CFA Level 1: Complete Study Guide
A subject-by-subject roadmap covering all 10 topics in the CFA Level 1 curriculum. Each guide is written by Harmeet Hora — IIT & IIM Alumni | CFA Charterholder who cleared all 3 levels on the first attempt.
About the CFA Level 1 Exam
The CFA Level 1 exam tests your understanding of 10 subject areas across investment tools, asset valuation, and portfolio management. It consists of 180 multiple-choice questions split across two sessions (90 questions each, 2 hours 15 minutes per session), delivered on computer at Prometric centres. The CFA Institute runs Level 1 in four windows each year (February, May, August, November), and candidates may sit up to twice per year.
Subject weights are set by CFA Institute and are non-negotiable on exam strategy: Ethics (15–20%) and Financial Reporting & Analysis (11–14%) carry the most marks and are where most first-attempt candidates win or lose the paper. Quantitative Methods, Economics, Equity, and Fixed Income each contribute 10–12%, and the remaining subjects round out the syllabus. Ethics is also the tie-breaker: if two candidates sit on the Minimum Passing Score, the one with the stronger Ethics mark clears.
Pass rates have ranged from ~39% to 46% per window in recent years. The gap between passers and non-passers is rarely raw intelligence — it is study hours (300+ minimum), structured mock-test practice, and disciplined time allocation against the subject weights above. Below you'll find our detailed guide for each subject, ordered by the CFA Institute curriculum.
Ready to crack Level 1 first attempt?
All 10 subjects below — plus 6 full-length mock exams, complete PDF notes, and direct mentorship from a CFA charterholder — in one structured course for Rs 9,950.
Start CFA Level 1 Course →All 10 Subjects
Ethics
Code of Ethics, Standards of Professional Conduct, and GIPS. The highest-weighted topic and your best shot at a score boost.
Read Guide →Quantitative Methods
Time value of money, probability, hypothesis testing, and regression — the mathematical foundation for every other subject.
Read Guide →Economics
Micro and macroeconomics, monetary policy, international trade, and foreign exchange markets.
Read Guide →Financial Reporting & Analysis
Income statements, balance sheets, cash flows, and ratio analysis. The toughest subject for most candidates.
Read Guide →Corporate Finance
NPV, IRR, cost of capital, capital structure decisions, and corporate governance.
Read Guide →Equity Investments
Stock valuation models, market structure, industry analysis, and equity securities.
Read Guide →Fixed Income
Bond pricing, duration, convexity, yield curves, and credit analysis.
Read Guide →Derivatives
Forwards, futures, options, and swaps — how they work, how they are priced, and how they are used.
Read Guide →Alternative Investments
Hedge funds, private equity, real estate, commodities, and infrastructure investments.
Read Guide →Portfolio Management
Modern Portfolio Theory, CAPM, risk-return tradeoffs, and the investment policy statement.
Read Guide →