Level 1 is the entry point to the CFA course and tests a broad range of topics. A clear plan and consistent practice matter more than raw hours alone.
Know the exam
Level 1 is a computer-based, multiple-choice exam covering ethics, quantitative methods, economics, financial statement analysis, corporate issuers, equity, fixed income, derivatives, alternative investments and portfolio management. Format, weights and exam windows change, so check the CFA Institute website.
CFA Institute suggests candidates plan for several hundred study hours per level (commonly cited as 300 or more). Count the weeks left and divide your hours across topics.
Step 2: Prioritise by weight and difficulty
- Start with ethics and quantitative methods as foundations.
- Spend extra time on financial statement analysis, equity and fixed income, which carry significant weight.
- Give derivatives and alternative investments enough time; they are often seen as tricky.
Step 3: Study, then practise immediately
After each topic, attempt practice questions. This reveals gaps while the material is fresh.
Step 4: Use a weekly rhythm
- Four to five days of new topics
- One day of practice questions
- One day of review and rest
Step 5: Master formulas and concepts
Build flashcards for formulas and definitions. Understand why a formula works, not only how to use it.
Step 6: Take mock exams
In the final weeks, take full-length timed mocks. Review every wrong answer and note the pattern behind your mistakes.
Do not neglect ethics
Ethics carries real weight and can help in borderline cases. Practise application questions regularly.
Manage time in the exam
- Move on from questions that take too long
- Mark and return
- Answer every question; there is typically no penalty for guessing
Common mistakes
- Starting late and cramming
- Reading without practising
- Skipping weaker topics
- Not simulating exam conditions
Coaching and support
Structured coaching helps with pacing, doubt solving and mocks. TWSS offers CFA preparation alongside its finance programmes
Mindset
Consistency beats intensity. Protect your study hours, stay healthy and treat each week as a milestone.
Ready to start the CFA course? Speak to a TWSS counsellor for a study plan.
