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CFA Level I: exam structure, topic weights and a study strategy

November 2, 2026 · 5 min read

CFA Level I tests a broad base of investment analysis knowledge. The exam is long, so speed and stamina matter as well as content.

Format

  • 180 questions, each with 3 answer choices.
  • Two sessions of 135 minutes each.
  • About 90 seconds per question on average.

Topics and weights

  1. Ethical and Professional Standards: 15–20%
  2. Quantitative Methods: 6–9%
  3. Economics: 6–9%
  4. Financial Statement Analysis: 11–14%
  5. Corporate Issuers: 6–9%
  6. Equity Investments: 11–14%
  7. Fixed Income: 11–14%
  8. Derivatives: 5–8%
  9. Alternative Investments: 7–10%
  10. Portfolio Management: 8–12%

Ethics carries the largest weight and is often harder than candidates expect, because questions test precise application of the Standards. Financial statement analysis, equity and fixed income together make up around a third of the exam.

Study strategy

  • Do not leave ethics to the end. Study it early and revisit it in the final weeks.
  • Put formulas on cards: time value of money, bond pricing and duration, CAPM, WACC, the Sharpe ratio.
  • Quiz after every topic. Answer 20–30 questions and log your mistakes.
  • Train for speed. Sit timed sets at 90 seconds a question. If one takes more than 2 minutes, flag it and move on.
  • Know your calculator. The approved financial calculator's NPV, IRR and TVM functions save time.

Using the platform

Practise by topic in the CFA Level I question bank, find weak topics with the diagnostic test and build a study plan around your exam date. The current CFA mock exam is shortened: 60 questions at the real exam's time per question.