If you’re preparing for CFA Level I, let me start with one simple truth you can clear this exam in the first attempt, provided you follow the right approach.
The challenge is not the syllabus.
The challenge is the lack of structure most students face when they begin their preparation.
For the last 10+ years, I’ve taught thousands of CFA Students, and regardless of their background finance, engineering, CA, BBA everyone starts with the same doubts:
- Where should I begin?
- How should I plan my hours?
- Which subjects matter more?
- How do I revise 10 subjects before exam day?
- How much practice is enough?
This blog answers all of that.
Not based on theory.
But based on what has actually worked for students clearing CFA Level I consistently.
Let’s begin.
Understand the CFA Level I Exam Format First
Most students jump into studying without understanding what they’re preparing for — and that’s the first mistake.
Here’s what CFA Level I looks like:
- Total Duration: 5 hours
- Two Sessions: 2 hours 15 minutes each
- Questions: 90 questions per session → 180 MCQs
- Subjects: Few subjects mixed randomly
- Passing Criteria: Score above the Minimum Passing Score (MPS) roughly around 1600, decided by the modified Angoff method.
There is no sectional cutoff and no fixed percentage.
Your goal is simple:Get above 70% in each subject.
Once you understand this structure, the preparation becomes much more focused.
CFA Level I Subject-Wise Weightage
CFA Institute does not treat all subjects equally. And neither should you.
Here’s the practical breakdown:
High-Weight Subjects (Must score well)
- Ethics – 15–20%
- Financial Reporting & Analysis (FRA) – 11–14%
- Equity Investments – 11–14%
- Fixed Income – 11–14%
Medium-Weight Subjects
- Portfolio Management – 8–12%
- Alternative Investments – 7–10%
Lower-Weight Subjects
- Quantitative Methods – 6–9%
- Economics – 6–9%
- Corporate Finance – 6–9%
- Derivatives – 5–8%
Even if a subject has a lower weightage, you cannot skip anything but the depth of revision differs.
Remember, CFA is an MCQ exam. A single concept can decide multiple questions.
CFA Level I Study Strategy: The Backward Planning Method
Step 1 — Visualize the result
See yourself clearing the exam.
This may sound motivational, but it’s actually strategic.
You need clarity on what the end goal looks like.
Step 2 — Understand the exam day
What exactly will happen on the exam day?
How much pressure?
How fast do you need to solve 180 MCQs?
Which subjects need fresh memory?
Step 3 — Plan backward from there
Once you understand the exam challenge, you can create the perfect preparation plan.
This approach removes guesswork.
Everything becomes structured.
CFA Level I Revision Plan: The Most Effective Last 5 Days Strategy
Not the first five months.
Why?
CFA tests how fast you can apply concepts
so keeping them fresh in your mind is essential.
Let me break it down:
- Total chapters: ~85–90
- Summary pages per chapter: 2–3 pages
- Total summary pages: ~200
- Reading speed during revision: 10 pages/hour
This means:
You need ~20 hours to revise the entire syllabus once.
Spread this over 2–3 days.
Then give two full days for Ethics.
Yes, ethics deserves that much attention.
If you follow this correctly, you will walk into the exam hall with:
- Fresh memory
- Clear concepts
- High confidence
- Better time management
This is exactly how toppers prepare.
The Real Number of Hours You Need in CFA Level 1 Preparation
In my experience for Indian students it is not enough.
Here’s the realistic breakdown:
- First Reading: 250 hours
- Second Reading: 150–175 hours
- Final Revision: 100 hours
- Practice & Question Solving: 100 hours
Total ≈ 600 hours
Why so much?
Because many students here do not have prior exposure to:
- financial statements
- global financial markets
- in-depth valuation concepts
- derivatives
- fixed income mathematics
So we build concepts from scratch — and that needs time.
The good thing?
Once you put in these hours, you don’t just clear Level I — you build the foundation for Level II and Level III.
Weekly & Monthly CFA Level I Study Plan
If you study:
- 3 hours/day → 20 hours/week → 80 hours/month
You need 6–7 months for complete preparation.
For working professionals:
You can study 2 hours on weekdays + 4–5 hours on weekends.
The timeline remains similar.
For college students:
You have more flexibility to pace yourself at 3–3.5 hours/day.
The idea is simple:
Consistency beats intensity.
How to Use CFA Level 1 Practice Questions
When you attempt questions:
- Attempt topic-wise question sets before detailed reading to understand how exams test the topic.
- Before every revision, solve 100 questions — and after finishing it, solve another 100 to validate your improvement.
- Daily: 30 minutes summary + 30 minutes practice — non-negotiable.
- Over six months, even 20 questions/day → ~3,000 questions. That’s your safety net.
Important: When you get a question right, check whether it’s for the right reason or sheer luck. That habit separates the 70% scorers from the rest.
Common Mistakes During CFA Level I Exam
1. Poor understanding of the concept
You can’t memorise your way through CFA. If your base is weak, everything becomes confusing. Spend time building conceptual clarity — understand why something works, not just how. Once your logic is clear, unfamiliar questions make sense.
2. Poor reading of the question
Many students lose marks not because they don’t know the answer, but because they didn’t read the question properly. Words like “most likely,” “least likely,” or “except” completely change what’s being asked. Slow down. Read every word carefully. Don’t rush to mark an answer.
3. Poor interpretation of the question
Sometimes you read correctly but still misjudge what the question is testing. That’s a skill that comes with practice. After every mock, review your mistakes and ask: Did I not know the concept, or did I misinterpret the question? Categorise your errors into: poor concept, poor reading, poor interpretation and fix the largest bucket first.
What Actually Matters for Clearing CFA Level I
- Build conceptual clarity, not shortcuts
- Practice MCQs regularly
- Follow the correct subject sequence
- Master Ethics — it’s the deal breaker
- Revise summaries in the last 5 days
- Keep your study hours disciplined
- Avoid too many resources — stick to one structured source
And most importantly…
Believe That You Can Do It
I scored barely 60% in 10th and 12th, and still cleared
CA → FRM → CFA L2 → all in the first attempt.
Not because I was sharp.
Because I followed the right strategy with discipline.
If I could do it, every student reading this can do it too.
CFA Level I is not difficult.
It is structured.
Once your effort becomes structured, success becomes predictable.
If you’re looking for structured guidance and expert support, enrolling in the right CFA Level 1 classes in Mumbai can significantly improve your chances of clearing the exam in the first attempt.