CFA Level 1 Master Guide
Everything you need to know about CFA Level 1 - from exam structure to proven study strategies. Built for future CFA charterholders.
CFA Level 1 Exam Overview
The CFA Level 1 exam is your first step toward becoming a CFA charterholder. Here's what you need to know.
Exam Duration
4.5 hours total (2 sessions of 2.25 hours each)
Question Format
180 multiple-choice questions (90 per session)
Pass Rate
~40-50% (varies each window)
CFA Level 1 Topic Areas
The exam covers 10 topic areas with different weightings. Focus your study time accordingly.
Ethics and Professional Standards
15-20%Code of Ethics, Standards of Professional Conduct, Global Investment Performance Standards (GIPS)
Quantitative Methods
8-12%Time value of money, statistical concepts, probability theory, hypothesis testing
Economics
8-12%Microeconomics, macroeconomics, international trade, foreign exchange
Financial Statement Analysis
13-17%Financial statements, cash flow, financial analysis techniques, inventories, long-lived assets
Corporate Issuers
8-12%Corporate governance, capital structure, working capital management, capital budgeting
Get Complete Topic Breakdown
Access detailed study guides for all 10 topic areas with our AI-powered platform
View All TopicsRecommended Study Timeline
Most successful candidates dedicate 300+ hours of study time. Here's how to structure your preparation.
Months 1-2: Foundation Building
Start with Ethics, Quantitative Methods, and Economics. These provide the foundation for other topics.
Months 3-4: Core Topics
Focus on Financial Statement Analysis, Corporate Issuers, and Equity Investments. These carry the most weight.
Months 5-6: Complete Curriculum
Finish remaining topics: Fixed Income, Derivatives, Alternative Investments, and Portfolio Management.
Final Month: Review & Practice
Take multiple practice exams, review weak areas, and ensure you can complete the exam in time.
Proven Success Strategies
Learn from candidates who passed on their first attempt.
Do This ✓
- •Practice questions daily, even during reading
- •Focus on understanding, not memorization
- •Take at least 5 full practice exams
- •Review Ethics weekly throughout prep
- •Use active recall and spaced repetition
Avoid This ✗
- •Reading without doing practice questions
- •Spending too much time on low-weight topics
- •Cramming in the final weeks
- •Neglecting calculator practice
- •Studying the same way for all topics
Ready to Start Your Level 1 Journey?
Join thousands of successful candidates who used our AI-powered platform to pass Level 1 on their first attempt.