Chartered Financial Analyst Level 1 (CFA Level 1) Study Guide 2026: Syllabus, Exam Topics & Study Plan -Edureify
📋 2026 Edition  ·  Updated September 2026

Chartered Financial Analyst Level 1 (CFA Level 1) Study Guide 2026

Complete exam coverage for the Chartered Financial Analyst Level 1 (CFA Level 1): syllabus, domains, key topics, study plan and practical exam preparation strategy.

180
Questions
270 min
Duration
70
Passing score
10
Domains
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Overall readiness (locked)
Ethical and Professional Standards
-
Quantitative Methods
-
Economics
-
Financial Statement Analysis
-
Corporate Issuers
-
Equity Investments
-
Fixed Income
-
Derivatives
-
Alternative Investments
-
Portfolio Management
-
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Exam at a Glance

Chartered Financial Analyst Level 1 (CFA Level 1) Exam Overview

Key facts about the Chartered Financial Analyst Level 1 (CFA Level 1) exam structure, format and scoring.

🆔
cfa-level-1
Exam code
📝
180 questions
Total questions
⏱
270 minutes
Duration
🎯
70
Passing score
📋
10 domains
Exam domains
🏆
Certification
Credential type
ℹ️
Scoring method: The CFA Level 1 exam does not have a published fixed passing score. The CFA Institute sets a minimum passing score (MPS) after each exam using a modified Angoff method. Historically, candidates need approximately 70% correct to pass. Results are provided within 60 days of the exam window closing.. The exam may include unscored pilot questions - treat every question seriously.
Focus Areas

What should you study for the Chartered Financial Analyst Level 1 (CFA Level 1) exam?

Start with the domains that make up the Chartered Financial Analyst Level 1 (CFA Level 1) exam. Use the detailed syllabus below to work through the individual topics.

⚠️
Common mistake: Candidates often memorise terminology but struggle with scenario-based questions. Focus on when to use what, not just what exists.
🔐
Ethical and Professional Standards (16%)
Covers the CFA Institute Code of Ethics, Standards of Professional Conduct, and the Global Investment Performance Standards (GIPS).
🏗
Quantitative Methods (8%)
Covers statistical and mathematical tools used in investment analysis including time value of money and probability.
⚡
Economics (7%)
Covers microeconomic and macroeconomic concepts relevant to investment analysis and capital markets.
💰
Financial Statement Analysis (14%)
Covers analysis of income statements, balance sheets, cash flow statements, and financial ratios.
🔄
Corporate Issuers (9%)
Covers corporate governance, capital structure, leverage, and dividends.
📊
Equity Investments (11%)
Covers equity markets, security valuation, and equity analysis frameworks.
🌐
Fixed Income (11%)
Covers bond markets, pricing, yield measures, duration, convexity, and credit analysis.
🛡
Derivatives (6%)
Covers forwards, futures, options, and swaps — their pricing and use in risk management.
🔐
Alternative Investments (8%)
Covers hedge funds, private equity, real estate, commodities, and infrastructure as asset classes.
🏗
Portfolio Management (10%)
Covers portfolio theory, asset allocation, risk-return tradeoff, and introduction to wealth planning.
Full Syllabus

Chartered Financial Analyst Level 1 (CFA Level 1) Exam Syllabus and Topics

The Chartered Financial Analyst Level 1 (CFA Level 1) exam is divided into 10 domains. Each domain covers specific skills and topics. Expand a domain to see the detailed syllabus.

CFA Code of Ethics
6 Components of the Code
7 Standards of Professional Conduct
Professionalism
Integrity of Capital Markets
GIPS Standards
Global Investment Performance Standards
Composites
Presentation Requirements
Verification
~29 questions
16 marks
16% of exam weight
Time Value of Money
PV and FV
Annuities
Perpetuities
EAR vs APR
Statistics and Probability
Descriptive Statistics
Probability Distributions
Normal Distribution
Hypothesis Testing
Regression Analysis
~14 questions
8 marks
8% of exam weight
Microeconomics
Demand and Supply
Market Structures
Price Elasticity
Cost Analysis
Macroeconomics and International Trade
GDP
Business Cycles
Inflation
Monetary and Fiscal Policy
Exchange Rates
~13 questions
7 marks
7% of exam weight
Financial Statements
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Changes in Equity
Financial Ratios and Analysis
Profitability Ratios
Liquidity Ratios
Solvency Ratios
DuPont Analysis
Accounting Standards
IFRS vs US GAAP
Revenue Recognition
Inventory (FIFO/LIFO)
Leases and Intangibles
~25 questions
14 marks
14% of exam weight
Corporate Governance
Agency Theory
Board Structure
ESG Factors
Stakeholder vs Shareholder Theory
Capital Structure and Leverage
Cost of Capital (WACC)
Capital Structure Theory
Operating Leverage
Financial Leverage
~16 questions
9 marks
9% of exam weight
Equity Markets
Market Organization
Security Market Indexes
Market Efficiency (EMH)
Equity Valuation
DDM (Dividend Discount Model)
P/E Ratio
Price-to-Book
EV/EBITDA
Free Cash Flow Valuation
~20 questions
11 marks
11% of exam weight
Bond Fundamentals
Bond Pricing
Yield to Maturity
Coupon Types
Bond Indentures
Risk and Return in Fixed Income
Duration
Convexity
Credit Risk
Yield Curve Analysis
Spread Measures
~20 questions
11 marks
11% of exam weight
Forwards and Futures
Forward Contracts
Futures Pricing
Hedging with Futures
Mark-to-Market
Options and Swaps
Call and Put Options
Options Pricing (Black-Scholes overview)
Interest Rate Swaps
Currency Swaps
~11 questions
6 marks
6% of exam weight
Hedge Funds and Private Equity
Hedge Fund Strategies
Private Equity Structures
LBO and Venture Capital
Fee Structures (2 and 20)
Real Assets
Real Estate Investment
REITs
Commodities
Infrastructure Investments
~14 questions
8 marks
8% of exam weight
Modern Portfolio Theory
Markowitz Efficient Frontier
Diversification
Systematic vs Unsystematic Risk
Capital Market Line
Asset Allocation and Risk
CAPM and Beta
Sharpe Ratio
Investment Policy Statement (IPS)
Risk Tolerance and Return Objectives
~18 questions
10 marks
10% of exam weight
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Study Plan

