short mixed sets from earlier topics every week so session 1 material stays fresh.

Weeks 12–13: Equities (11–14%), using 2027 material only.
Weeks 14–15: Fixed Income (11–14%), with daily calculation drills.
Week 16: Derivatives and Risk Management (6–9%).
Week 17: Alternative Investments (6–9%).
Week 18: Portfolio Construction (8–12%).

Weeks 19–20: ethics block and second pass

Ethics (10–15%) gets a dedicated review now, close enough to the exam that fine distinctions stay fresh. Use the rest of the time for a second pass through your weakest topics from the error log. The official mock exams are released about 60 days before the window, so they are usually available by now.

Weeks 21–24: mocks and final review

Shift from learning to exam practice.

One full mock per week under real conditions: two 135-minute sessions with an optional break.
Two to three days of review after each mock, driven by the error log.
Short daily formula and ethics review.
Final days: no new material, light review, and a check of passport, calculator and route to the test centre.

Frequently asked questions

Are 300 hours enough?

Over 300 hours is what successful candidates report on average, not a guarantee. Some need more, especially without a finance background. Track your error log and mock trend, and add time where they show gaps.

What if I fall behind?

Use week 11 and weeks 19–20 as buffers. If you are more than two weeks behind by week 18, decide early whether to keep your window: from February 2027 there is no paid deferral, so a later window means forfeiting the fee and registering again.

Should I do the Practical Skills Module before the exam?

It only has to be completed before results are released, but doing it during your plan avoids a last-minute rush. Without a completed module by the release date, the result is voided.

I have a finance background — is six months too long?

Not necessarily, but you may move faster through familiar topics. An intensive 12-week plan can suit candidates with a strong background and more weekly hours.

Sources & currency

Exam version: CFA® Program Level I, curriculum 2027 (from February 2027) (valid from 1 February 2027)
Editorial check: Source check by the Preparaio editorial team (28 October 2026)
Author: Preparaio RedaktionEditorial team, fact-checking against official primary sources
Reviewed by: Source-checked by PreparaioSource comparison with the exam providers' own pages
Fact-check status: Checked against official primary sources (28 October 2026)
Content version: 2026-10-28

How we check: Every exam-relevant fact is compared with the exam providers' official pages (g.a.s.t./TestDaF-Institut, BAMF, ETS, IELTS Partners, telc). The check is editorial, supported by AI and automated test gates; it is not a review by certified examiners.

The hard exam facts in this article were verified against the official primary sources linked below on the date shown. This is not a review by an examination body and does not replace information from your test centre. Fees, dates and local procedures are set by the test centres themselves.

Official primary sources

Level I exam — CFA Institute · cfainstitute.org · official primary source · checked on 28 October 2026
Practical skills modules — CFA Institute · cfainstitute.org · official primary source · checked on 28 October 2026

More on CFA® Program Level I

Guides to the CFA® Program Level I exam: format, topic weights, registration, results, calculators and study plans.

All CFA® Program Level I articles All guides Editorial team & sources