How to Study for the CFA® Level I Exam in 6 Months
Starting your Level I CFA exam prep early will give you enough time to develop an effective study plan and find enough time to study regardless of your situation. In this guide, we will share some of our insights with you on the study practices that can give you the best chance for success on the Level I exam.
Key Takeaways
- You need to start early and be consistent by putting in the time and effort each week.
- Once you create your plan, you need to be disciplined and stick to your schedule.
- You need to cover all of the material in the curriculum as all learning outcome statements are fair game.
- You should follow the three key stages of learning: Prepare, Practice, and Perform®.
TABLE OF CONTENTS
- Topics and Weights
- 6-Month Study Guide
- CFA Level I Exam Quiz
- Study Progress Tracker
- Study Planner Calendar
- Tips For Studying With a Job
- Study Guide Essentials
Understand CFA Level I Topics and Weights
As you begin to prepare for the Level I exam, you should familiarize yourself with the topics and associated weights for each area. Keeping these weights in mind when developing your study plan may help you prioritize and move on, especially when feeling overwhelmed or stuck on a particular topic.
CFA Level I Topic Weights
Topic | Topic Weight | Approximate Question Allocation |
| 15-20% | 27-36 | |
| 6-9% | 10-16 | |
| 6-9% | 10-16 | |
| 6-9% | 10-16 | |
| 11-14% | 19-25 | |
| 11-14% | 19-25 | |
| 11-14% | 19-25 | |
| 5-8% | 9-14 | |
| 7-10% | 9-14 | |
| 8-12% | 14-21 |
Assess your baseline knowledge of the Level I CFA Program curriculum with a free CFA diagnostic exam
CFA 6-Month Study Guide: Month 1
For example, a candidate with a strong accounting background may be able to shorten the amount of time dedicated to Financial Statement Analysis. Simply use the sample calendar below as a guide and feel free to make adjustments to suit your individual situation.
What Should You Focus on During the First Month of CFA Prep?
[ RELATED: Free Core CFA Study Tools ]
Month 1 Sample Calendar
Hours | %Prepare / %Practice | Topics | |
Week 1 | 12 | 50/50 | Quantitative Methods |
Week 2 | 12 | 50/50 | Quantitative Methods |
Week 3 | 12 | 50/50 | Economics |
Week 4 | 12 | 50/50 | Economics |
CFA Level I Exam Quiz
Answer these five questions to test your readiness for the Level I Exam
Get a CFA exam question delivered to your inbox every day. Sign up for Schweser’s Questions of the Day.
CFA 6-Month Study Guide: Months 2-4
As you enter the second month, keep in mind the Prepare > Practice > Perform® method of studying. Over the course of the next three months, you should continue spending about 50% of your time preparing for the exam. This would include completing all of the readings in the curriculum.
Also, you should keep practicing about 50% of the time by taking a significant amount of multiple choice questions across various topics including those you have already completed. Constructing tests that cover all of the topics you have previously reviewed is critical in preventing your knowledge from fading over time. As always, review each rationale, especially for those questions that you guessed or answered incorrectly.
By the end of the fourth month, you should take your first Mock Exam. As you see, this is the time to incorporate the perform stage into your study plan. Treat this first mock exam as an assessment. Don’t worry too much about your score at this point in your studies. Focus your attention on what topics you find most difficult (e.g., deferred taxes) and go back and briefly review your syllabus for clarification, but more importantly, take additional multiple choice questions.
[ RELATED: CFA Mock Exams ]
Can I Take a CFA Level I Mock Exam In-Person?
Yes, through Kaplan Schweser you can visit a Prometric exam center near you and take a practice test just like you will on exam day. Your in-person mock exam appointment can be scheduled for any day; there are no predetermined dates for “Mock Exam Windows”.
What To Do If You’re Falling Behind
Don’t worry, just add a few more hours per week to your study plan over the next few months. At this point, you should be able to make up the time. Remember the commitment. Nobody said this would be easy.
