Ten topics, ten approaches: studying for Level I of the CFA® Program

The first five topics sit in session 1, the other five in session 2. With 180 questions, each weight range implies a rough number of items — rough, because the exam may also contain unscored items.

Quantitative Methods rises from 6–9% to 11–14% in 2027 and was reorganised, with a new reading on data science, AI and large language models. It is calculation-heavy in time value of money and statistics, and it is the foundation for Fixed Income, Equities and Portfolio Construction. Learn it first and practise with your approved calculator (TI BA II Plus or HP 12C) from day one; the new reading needs conceptual review rather than keystrokes.

Both carry 6–9%. Economics is mostly concepts and graphs with some light calculation; the risk is passive reading. Explain each relationship aloud — what moves, in which direction, and why. Corporate Finance (called Corporate Issuers until 2026) mixes governance and stakeholder concepts with capital-structure and investment-decision calculations. Neither needs huge time, but both need regular question practice so definitions stay precise.

FSA (11–14%) is one of the heaviest reading loads for many candidates. Questions follow IFRS unless stated otherwise, and US GAAP is always named when it applies. The challenge is less arithmetic than following how one accounting choice flows through the income statement, balance sheet and cash-flow statement. Work in small cycles: read, then do questions on the same reading within a day or two.

Both carry 11–14%. Equities (previously Equity Investments) was substantially updated for 2027, so older notes may not match the current curriculum. It combines market and industry concepts with valuation calculations. Fixed Income is one of the more calculation-heavy areas — pricing, yields and interest-rate risk — and builds on Quantitative Methods. Practise until the core calculations are routine; under time pressure there is no room to rebuild a method.

Derivatives and Risk Management (6–9%, previously Derivatives at 5–8%) rewards understanding payoffs and pricing logic; draw the payoff before you calculate. Alternative Investments (6–9%, down from 7–10%) is largely conceptual, with some fee and return calculations. Portfolio Construction (8–12%, previously Portfolio Management) links risk, return and investor objectives and draws on Quantitative Methods. These topics come late in many plans, so protect enough time for them.

Ethics (10–15%, down from 15–20%) needs almost no calculation but a lot of precision. Study it in small weekly doses alongside the other topics and review it again close to the exam. The separate ethics guide covers the Code and Standards and typical traps.

Sort your errors by type, not just by topic. Calculation errors call for drills with the calculator; concept errors call for re-reading and explaining in your own words.