CFA Level 1 Topics
Master all 10 CFA Level 1 topic areas with our comprehensive study materials, practice questions, and expert explanations aligned with the 2025/2026 curriculum.
Ethical and Professional Standards
Ethics, professional standards, and GIPS
Quantitative Methods
Statistics, probability, and quantitative analysis
Economics
Micro and macroeconomics, international trade
Financial Statement Analysis
Financial reporting, analysis, and interpretation
Corporate Issuers
Corporate governance, capital structure, investments
Equity Investments
Equity securities, markets, and valuation
Fixed Income
Bonds, fixed-income securities, and credit analysis
Derivatives
Forwards, futures, options, and swaps
Alternative Investments
Private equity, real estate, hedge funds, commodities
Portfolio Management
Portfolio theory, CAPM, and risk management
CFA Level 1 Exam Weight Distribution
| Topic | Exam Weight | Est. Questions | Subtopics |
|---|---|---|---|
| Ethical and Professional Standards | 15-20% | 27-36 | 5 |
| Quantitative Methods | 6-9% | 11-16 | 11 |
| Economics | 6-9% | 11-16 | 8 |
| Financial Statement Analysis | 11-14% | 20-25 | 12 |
| Corporate Issuers | 6-9% | 11-16 | 7 |
| Equity Investments | 11-14% | 20-25 | 8 |
| Fixed Income | 11-14% | 20-25 | 19 |
| Derivatives | 5-8% | 9-14 | 10 |
| Alternative Investments | 7-10% | 13-18 | 7 |
| Portfolio Management | 8-12% | 14-22 | 6 |
| Total | 100% | 180 | 93 |
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