CFA Program Level I

Three hundred hours to find around a job. This page tells you where they have gone, which of the ten topics still owe you marks, and what to study in the next hour.

2026 topic outline180 questions, three choices, two sessions

Your hours

0.0 of 300 hours

Set your exam date and this becomes the pace you actually need.

Hours here are measured on this device while a session page was open in front of you. Reading on paper never reaches this counter, so keep your own total too if you study away from the screen.

CFA Institute's own words: successful candidates report spending over 300 hours on average preparing for each level. That is a reported average, not a rule, and you can change the target to your own number.

Where you stand

0%
readiness estimate, uncalibrated
100%0%

The line starts drawing on your second day of study.

Uncalibrated means exactly that: the weighted share of the map you have proved, not a probability of passing. It keeps that label until real pass and fail results exist to calibrate it against.

Start today's session: Equity Valuation: Concepts and Basic Tools The heaviest unit you are furthest behind on. The lesson, its rules and method, then the questions.

The ten topics, and where you are on each

Bar length is what the topic is worth on exam day. The fill is how much of it you have proved: a unit counts once you have answered it correctly and confidently twice, the same bar the readiness reading uses, so the bars and the number can never tell you two different stories.

Ethical and Professional Standards
worth 15 to 20 percent of the exam
4 of 5 units ready
Quantitative Methods
worth 6 to 9 percent of the exam
6 of 11 units ready
Economics
worth 6 to 9 percent of the exam
6 of 8 units ready
Financial Statement Analysis
worth 11 to 14 percent of the exam
11 of 12 units ready
Corporate Issuers
worth 6 to 9 percent of the exam
4 of 7 units ready
Equity Investments
worth 11 to 14 percent of the exam
6 of 8 units ready
Fixed Income
worth 11 to 14 percent of the exam
10 of 19 units ready
Derivatives
worth 5 to 8 percent of the exam
7 of 10 units ready
Alternative Investments
worth 7 to 10 percent of the exam
5 of 7 units ready
Portfolio Management
worth 8 to 12 percent of the exam
4 of 6 units ready

Weights are CFA Institute's own published ranges for the 2026 Level I outline, checked against two sources citing CFA Institute in September 2026. The 2027 curriculum moves Ethics to 10 to 15 percent and Quantitative Methods to 11 to 14 percent; this course teaches the 2026 outline, so it shows the 2026 weights.

The whole map

All 93 modules of the 2026 outline. 63 can serve practice today; the rest say so rather than opening an empty page. Your state is saved on this device, with no account.

