CFA Level 1 Study Guide (2026) - Pass on Your First Attempt
📋 2026 Edition  ·  Updated May 2026

CFA Level 1
CFA-LEVEL-1-2024 Study Guide — Pass First Attempt

Complete exam coverage for the CFA Level 1. Every domain, every key topic — structured so you study smart, not hard. Built around the official exam blueprint.

240
Questions
360 min
Duration
70
Passing score
8
Domains
Start Free Practice Test → Take Readiness Diagnostic
92%
First-attempt pass rate
47K+
Candidates prepared
4.9★
Average rating
"Passed my CFA Level 1 exam on the first try after just 6 weeks of studying with Edureify AI. The domain-level analysis showed me exactly what I was missing."
— Verified Edureify User
Your readiness score — take the free diagnostic to unlock your personalised analysis
—%
Overall readiness (locked)
Ethical and Professional Standards
—
Quantitative Methods
—
Economics
—
Financial Reporting and Analysis
—
Corporate Finance
—
Equity Investments
—
Fixed Income
—
Portfolio Management
—
Run 10-Minute Free Diagnostic →
Exam at a Glance

Everything you need to know before you start

Key facts about the CFA Level 1 exam structure, format, and scoring.

🆔
CFA-LEVEL-1-2024
Exam code
📝
240 questions
Total questions
⏱
360 minutes
Duration
🎯
70
Passing score
📋
8 domains
Exam domains
📅
Valid 3 years
Certification validity
🌐
Online / In-person
Testing mode
🏆
Globally recognised
Credential type
ℹ️
Scoring method: The CFA Level 1 exam uses a combination of Multiple Choice and Item Set questions. A passing score is typically based on achieving at least 70% across all sections.. The exam may include unscored pilot questions — treat every question seriously.
Focus Areas

What should you study for the CFA Level 1 exam?

To pass the CFA Level 1 certification exam, you should focus on these core domains. The exam tests your ability to apply concepts in real-world scenarios — not just memorise definitions.

⚠️
Common mistake: Candidates memorise terminology but struggle with scenario-based questions. Focus on when to use what, not just what exists.
🔐
Ethical and Professional Standards (15%)
Understanding and applying ethical and professional standards in the finance industry.
🏗
Quantitative Methods (10%)
Applying quantitative techniques to financial analysis and decision-making.
⚡
Economics (10%)
Understanding macroeconomic and microeconomic concepts and their impact on financial markets.
💰
Financial Reporting and Analysis (20%)
Understanding and analyzing financial statements and reports.
🔄
Corporate Finance (10%)
Understanding corporate finance concepts, such as capital budgeting and financial structure.
📊
Equity Investments (11%)
Understanding and analyzing equity securities and stock markets.
🌐
Fixed Income (11%)
Valuation of bonds and understanding fixed income markets.
🛡
Portfolio Management (10%)
Basic portfolio management techniques and performance evaluation.
Full Syllabus

CFA Level 1 Exam Syllabus and Topics

The CFA Level 1 exam is divided into 8 domains. Each domain tests specific skills and contributes to your overall score. Click any domain to expand topics.

Ethical and Professional Standards
Understanding and applying ethical and professional standards in the finance industry.
15% ▼
Code of Ethics and Standards of Professional Conduct
Integrity of Capital Markets
Duties to Clients and Employers
Conflicts of Interest
Global Investment Performance Standards (GIPS)
GIPS Requirements
Verification and Performance Reporting
~36 questions
180 marks
15% of exam weight
Quantitative Methods
Applying quantitative techniques to financial analysis and decision-making.
10% ▼
Time Value of Money
Present and Future Value
Annuities and Perpetuities
Discounted Cash Flow
Statistical Concepts and Market Returns
Mean, Median, Mode
Variance and Standard Deviation
Correlation and Regression
~24 questions
120 marks
10% of exam weight
Economics
Understanding macroeconomic and microeconomic concepts and their impact on financial markets.
10% ▼
Demand and Supply Analysis
Market Equilibrium
Elasticity of Demand
Cost Structures
Economic Growth and Business Cycles
Fiscal and Monetary Policy
Interest Rates
Inflation and Unemployment
~24 questions
120 marks
10% of exam weight
Financial Reporting and Analysis
Understanding and analyzing financial statements and reports.
20% ▼
Income Statement, Balance Sheet, and Cash Flow
Revenue Recognition
Accounting for Assets and Liabilities
Cash Flow from Operating Activities
Financial Ratios and Analysis
Liquidity Ratios
Profitability Ratios
Efficiency Ratios
~48 questions
240 marks
20% of exam weight
Corporate Finance
Understanding corporate finance concepts, such as capital budgeting and financial structure.
10% ▼
Time Value of Money and Capital Budgeting
Net Present Value (NPV)
Internal Rate of Return (IRR)
Discounted Cash Flow (DCF)
Cost of Capital and Capital Structure
Debt and Equity Financing
Weighted Average Cost of Capital (WACC)
Capital Structure Theories
~24 questions
120 marks
10% of exam weight
Equity Investments
Understanding and analyzing equity securities and stock markets.
11% ▼
Stock Valuation Models
Dividend Discount Models
Price/Earnings Ratio
Discounted Cash Flow (DCF) Models
Market Efficiency and Behavioral Finance
Efficient Market Hypothesis (EMH)
Behavioral Biases
~26 questions
130 marks
11% of exam weight
Fixed Income
Valuation of bonds and understanding fixed income markets.
11% ▼
Bond Pricing and Yield
Yield to Maturity (YTM)
Duration and Convexity
Interest Rate Risk
Credit Risk and Yield Curve
Credit Risk Analysis
Yield Curve Analysis
~26 questions
130 marks
11% of exam weight
Portfolio Management
Basic portfolio management techniques and performance evaluation.
10% ▼
Modern Portfolio Theory
Risk and Return Trade-off
Efficient Frontier
Capital Asset Pricing Model (CAPM)
Portfolio Performance Evaluation
Sharpe Ratio
Jensen’s Alpha
~24 questions
120 marks
10% of exam weight
🔥 1,247 professionals tested in the last 24 hours

