Article summary
CFA Level I syllabus and eligibility details depend on the exam year and a candidate’s education or professional-experience route. CFA Institute released updated 2027 curriculum content for candidates sitting exams from February 2027. This page was checked on 7 October 2026 and distinguishes that curriculum from 2026 materials; the official exam-year resources should control your study plan.
Level I curriculum for exams from February 2027
CFA Institute’s current Level I outline lists ten topic areas: Ethical and Professional Standards; Quantitative Methods; Economics; Financial Statement Analysis; Corporate Finance; Equities; Fixed Income; Derivatives and Risk Management; Alternative Investments; and Portfolio Construction. The published 2027 weights place Ethics at 10–15%; Quantitative Methods, Financial Statement Analysis, Equities and Fixed Income at 11–14% each; Economics, Corporate Finance, Derivatives and Risk Management, and Alternative Investments at 6–9% each; and Portfolio Construction at 8–12%. Always verify the outline for your registered exam year.
Why the exam year matters
CFA Institute announced that updated curriculum applies to candidates sitting exams beginning February 2027, with changes primarily in Level I Quantitative Methods and Equity Investments. If you are sitting in a 2026 window, use the 2026 resources. If you are sitting from February 2027, use the 2027 outline, readings and candidate resources. Do not mix study notes from different curriculum years without checking the official mapping.
Eligibility: use your own candidate route
CFA Institute currently describes several ways to meet Level I enrolment criteria, including holding a bachelor’s degree, being an undergraduate within the stated graduation-window rules, or meeting the specified combination of higher education and professional work experience. Additional rules apply, including a valid international travel passport and English-language exams. Criteria can change, and detailed conditions depend on the candidate route, so read the official policies before registering.
How long does CFA Level I preparation take?
CFA Institute’s Level I candidate information says successful candidates report spending over 300 hours on average preparing for each level. This is a reported average, not a promise, fixed course length or minimum requirement. Your plan depends on prior knowledge, weekly time, exam date and performance on practice questions. Build a calendar that includes reading, question practice, review and recovery time rather than assuming a course’s advertised duration equals exam readiness.
A study-plan checklist
- Confirm the exam year and download the matching official outline.
- Check your personal eligibility and passport requirements before paying.
- Map each topic to a realistic weekly schedule and reserve review time.
- Use official learning outcomes and practice resources to find gaps.
- Keep exam registration and fee decisions on the official dates-and-fees page.
- Revisit curriculum updates before buying third-party preparation materials.
Review current exam dates and fees
Does CFA Level I cover financial modelling only?
No. Level I spans ethics, economics, quantitative methods, financial statements, corporate finance, investments and other topics shown in the official exam-year outline.
Does the CFA Level I syllabus change every year?
CFA Institute updates its curriculum. Check the outline and candidate resources for the year of your exam; the 2027 Level I curriculum applies beginning with February 2027 exam administrations.
Read the CFA full-form and Program overview
Centaur Careers publishes this guide for general education and career research. It is not an awarding body for CFA and is not affiliated with CFA Institute. Use CFA Institute’s current official policies and exam-year curriculum for registration and study decisions.