Ask Industry Experts and Fellow Candidates About Catching Up On Your CFA Studies
Months 2-4 Sample Calendar
Hours | %Prepare / %Practice | Topics / Activities | |
Week 5 | 12 | 50/50 | Corporate Issuers |
Week 6 | 12 | 50/50 | |
Week 7 | 12 | 50/50 | Financial Statement Analysis |
Week 8 | 12 | 50/50 | Financial Statement Analysis |
Week 9 | 12 | 50/50 | Financial Statement Analysis |
Week 10 | 12 | 50/50 | Equity Investments |
Week 11 | 12 | 50/50 | Equity Investments |
Week 12 | 12 | 50/50 | Fixed Income |
Week 13 | 12 | 50/50 | Fixed Income |
Week 14 | 12 | 50/50 | Derivatives |
Week 15 | 12 | 50/50 | Alternative Investments |
Week 16 | 12 | 50/50 | Portfolio Management |
Week 17 | 12 | 50/50 | Ethical and Professional Standards |
Week 18 | 12 | 50/50 | Ethical and Professional Standards, practice multiple choice questions, review selected topics, complete first mock exam (Perform) |
CFA Study Guide: Months 5-6
You are entering the home stretch. With only two months left before your exam, you should assess where you are in your studies. At a minimum, you should have:
- finished reading the entire Level I curriculum,
- completed and reviewed multiple choice questions covering all topics, and
- completed and reviewed your first mock exam.
If you have not completed these tasks, they should be your top priority. Also, you are probably asking yourself what are some of the best strategies you can use to wrap up your preparation for exam day.
First and foremost, relax and do not try to cram too much into your memory. Yes, you need to stay laser-focused, but you also need to take time for yourself. Put down the books, turn off the computer, and go for a well-deserved walk.
Now that you are rejuvenated, recall our Prepare > Practice > Perform® study method. We highly stress that you should be primarily focusing on practice and perform. We recommend you dedicate upwards of 90% of your study time getting ready for the exam experience. This would mean doing as many practice questions as possible and completing the remaining mock exams.
You should complete one mock exam every two to three weeks, but save one for about one week before your exam date. Once again, pay careful attention to those questions that you missed or guessed incorrectly. However, rereading the syllabus should not encompass more than about 10% of your study time and should be directed by knowledge gaps identified from question practice.
[ RELATED: CFA Mock Exams ]
Months 5-6 Sample Calendar
Hours | %Prepare / %Practice | Activities | |
Week 19 | 12 | 10/90 | Practice multiple choice questions, review selected topics |
Week 20 | 12 | 10/90 | Practice multiple choice questions, review selected topics |
Week 21 | 12 | 10/90 | Practice multiple choice questions, review selected topics, complete second mock exam (Perform) |
Week 22 | 12 | 10/90 | Practice multiple choice questions, review selected topics |
Week 23 | 12 | 10/90 | Practice multiple choice questions, review selected topics, complete third mock exam (Perform) |
Week 24 | 12 | 10/90 | Practice multiple choice questions, review selected topics |
Week 25 | 12 | 10/90 | Practice multiple choice questions, review selected topics, complete final mock exam (Perform) |
Final Review Tips
During this portion of your study plan you should dedicate some of your schedule for reviewing curriculum topics.
CFA 6-Month Study Guide: Final Week
We recommend you go back and take a look at Ethical and Professional Standards and Financial Statement Analysis as these two topics comprise about one-third of the Level I exam. Pick up the Standards of Practice Handbook and skim through each standard, corresponding guidance, recommended procedures for compliance, and application of the standard.
This activity is especially important on the day before your exam. Along with these two topics, you should go back and briefly review any others that are giving you trouble. Also, you can review terminology, if needed. For example, the Economics topic has many memorizable terms that could help you grab a few points on the exam.
Lastly, try to get a good night's sleep the night before the exam. Wake up refreshed, eat a sensible breakfast, and head off to the testing center. Good luck!
[ RELATED: CFA Program Review Workshops ]
Final Week Sample Calendar
Hours | %Prepare / %Practice | Activities | |
Week 26 - Final Week | 12 | 10/90 | Practice multiple choice questions, review selected topics, Ethical and Professional Standards |
CFA Level I Study Progress Tracker
Keep track of your progress by downloading our free 6-Month Level I CFA study progress tracker that can be customized to fit your needs.
CFA Level I Exam Study Planner Calendar
Get a downloadable calendar file for the Level I May 2025 exam window of the CFA Program. This calendar can be added to common calendars like iCal, Google Calendar, and Outlook and should be customized to fit your needs. It comes with important dates, reminders, and details for studying each curriculum topic.
While our free calendar is a useful resource, we recommend that students utilizing any of our Level I study packages prioritize the use of their Activity Feed to effectively guide and pace their studies. Our Activity Feed is much more granular and will be tailored to your specific needs.
[ RELATED: CFA Candidate Guide ]
Can you study for the CFA Level I Exam in 1, 2, or 3 months?
No, studying for any CFA exam in less than 6 months will not give you enough time to adequately prepare unless you have a relevant background in the curriculum. According to CFA Institute, candidates study on average 348 hours for the Level I exam, 364 hours for the Level II exam, and 365 hours for the Level III exam.
