The Chartered Financial Analyst (CFA) examination is one of the most difficult financial certifications in the world, thus, you must have a structured and disciplined study approach. Candidates face a deep evaluation through a broad syllabus that extends across ethics, financial reporting, equity, fixed income, and portfolio management, and thus should have a well-planned study schedule to optimize their chances of success. Here are eight key steps to develop an effective CFA Level 1 Exam Study Plan For 2025.
Table of Contents
Step 1: Understand the Structure of the CFA Exam
Before we form a master plan on how to study for CFA, it is important to familiarize ourselves with the structure of CFA exam. There are three levels to the CFA program, each of which requires a solid understanding of financial concepts.
- Level I has a focus on basic financial principle, ethics and quantitative methods.
- Level II is analytical in nature and focusing more on financial reporting as well as valuation, asset pricing models, etc.
- Level III assesses candidates on portfolio management and wealth planning.
Consider which level you are preparing for, as each has unique study techniques you should implement into your study plan.
Step 2: Establish a Reasonable Timeline
Candidates often need a total of 300-400 hours of prep time per level, distributed across a minimum of four to six months. Factors to consider when establishing a study timeline:
- When your exam is going to be held: Start counting backwards from exam date to find time to study.
- Use the following daily and weekly goals: 12-15 hours per week for a structured approach.
- Work and personal commitments: Manage other aspects of life like work, family, and personal time with your study schedule.
Since we already know that making a timetable makes sure that a last-minute study and learning is not what you do, but rather make it a habit of studying something new every single day!
Step 3: Break Down the CFA Curriculum
The CFA Institute has defined an official curriculum which in turn is divided into 10 topics set with different weightages. When you divide the syllabus into smaller parts it helps you to allocate your time appropriately.
The topic weightages for Level I are as below:
| Topic | Weightage (%) |
| Ethical and Professional Standards | 15-20% |
| Quantitative Methods | 8-12% |
| Economics | 8-12% |
| Financial Reporting & Analysis | 13-17% |
| Corporate Finance | 8-12% |
| Equity Investments | 10-12% |
| Fixed Income | 10-12% |
| Derivatives | 5-8% |
| Alternative Investments | 5-8% |
| Portfolio Management | 5-8% |
Focus on high-weightage subjects but take a balanced approach toward each topic.
Step 4: Choose the Right Study Materials
Actually, CFA candidates can use both sets of materials: that of the official CFA Institute and of third-party sources.
Here are some recommended materials you can use to study:
- CFA Institute Curriculum – The official material with thorough explanations and end-of-chapter questions.
- Schweser Notes (Kaplan) — Concise summaries and practice problems for fast revision
- Wiley Study Guides for the CFA – Thorough text with a narrative forum, concepts description, and practice questions
- CFA Prep Providers — Can assist via online courses and coaching programs for structured learning
The “right mix” of materials, self-study or guided instruction, is entirely dependent on your learning style.
Step 5: Draft a Weekly Study Schedule
A good study plan would also take care of all the CFA topics while also leaving you with time for revision and practice. Here’s an example of a weekly schedule for a six-month study plan:
- Months 1-3: Study concepts (Ethics, FRA, Equity, Fixed Income).
- Months 4–5: Review topics and begin full-length mock exams.
- Months 5–6: Questions and mocks & weak areas
Example Weekly Plan:
| Day | Study Activity |
| Monday | Ethics + 30 practice questions |
| Tuesday | Financial Reporting + Concept Notes |
| Wednesday | Quantitative Methods + Formula Review |
| Thursday | Fixed Income + End-of-Chapter Questions |
| Friday | Equity Investments + Mock Test |
| Saturday | Portfolio Management + Flashcards |
| Sunday | Full Revision + 60 Practice Questions |
Step 6: Use active learning methods
Books are not enough to ace CFA exams. Active Learning: Retain Concepts Better Instead
- Reading Question: Read 10+ sets of RCs | Prepare vocab before the exam
- Flashcards & Summaries: Use Anki or Quizlet to quickly pump up that memory of formulas and concepts
- Mind Maps: Make topic wise maps to relate the connections with one another.
- Teaching Method: Try to explain concepts to others or record yourself explaining it.
Active learning enhances understanding and minimizes the chance of forgetting important concepts.
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Step 7: Practice Tests and Progress Monitoring
The most important aspect of CFA preparation is mock exams. Try and do at least 5-6 full-length mocks (preferably your last 5-6 mocks) before the exam date.
- Attempt full-length mocks later, start with topic-wise tests.
- Learn from the errors committed in each mock and take corrective measures of the weak areas.
- Try to mimic actual exam conditions (time yourself, limit distractions).
Official mock exams are released by the CFA Institute and are the best practice for the real, similar tests.
Step 8: Review, and Create an Exam-Day Strategy
- For the last month, the focus should be on revision, remember formulas and exam strategy.
- Review important formulas from Quantitative Methods, Fixed Income & Corporate Finance.
- Extensive revisiting of Ethics — If your overall score is borderline, an outstanding Ethics score can nudge you across the line.
- Practice timing when you take practice questions—with Level I, try to aim for 1.5 minutes per question.
- Maintain health — sleep adequately and avoid burning out before the exam.
On Exam Day:
- Arrive early and stay calm.
- Read the questions carefully — many of them are tricky.
- Use time wisely — do not spend too much time on a question.
Conclusion
The CFA exam study plan should not only be well laid out but also rigorously followed and continually assessed and inputted into the structure. Use realistic goals, high-quality resources, practice, and write mock exams are the key factors to passing your exam. It is a challenging journey, but with the right mindset, you can accomplish it! My dear, be determined, be consistent and your goal will come to you.
Common Questions About the CFA Exam Study Plan
- How many hours should I study for CFA exam?
Guidance in preparing MAUs: Candidates should spend 300-400 hours per level for effective preparation.
- How do you prepare for CFA exam?
Study according to a structured plan, refer to CFA focuses & third-party materials, take mock tests.
- How many mocks should I attempt before my CFA exam?
To assess readiness, go for a minimum of 5-6 mock tests full-length.
- Topics in CFA Level I exam with Highest Weightage
The biggest weighted scores are in Ethics, Financial Reporting & Analysis, and Equity Investments.
- Can you pass the CFA exam with self-study only?
Yes, but the coaching, practice tests and study groups will help.
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