TopicModuleStateStudy
Ethical and Professional StandardsEthics and Trust in the Investment ProfessionNot startedno practice items yet
Ethical and Professional StandardsCode of Ethics and Standards of Professional ConductNot startedSession · Practice (14)
Ethical and Professional StandardsGuidance for Standards I-VIINot startedSession · Practice (110)
Ethical and Professional StandardsIntroduction to the Global Investment Performance Standards (GIPS)Not startedSession · Practice (14)
Ethical and Professional StandardsEthics ApplicationNot startedSession · Practice (41)
Quantitative MethodsRates and ReturnsNot startedno practice items yet
Quantitative MethodsTime Value of Money in FinanceNot startedSession · Practice (14)
Quantitative MethodsStatistical Measures of Asset ReturnsNot startedSession · Practice (13)
Quantitative MethodsProbability Trees and Conditional ExpectationsNot startedSession · Practice (13)
Quantitative MethodsPortfolio MathematicsNot startedno practice items yet
Quantitative MethodsSimulation MethodsNot startedno practice items yet
Quantitative MethodsEstimation and InferenceNot startedSession · Practice (13)
Quantitative MethodsHypothesis TestingNot startedSession · Practice (14)
Quantitative MethodsParametric and Non-Parametric Tests of IndependenceNot startedno practice items yet
Quantitative MethodsSimple Linear RegressionNot startedSession · Practice (10)
Quantitative MethodsIntroduction to Big Data TechniquesNot startedno practice items yet
EconomicsThe Firm and Market StructuresNot startedSession · Practice (13)
EconomicsUnderstanding Business CyclesNot startedSession · Practice (14)
EconomicsFiscal PolicyNot startedSession · Practice (14)
EconomicsMonetary PolicyNot startedSession · Practice (14)
EconomicsIntroduction to GeopoliticsNot startedno practice items yet
EconomicsInternational TradeNot startedSession · Practice (12)
EconomicsCapital Flows and the FX MarketNot startedno practice items yet
EconomicsExchange Rate CalculationsNot startedSession · Practice (14)
Financial Statement AnalysisIntroduction to Financial Statement AnalysisNot startedSession · Practice (12)
Financial Statement AnalysisAnalyzing Income StatementsNot startedSession · Practice (24)
Financial Statement AnalysisAnalyzing Balance SheetsNot startedSession · Practice (12)
Financial Statement AnalysisAnalyzing Statements of Cash Flows INot startedSession · Practice (14)
Financial Statement AnalysisAnalyzing Statements of Cash Flows IINot startedSession · Practice (12)
Financial Statement AnalysisAnalysis of InventoriesNot startedSession · Practice (12)
Financial Statement AnalysisAnalysis of Long-Term AssetsNot startedSession · Practice (13)
Financial Statement AnalysisTopics in Long-Term Liabilities and EquityNot startedSession · Practice (11)
Financial Statement AnalysisAnalysis of Income TaxesNot startedSession · Practice (14)
Financial Statement AnalysisFinancial Reporting QualityNot startedSession · Practice (12)
Financial Statement AnalysisFinancial Analysis TechniquesNot startedSession · Practice (24)
Financial Statement AnalysisIntroduction to Financial Statement ModelingNot startedno practice items yet
Corporate IssuersOrganizational Forms, Corporate Issuer Features, and OwnershipNot startedno practice items yet
Corporate IssuersInvestors and Other StakeholdersNot startedno practice items yet
Corporate IssuersCorporate Governance: Conflicts, Mechanisms, Risks, and BenefitsNot startedSession · Practice (14)
Corporate IssuersWorking Capital and LiquidityNot startedSession · Practice (12)
Corporate IssuersCapital Investments and Capital AllocationNot startedSession · Practice (12)
Corporate IssuersCapital StructureNot startedSession · Practice (36)
Corporate IssuersBusiness ModelsNot startedno practice items yet
Equity InvestmentsMarket Organization and StructureNot startedSession · Practice (27)
Equity InvestmentsSecurity Market IndexesNot startedSession · Practice (13)
Equity InvestmentsMarket EfficiencyNot startedSession · Practice (14)
Equity InvestmentsOverview of Equity SecuritiesNot startedSession · Practice (14)
Equity InvestmentsCompany Analysis: Past and PresentNot startedno practice items yet
Equity InvestmentsIndustry and Competitive AnalysisNot startedSession · Practice (14)
Equity InvestmentsCompany Analysis: ForecastingNot startedno practice items yet
Equity InvestmentsEquity Valuation: Concepts and Basic ToolsNot startedSession · Practice (46)
Fixed IncomeFixed-Income Instrument FeaturesNot startedSession · Practice (15)
Fixed IncomeFixed-Income Cash Flows and TypesNot startedno practice items yet
Fixed IncomeFixed-Income Issuance and TradingNot startedno practice items yet
Fixed IncomeFixed-Income Markets for Corporate IssuersNot startedno practice items yet
Fixed IncomeFixed-Income Markets for Government IssuersNot startedno practice items yet
Fixed IncomeFixed-Income Bond Valuation: Prices and YieldsNot startedSession · Practice (15)
Fixed IncomeYield and Yield Spread Measures for Fixed-Rate BondsNot startedSession · Practice (14)
Fixed IncomeYield and Yield Spread Measures for Floating-Rate InstrumentsNot startedSession · Practice (12)
Fixed IncomeThe Term Structure of Interest Rates: Spot, Par, and Forward CurvesNot startedSession · Practice (25)
Fixed IncomeInterest Rate Risk and ReturnNot startedno practice items yet
Fixed IncomeYield-Based Bond Duration Measures and PropertiesNot startedSession · Practice (13)
Fixed IncomeYield-Based Bond Convexity and Portfolio PropertiesNot startedSession · Practice (14)
Fixed IncomeCurve-Based and Empirical Fixed-Income Risk MeasuresNot startedno practice items yet
Fixed IncomeCredit RiskNot startedSession · Practice (14)
Fixed IncomeCredit Analysis for Government IssuersNot startedno practice items yet
Fixed IncomeCredit Analysis for Corporate IssuersNot startedno practice items yet
Fixed IncomeFixed-Income SecuritizationNot startedSession · Practice (14)
Fixed IncomeAsset-Backed Security (ABS) Instrument and Market FeaturesNot startedno practice items yet
Fixed IncomeMortgage-Backed Security (MBS) Instrument and Market FeaturesNot startedSession · Practice (12)
DerivativesDerivative Instrument and Derivative Market FeaturesNot startedSession · Practice (15)
DerivativesForward Commitment and Contingent Claim Features and InstrumentsNot startedSession · Practice (12)
DerivativesDerivative Benefits, Risks, and Issuer and Investor UsesNot startedno practice items yet
DerivativesArbitrage, Replication, and the Cost of Carry in Pricing DerivativesNot startedno practice items yet
DerivativesPricing and Valuation of Forward Contracts and for an Underlying with Varying MaturitiesNot startedSession · Practice (14)
DerivativesPricing and Valuation of Futures ContractsNot startedSession · Practice (14)
DerivativesPricing and Valuation of Interest Rates and Other SwapsNot startedSession · Practice (13)
DerivativesPricing and Valuation of OptionsNot startedSession · Practice (14)
DerivativesOption Replication Using Put-Call ParityNot startedSession · Practice (14)
DerivativesValuing a Derivative Using a One-Period Binomial ModelNot startedno practice items yet
Alternative InvestmentsAlternative Investment Features, Methods, and StructuresNot startedSession · Practice (14)
Alternative InvestmentsAlternative Investment Performance and ReturnsNot startedno practice items yet
Alternative InvestmentsInvestments in Private Capital: Equity and DebtNot startedSession · Practice (6)
Alternative InvestmentsReal Estate and InfrastructureNot startedSession · Practice (12)
Alternative InvestmentsNatural ResourcesNot startedSession · Practice (12)
Alternative InvestmentsHedge FundsNot startedSession · Practice (12)
Alternative InvestmentsIntroduction to Digital AssetsNot startedno practice items yet
Portfolio ManagementPortfolio Risk and Return: Part INot startedSession · Practice (25)
Portfolio ManagementPortfolio Risk and Return: Part IINot startedSession · Practice (26)
Portfolio ManagementPortfolio Management: An OverviewNot startedno practice items yet
Portfolio ManagementBasics of Portfolio Planning and ConstructionNot startedSession · Practice (25)
Portfolio ManagementThe Behavioral Biases of IndividualsNot startedSession · Practice (14)
Portfolio ManagementIntroduction to Risk ManagementNot startedno practice items yet

