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.
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.
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 |
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
Both approaches work.
Following the curriculum order (Tools → Portfolio Management → Asset Classes → Ethics) provides logical subject flow and works well if you prefer structure.
A custom order (starting with Quant → FSA → asset classes → Ethics last) optimizes for learning psychology by tackling difficult content while motivation is high and saving memorization-heavy topics for final weeks.
Allocate study time based on exam weight and difficulty. High-weight topics (Ethics 15-20%, FSA 11-14%, Fixed Income 11-14%, Equity 11-14%) deserve 40-60 hours each. Medium-weight topics (Portfolio Management 8-12%, Economics 6-9%) need 25-40 hours. Lower-weight topics (Derivatives 5-8%, Alternatives 7-10%) require 20-30 hours.
Total recommended: 300-400 study hours.
Ethics is 15-20% of the exam but is heavily memorization-based rather than conceptual. Material studied 3-4 weeks before the exam has the highest retention rates. Additionally, Ethics builds minimal foundation for other topics, so studying it last doesn’t disadvantage you elsewhere.
Review Ethics twice: light overview early, intensive study in final month.
Yes for most topics, with one exception: Quantitative Methods is intentionally split. Study QM Learning Modules 1-4 first (time value of money, basic statistics), then return to QM Learning Modules 5-11 later (hypothesis testing, regression) after you’ve seen how statistics applies in other topics like Portfolio Management and Economics.
Focus on high-weight topics first: Ethics (15-20%), FSA (11-14%), Fixed Income (11-14%), Equity (11-14%), and Portfolio Management (8-12%) represent 60-72% of the exam.
If time-constrained, reduce depth (not breadth) on Derivatives (5-8%) and Alternative Investments (7-10%), but still cover all learning outcomes.
Study order matters more for non-finance candidates. Starting with Quantitative Methods builds essential calculator skills and foundational math. Following with FSA teaches accounting literacy needed throughout the exam. Finance professionals can adapt the order to their strengths but should still save Ethics for last.
Complete 20-30 practice questions after finishing each topic to test comprehension before moving forward. CFA curriculum’s end of chapter questions are perfect for this. In your final 6 weeks, shift to full mock exams while reviewing weak areas. Don’t wait until you’ve covered all topics to start practicing – immediate reinforcement improves retention.
CFA Institute transitioned from “Readings” to “Learning Modules” (LMs) in recent years. They’re essentially the same – LMs are more granular breakdowns of curriculum content.
The 2026 Level 1 curriculum contains 93 Learning Modules across 10 topics. Study order applies equally whether you’re using readings or LM numbers.
No major adjustments needed. Whether testing in February, May, August, or November, the optimal sequence remains the same. However, adjust your study intensity and review frequency based on available time. Candidates with 6+ months can study more deliberately; those with 3-4 months should increase weekly hours but keep the same topic order.
You’re ready to move on when you can: (1) Score 70%+ on practice questions for that topic, (2) Explain key concepts without referencing notes, (3) Complete practice questions in the required time, and (4) Identify the topic’s high-weight learning outcomes. Don’t aim for 100% mastery before moving on – you’ll review again during mock exams.
Most prep providers (Kaplan Schweser, UWorld, etc.) follow curriculum order since they’re creating materials to match CFA Institute’s sequence. You can still use their materials in this recommended order – just jump between their books/modules following this sequence. Your study planner should match your chosen order, not necessarily your prep provider’s order.
If you have any questions about the CFA Level 1 study order, comment below!
P.S – these resources may be helpful:
Hi,
Can you please provide a study order for FRM Part 1 like this?
Hello Would like to enroll for the CFA Level 1 2024 but currently saving up. Can some one kindly share the study material to my email [email protected]. I will be grateful
When can the CFA Level 1 Study Order be updated according to 2024 Curriculum ? I also recently got my study planner but noticed that its according to the 2023 curriculum, can this be updated as well ?
Hi 300hours Team,
I have enrolled for November 24 CFA level 1. Please help me out with better study plan. I would be helpful.
