Why Your CFA Level 1 Study Order Matters
Following the curriculum order blindly can leave you burned out, demotivated, or wasting time on complex topics before you're ready. On the other hand, a well-structured CFA Level 1 prep sequence builds momentum by giving you early wins and deeper conceptual clarity.
Starting strong helps you stay consistent; and consistency is the key to mastering this rigorous exam.
Topic Weightage and Exam Impact
Certain subjects carry more weight in your final score. Here's how the heaviest hitters stack up:
- Ethics: 15-20%
- Financial Reporting & Analysis (FRA): 13-17%
- Quantitative Methods: 8-12%
These three topics alone can make up nearly half your exam score. Prioritizing them in your study order isn't optional; it's strategic.
And don't forget: Ethics often plays a tie-breaker role in borderline cases. That's reason enough to start early and revisit often.
Why the Curriculum Order Isn't Ideal
When it comes to prepping for CFA Level 1, most candidates assume they should follow the curriculum's linear topic order; starting with Ethics and marching straight through to Portfolio Management. But here's the twist: the CFA Institute's sequence is more of a suggestion than a strategy. Your background, strengths, time constraints, and even test-taking style can (and should) reshape the order you tackle the material.
This is especially true when you consider how uneven the topics can feel. Some of the top CFA Level 1 study topics; like FRA, Quant, and Ethics aren't just more heavily weighted on the exam; they also demand more time, depth, and mental stamina. .
For example:
- If you study Derivatives before learning time value of money from Quantitative Methods, you're setting yourself up for confusion.
- Jumping into Fixed Income without foundational math will slow you down.
The best way to study CFA Level 1 is by using a sequence that reinforces concepts, not scatters them. Think scaffolding, not siloed learning.
The Factors That Could Shape Your CFA Study Plan
The best CFA Level 1 prep sequence is not the same for everyone. Your background, available time, and performance goals should all influence your approach. When customized properly, your study order becomes a tool for maximizing every hour you spend preparing.CFA
Factor 1: Your Academic and Professional Background
- Finance majors can begin with FRA or Equity Investments since you already understand the core ideas.
- Engineering or non-finance backgrounds may benefit from starting with Ethics or Quantitative Methods to build core concepts step by step.
- Working professionals should focus first on topics you are already familiar with. This helps build momentum before moving into more complex areas.
Factor 2: Available Study Time and Exam Date
- If you are three months away from the exam, you need to prioritize high-weight topics like Ethics, FRA, and Quant early.
- If you have six to eight months, you can take a more balanced approach. This gives you more time for spaced review and in-depth understanding.
Factor 3: Your Target Score and Confidence Level
To target a score of 70 % or above, you should:
- Start with core subjects such as FRA and Ethics
- Use performance analytics to identify weak areas and revisit them often
- Delay complex topics like Derivatives until you are confident with foundational concepts
Which Is the Best CFA Level 1 Topic-Wise Study Order?
Below is a revised study order grounded in how candidates actually learn best. It prioritizes foundational concepts early, spreads out dense topics to prevent burnout, and places judgment-heavy material later, when your understanding is sharper and more context-rich. This is the sequence top scorers tend to follow, and it's one supported by platforms like UWorld that focus on data-backed outcomes, not just tradition.
1. Quantitative Methods – Part 1
Exam Weight: 6–9%
Begin with the foundational concepts: time value of money, probability, and basic statistics. These tools underpin later topics like Fixed Income, Portfolio Management, and Derivatives. Starting here builds your analytical fluency early.
2. Financial Statement Analysis
Exam Weight: 11–14%
Arguably the most technical section, FRA teaches you how to read, dissect, and interpret real-world financial reports. It's dense and high-yield; early exposure gives you more room to internalize it through practice and spaced repetition.
3. Fixed Income
Exam Weight: 11–14%
This section relies heavily on your grasp of time value and discounting principles. Once you've studied Quant and FRA, you'll be better equipped to tackle bonds, interest rates, and valuation mechanics without confusion.
