CFA Level 1 study guide · 2026

The 10 CFA Level 1 domains, explained

10 domains and 32 official topic areas. Ethical and Professional Standards carries the most weight at 15-20%. Each guide explains what the domain covers, how its questions are framed and where candidates lose marks.

Start with Domain 1 See all domains
Questions
180 multiple-choice
Time
Two 135-minute sessions (about 4.5 hours)
Passing score
Minimum Passing Score set by the Board (not published; ~70% guideline)
Outline
2026 CFA Level I Curriculum (current)

Exam blueprint

Bar widths follow the official weights, scaled to fit the bar. Weight ranges are drawn at their midpoint.

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

All 10 domains

32 official topic areas 255–355 hrs suggested study

  1. Domain 01 15-20%

    Ethical and Professional Standards

    This is the highest-weighted and most important CFA Level 1 topic. It covers ethics and trust in the investment profession, the CFA Institute Code of Ethics and the seven Standards of Professional Conduct, and the Global Investment Performance Standards (GIPS).

    Inside this domain

    • Ethics and trust in the investment profession
    • The Code of Ethics and Standards of Professional Conduct
    • Global Investment Performance Standards (GIPS) and ethics application

    Watch for Legal equals ethical

    Topic areas
    3
    Questions est.
    ~31
    Study time est.
    45–60 hrs
  2. Domain 02 6-9%

    Quantitative Methods

    This topic gives the quantitative toolkit used across the curriculum. It covers the time value of money and rates of return, statistical measures and probability, and hypothesis testing, sampling and simple linear regression.

    Inside this domain

    • Time value of money and rates of return
    • Statistical measures and probability
    • Hypothesis testing, sampling, and simple linear regression

    Watch for Money-weighted to judge a manager

    Topic areas
    3
    Questions est.
    ~14
    Study time est.
    20–25 hrs
  3. Domain 03 6-9%

    Economics

    This topic covers the economic environment for investing. It covers microeconomics (demand, supply and firm behavior), macroeconomics (output, growth and business cycles), and monetary and fiscal policy, exchange rates and trade.

    Inside this domain

    • Microeconomics: demand, supply, and firm behavior
    • Macroeconomics: output, growth, and business cycles
    • Monetary and fiscal policy, exchange rates, and international trade

    Watch for Central bank runs fiscal policy

    Topic areas
    3
    Questions est.
    ~14
    Study time est.
    20–25 hrs
  4. Domain 04 11-14%

    Financial Statement Analysis

    This is one of the heaviest topics. It covers the three financial statements and reporting standards, analysis of inventories, long-term assets and income taxes, financial analysis techniques and ratios, and financial reporting quality.

    Inside this domain

    • The three financial statements and reporting standards
    • Analysis of inventories, long-term assets, and income taxes
    • Financial analysis techniques and ratios
    • Financial reporting quality and modeling

    Watch for LIFO raises income in rising prices

    Topic areas
    4
    Questions est.
    ~22
    Study time est.
    30–45 hrs
  5. Domain 05 6-9%

    Corporate Issuers

    This topic covers corporate finance from the issuer's view. It covers corporate structures and governance, capital investments and capital structure, and working capital and the cost of capital.

    Inside this domain

    • Corporate structures, governance, and stakeholders
    • Capital investments and capital structure
    • Working capital and the cost of capital

    Watch for IRR over NPV

    Topic areas
    3
    Questions est.
    ~14
    Study time est.
    20–25 hrs
  6. Domain 06 11-14%

    Equity Investments

    This is one of the heaviest topics. It covers markets, indexes and market efficiency, equity securities and industry and company analysis, and equity valuation models.

    Inside this domain

    • Markets, indexes, and market efficiency
    • Equity securities and industry and company analysis
    • Equity valuation models

    Watch for Semi-strong is weak form

    Topic areas
    3
    Questions est.
    ~22
    Study time est.
    30–45 hrs
  7. Domain 07 11-14%

    Fixed Income

    This is one of the heaviest topics. It covers fixed-income instruments and issuance, bond pricing and yields, interest rate risk through duration and convexity, and credit analysis and securitized products.

    Inside this domain

    • Fixed-income instruments, features, and issuance
    • Bond pricing, yields, and the term structure
    • Interest rate risk: duration and convexity
    • Credit analysis and securitized products

    Watch for Rates up, prices up

    Topic areas
    4
    Questions est.
    ~22
    Study time est.
    30–45 hrs
  8. Domain 08 5-8%

    Derivatives

    This topic introduces derivative instruments. It covers derivative markets and instruments, forward commitments (forwards, futures and swaps), and contingent claims (options) and basic pricing concepts.