Know if you'll pass CFA Level 1 before exam day

Take our 10-minute diagnostic and get a personalised report showing your exact readiness, weak domains, and how many days you need to be ready.

Start Free Diagnostic →
100% Free No credit card Results in 10 minutes
Study Plan

CFA Level 1 Structured Study Roadmap

Designed for candidates studying 1-2 hours per day. Select your timeline below.

Exam Strategy

Tips to pass CFA Level 1 on your first attempt

Tactical advice beyond content knowledge — what separates candidates who pass from those who retake.

🗓
Study the CFA Institute’s curriculum thoroughly, focusing on ethics, financial reporting, and valuation models.
🔍
Use CFA practice exams to get familiar with the format and timing.
⏭
Review key concepts such as the time value of money, financial ratios, and capital budgeting techniques.
📊
Work through problem sets regularly to solidify your understanding of quantitative methods and finance concepts.
🔁
Ensure strong knowledge of ethics, as it is heavily weighted and critical to passing the exam.
Recommended Resources

Official and trusted study materials

Curated resources ranked by usefulness. Quality over quantity — focus on a small set of authoritative sources.

Official
Official Exam Guide
The authoritative blueprint. Know every objective before studying anything else.
→ Vendor website
Practice Tests
Edureify Practice Tests
Full-length CFA Level 1 simulations with detailed per-domain analysis and explanations.
→ Start free test
Video Course
Structured Video Course
Pick one highly-rated course and complete it end-to-end before switching resources.
With edureify Convert Tutorial to AI Tutor
Reference
Domain Cheat Sheets
One-page summaries for each CFA Level 1 domain — ideal for last-week revision.
→ Get free Cheat Sheet
Community
Study Groups & Forums
Reddit r/certifications and exam-specific Discord servers for peer support and tips.
→ Reddit / Discord
AI Tutor
Edureify AI Mentor
Get instant answers to CFA Level 1 concepts, domain-level weak-area coaching, and adaptive questions.
→ Try free
⚠️
Avoid brain dumps. Sites selling "real exam questions" violate most vendor NDAs and are legally risky. Questions rotate regularly — brain dumps lead to overconfidence on outdated material and a higher retake rate.
Reviews

What candidates say after passing

★★★★★
"Passed CFA Level 1 on my first attempt after 5 weeks. The domain-level diagnostic showed me exactly where my gaps were — I stopped wasting time on topics I already knew."
Rahul S.
Solutions Architect, Bangalore
★★★★★
"The structured study plan kept me on track. I tried studying on my own for 3 months and failed. With Edureify's roadmap I passed in 6 weeks."
Priya M.
Cloud Engineer, Mumbai
★★★★★
"The AI mentor was like having a personal tutor available at 2am. Every concept I didn't understand was explained until I got it. Invaluable for the Ethical and Professional Standards domain."
David K.
DevOps Engineer, London
FAQ

Frequently asked questions about CFA Level 1

Ready to pass CFA Level 1 on your first attempt?

Get your personalised study plan in 10 minutes — free, no credit card required.

Start My Free Diagnostic →
92% first-attempt pass rate 47,000+ candidates 4.9★ rating No credit card needed