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).
Below you'll find our detailed guide for each subject, ordered by the CFA Institute curriculum. Click any subject to dive into key concepts, study strategies, and exam tips.
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 →