CFA Level 1 Study Plan

Your path to passing -- realistic month-by-month schedules for 6-month and 3-month prep. Covers all 10 subjects and 59 modules, weighted by exam importance.

10

Subjects

59

Modules

300+

Study Hours

~6

Months Recommended

Recommended

6-Month Study Plan

The standard approach for most candidates. Requires roughly 12-15 hours per week -- manageable alongside a full-time job.

1

Month 1: Foundations

50 hours total | ~12 hrs/week

Quantitative Methods

~25 hours -- All 11 modules

Economics

~25 hours -- All 8 modules

Tip: Start with Quants to build the mathematical foundation you will use throughout the curriculum. Economics pairs well as it relies on similar analytical thinking.

2

Month 2: Financial Reporting

55 hours total | ~14 hrs/week

Financial Statement Analysis

~40 hours -- All 9 modules -- heaviest subject

Derivatives

~15 hours -- 2 modules -- lighter subject to balance load

Tip: FSA is the most content-heavy subject. Give it focused attention this month. Derivatives is compact and provides a mental break from accounting.

3

Month 3: Equity & Corporate

55 hours total | ~14 hrs/week

Equity Investments

~40 hours -- All 6 modules

Corporate Issuers

~15 hours -- First 4 of 7 modules

Tip: Equity builds on the financial analysis skills from Month 2. Corporate Issuers overlaps with equity concepts -- study them together for reinforcement.

4

Month 4: Fixed Income & Portfolio

50 hours total | ~12 hrs/week

Fixed Income

~40 hours -- All 5 modules

Corporate Issuers

~10 hours -- Remaining 3 modules

Tip: Fixed Income uses duration and convexity math from Quants. The capital structure module in Corporate Issuers connects directly to bond analysis.

5

Month 5: Portfolio & Ethics

50 hours total | ~12 hrs/week

Portfolio Management

~30 hours -- All 3 modules

Ethical & Professional Standards

~20 hours -- First 3 of 5 modules

Tip: Portfolio Management ties together equity, fixed income, and quant concepts. Begin Ethics now -- it requires careful reading and scenario practice, not just memorization.

6

Month 6: Ethics & Final Review

40+ hours total | ~15 hrs/week

Ethical & Professional Standards

~30 hours -- Remaining modules + full review

Alternative Investments

~10 hours -- All 3 modules -- smallest weight

Tip: Finish Ethics and Alternatives early in the month. Spend the remaining 2-3 weeks on full practice exams, weak-area review, and formula memorization.

Accelerated

3-Month Study Plan

For experienced finance professionals or dedicated full-time studiers. Requires roughly 25 hours per week -- intense but achievable.

1

Month 1: Core Subjects

110 hours total | ~27 hrs/week

Quantitative Methods

~25 hours

Economics

~25 hours

Financial Statement Analysis

~40 hours

Corporate Issuers

~20 hours

Tip: Front-load the analytical and accounting subjects. FSA is the largest topic by content -- tackle it while you are freshest.

2

Month 2: Investment Subjects

110 hours total | ~27 hrs/week

Equity Investments

~40 hours

Fixed Income

~40 hours

Portfolio Management

~30 hours

Tip: These three subjects are interconnected. Portfolio Management draws on both equity and fixed income concepts, so studying them together strengthens retention.

3

Month 3: Ethics, Remaining & Review

80+ hours total | ~25 hrs/week

Ethical & Professional Standards

~50 hours

Derivatives

~15 hours

Alternative Investments

~10 hours

Tip: Finish new material by week 2. The remaining 2 weeks are critical -- take at least 3 full practice exams and review every formula sheet.

Full Curriculum Checklist

All 10 subjects with their modules, exam weights, and recommended study hours. Use this as your master checklist.

