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2026 curriculum
CFA Level 1 topics
The complete Level 1 curriculum, topic by topic. Each entry lists its subtopics and the learning outcomes beneath them, so you can see exactly what the exam covers before you start.
What the curriculum contains2026
- Core topics10the ten examinable areas
- Subtopics99across all topics
- Key points521learning outcomes covered
- Curriculum year2026the standards these follow
Counted from the curriculum map itself rather than typed into the copy, so the figures move when the curriculum does.
Topics
ยงย 01Exam topics
Open any topic to see its subtopics and the learning outcomes beneath them.
Quantitative Methods
6-9%Statistical and mathematical tools for investment analysis and portfolio management.
11 subtopics56 Key Concepts
Economics
6-9%Microeconomic and macroeconomic principles affecting investment decisions.
8 subtopics41 Key Concepts
Corporate Issuers
6-9%Corporate governance, capital structure, and business operations analysis.
7 subtopics35 Key Concepts
Financial Statement Analysis
11-14%Analysis and interpretation of financial statements for investment decisions.
12 subtopics61 Key Concepts
Equity Investments
11-14%Equity markets, security analysis, and valuation techniques.
8 subtopics48 Key Concepts
Fixed Income
11-14%Bond markets, valuation, and interest rate risk management.
19 subtopics97 Key Concepts
Derivatives
5-8%Derivative instruments, pricing, and risk management applications.
10 subtopics50 Key Concepts
Alternative Investments
5-8%Private equity, real estate, commodities, and hedge fund investments.
7 subtopics38 Key Concepts
Portfolio Management
8-12%Portfolio theory, asset allocation, and risk management strategies.
6 subtopics36 Key Concepts
Ethical and Professional Standards
15-20%CFA Institute Code of Ethics, Standards of Practice, and GIPS.
11 subtopics59 Key Concepts
CFA Level 1 Exam Structure
Understanding the exam weight distribution helps you allocate study time effectively
Quantitative Methods
6-9%
Economics
6-9%
Corporate Issuers
6-9%
Financial Statement Analysis
11-14%
Equity Investments
11-14%
Fixed Income
11-14%
Derivatives
5-8%
Alternative Investments
5-8%
Portfolio Management
8-12%
Ethical and Professional Standards
15-20%
Exam Format
The CFA Level 1 exam consists of 180 multiple-choice questions split across two 2-hour 15-minute sessions. Topics with higher weights naturally have more questions, so prioritize accordingly. Ethical and Professional Standards carries the highest weight at 15-20%.
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2026 Curriculum
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