Best CFA Level 1 Study Order: Optimized Topic Sequence 2026

The optimal CFA Level 1 study order differs from the CFA curriculum sequence.

Start with Quantitative Methods (first part) to build foundation skills, then tackle high-weight topics like FSA and Fixed Income while motivation is high. Save Ethics for last when memorization is freshest.

This strategic sequence balances difficulty, topic weight, and concept dependencies across 93 Learning Modules.

In our opinion, the best CFA Level 1 study order starts with Quantitative Methods (foundation concepts), then Financial Statement Analysis, Fixed Income, and Equity (high-weight asset classes), followed by remaining asset classes, Corporate Issuers, the second part of Quantitative Methods, Portfolio Management, Economics, and Ethics last.

This sequence differs from CFA Institute’s curriculum order for strategic reasons: it builds foundational skills first, tackles difficult high-weight topics while motivation is high, groups related concepts together, and saves Ethics for the final weeks when memorization is most effective.

The 2026 CFA Level 1 curriculum contains 93 Learning Modules across 10 topics. While studying in curriculum order works fine, this optimized sequence improves retention and exam performance based on feedback from thousands of successful candidates.

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Should I follow the CFA curriculum order or a custom study order?

Following CFA Institute’s curriculum order works for many candidates, especially those who prefer a structured approach.

The 2026 CFA curriculum organizes topics as: Tools → Portfolio Management → Asset Classes → Ethics, which provides a logical flow from foundational concepts to applications.

However, a custom study order offers three strategic advantages:

• Builds momentum with early wins: Starting with Quantitative Methods and Financial Statement Analysis gives you two high-value topics that build essential skills for everything else. Mastering these early creates confidence and momentum.
• Tackles difficult content while motivation is high: High-weight topics like Fixed Income (11-14%) and Equity (11-14%) are challenging. Studying them in months 2-4 when you’re most motivated (rather than month 6 when fatigue sets in) improves mastery and retention.
• Groups related concepts: Studying asset classes consecutively (Fixed Income → Equity → Alternatives → Derivatives) allows concepts to build on each other while they’re fresh in your memory, rather than spreading them across months.

The key difference: CFA curriculum order prioritizes logical subject flow, while this optimized order prioritizes learning psychology and exam weight.

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What is the recommended study order for CFA Level 1 topics?

CFA Institute has confirmed that the design of the modules in each study session do not assume that the candidate approaches the study sessions in any particular order.

With this in mind, we have developed our own study plan to ensure candidates have sufficient time to:

• master the difficult and high-weighted topics,
• balance the need to stay motivated, alternating between the tougher and easier topics, whilst being mindful of the sensible linkages between topics to maximize absorption.

In short, this led me to the following suggested CFA Level 1 study order and plan for curriculum in 6 months (LM numbers correspond to our free CFA study planner):

CFA Level 1 Topic Study Order	2026’s Curriculum (93 Learning Modules)	Estimated study hours	Study timeline	Why this order?
1) Quantitative Methods (first part)	Topic 1: LM 1-4	25-35 hours	Weeks 1-2	Builds foundation for TVM, calculator skills, basic statistics
2) Financial Statement Analysis (FSA)	Topic 4: LM 27-38	50-70 hours	Weeks 2-7	High weight (11-14%), essential for equity/fixed income valuation
3) Fixed Income	Topic 6: LM 47-65	50-70 hours	Weeks 8-12	High weight (11-14%), builds on TVM concepts from Quant
4) Equity	Topic 5: LM 42-46 first, then 39-41	50-60 hours	Weeks 13-16	High weight (11-14%), applies FSA knowledge
5) Alternative Investments	Topic 8: LM 76-82	25-35 hours	Weeks 17-18	Medium weight (7-10%), straightforward content
6) Derivatives	Topic 7: LM 66-75	25-35 hours	Week 18-19	Lower weight (5-8%), builds on all asset class knowledge
7) Corporate Issuers	Topic 3: LM 26-32	30-40 hours	Week 19-20	Medium weight (6-9%), overlaps with FSA
8) Quantitative Methods (second part)	Topic 1: LM 5-11	35-45 hours	Weeks 20-21	Challenging statistics after seeing applications
9) Portfolio Management	Topic 9: LM 83-88	35-45 hours	Weeks 21-22	Medium-high weight (8-12%), synthesizes prior knowledge
10) Economics	Topic 2: LM 12-19	30-40 hours	Weeks 22-23	Medium weight (6-9%), less dependent on other topics
11) Ethics	Topic 10: LM 89-93	40-60 hours	Weeks 21-26 (concurrent with topics 8-10, then intensive in weeks 24-26)	Highest weight (15-20%), best retention when studied last
Mock exam practice	Review all topics	20-30 hours	Weeks 24-26	4-6 full mocks to assess readiness and identify weak areas

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1st: Quantitative Methods (1st part, 6-9% exam weight)

We approach Quantitative Methods in 2 parts.

In this first part, Learning Module (LM) 1-4 forms the absolute foundation of the CFA Level 1 syllabus. Covering concepts such as the Time Value of Money (TVM), Present & Future Values, and Annuities. A solid understanding of these topics will pay dividends later in areas such as Asset Valuation and Portfolio Management. 

During the course of this study session, you will also be expected to get to grips with the official CFA calculator, the Texas Instruments BA II Plus. Check out this BA II Plus calculator guide for more tips.

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2nd: Financial Statement Analysis (11-14% exam weight)

Covering the interactions of the Balance Sheet, the Income Statement and the Cash Flow Statement, LM 28-31 are particularly useful if you are unfamiliar with the basics of accounting.  