What this course covers, honestly

51 of 93 modules have a written lesson with its rules, tricks and method. 61 have a video lesson mapped to them. 63 have practice questions, 1089 in total across the course. The modules with none of these are in the map above with nothing hidden, and they are the ones being written next.

Beyond this year's exam

Lessons whose content is not in the 2026 outline. Kept, and shown here rather than quietly deleted or quietly counted as coverage.

Alternative Investment Risk and Due Diligence: What Institutions Actually Evaluate
Alternatives Cheat Sheet: PE, Hedge Funds, Real Estate, Commodities Summary
Corporate Issuers Cheat Sheet: WACC, Capital Structure, and Governance Summary
Corporate Issuers Practice: WACC and Capital Budgeting Calculation Drills
Dividend Policy: Theories, Types, and the Exam's Favorite Payout Scenarios
Leverage Analysis: Operating Leverage, Financial Leverage, and Total Leverage
Mergers and Acquisitions: Types, Motivations, and Value Creation Tests
Derivatives Cheat Sheet: Payoff Formulas, Put-Call Parity, and Forward Pricing
Demand and Supply: The Three Shifts That Always Appear on the CFA Exam
Economics Cheat Sheet and Exam Strategy
GDP and National Income Accounting: The Three Approaches
Inflation, Unemployment, and the Short-Run vs Long-Run Phillips Curve
Equity Cheat Sheet: DDM, Multiples, and Market Structure Quick Reference
Equity Practice: 10 Valuation and Market Structure Questions
Asset Manager Code of Professional Conduct: The Institutional Ethics Overlay
Ethics Cheat Sheet: All 7 Standards, Key Rules, and Exam Traps on One Page
Ethics Exam Strategy: How to Answer the 27 Ethics Questions in Under 25 Minutes
The Ethics Adjustment: How CFA Uses Ethics Score to Decide Borderline Passes
Analysis of Financial Institutions: Banks and Insurance Companies
FSA Cheat Sheet: IFRS vs GAAP Differences, Key Ratios, and Statement Structure
FSA Practice: 12 Multi-Statement Analysis Questions
Intercorporate Investments: Consolidation, Equity Method, and Fair Value
Duration Management: Immunization and Liability Matching Strategies
Fixed Income Cheat Sheet: Duration, Yield Measures, and Bond Valuation Reference
Fixed Income Practice: Duration, Bond Pricing, and Yield Spread Questions
Portfolio Management Cheat Sheet: MPT, CAPM, Risk Measures, and IPS Framework
Portfolio Management Practice: CAPM, Sharpe, and Efficient Frontier Questions
Robo-Advisors and Fintech in Portfolio Management: What Level 1 Tests
Probability Distributions: Normal, Lognormal, and the Student's t You Actually Need
Probability Distributions: Normal, Lognormal, and the Student's t You Actually Need
Quant Cheat Sheet: Every Formula, Every Calculator Keystroke
Quantitative Methods Practice: 10 Calculation Questions
Technical Analysis: What CFA Level 1 Actually Tests