Chartered Financial Analyst Level 1 (CFA Level 1) Structured Study Roadmap

Choose a preparation timeline based on how much time you have available. For a plan based on your actual readiness and weak domains, use the personalised Edureify study experience. Get My Training Plan →

Weeks 1-2
Core Services + Highest-Weighted Domain
Deep-dive into the most heavily tested domain. Spend more time here when its exam weight is significantly higher.
Official exam guideDomain 1 completeCore conceptsPractice questions
Week 3
Domain 2 - Hands-on Practice
Focus on scenario-based study and reinforce concepts through practical application where applicable.
Domain 2Scenario walkthroughsHands-on practicePractice questions
Week 4
Domain 3 - Deeper Concepts
Work through complex concepts and decision scenarios.
Domain 3Scenario drillsPractice examReview
Week 5
Remaining Domains + Weak Area Targeting
Identify your weaker domains and spend focused time closing those gaps.
Remaining domainsDiagnosticTargeted reviewStudy notes
Week 6
Full Simulations + Final Preparation
Use timed simulations to test your preparation and review the reasoning behind incorrect answers.
Full mock examsWrong-answer reviewFinal reviewExam logistics
Exam Strategy

Tips to pass Chartered Financial Analyst Level 1 (CFA Level 1) on your first attempt

Practical advice for applying what you know, managing questions and preparing for exam conditions.

🗓
Ethics is heavily weighted — study the Standards of Professional Conduct with real-world applications.
🔍
Financial Statement Analysis and Equity are the two largest combined areas — master them early.
⏭
Use the CFA Institute's official mock exams — they closely reflect the difficulty of actual questions.
📊
Build a study schedule of at least 300 hours; do not underestimate the breadth of Level 1 content.
Recommended Resources

Chartered Financial Analyst Level 1 (CFA Level 1) Study Resources

Use a focused set of resources alongside the study guide rather than trying to study from everything available.

Official
Official Exam Guide
Start with the authoritative exam objectives and blueprint.
→ Vendor website
Practice Tests
Chartered Financial Analyst Level 1 (CFA Level 1) Practice Test
Practice questions with explanations and domain-level performance analysis.
→ Start free practice test
Mock Exam
Chartered Financial Analyst Level 1 (CFA Level 1) Mock Exam
Timed preparation under realistic exam-style conditions.
→ Take free mock exam
Training
Chartered Financial Analyst Level 1 (CFA Level 1) Certification Training
Structured preparation with personalised learning support and adaptive practice.
→ Chartered Financial Analyst Level 1 (CFA Level 1) certification online training
AI Tutor
Chartered Financial Analyst Level 1 (CFA Level 1) AI Tutor
Get help understanding concepts and work on weak areas with AI-powered learning support.
→ Try Chartered Financial Analyst Level 1 (CFA Level 1) AI tutor
Reference
Chartered Financial Analyst Level 1 (CFA Level 1) Cheat Sheet
Quick-reference summaries for final revision.
→ Get free cheat sheet
Diagnostic
Chartered Financial Analyst Level 1 (CFA Level 1) Readiness Test
Assess your preparation and identify weaker exam domains.
→ Check my readiness
⚠️
Avoid brain dumps. Sites selling real or stolen exam questions may violate certification-provider rules and can leave candidates studying outdated material.
Reviews

What candidates say after passing

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Cloud Engineer
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Security Analyst
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FAQ

Frequently asked questions about Chartered Financial Analyst Level 1 (CFA Level 1)

Most candidates with relevant background can structure their preparation over several weeks, depending on their existing knowledge, available study time and exam difficulty. Use the study roadmap above as a starting point and use the readiness diagnostic to identify where you need more preparation.
The guide covers the exam overview, domains, detailed syllabus and topics, study roadmap, exam preparation tips and links to practice, mock, readiness, cheat-sheet, AI Tutor and training resources.
The guide is designed to organize your preparation around the exam syllabus. You should combine it with practice questions and timed simulations so that you can test both your knowledge and your ability to apply it.
Yes. Start with the exam overview and domain breakdown, then work through the detailed topics using the study roadmap. Candidates with less experience may need additional time for foundational concepts.
Take the Edureify readiness diagnostic to assess your preparation and identify the domains where you need to focus more.
Edureify AI can help explain concepts, identify weaker areas from practice performance and support a more personalised preparation process.

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