You will be focusing on the specific categories of assets and liabilities that are typically susceptible to alternative accounting policies and estimates. 

As an analyst, the ability to interpret company accounts and economic capacity is vital so this area is a significant piece of your learning. Topics covered here include: Inventory Costing (LIFO/FIFO), Depreciation, Intangible Assets, Deferred Taxes, Leasing and Accounting for Bonds.

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3rd: Fixed Income (11-14% exam weight)

Now we will look at the block of Asset Classes readings, which I recommend starting with Fixed Income first (LM 47-65).

Having mastered the concept of TVM in Quantitative Methods, you will be well positioned to quickly understand the topics covered in this session.

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4th: Equity (11-14% exam weight)

Next is Equity, which we recommend looking at LM 42-46 first, then 39-41.

LM 42-46 focuses on the analysis, valuation and characteristics of equity securities. Once again your knowledge of TVM will prove beneficial as you can move quickly from an understanding of equity securities to valuing the equity itself.

With a clear understanding of equity securities from the previous readings, you should be able to move through LM 39-41 with relative ease.

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5th: Alternative Investments (7-10% exam weight)

This is relatively small reading that can be easily overlooked – but do so at your peril.

Covering topics such as Real Estate and Private Equity, this is a relatively straight forward topic area.

It’s a topic you cannot skip, since it has relatively high topic weight given the intensity of the material.

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6th: Derivatives (5-8% exam weight)

Building the conceptual framework for the understanding of basic Derivative Securities, Forwards, Future Options and Swaps, these readings will ensure you are competent in your comprehension of these different financial instruments, which form a foundation for future levels.

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7th: Corporate Issuers (6-9% exam weight)

While there is some overlap in this study session with the accounting section of the syllabus, notably Financial Analysis Techniques, as well Net Present Value and Internal Rates of Return in Quantitative Methods, topics such as Capital Structure, Cost of Capital and Measures of Leverage are the foundations of this study session. 

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8th: Quantitative Methods (6-9% exam weight)

Jumping back into the world of Quantitative Methods (second part), LM 5-11 are often viewed as one of the more difficult areas of the syllabus to master.

Introducing concepts such as sampling and estimation as well as hypothesis, you should be aware that perceived difficulty of these topics may slow the pace of your studies. You should therefore build in adequate time to tackle this session.

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9th: Portfolio Management (8-12% exam weight)

Portfolio planning and the construction process are critical topics in this study session.

In addition, the area of diversification is introduced, and statistical concepts such as standard deviation covered previously are applied in the context of Portfolio Management.

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10th: Economics (6-9% exam weight)

Economics covers three main areas and takes time to get through:

• Microeconomic and Macroeconomic Analysis (LM 12-13): Important particularly if you are new to the world of Economics, these readings introduce the basic concept of supply and demand. Once you have grasped this, you can expand your knowledge to cover the output and costs incurred by firms – fixed, variable and marginal costs. Covering basic macroeconomic concepts this study session begins with the analysis of aggregate demand, supply and output combined with examination of economic growth. Moving onto business cycles in different economies, this session concludes with a look at the fiscal and monetary policy as a backdrop for mitigating economic activity.
• Monetary and Fiscal Policy, Geopolitics, International Trade and Currency Exchange Rates (LM 14-19): This study session explains the flow of goods and services, physical and financial capital across countries. It also provides an overview of currency market fundamentals and introduction to geopolitics.

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Lastly: Ethical and Professional Standards (15-20% exam weight)

This is a crucial topic which isn’t easy, so don’t leave it to the last week. That’s too late.

Ideally, have a review early in your studies and then hit it hard in the final month. Make sure you understand the rule and regulations that make up the Ethics syllabus – scenarios in the CFA curriculum will allow you to put these conventions into a practical context. The questions will be scenario-based so make sure you can apply the rules to hypothetical situations.

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How to implement this study order in your CFA study plan

Month 1-2: Build the foundation (Weeks 1-8)
Start with Quantitative Methods (LM 1-4) in weeks 1-2, then move immediately to Financial Statement Analysis. These topics take 75-105 combined hours. At 15-20 hours per week, this fills your first 5-6 weeks and builds essential skills for everything else.

Month 3-4: Tackle high-weight asset classes (Weeks 9-16)
Study Fixed Income and Equity consecutively. These are your highest-weight asset class topics (11-14% each). Covering them mid-study-period when motivation is high but before final-month fatigue sets in maximizes retention.

Month 5: Complete remaining topics (Weeks 17-20)
Finish Alternative Investments, Derivatives, Corporate Issuers, Quantitative Methods part 2 (LM 5-11), Portfolio Management, and Economics. This requires aggressive pacing at 20-25 hours per week to complete all material.

Month 6: Ethics intensive + Mock exams (Weeks 21-26)
Weeks 21-24: Ethics intensive study (40-60 hours total, approximately 15 hours per week)
Weeks 24-26: Take 4-6 full mock exams (one every 3-4 days) while continuing Ethics review and addressing weak areas identified in mocks.

Total timeline: 26 weeks (6 months) from start to exam day.

Use the 300Hours’ free CFA study planner to track your progress through this sequence and adjust if you fall behind.

Frequently asked questions about CFA Level 1 study order

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If you have any questions about the CFA Level 1 study order, comment below!

P.S – these resources may be helpful:

• Get 300Hours’ upgraded Study Planner for free
• Refer to the latest 2025 CFA curriculum & topic weight changes for all 3 Levels
• CFA Level 1 – The Top 10 Tips from Previous CFA Candidates & Charterholders
• CFA Level 1: How to Prepare & Pass CFA in 18 Months
• CFA Level 1 Cheat Sheets and Free Resources