Thanking you in advance.
Hello 300Hours team,
I’m enrolled for the Level I in May 2024 exam, but I noticed that the are differences in the new order of the curriculum. I hope you could help us with the updated study plan.
Thanks in advance.
Hi @Sam – if you can shoot an email with your study planner to zee AT 300hours.com, I’ll take a look and sort you out! 👍
Hey Zee!!
Thank you for your answer, I did some search and updated my study strategy with no issue.
Thank you for all the nice content
Hey I am planning for August 2024, can you please forward me the study planner
Hey guys i have a query please answer. Iam thinking to take my cfa lvl 1 exam in feb 2024, and I’ve got a little over 4 months for preparation. Should I take the exam in feb 2024 or may 2024? But there’s is a catch, I have to give my CFA lvl 2 exam in Nov 2024 as after giving my cfa lvl 1 exam in feb or may, i just cannot wait to give the lvl 2 exam in may. Tell me what should i do?
Hi Chaitanya Prabhakar, it’s a tricky one as it depends on you.
Level 2 is harder than Level 1, so personally if I can give L2 more time than 4 months of study (which is extremely hard to do with a full time job, as I’ve experienced myself), I would. My recommendation would be to go for Level 1 in Feb 24, work really smart and hard for it in 4 months with lots of studying and practice question, so that you have 6 months or more for Level 2 in Nov 2024.
On the other hand, depending on your level of discipline and work schedule, rushing for L1 in Feb 2024 and ending up failing doesn’t help either. So only you can answer this depending on your study personality and motivation, as well as work/life situation. But assuming you’re a highly motivative, disciplined candidate that would try your best and give it a good go, I’d recommend L1 Feb 2024, and hopefully better chance of passing L2 Nov 2024.
Hello! i will be appearing for my CFA level 1 exam on 22nd February 2024. I just want to confirm if all that content and help on this website still applies for 2024 attempt and that curriculum.
Thank you.
Hi Taha, we will be updating our strategy for 2024 L1 soon 🙂
I don’t understand how the LMs are numbered; in the contents pages of the CFA books, for each big topic, it starts with LM1, it doesn’t continue up to LM 73?
It isn’t clearcut at the moment Florencia. We think CFA Institute is in the midst of transitioning to LMs, so some chapters have LMs, but others haven’t been broken down into smaller Learning Modules as yet. Best to refer to the titles of the reading/LMs for now.
What about the best order for 2023?
Hi everyone,
with the registration for the May 2022 Level 1 exam, I have access to the official CFA Program Curriculum, Volume 1-6.
Is learning based on that sufficient, or is it advisable to also buy the Kaplan Schweser textbooks?
Thanks for any help!
We would suggest getting some third-party provider materials. To help you make your decision on whether to get third-party provider materials, we’ve written a guide: https://300hours.com/third-party-cfa-prep-books/
Hi, I’ve been studying with the 2020 version (study sessions) from the cfa website while I was waiting for the results of the CFA scholarship. Would I need to study again with the newest version after the registration?
I would recommend studying with the new curriculum. The 2020 curriculum is really the 2019 curriculum (CFA Institute froze it for 2020 because of the pandemic) so at this point the 2021 curriculum would have incorporated 2 years worth of changes. Here’s our guide to the curriculum changes introduced. Good luck!
Hi there,
Where can i find the “Readings”? which text book is this article referring to?
The official CFA curriculum – the curriculum text that you get in soft copy when you register for the CFA exam.
Is there any update to 2022? Sorry kind of lost.
Yes, the curriculum changes every year – the summary of changes from 2021 to 2022 can be found here. However our recommended order of study for 2022 remains unchanged.
Can you please update your proposed order for 2022 L1? (considering some readings have been added/ some deleted).
Hi Roberto, we plan to update the proposed order in a few months time as there are still 2021 L1 candidates. However, judging from the overall minor changes for L1 2022’s syllabus, we suspect the recommended topic study order wouldn’t change much, if at all!