Preparing for CFA Level 1 is a significant undertaking. The CFA Institute recommends approximately 300 hours of study time, and in my experience mentoring candidates, those who pass typically put in closer to 320-350 hours. But it is not just about the hours — it is about how you use them.
I cleared all three levels on my first attempt. That was not because I am exceptionally brilliant — it was because I had a structured approach. Let me share the framework that worked for me and has since worked for the candidates I mentor.
Understanding the CFA Level 1 Exam Structure
Before diving into preparation, understand what you are facing:
- Format: 180 multiple-choice questions split across two sessions (90 questions each, 135 minutes per session)
- Topics: 10 subject areas with varying weights
- Passing score: Not publicly disclosed, but historically estimated around 60-65%
- Exam windows: Available in February, May, August, and November (computer-based)
The topic weights matter for study planning:
| Topic | Weight |
|---|---|
| Ethical and Professional Standards | 15-20% |
| Quantitative Methods | 8-12% |
| Economics | 8-12% |
| Financial Reporting and Analysis | 13-17% |
| Corporate Issuers | 8-12% |
| Equity Investments | 10-13% |
| Fixed Income | 11-14% |
| Derivatives | 5-8% |
| Alternative Investments | 5-8% |
| Portfolio Management | 5-8% |
Notice that Ethics, FRA, Fixed Income, and Equity together account for roughly 50-64% of the exam. These four areas deserve disproportionate attention. For a deeper breakdown of each subject area, see our comprehensive guide to CFA Level 1 topics.
Phase 1: Foundation Building (Months 1-3)
This phase is about covering the curriculum methodically.
Study Order Recommendation
Do not study topics in the order they appear in the curriculum. Here is the sequence I recommend, based on logical dependencies:
- Quantitative Methods — TVM concepts underpin Fixed Income, Equity, and Derivatives
- Financial Reporting and Analysis — The heaviest topic; start early
- Corporate Issuers — Builds naturally on FRA concepts
- Equity Investments — Uses valuation concepts from Quant and FRA
- Fixed Income — Requires Quant foundation (TVM, statistics)
- Economics — Relatively standalone; good for a mid-study mental break
- Derivatives — Requires some Fixed Income and Equity context
- Alternative Investments — Light topic; can be covered quickly
- Portfolio Management — Ties everything together
- Ethics — Study last so it is fresh for the exam (and study it twice)
Daily Study Routine
For working professionals, I recommend 2-3 hours on weekdays and 4-5 hours on weekends. This gives you roughly 18-21 hours per week.
Weekday session structure:
- 15 minutes: Review flashcards from previous sessions
- 90 minutes: New material (reading + note-taking)
- 30 minutes: Practice questions on what you just studied
- 15 minutes: Create flashcards for key concepts
Weekend session structure:
- 30 minutes: Review the entire week’s flashcards
- 2-3 hours: New material with detailed notes
- 1-1.5 hours: Practice questions (end-of-chapter + question bank)
- 30 minutes: Review incorrect answers and update notes
Phase 2: Reinforcement (Months 3-4)
By month 3, you should have covered most of the curriculum at least once. Now the real work begins.
The Practice Question Strategy
This is the single most important factor in passing CFA Level 1. Reading the material gives you knowledge; practice questions convert that knowledge into exam performance.
My recommended question targets:
- CFA Institute Learning Ecosystem questions: Complete 100% of them
- Third-party question bank (Kaplan/Schweser, Mark Meldrum, or UWorld): At least 2,000 questions
- End-of-chapter questions from the CFA Institute curriculum: Complete all of them
How to practice effectively:
- Do questions in timed conditions — 90 seconds per question is your target
- Review every wrong answer thoroughly. Understand why you got it wrong (concept gap, careless error, or time pressure)
- Keep an error log. Record the topic, the type of mistake, and the correct reasoning
- Revisit your error log weekly. Patterns will emerge — these are your weaknesses
Active Recall Over Passive Reading
Research on learning science is clear: active recall (testing yourself) is far more effective than passive re-reading. Every study session should include some form of self-testing.
Methods I recommend:
- Flashcards (physical or Anki) for formulas, definitions, and key relationships
- Teach-back method: Explain a concept aloud as if teaching someone
- Blank-page recall: After reading a section, close the book and write everything you remember
Phase 3: Mock Exams and Final Review (Final 4-6 Weeks)
This is crunch time. Your primary activities should be:
Mock Exams
Take at least 4-6 full-length mock exams under realistic conditions.
