How to pass CFA Level 1: a 6-month study plan for 2027 exam windows
Plan 300 hours across 26 weeks, order topics by their 2027 exam weight, and know what mock score to aim for before exam day.
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To pass CFA Level 1, plan for about 300 hours of study, which is roughly 12 hours a week for six months, and finish with timed mock exams. CFA Institute says successful candidates report spending over 300 hours on average per level. The plan below spreads those hours across 26 weeks, in an order based on the 2027 topic weights, and keeps the last month for mocks. Start on 16 November 2026 for the May 2027 window, or on 22 February 2027 for August 2027. Both leave about 25 weeks before the window opens (11 May and 15 August), so week 26 only applies if your appointment is at the end of the window. If it's earlier, start a week sooner or fold week 26 into week 25.
How many hours does CFA Level 1 take?
Around 300 hours. Over 26 weeks, that's about 12 hours a week. If you work full time, one way to fit it in is two hours on four weekday evenings and four hours at the weekend.
It helps to know what you're preparing for. The Level I exam has 180 multiple-choice questions, split into two sessions of 135 minutes with 90 questions each. That works out at about 90 seconds a question. Every question has three answer options, all questions carry the same weight, and you don't lose marks for a wrong answer. So never leave one blank.
CFA Level 1 exam windows and fees for 2027
Level I is held four times a year, usually in February, May, August and November. Registration for February 2027 has now closed, so May or August 2027 is the realistic target for a six-month plan.
| Window | Exam dates | Registration |
|---|---|---|
| May 2027 | 11 to 17 May | Early fee ended 14 Oct 2026, closes 10 Feb 2027 |
| Aug 2027 | 15 to 22 Aug | Early fee until 20 Jan 2027, closes 29 Apr 2027 |
| Nov 2027 | 13 to 19 Nov | Check CFA Institute for dates |
Source: CFA Institute dates and fees; window dates and deadlines from Edufite, to confirm on CFA Institute's calendar before you pay. Last checked: 13 November 2026.
Level I costs USD 1,140 (about £860) at the early rate or USD 1,490 (about £1,130) at the standard rate. For May 2027 only the standard rate is left. To get the early rate for August 2027, register by 20 January 2027. The old USD 350 (about £265) enrolment fee was dropped, according to CFA Institute's pricing announcement. Fees are listed in US dollars without local taxes, which are added at checkout if they apply to you. Test centre appointments go on a first come, first served basis, so book your date early using the scheduling guide.
What does a 6-month CFA Level 1 study plan look like week by week?
The plan has three phases: learn every topic (weeks 1 to 19), review (weeks 20 to 22), then sit mocks (weeks 23 to 26). It totals about 314 hours, which gives you a little room if a week goes wrong.
| Weeks | Focus | Hours | Main task |
|---|---|---|---|
| 1 to 3 | Quantitative Methods | 36 | Readings, questions, start error log |
| 4 to 5 | Economics | 24 | Readings, plus Quant recap questions |
| 6 to 9 | Financial Statement Analysis | 48 | Readings, plus earlier topic recaps |
| 10 | Corporate Finance | 12 | Readings and topic questions |
| 11 to 12 | Equities | 24 | Readings, plus earlier topic recaps |
| 13 to 14 | Fixed Income | 24 | Readings and topic questions |
| 15 | Derivatives and Risk Management | 12 | Readings and topic questions |
| 16 | Alternative Investments | 12 | Readings and topic questions |
| 17 | Portfolio Construction | 12 | Readings and topic questions |
| 18 to 19 | Ethics | 24 | Code and Standards, case questions |
| 20 to 22 | Review and question bank | 36 | Weakest topics, mixed question banks |
| 23 to 25 | Timed mocks and review | 42 | Three full mocks, review by topic |
| 26 | Ethics, error log, rest | 8 | Light questions before exam day |
Source: hours based on the 300-hour figure and 2027 topic weights in CFA Institute's Level I exam outline. Last checked: 13 November 2026.
You can download the 26-week plan as a spreadsheet, with start dates for both the May and August 2027 windows.
Each week, follow the same routine:
- Read the curriculum for that week's topic early in the week.
- Do the end-of-chapter questions in the same week, while the reading is fresh.
- Start each new week with 30 minutes of questions on earlier topics, so you still remember Quant by April.
- Write every wrong answer in an error log, with one line on why you got it wrong.
If you're aiming for May, weeks 6 and 7 fall over Christmas. If you know you'll lose time there, move one week of Financial Statement Analysis into week 20. Use the review weeks to finish the Practical Skills Module too. CFA Institute releases results 5 to 7 weeks after the exam, and only once you've completed it.
If a reading still isn't making sense after a second go, ask Medly's AI tutor to explain it a different way, then test yourself on it. The free plan includes 20 AI tutor messages a day, with no card needed and no end date.
Is 4 months enough for CFA Level 1?
Yes, if you can give it 18 to 20 hours a week. That's about 300 hours over 17 weeks. It suits candidates who already know accounting or finance from a degree or their job. If you can't manage 18 hours a week, stick to the six-month plan.
