CFA® Level I syllabus, 2027

Every topic and learning outcome on the 2027 Level I curriculum, each with a plain-English note, its formulas and a worked practice question.

Standalone multiple-choice questions across ten topics. The exam is 180 questions in 4 hours 30 minutes of testing. 360+ learning outcomes · 3,600+ practice questions in the app · enough for 20 full-length mock papers before any question repeats.

Topics, by weight in the exam

Ethical and Professional Standards

10–15% of the exam · 31 learning outcomes

Equity Investments

11–14% of the exam · 44 learning outcomes

Financial Statement Analysis

11–14% of the exam · 54 learning outcomes

Fixed Income

11–14% of the exam · 48 learning outcomes

Quantitative Methods

11–14% of the exam · 54 learning outcomes

Portfolio Management

8–12% of the exam · 34 learning outcomes

Alternative Investments

6–9% of the exam · 26 learning outcomes

Corporate Issuers

6–9% of the exam · 24 learning outcomes

Derivatives

6–9% of the exam · 25 learning outcomes

Economics

6–9% of the exam · 27 learning outcomes

Weights are CFA Institute’s published ranges for the 2027 exam. The learning outcomes are paraphrased; they are not CFA Institute’s wording.

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