How to simulate exam conditions:
- Find a quiet room with no distractions
- Set a timer for 135 minutes per session
- No phone, no notes, no breaks during a session
- Use only your approved calculator
After each mock:
- Score it immediately
- Review every wrong answer (this is more valuable than the mock itself)
- Identify your three weakest topics
- Spend the next 2-3 days intensively reviewing those topics
- Take the next mock
Target scores: Aim for 65%+ on mocks consistently. The actual exam MPS is typically around 60-65%, but mocks tend to be slightly easier than the real thing, so build in a buffer.
The Ethics Double-Pass
Ethics carries 15-20% weight and is widely believed to be a “tiebreaker” — if you are near the passing threshold, strong Ethics performance can push you over. Study Ethics twice:
- First pass: During your initial curriculum coverage
- Second pass: In the final 2 weeks, re-read the entire Ethics section and do all available practice questions
The Ethics questions on the exam are scenario-based and often involve subtle distinctions. The more exposure you have to different scenarios, the better your judgment becomes.
Choosing Study Materials
CFA Institute Curriculum (Free with Registration)
The official curriculum is comprehensive but dense. I recommend reading it for Ethics (the Institute’s own material is the gold standard for Ethics questions) and referring to it for any topic where your third-party notes feel insufficient.
Third-Party Providers
Kaplan Schweser: The most popular choice. Their SchweserNotes condense the curriculum into manageable study notes. The question bank is good, and their mock exams are reasonably representative.
Mark Meldrum: Outstanding video lectures. Mark has a gift for making complex topics intuitive. If you are a visual or auditory learner, his videos are worth every rupee.
CFA Institute Learning Ecosystem: The Institute’s own platform with practice questions, study plans, and adaptive learning. The questions are closest to what you will see on the actual exam.
My recommendation: Use Schweser or Mark Meldrum for initial learning, then do all CFA Institute practice questions for exam preparation. The Institute’s questions best represent actual exam difficulty and style.
Calculator Mastery
You are allowed to use either the Texas Instruments BA II Plus or the HP 12C. I strongly recommend the TI BA II Plus — it is more intuitive and widely supported by study materials.
Key functions to master:
- TVM calculations (N, I/Y, PV, PMT, FV)
- Cash flow worksheet (NPV, IRR)
- Statistical functions (mean, standard deviation)
- Bond worksheet
- Memory functions (STO, RCL)
Practice with your calculator until the key sequences become muscle memory. On exam day, calculator fumbling costs time and creates anxiety. For a complete breakdown of pacing and exam-day strategy, check out our guide on time management strategies for CFA exam success.
Common Mistakes to Avoid
Having mentored hundreds of candidates, here are the most common pitfalls:
Mistake 1: Spending too much time reading, not enough time practicing. The optimal split is 40% reading/learning and 60% practicing. Most candidates invert this ratio.
Mistake 2: Ignoring weak areas. It is human nature to study topics you enjoy and avoid topics you find difficult. Fight this instinct. Your weakest topics offer the highest return on study time.
Mistake 3: Not using the CFA Institute’s own questions. Third-party questions are useful for practice volume, but the Institute’s questions are the closest proxy for the actual exam.
Mistake 4: Cramming Ethics at the last minute. Ethics requires repeated exposure to build judgment. A last-minute cram session is insufficient.
Mistake 5: Neglecting exam-day logistics. Know your test center location, arrive early, bring your valid passport, bring your approved calculator with fresh batteries, and get adequate sleep the night before.
A Realistic Study Plan for Working Professionals
| Week | Focus |
|---|---|
| 1-3 | Quantitative Methods |
| 4-8 | Financial Reporting and Analysis |
| 9-10 | Corporate Issuers |
| 11-13 | Equity Investments |
| 14-16 | Fixed Income |
| 17-18 | Economics |
| 19-20 | Derivatives + Alternative Investments |
| 21 | Portfolio Management + Ethics (first pass) |
| 22-23 | Full review + intensive practice questions |
| 24-25 | Mock exams + targeted review |
| 26 | Ethics (second pass) + final mock |
This is a 6-month plan with approximately 18-20 hours per week. Adjust based on your background — if you have a strong accounting background, you can compress FRA; if you studied engineering, Quant will be faster.
The Passing Mindset
CFA Level 1 is not about brilliance. It is about consistency and discipline. The candidates who pass are not necessarily the smartest — they are the ones who showed up every day, practiced deliberately, and did not quit when topics felt overwhelming.
Trust the process. If you follow a structured plan, do enough practice questions, and take full-length mocks, you will be well-prepared on exam day. You can also read our focused guide on the 5 steps to ace your CFA Level 1 exam for a complementary framework.
Need help creating a personalized study plan based on your background, timeline, and target exam window? I offer free mentorship to CFA Level 1 candidates. Connect with me here and let us build your roadmap to passing.