- Weeks 1 to 12: learn all ten topics in the same order as the six-month plan. Give about a week and a half each to Quant, Financial Statement Analysis, Equities and Fixed Income, and a week to each of the other six.
- Weeks 13 to 14: review your weakest topics and work through mixed question banks.
- Weeks 15 to 17: sit three timed mocks, review every one, and go through Ethics a final time.
To sit in May 2027 on this plan, start on 11 January 2027 and register by 10 February 2027.
Which CFA Level 1 topics should you study first?
Start with the topics that later ones build on. Quantitative Methods comes first because time value of money and statistics come back in Fixed Income, Equities and Portfolio Construction. Financial Statement Analysis goes before Equities and Corporate Finance, and Fixed Income goes before Derivatives.
| Topic | Session | 2027 weight | Questions |
|---|---|---|---|
| Ethical and Professional Standards | 1 | 10 to 15% | 18 to 27 |
| Quantitative Methods | 1 | 11 to 14% | 20 to 25 |
| Economics | 1 | 6 to 9% | 11 to 16 |
| Financial Statement Analysis | 1 | 11 to 14% | 20 to 25 |
| Corporate Finance | 1 | 6 to 9% | 11 to 16 |
| Equities | 2 | 11 to 14% | 20 to 25 |
| Fixed Income | 2 | 11 to 14% | 20 to 25 |
| Derivatives and Risk Management | 2 | 6 to 9% | 11 to 16 |
| Alternative Investments | 2 | 6 to 9% | 11 to 16 |
| Portfolio Construction | 2 | 8 to 12% | 14 to 22 |
Source: CFA Institute Level I exam outline. Question counts are our estimate from 180 questions. Last checked: 13 November 2026.
Quant, Financial Statement Analysis, Equities, Fixed Income and Ethics together make up 54% to 71% of the exam. The weights changed for 2027. Ethics drops from 15 to 20% to 10 to 15%, and Quant rises from 6 to 9% to 11 to 14%. Derivatives and Alternative Investments shift slightly, and four topics have new names, such as Corporate Issuers becoming Corporate Finance. If you're using notes from someone who sat in 2026, check them against the 2027 curriculum.
Why does Ethics need extra time?
Even at 10 to 15%, Ethics could be up to 27 questions. Those questions often depend on the exact wording of the Code and Standards, and two of the three answers can both look sensible. Reading the Standards once doesn't prepare you for that. You learn them by working through lots of short case questions and checking why the right answer is right. Ethics also comes back at Levels II and III, so time you spend on it now carries forward.
That's why the plan gives Ethics two full weeks and another pass in week 26, when it'll still be fresh on exam day.
What mock score means you're ready for CFA Level 1?
CFA Institute doesn't publish how many questions you need to get right. Its Board of Governors sets the minimum passing score, as explained in its results guide. Many candidates aim for 70% or more on CFA Institute's own mock exams as a sign they're ready. It's a rule of thumb, but a useful one.
| Exam window | Candidates | Overall pass rate | First-time pass rate |
|---|---|---|---|
| Feb 2026 | 24,006 | 45% | 50% |
| May 2026 | 31,566 | 39% | 45% |
| Aug 2026 | 28,145 | 43% | 49% |
Source: CFA Institute results for February, May and August 2026. Last checked: 13 November 2026.
Candidates who had deferred at least once passed at 29% in August 2026, compared with 49% for first-time candidates. It's worth choosing a window you know you can sit.
Registration gives you mock exams in the Learning Ecosystem, and an optional practice pack adds more. Sit each mock in full: two 135-minute sessions with a break, at the same time of day as your exam. Then sort your wrong answers by topic. Any topic where you're scoring well below your overall mark goes straight back into your review time. Our guide to revising notes explains how to turn that error log into quick self-tests.
Frequently asked questions
How much do you have to score to pass CFA Level 1?
CFA Institute doesn't publish a pass mark as a percentage. Its Board of Governors sets the minimum passing score when the curriculum or candidate group changes significantly, and the standard is carried forward between exams by equating. Many candidates aim for 70% or more on CFA Institute mocks before exam day.
What is a good 6-month study plan for CFA Level 1?
About 12 hours a week for 26 weeks. Spend 19 weeks learning the ten topics, 3 weeks reviewing and 4 weeks on timed mocks and a final Ethics review.
Is 4 months enough for CFA Level 1?
Yes, if you can study 18 to 20 hours a week and already have some finance or accounting background. With less time than that each week, six months is safer.
Where can I download the CFA Level 1 curriculum?
The curriculum is in the CFA Program Learning Ecosystem, which you can use once you've registered. For a 2027 exam, study the 2027 curriculum, because the Ethics and Quant weights have changed.
How many times a year can you take CFA Level 1?
Up to twice in a calendar year. You can't sit it in back-to-back windows, or in windows less than six months apart, according to CFA Institute's registration guide.
When do CFA Level 1 results come out?
Within 5 to 7 weeks of your exam, once you've also completed the Practical Skills Module. Finish the module before exam day so your result isn't held up.