    Inside this domain

    • Derivative instruments and markets
    • Forward commitments: forwards, futures, and swaps
    • Contingent claims: options and pricing concepts

    Watch for Forward gives a right

    Topic areas
    3
    Questions est.
    ~12
    Study time est.
    15–20 hrs
  9. Domain 09 7-10%

    Alternative Investments

    This topic covers investments beyond stocks and bonds. It covers the features and categories of alternatives, private capital, real estate and infrastructure, and hedge funds, commodities, and performance and fees.

    Inside this domain

    • Features and categories of alternative investments
    • Private capital, real estate, and infrastructure
    • Hedge funds, commodities, and performance and fees

    Watch for Only a management fee

    Topic areas
    3
    Questions est.
    ~15
    Study time est.
    20–30 hrs
  10. Domain 10 8-12%

    Portfolio Management

    This topic ties the curriculum together. It covers portfolio planning, construction, and risk and return, modern portfolio theory and the capital asset pricing model, and the investment policy statement and fintech.

    Inside this domain

    • Portfolio planning, construction, and risk and return
    • Modern portfolio theory and the capital asset pricing model
    • The investment policy statement and fintech in investment management

    Watch for Total risk sets the return

    Topic areas
    3
    Questions est.
    ~18
    Study time est.
    25–35 hrs

Study the heaviest domains first

Marks follow weight. This order puts the most marks behind you first, across about 255–355 hrs of study.

  1. 1 Ethical and Professional Standards 15-20% · 45–60 hrs
  2. 4 Financial Statement Analysis 11-14% · 30–45 hrs
  3. 6 Equity Investments 11-14% · 30–45 hrs
  4. 7 Fixed Income 11-14% · 30–45 hrs
  5. 10 Portfolio Management 8-12% · 25–35 hrs
  6. 9 Alternative Investments 7-10% · 20–30 hrs
  7. 2 Quantitative Methods 6-9% · 20–25 hrs
  8. 3 Economics 6-9% · 20–25 hrs
  9. 5 Corporate Issuers 6-9% · 20–25 hrs
  10. 8 Derivatives 5-8% · 15–20 hrs

Try one

Practice questionDomain 1: Ethical and Professional Standards

An investment analyst, during a private meeting, learns material information about an upcoming merger that has not been disclosed to the public. The analyst believes trading on it would be highly profitable. According to the CFA Institute Standards of Professional Conduct, what should the analyst do?

One trap from every domain

The answer that looks right, and the clue that gives it away.

  • Domain 1

    Legal equals ethical

    Clue The action is legal but violates a duty to clients, employers or markets.

  • Domain 2

    Money-weighted to judge a manager

    Clue The goal is to judge the manager independent of cash flows.

  • Domain 3

    Central bank runs fiscal policy

    Clue The actor is the central bank versus the government.

  • Domain 4

    LIFO raises income in rising prices

    Clue Prices are rising and LIFO is used.

  • Domain 5

    IRR over NPV

    Clue NPV and IRR rank two exclusive projects differently.

  • Domain 6

    Semi-strong is weak form

    Clue Prices reflect all public, not just past-price, information.

  • Domain 7

    Rates up, prices up

    Clue Yields rise and the question asks about price.

  • Domain 8

    Forward gives a right

    Clue The investor wants a right, not an obligation.

Other Finance certifications

Study guides for exams that overlap with CFA Level 1.

Practise what you read

CFA Level 1 domains: common questions

How many domains are in the CFA Level 1 exam?

CFA Level 1 has 10 domains with 32 official topic areas between them: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments and Portfolio Management.

Which CFA Level 1 domain carries the most weight?

Ethical and Professional Standards is the heaviest at 15-20%, followed by Financial Statement Analysis (11-14%). The lightest is Derivatives (5-8%). Weights come from CFA Institute's official outline.

What is the CFA Level 1 exam format?

Questions: 180 multiple-choice. Time allowed: Two 135-minute sessions (about 4.5 hours). Passing score: Minimum Passing Score set by the Board (not published; ~70% guideline).

How long should I study for CFA Level 1?

Our planning estimate is 255–355 hrs across all domains, split by weight. It is an editorial estimate, not an official figure, so adjust it to your experience and to how you score on practice questions.

Where should I start?

Start with Ethical and Professional Standards, because it carries the most marks, then work down by weight. Use the checklist on each domain page to confirm you can do what the domain asks before moving on.

Which outline is this guide based on?

This guide follows 2026 CFA Level I Curriculum (current), published by CFA Institute. It was last reviewed in October 2026.

Domain names, weights and topic areas come from CFA Institute's official outline (2026 CFA Level I Curriculum (current)). Question counts and study hours are editorial planning estimates, not official figures. Last reviewed October 2026.