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SGrade / CFA Level 1 / Study Guide

Study Guide · 2026 Edition

CFA Level 1 Study Guide 2026 — Clear It First Attempt

The CFA Level 1 exam has a 41–52% pass rate. The candidates who pass are not smarter — they are more structured. This guide gives you the topic prioritisation, study timeline, and practice approach that separates passers from repeaters.

Topic weighting and where to focus first

Ethics (15%) and Financial Statement Analysis (15%) are the two highest-weighted topics. Candidates who score well in Ethics consistently outperform because Ethics questions appear throughout the exam, not just in the Ethics section. FSA is technically the hardest topic — start it in week 3, not week 7.

Fixed Income and Quantitative Methods — the hidden killers

Fixed Income (12%) contains the most calculation-heavy questions. Candidates underestimate Quantitative Methods because it seems like pure maths — but CFA Quant tests interpretation, not just calculation. Master TVM, statistics, and hypothesis testing before moving to Equity.

The 300-hour strategy broken into phases

Phase 1 (Weeks 1–8): Read curriculum + topic notes for all 10 areas. Phase 2 (Weeks 9–14): Topic-drill practice questions — minimum 20 questions per study session. Phase 3 (Weeks 15–18): Mock exams under timed conditions. Review every wrong answer against the LOS, not just the answer explanation.

6-week CFA Level 1 accelerated plan

Week 1: Ethics + Quant. Week 2: Economics + Corporate Issuers. Week 3: FSA (split across 5 days). Week 4: Equity + Fixed Income. Week 5: Derivatives + Alternatives + Portfolio Management. Week 6: Full mock exams daily — target 70%+ before sitting.

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