Studying for 6 months is the industry standard and is actually why CFA Institute implemented the requirement that candidates cannot sit for an exam within 6 months of a previous attempt. CFA candidates can certainly try to study in less time, but the best way to prepare for the Level I exam comes down to giving yourself ample time to study.
Study Tips for CFA Level I with a Job
Obviously, one of the biggest challenges when preparing for the CFA Level I exam is the time commitment. This becomes an even bigger issue when trying to balance your job demands and your study time. Here are some tips that can help you overcome the stress of studying for the exam.
Manage Your Time
If you start studying 6 months before your exam, you will need to study about 12 hours per week. However, as time passes and your initial enthusiasm starts to wane, you could be in danger of falling behind. Then, when you factor in your family life, social life, and your job pressures, you can see why candidates can struggle with the time commitment.
Stay Motivated
Studying for the CFA Level I exam is a long process and candidates may find it difficult to stay motivated when they do not have a clear picture of their progress. If you let your studies drift, the backlog of material to cover soon increases, and the number of study hours per week starts to climb. This could make studying too much of a burden.
Be Efficient
You must cover all areas of the curriculum, however, you must factor in your strengths, your weaknesses, and exam weights when developing your study plan. Given the breadth of the material, you must develop a study plan that maximizes your time. One fatal error is attempting to reproduce the syllabus into your own notes. That exercise is a massive misuse of time and could cause you to skip practicing multiple choice questions and/or mock exams.
Practice Concepts
Even if you have the technical knowledge, you still need to practice a significant amount of multiple choice questions in order to apply your knowledge to exam-based questions. The more you can practice, the stronger you will become in applying your knowledge. Answering questions incorrectly outside of the testing center, and identifying why you answered them wrong, may help prevent you from making the same mistakes on exam day.
Try Some Free CFA Flashcards to Practice Concepts
Remember To Finish Your Practical Skill Modules
Practical Skill Modules (PSMs) need to be completed to receive exam results. They can be found in CFAI's Learning Ecosystem and should be finished before your exam results date.
If you do not complete a PSM by the time results are released, your exam result will be voided, and you will not be provided with a pass or fail result. To continue your journey in the CFA Program, you will be required to retest at the same exam level.
CFA Program Practical Skills Modules Guide >>
CFA Level I Study Guide Essentials
These comprehensive exam prep materials include some of our most popular free CFA Level I resources to help prepare you for the CFA exam.
CFA Level I QBank
Kaplan Schweser’s Level I QBank provides you with thousands of multiple choice practice questions that reflect the actual exam so you don’t get surprised or overwhelmed on exam day.
CFA Level I Notes
Kaplan SchweserNotes™ contains 5 volumes of bite-sized segments and examples that help you break down the CFA Program curriculum and learn every Learning Outcome Statement plus questions to check your understanding. Also included is our SchweserNotes™ Module Videos which provide 40+ hours of recorded videos to reinforce your understanding of the material. If you are an auditory learner, consider adding Level I SchweserNotes™ Audio to your CFA prep materials.
CFA Level I OnDemand Classes
Learn from expert instructors on your own schedule with in-depth video lectures covering every topic in the Level I CFA® Program curriculum.
CFA Level I Exam Flashcards
Kaplan Schweser Level I flashcards help you memorize CFA exam-specific content so you can study with confidence.
CFA Level I Mock Exams
Kaplan Schweser Level I mock exams allow you to practice taking computer-based exams and get feedback on your performance. Learn how to use a CFA mock exam to sharpen your testing skills and get familiarized with the actual interface you’ll use on the actual CFA exam.
CFA Level I Exam Secret Sauce
Kaplan Schweser's Secret Sauce® is a book for (expert reviews) of the CFA Program syllabus that provides (you) candidates with insights and tips to prepare for exam day.
CFA Level I Review Workshops
Kaplan Schweser CFA Program review workshops give you access to expert CFA instructors to help you practice exam-taking techniques and build speed during the final weeks of preparation.
Take a free diagnostic exam
Feeling Ready For The Exam?
Eliminate Guesswork in Your CFA® Prep
Our representatives are ready to guide you in choosing the right education package for your exam-day success. Schedule a time to talk to one of our financial education experts and have all your questions answered.
Free eBook: Before You Decide to Sit for the CFA® Program Exam
Free eBook: CFA® Program Fundamentals, 2nd Edition
When Are You Taking The CFA Exam?
clearReady to Pass the CFA® Exam?