4. Equity Investments
Exam Weight: 11–14%
Builds naturally on FRA and Fixed Income. Valuation models and market efficiency are easier to understand once you've already mastered balance sheets and bond pricing.
5. Alternative Investments
Exam Weight: 7–10%
This topic introduces niche asset classes—real estate, private equity, hedge funds. It's relatively short but adds diversity to your prep without overwhelming you. Place it in the middle to keep momentum steady.
6. Derivatives
Exam Weight: 5–8%
Highly formulaic and abstract, Derivatives can be tough without the right groundwork. That groundwork—Quant, Fixed Income, and Equity—is now in place. Study this once your valuation and pricing intuition is strong.
7. Corporate Issuers
Exam Weight: 6–9%
Focused on capital structure, financing decisions, and dividend policy, this section is best tackled after Equity and Fixed Income, when you understand both firm operations and investor perspectives.
8. Quantitative Methods – Part 2
Exam Weight: 6–9%
Now revisit more advanced concepts like hypothesis testing, regression, and time-series analysis. These are better understood once you've seen them applied in Portfolio Management and Derivatives. Splitting Quant into two rounds ensures better absorption.
9. Portfolio Management
Exam Weight: 8–12%
This is where theory meets integration. Portfolio concepts like risk, return, diversification, and correlation will now resonate more clearly because you've covered all the underlying mechanics. It's the bridge topic before the final chapter.
10. Economics
Exam Weight: 6–9%
Place this here intentionally. Economics is vocabulary-heavy and often conceptual. You're better equipped to tackle monetary policy, inflation, and global markets now that you've seen how financial systems behave across other topics.
11. Ethical and Professional Standards
Exam Weight: 15–20%
Save Ethics for last but review it often. It's the most tested topic, but not one you can “study and forget.” The standards make more sense once you understand how financial professionals interact with markets, firms, and clients. This is where everything converges into decision-making and integrity.
What Tools Help You Follow the Best Study Order?
Following the best CFA Level 1 study order is easier when you use tools designed to support adaptive learning, personalized sequencing, and performance tracking. UWorld offers several features that help you stay on track and study more efficiently.
UWorld CFA QBank's Topic Tracker
The Topic Tracker helps you measure your understanding of each subject. As you practice, the dashboard highlights your weak areas so you know where to focus next. This tool supports continuous improvement and smart revision.
Smart Study Planners and Analytics
UWorld's CFA Level 1 study planner allows you to:
- Create customized study timelines by topic
- Automate spaced revision cycles
- Monitor progress using performance analytics and peer comparisons
By combining these tools with the recommended topic order, you can stay organized and ahead in your CFA prep.
Final Thoughts: Master CFA Level 1 One Topic at a Time
A well-designed study plan that follows the best CFA Level 1 study order can give you a major advantage. You will build stronger foundations, retain more information, and develop the confidence needed for exam day. Combined with the right learning platform; one that offers Level 1 practice questions and Level 1 mock exams, you are not just studying, you are preparing to succeed.
Build a Smarter CFA Level 1 Study Plan Backed by Experts
Frequently Asked Questions (FAQs)
The most efficient study sequence starts with high-weight and foundational topics. Begin with Ethics, FRA, and Quant. Then move to mid-weight subjects like Equity and Corporate Issuers. Finish with lighter or complex topics like Derivatives and Portfolio Management.
Yes. If you find a topic particularly challenging or are falling behind schedule, it is fine to adjust your order. Use mock exam feedback and QBank analytics to guide your changes. Platforms like UWorld support flexible learning without losing your momentum.
Ethics and FRA are often considered the most challenging. Ethics requires nuanced judgment, while FRA involves heavy content. Corporate Issuers and Alternative Investments are usually easier to grasp and quicker to complete.
Use UWorld’s CFA QBank, which offers real-time topic filters and performance breakdowns. This allows you to identify weak areas, plan targeted reviews, and maintain balanced progress across all topics.