Ethical & Professional Standards

15-20% exam weight | 5 modules | ~50 hours

50h
Ethics and Trust in the Investment Profession
Code of Ethics and Standards of Professional Conduct
Guidance for Standards I–VII
Introduction to GIPS
Ethics Application

Financial Statement Analysis

11-14% exam weight | 9 modules | ~40 hours

40h
Introduction to Financial Statement Analysis
Analyzing Income Statements
Analyzing Balance Sheets
Analyzing Statements of Cash Flows I
Analyzing Statements of Cash Flows II
Analysis of Inventories
Analysis of Long-Term Assets
Topics in Long-Term Liabilities and Equity
Analysis of Income Taxes

Equity Investments

11-14% exam weight | 6 modules | ~40 hours

40h
Market Organization and Structure
Security Market Indexes
Market Efficiency
Overview of Equity Securities
Company Analysis: Past and Present
Equity Valuation: Concepts and Basic Tools

Fixed Income

11-14% exam weight | 5 modules | ~40 hours

40h
Fixed-Income Instrument Features
Fixed-Income Cash Flows and Types
Fixed-Income Bond Valuation
Interest Rate Risk and Duration
Credit Risk and Credit Analysis

Portfolio Management

8-12% exam weight | 3 modules | ~30 hours

30h
Portfolio Risk and Return: Part I
Portfolio Risk and Return: Part II
Portfolio Management Overview and Planning

Quantitative Methods

6-9% exam weight | 11 modules | ~25 hours

25h
Rates and Returns
Time Value of Money in Finance
Statistical Measures of Asset Returns
Probability Trees and Conditional Expectations
Portfolio Mathematics
Simulation Methods
Estimation and Inference
Hypothesis Testing
Parametric and Non-Parametric Tests of Independence
Simple Linear Regression
Introduction to Big Data Techniques

Economics

6-9% exam weight | 8 modules | ~25 hours

25h
The Firm and Market Structures
Understanding Business Cycles
Fiscal Policy
Monetary Policy
Introduction to Geopolitics
International Trade
Capital Flows and the FX Market
Exchange Rate Calculations

Corporate Issuers

6-9% exam weight | 7 modules | ~25 hours

25h
Organizational Forms, Corporate Issuer Features, and Ownership
Investors and Other Stakeholders
Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
Working Capital and Liquidity
Capital Investments and Capital Allocation
Capital Structure
Business Models

Derivatives

5-7% exam weight | 2 modules | ~15 hours

15h
Derivative Instruments and Markets
Derivative Pricing and Valuation

Alternative Investments

5-8% exam weight | 3 modules | ~10 hours

10h
Alternative Investment Features, Methods, and Structures
Private Capital: Equity and Debt
Real Estate, Infrastructure, and Hedge Funds

Total: 59 modules across 10 subjects = 300+ hours of focused study

Proven Study Strategies

Active Recall Over Re-Reading

Close the textbook and test yourself. Use flashcards, practice questions, and quizzes after each module. Research shows active recall produces 50% better retention than passive review.

Spaced Repetition

Review material at increasing intervals -- 1 day, 3 days, 1 week, 2 weeks after first learning it. This fights the forgetting curve and locks concepts into long-term memory.

Practice Exams Early and Often

Do not save mock exams for the last week. Take your first practice exam after Month 4 (or Month 2 in the 3-month plan). Identify weak areas early so you can address them.

Prioritize by Exam Weight

Ethics, FSA, Equity, and Fixed Income together make up over 50% of the exam. If you are short on time, focus your energy on these high-weight subjects first.

Study Groups and Accountability

Find a study partner or join a CFA study group. Teaching a concept to someone else is one of the most effective ways to solidify your understanding.

Track Your Study Plan with CFA Master

The CFA Master dashboard turns your study plan into a gamified experience with real-time progress tracking.

Study Streaks

Build daily study streaks that keep you accountable. See your current streak and longest streak right on the dashboard.

Study Heatmap

A GitHub-style heatmap shows your study activity over time. See patterns, identify gaps, and stay consistent through your plan.

Progress Path

Track completion across all 59 modules with quizzes, flashcards, and cheat sheets. Watch your mastery percentage climb.

Start Your Study Plan Today

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